Pension and Other Post-retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension and Post Retirement Benefit Plans

The following tables present the changes in benefit obligations, plan assets and funded status for domestic pension and post-retirement plans and the components of net periodic benefit costs.

	Pension Benefits						Post-retirement Benefits
Years ended December 31 (dollars in millions)	2016			2015			2016			2015
Accumulated benefit obligation (ABO) at December 31	$	894.3		$	889.4			N/A			N/A
Change in projected benefit obligations (PBO)
PBO at beginning of year	$	(892.9	)	$	(956.7	)	$	(6.6	)	$	(10.4	)
Service cost		(1.8	)		(1.9	)		(0.1	)		(0.1	)
Interest cost		(30.6	)		(37.6	)		(0.2	)		(0.3	)
Participant contributions		—			—			—			(0.2	)
Plan amendments		(0.7	)		(2.5	)		—			3.7
Actuarial (loss) gain including assumption changes		(31.0	)		45.6			(0.2	)		—
Benefits paid		61.2			60.2			0.5			0.7
PBO at end of year	$	(895.8	)	$	(892.9	)	$	(6.6	)	$	(6.6	)
Change in fair value of plan assets
Plan assets at beginning of year	$	759.0		$	823.9		$	—		$	—
Actual return on plan assets		57.0			(5.3	)		—			—
Contribution by the company		32.2			0.5			0.5			0.5
Participant contributions		—			—			—			0.2
Benefits paid		(61.2	)		(60.1	)		(0.5	)		(0.7	)
Plan assets at end of year	$	787.0		$	759.0		$	—		$	—
Funded status	$	(108.8	)	$	(133.9	)	$	(6.6	)	$	(6.6	)
Amount recognized in the balance sheet
Current liabilities	$	(0.5	)	$	(1.8	)	$	(0.4	)	$	(0.4	)
Non-current liabilities		(108.3	)		(132.1	)		(6.2	)		(6.2	)
Net pension liability at end of year	$	(108.8	)*	$	(133.9	)*	$	(6.6	)	$	(6.6	)
Amounts recognized in accumulated other comprehensive loss before tax
Net actuarial loss (gain)	$	473.5		$	461.3		$	(2.0	)	$	(2.4	)
Prior service cost		(0.9	)		(2.6	)		(2.9	)		(3.3	)
Total recognized in accumulated other comprehensive loss	$	472.6		$	458.7		$	(4.9	)	$	(5.7	)

* In addition, the Company has a liability for a foreign pension plan of $0.2 million and $0.3 million at December 31, 2016 and 2015, respectively.

Schedule of Net Periodic Benefit Cost

	Pension Benefits									Post-retirement Benefits
Years ended December 31 (dollars in millions)	2016			2015			2014			2016			2015			2014
Net periodic benefit cost
Service cost	$	1.8		$	1.9		$	7.9		$	0.1		$	0.1		$	0.1
Interest cost		30.6			37.6			44.7			0.2			0.3			0.5
Expected return on plan assets		(55.9	)		(57.5	)		(60.3	)		—			—			—
Amortization of unrecognized:
Net actuarial loss (gain)		17.7			19.1			35.1			(0.2	)		(0.1	)		(0.4	)
Prior service cost		(1.1	)		(1.0	)		(1.0	)		(0.4	)		(0.4	)		—
Curtailment and other one-time charges		—			—			2.2			—			—			—
Defined-benefit plan (income) cost		(6.9	)		0.1			28.6		$	(0.3	)	$	(0.1	)	$	0.2
Various U.S. defined contribution plans cost		11.6			10.8			6.1
	$	4.7		$	10.9		$	34.7
Other changes in plan assets and projected benefit obligation recognized in other comprehensive loss
Net actuarial loss	$	29.9		$	17.2		$	33.4		$	0.2		$	—		$	—
Amortization of net actuarial (loss) gain		(17.7	)		(19.1	)		(37.3	)		0.2			0.1			0.3
Prior service cost		0.6			2.5			—			—			(3.7	)		—
Amortization of prior service cost		1.1			1.0			1.0			0.4			0.4			—
Total recognized in other comprehensive loss		13.9			1.6			(2.9	)		0.8			(3.2	)		0.3
Total recognized in net periodic cost (benefit) and other comprehensive loss	$	7.0		$	1.7		$	25.7		$	0.5		$	(3.3	)	$	0.5

Schedule of Actuarial Assumptions Used To Determine Benefit Obligations

Actuarial assumptions used to determine benefit obligations at December 31 are as follows:

