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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Expense for Defined Contribution Plans
The expense for such defined contribution plans, aside from the earlier discussed ESOP plans, is as follows:
 
(Millions of Dollars)
2016

2015

2014
Multi-employer plan expense
$
5.1

 
$
4.0

 
$
4.0

Other defined contribution plan expense
$
15.4

 
$
11.7

 
$
14.0
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Changes in plan assets and benefit obligations recognized in accumulated other comprehensive loss in 2016 are as follows:
(Millions of Dollars)
2016
Current year actuarial loss
$
122.1

Amortization of actuarial loss
(13.0
)
Prior service credit from plan amendments
(39.4
)
Amortization of prior service costs
(4.3
)
Settlement / curtailment loss
(0.8
)
Currency / other
(31.1
)
Total increase recognized in accumulated other comprehensive loss (pre-tax)
$
33.5
Changes in Pension and Other Post-retirement Benefit Obligations, Fair Value of Plan Assets
Information regarding pension plans in which projected benefit obligations (inclusive of anticipated future compensation increases) exceed plan assets follows: 
 
U.S. Plans
 
Non-U.S. Plans
(Millions of Dollars)
2016
 
2015
 
2016
 
2015
Projected benefit obligation
$
1,359.0

 
$
1,385.7

 
$
1,359.0

 
$
921.7

Accumulated benefit obligation
$
1,353.0

 
$
1,383.9

 
$
1,313.2

 
$
879.4

Fair value of plan assets
$
1,067.1

 
$
1,081.5

 
$
1,014.4

 
$
591.9

The changes in the pension and other post-retirement benefit obligations, fair value of plan assets, as well as amounts recognized in the Consolidated Balance Sheets, are shown below.  
 
U.S. Plans
 
Non-U.S. Plans
 
Other Benefits
(Millions of Dollars)
2016

2015

2016

2015

2016

2015
Change in benefit obligation
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at end of prior year
$
1,385.7

 
$
1,460.5

 
$
1,374.2

 
$
1,540.4

 
$
61.0

 
$
69.8

Service cost
9.4

 
7.0

 
12.5

 
14.4

 
0.6

 
0.5

Interest cost
45.3

 
54.0

 
37.0

 
46.8

 
1.7

 
2.1

Settlements/curtailments
—

 
—

 
(5.7
)
 
(8.0
)
 
—

 
—

Actuarial loss (gain)
41.5

 
(45.8
)
 
229.7

 
(86.7
)
 
(0.7
)
 
(2.1
)
Plan amendments
1.8

 
5.8

 
(40.4
)
 
0.2

 
(0.8
)
 
—

Foreign currency exchange rates
—

 
—

 
(190.0
)
 
(76.2
)
 
0.3

 
(1.5
)
Participant contributions
—

 
—

 
0.3

 
0.3

 
—

 
—

Expenses paid from assets and other
(5.5
)
 
(3.4
)
 
(2.0
)
 
(1.3
)
 
—

 
—

Benefits paid
(119.2
)
 
(92.4
)
 
(55.8
)
 
(55.7
)
 
(7.9
)
 
(7.8
)
Benefit obligation at end of year
$
1,359.0

 
$
1,385.7

 
$
1,359.8

 
$
1,374.2

 
$
54.2

 
$
61.0

Change in plan assets
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at end of prior year
$
1,081.5

 
$
1,174.1

 
$
1,047.3

 
$
1,115.7

 
$
—

 
$
—

Actual return on plan assets
90.9

 
(19.3
)
 
169.4

 
8.3

 
—

 
—

Participant contributions
—

 
—

 
0.3

 
0.3

 
—

 
—

Employer contributions
19.4

 
22.5

 
29.5

 
35.5

 
7.9

 
7.8

Settlements
—

 
—

 
(5.5
)
 
(6.4
)
 
—

 
—

Foreign currency exchange rate changes
—

 
—

 
(167.9
)
 
(48.2
)
 
—

 
—

Expenses paid from assets and other
(5.5
)
 
(3.4
)
 
(2.0
)
 
(2.2
)
 
—

 
—

Benefits paid
(119.2
)
 
(92.4
)
 
(55.8
)
 
(55.7
)
 
(7.9
)
 
