RETIREMENT PLANS AND OTHER BENEFITS (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Retirement Benefits [Abstract] |
|
| Schedule of Net Benefit Costs |
Information regarding the Company’s plans, including U.S. SERP, was as follows (in millions, except percent values): | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Other Benefits | | 2018 | | 2017 | | 2018 | | 2017 | | 2018 | | 2017 | Accumulated benefit obligation at end of year | $ | 35.1 |
| | $ | 153.3 |
| | $ | 208.5 |
| | $ | 229.4 |
| | |
| | |
| Change in benefit obligation: | | | |
| | |
| | |
| | |
| | |
| Benefit obligation at beginning of year | $ | 160.4 |
| | $ | 167.6 |
| | $ | 231.6 |
| | $ | 211.5 |
| | $ | 3.4 |
| | $ | 4.2 |
| Service cost | 0.4 |
| | 0.6 |
| | 3.1 |
| | 3.2 |
| | — |
| | — |
| Interest cost | 5.4 |
| | 6.4 |
| | 4.6 |
| | 5.0 |
| | 0.1 |
| | 0.1 |
| Transfer to held for sale | — |
| | — |
| | — |
| | (0.1 | ) | | — |
| | — |
| Settlements | (108.5 | ) | | — |
| | (2.7 | ) | | (5.0 | ) | | — |
| | — |
| Plan amendments | — |
| | — |
| | 2.6 |
| | — |
| | — |
| | — |
| Actuarial loss (gain) | (8.5 | ) | | 0.1 |
| | (8.1 | ) | | 1.1 |
| | (0.2 | ) | | (0.4 | ) | Benefits paid | (10.1 | ) | | (14.3 | ) | | (8.6 | ) | | (7.1 | ) | | (0.3 | ) | | (0.5 | ) | Foreign exchange effect | — |
| | — |
| | (11.9 | ) | | 23.0 |
| | — |
| | — |
| Benefit obligation at end of year | 39.1 |
| | 160.4 |
| | 210.6 |
| | 231.6 |
| | 3.0 |
| | 3.4 |
| Change in plan assets: | | | |
| | |
| | |
| | |
| | |
| Fair value of plan assets at beginning of year | 118.5 |
| | 117.1 |
| | 121.2 |
| | 108.3 |
| | — |
| | — |
| Actual return on plan assets | (6.0 | ) | | 14.5 |
| | (4.1 | ) | | 6.9 |
| | — |
| | — |
| Settlements | (108.5 | ) | | — |
| | (2.7 | ) | | (5.0 | ) | | — |
| | — |
| Employer contribution | 6.1 |
| | 1.2 |
| | 7.9 |
| | 7.5 |
| | 0.3 |
| | 0.5 |
| Employee contribution | — |
| | — |
| | 0.5 |
| | 0.4 |
| | — |
| | — |
| Benefits paid | (10.1 | ) | | (14.3 | ) | | (8.6 | ) | | (7.1 | ) | | (0.3 | ) | | (0.5 | ) | Foreign exchange effect | — |
| | — |
| | (6.7 | ) | | 10.2 |
| | — |
| | — |
| Fair value of plan assets at end of year | — |
| | 118.5 |
| | 107.5 |
| | 121.2 |
| | — |
| | — |
| Funded status | $ | (39.1 | ) | | $ | (41.9 | ) | | $ | (103.1 | ) | | $ | (110.4 | ) | | $ | (3.0 | ) | | $ | (3.4 | ) | Amounts recognized in the statement of financial position consist of: | | | |
| | | | | | |
| | |
| Current liabilities | $ | 1.3 |
| | $ | 1.2 |
| | $ | 2.7 |
| | $ | 2.8 |
| | $ | 0.4 |
| | $ | 0.4 |
| Non-current liabilities | 37.8 |
| | 40.7 |
| | 100.4 |
| | 107.6 |
| | 2.6 |
| | 3.0 |
| Total liabilities | $ | 39.1 |
| | $ | 41.9 |
| | $ | 103.1 |
| | $ | 110.4 |
| | $ | 3.0 |
| | $ | 3.4 |
| Amounts recognized in accumulated other comprehensive loss consist of: | | | |
| | |
| | |
| | |
| | |
| Actuarial net loss | $ | (0.9 | ) | | $ | 64.8 |
| | $ | 61.3 |
| | $ | 68.2 |
| | $ | 0.5 |
| | $ | 0.9 |
| Prior service cost | — |
| | 0.1 |
| | 2.7 |
| | 0.1 |
| | — |
| | — |
| Total amounts recognized in accumulated other comprehensive loss | $ | (0.9 | ) | | $ | 64.9 |
| | $ | 64.0 |
| | $ | 68.3 |
| | $ | 0.5 |
| | $ | 0.9 |
|
|
| Schedule of Assumptions Used |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Other Benefits | | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | | 2016 | Weighted-average assumptions as of December 31: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Discount rate(1) | 4.41 | % | | 3.78 | % | | 4.03 | % | | 2.39 | % | | 2.15 | % | | 2.27 | % | | 4.14 | % | | 3.58 | % | | 3.81 | % | Expected return on plan assets | — | % | | 7.00 | % | | 7.00 | % | | 4.40 | % | | 4.43 | % | | 5.90 | % | | N/A |
| | N/A |
| | N/A |
| Rate of compensation increase(1) | 3.75 | % | | 3.75 | % | | 3.75 | % | | 0.98 | % | | 0.93 | % | | 0.89 | % | | N/A |
| | N/A |
| | N/A |
|