	Pension Benefits						Post-retirement Benefits
	2016			2015			2016			2015
Discount rate		4.15	%		4.40	%		4.33	%		4.55	%
Average salary increases		4.00	%		4.00	%		4.00	%		4.00	%

Schedule of Actuarial Assumptions Used To Determine Net Periodic Benefit Cost

Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31 are as follows:

	Pension Benefits									Post-retirement Benefits
Years ended December 31	2016			2015			2014			2016			2015			2014
Discount rate		4.40	%		4.05	%		4.85	%		4.55	%		4.00	%		4.70	%
Expected long-term return on plan assets		7.50	%		7.75	%		7.75	%		n/a			n/a			n/a
Rate of compensation increase		4.00	%		4.00	%		4.00	%		4.00	%		4.00	%		4.00	%

Schedule of Health Care Cost Trend Rates

Assumed health care cost trend rates as of December 31 are as follows:

	2016			2015
Health care cost trend rate assumed for next year		6.50	%		6.75	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		5.00	%		5.00	%
Year that the rate reaches the ultimate trend rate		2021			2021

Schedule of Weighted Asset Allocations by Asset Category

The Company’s pension plan weighted asset allocations as of December 31 by asset category are as follows:

Asset Category	2016			2015
Equity securities		48	%		47	%
Debt securities		37			39
Real estate		10			9
Private equity		4			5
Other		1			—
		100	%		100	%

Schedule of Fair Value Measurement of Plan Assets

The following tables present the fair value measurement of the Company’s plan assets as of December 31, 2016 and 2015 (dollars in millions):

			December 31, 2016
Asset Category	Total		Quoted Prices in Active Markets for Identical Contracts (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Non- observable Inputs (Level 3)
Short-term investments	$	28.7	$	1.1	$	7.9	$	19.7
Equity securities
Common stocks		254.0		254.0		—		—
Commingled equity funds		105.6		—		105.6		—
Fixed income securities
U.S. treasury securities		97.6		97.6		—		—
Other fixed income securities		102.6		—		102.6		—
Commingled fixed income funds		90.3		—		90.3		—
Other types of investments
Mutual funds		4.5		—		4.5		—
Real estate funds		74.3		—		—		74.3
Private equity		28.0		—		—		28.0
Total fair value of plan asset investments	$	785.6	$	352.7	$	310.9	$	122.0
Non-investment plan assets		1.4
Total plan assets	$	787.0

			December 31, 2015
Asset Category	Total		Quoted Prices in Active Markets for Identical Contracts (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Non- observable Inputs (Level 3)
Short-term investments	$	13.8	$	1.4	$	—	$	12.4
Equity securities
Common stocks		238.6		238.6		—		—
Commingled equity funds		109.6		—		109.6		—
Fixed income securities
U.S. treasury securities		114.3		114.3		—		—
Other fixed income securities		91.6		—		91.6		—
Commingled fixed income funds		84.1		—		84.1		—
Other types of investments
Real estate funds		70.9		—		—		70.9
Private equity		34.3		—		—		34.3
Total fair value of plan asset investments	$	757.2	$	354.3	$	285.3	$	117.6
Non-investment plan assets		1.8
Total plan assets	$	759.0

Schedule of Reconciliation of Fair Value Measurements Using Significant Unobservable Inputs

The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2016 and 2015 (dollars in millions):

	Short term investments			Real estate funds		Private equity			Total
Balance at December 31, 2014	$	20.7		$	64.1	$	34.8		$	119.6
Actual return (loss) on plan assets:
Relating to assets still held at the reporting date		—			6.8		(0.1	)		6.7
Relating to assets sold during the period		—			—		7.8			7.8
Purchases, sales and settlements		(8.3	)		—		(8.2	)		(16.5	)
Balance at December 31, 2015		12.4			70.9		34.3			117.6
Actual return (loss) on plan assets:
Relating to assets still held at the reporting date		—			3.4		(5.5	)		(2.1	)
Relating to assets sold during the period		—			—		9.3			9.3
Purchases, sales and settlements		7.3			—		(10.1	)		(2.8	)
Balance at December 31, 2016	$	19.7		$	74.3	$	28.0		$	122.0

Schedule of Estimated Future Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

Years ending December 31 (dollars in millions)	Pension Benefits		Post-retirement Benefits
2017	$	60.2	$	0.4
2018		67.6		0.4
2019		60.1		0.4
2020		66.4		0.4
2021		59.2		0.4
2022 – 2026		284.4		2.1