(7.8
)
Fair value of plan assets at end of plan year
$
1,067.1

 
$
1,081.5

 
$
1,015.3

 
$
1,047.3

 
$
—

 
$
—

Funded status — assets less than benefit obligation
$
(291.9
)
 
$
(304.2
)
 
$
(344.5
)
 
$
(326.9
)
 
$
(54.2
)
 
$
(61.0
)
Unrecognized prior service cost (credit)
5.8

 
9.1

 
(35.0
)
 
2.3

 
(6.2
)
 
(6.6
)
Unrecognized net actuarial loss
267.2

 
255.8

 
296.7

 
233.5

 
0.5

 
1.4

Unrecognized net transition obligation
—

 
—

 
0.1

 
0.1

 
—

 
—

Net amount recognized
$
(18.9
)
 
$
(39.3
)
 
$
(82.7
)
 
$
(91.0
)
 
$
(59.9
)
 
$
(66.2
)
 
U.S. Plans
 
Non-U.S. Plans
 
Other Benefits
(Millions of Dollars)
2016

2015

2016

2015
 
2016
 
2015
Amounts recognized in the Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
Prepaid benefit cost (non-current)
$
—

 
$
—

 
$
0.2

 
$
2.9

 
$
—

 
$
—

Current benefit liability
(25.8
)
 
(11.0
)
 
(10.0
)
 
(7.9
)
 
(5.9
)
 
(6.7
)
Non-current benefit liability
(266.1
)
 
(293.2
)
 
(334.7
)
 
(321.9
)
 
(48.3
)
 
(54.3
)
Net liability recognized
$
(291.9
)
 
$
(304.2
)
 
$
(344.5
)
 
$
(326.9
)
 
$
(54.2
)
 
$
(61.0
)
Accumulated other comprehensive loss (pre-tax):
 
 
 
 
 
 
 
 
 
 
 
Prior service cost (credit)
$
5.8

 
$
9.1

 
$
(35.0
)
 
$
2.3

 
$
(6.2
)
 
$
(6.6
)
Actuarial loss
267.2

 
255.8

 
296.7

 
233.5

 
0.5

 
1.4

Transition liability
—

 
—

 
0.1

 
0.1

 
—

 
—

 
$
273.0

 
$
264.9

 
$
261.8

 
$
235.9

 
$
(5.7
)
 
$
(5.2
)
Net amount recognized
$
(18.9
)
 
$
(39.3
)
 
$
(82.7
)
 
$
(91.0
)
 
$
(59.9
)
 
$
(66.2
)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The accumulated benefit obligation for all defined benefit pension plans was $2,666.7 million at December 31, 2016 and $2,714.0 million at January 2, 2016. Information regarding pension plans in which accumulated benefit obligations exceed plan assets follows:
 
 
U.S. Plans
 
Non-U.S. Plans
(Millions of Dollars)
2016

2015

2016

2015
Projected benefit obligation
$
1,359.0

 
$
1,385.7

 
$
1,334.1

 
$
894.5

Accumulated benefit obligation
$
1,353.0

 
$
1,383.9

 
$
1,290.7

 
$
855.5

Fair value of plan assets
$
1,067.1

 
$
1,081.5

 
$
990.5

 
$
566.9
Assumptions used in Valuing Pension and Post-Retirement Plan Obligations and Net Costs
The major assumptions used in valuing pension and post-retirement plan obligations and net costs were as follows:
 
Pension Benefits
 
 
 
U.S. Plans
 
Non-U.S. Plans
 
Other Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Weighted-average assumptions used to determine benefit obligations at year end:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.00
%
 
4.25
%
 
3.75
%
 
2.50
%
 
3.25
%
 
3.25
%
 
3.50
%
 
3.75
%
 
3.25
%
Rate of compensation increase
3.00
%
 
6.00
%
 
6.00
%
 
3.75
%
 
3.25
%
 
3.50
%
 
3.50
%
 
3.50
%
 
3.50
%
Weighted-average assumptions used to determine net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.25
%
 
3.75
%
 
4.50
%
 
3.25
%
 
3.25
%
 
4.00
%
 
3.75
%
 
3.25
%
 
4.00
%
Rate of compensation increase
6.00
%
 
6.00
%
 
6.00
%
 
3.25
%
 
3.50
%
 
3.75
%
 
3.50
%
 
3.50
%
 
3.50
%
Expected return on plan assets
6.50
%
 
6.50
%
 
7.00
%
 
4.75
%
 
5.25
%
 
5.75
%
 
—

 
—

 
—
Asset Allocations by Asset Category and Level of Valuation Inputs within Fair Value Hierarchy
The Company’s worldwide asset allocations at December 31, 2016 and January 2, 2016 by asset category and the level of the valuation inputs within the fair value hierarchy established by ASC 820 are as follows (in millions):
Asset Category
2016
 
Level 1
 
Level 2
Cash and cash equivalents
$
50.8

 
$
35.3

 
$
15.5

Equity securities
 
 
 
 
 
U.S. equity securities
303.8

 
100.7

 
203.1

Foreign equity securities
254.1

 
75.8

 
178.3

Fixed income securities
 
 
 
 
 
Government securities
687.0

 
227.0

 
460.0

Corporate securities
687.9

 


 
687.9

Insurance contracts
35.0

 


 
35.0

Other
63.8

 


 
63.8

Total
$
2,082.4

 
$
438.8

 
$
1,643.6

 
Asset Category
2015
 
Level 1
 
Level 2
Cash and cash equivalents
$
58.1

 
$
39.7

 
$
18.4

Equity securities
 
 
 
 
 
U.S. equity securities
296.3

 
50.4

 
245.9

Foreign equity securities
269.0

 
43.2

 
225.8

Fixed income securities
 
 
 
 
 
Government securities
696.7

 
248.3

 
448.4

Corporate securities
716.9

 
—

 
716.9

Insurance contracts
33.2

 
—

 
33.2

Other
58.6

 
—

 
58.6

Total
$
2,128.8

 
$
381.6

 
$
1,747.2
Expected Future Benefit Payments
EXPECTED FUTURE BENEFIT PAYMENTS —  Benefit payments, inclusive of amounts attributable to estimated future employee service, are expected to be paid as follows over the next 10 years:
(Millions of Dollars)
 
Total
 
Year 1
 
Year 2
 
Year 3
 
Year 4
 
Year 5
 
Years 6-10
Future payments
 
$
1,451.4

 
$
187.9

 
$
139.4

 
$
137.3

 
$
139.5

 
$
141.6

 
$
705.7
Pension Plans, Defined Benefit  
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Net Periodic Pension Expense
The components of net periodic pension (benefit) expense are as follows:
 
U.S. Plans
 
Non-U.S. Plans
(Millions of Dollars)
2016

2015

2014
 
2016
 
2015
 
2014
Service cost
$
9.4

 
$
7.0

 
$
8.9

 
$
12.5

 
$
14.4

 
$
13.1

Interest cost
45.3

 
54.0

 
56.4

 
37.0

 
46.8

 
59.3

Expected return on plan assets
(67.9
)
 
(74.9
)
 
(72.1
)
 
(44.5
)
 
(56.5
)
 
(61.0
)
Prior service cost amortization
5.2

 
1.8

 
1.1

 
0.3

 
0.9

 
0.3

Actuarial loss amortization
7.1

 
7.2

 
0.9

 
5.9

 
7.5

 
7.0

Settlement / curtailment loss
—

 
—

 
—

 
0.7

 
1.5

 
0.3

Net periodic pension (benefit) expense
$
(0.9
)
 
$
(4.9
)
 
$
(4.8
)
 
$
11.9

 
$
14.6

 
$
19.0
Other Postretirement Benefit Plans, Defined Benefit  
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Net Periodic Pension Expense
Approximately 13,300 participants are covered under these plans. Net periodic post-retirement benefit expense was comprised of the following elements:
 
Other Benefit Plans
(Millions of Dollars)
2016

2015

2014
Service cost
$
0.6

 
$
0.5

 
$
1.0

Interest cost
1.7

 
2.1

 
2.7

Prior service credit amortization
(1.2
)
 
(1.3
)
 
(1.4
)
Actuarial loss amortization
—

 
—

 
(0.1
)
Net periodic post-retirement expense
$
1.1

 
$
1.3

 
$
2.2