(1) The weighted average assumptions as of December 31 are used to calculate the funded status at the end of the current year and the net periodic cost for the subsequent year. |
| Schedule of Net Periodic Benefit Cost Not yet Recognized |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Other Benefits | | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | | 2016 | Components of net periodic cost: | | | | | | | | | | | | | | | | | | Service cost | $ | 0.4 |
| | $ | 0.6 |
| | $ | 0.6 |
| | $ | 3.1 |
| | $ | 3.2 |
| | $ | 3.1 |
| | $ | — |
| | $ | — |
| | $ | — |
| Interest cost | 5.4 |
| | 6.4 |
| | 7.1 |
| | 4.6 |
| | 5.0 |
| | 6.5 |
| | 0.1 |
| | 0.1 |
| | 0.2 |
| Expected return on plan assets | (7.3 | ) | | (7.8 | ) | | (8.3 | ) | | (5.0 | ) | | (5.0 | ) | | (6.0 | ) | | — |
| | — |
| | — |
| Recognition of prior service cost | 0.1 |
| | 0.1 |
| | 0.2 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Amortization of actuarial loss | 3.4 |
| | 4.1 |
| | 4.2 |
| | 3.2 |
| | 3.5 |
| | 2.5 |
| | 0.1 |
| | (1.2 | ) | | — |
| Settlements | 67.0 |
| | — |
| | — |
| | 0.8 |
| | 1.5 |
| | — |
| | — |
| | — |
| | — |
| Other | — |
| | — |
| | — |
| | (1.0 | ) | | (0.4 | ) | | (0.4 | ) | | — |
| | — |
| | — |
| Net periodic cost | $ | 69.0 |
| | $ | 3.4 |
| | $ | 3.8 |
| | $ | 5.7 |
| | $ | 7.8 |
| | $ | 5.7 |
| | $ | 0.2 |
| | $ | (1.1 | ) | | $ | 0.2 |
|
|
| Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income |
| | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Other Benefits | | 2018 | | 2017 | | 2018 | | 2017 | | 2018 | | 2017 | Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): | |
| | |
| | | | | | |
| | |
| Net (gain) loss | $ | 4.7 |
| | $ | (6.8 | ) | | $ | 0.9 |
| | $ | (0.7 | ) | | $ | (0.3 | ) | | $ | (0.3 | ) | Amortization of actuarial gain (loss) | (3.4 | ) | | (4.1 | ) | | (3.2 | ) | | (3.5 | ) | | (0.1 | ) | | 1.2 |
| Amortization of prior service cost | (0.1 | ) | | (0.1 | ) | | 2.5 |
| | — |
| | — |
| | — |
| Disposals | — |
| | — |
| | — |
| | (79.4 | ) | | — |
| | — |
| Settlements | (67.0 | ) | | — |
| | (0.8 | ) | | (1.5 | ) | | — |
| | — |
| Foreign exchange effect | — |
| | — |
| | (3.7 | ) | | 7.1 |
| | — |
| | — |
| Total recognized in other comprehensive income (loss) | $ | (65.8 | ) | | $ | (11.0 | ) | | $ | (4.3 | ) | | $ | (78.0 | ) | | $ | (0.4 | ) | | $ | 0.9 |
|
|
| Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
| | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Other Benefits | Amounts expected to be recognized as components of net periodic cost for the year ending December 31, 2019: | | | | | | Actuarial net loss | $ | (0.3 | ) | | $ | 3.3 |
| | $ | — |
| Prior service cost | 0.1 |
| | 0.1 |
| | — |
| Total amount expected to be recognized as components of net periodic cost for the year ending December 31, 2019 | $ | (0.2 | ) | | $ | 3.4 |
| | $ | — |
|
|
| Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets |
For the Company’s plans, including the U.S. SERP, that have accumulated benefit obligations in excess of plan assets, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets were (in millions): | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | 2018 | | 2017 | | 2018 | | 2017 | Projected benefit obligation | $ | 39.1 |
| | $ | 160.4 |
| | $ | 210.6 |
| | $ | 231.6 |
| Accumulated benefit obligation | $ | 35.1 |
| | $ | 153.3 |
| | $ | 208.5 |
| | $ | 229.4 |
| Fair value of plan assets | $ | — |
| | $ | 118.5 |
| | $ | 107.5 |
| | $ | 121.2 |
|
|
| Schedule of Fair Value of Plan Assets by Measurement Levels |
The fair value of cash in the table below is based on price quotations in an active market and therefore categorized under Level 1 of the ASC 820 hierarchy. The fair value of the investment funds is priced on the market value of the underlying investments in the portfolio and therefore categorized as Level 2 of the ASC 820 hierarchy. See Note A – “Basis of Presentation,” for an explanation of the ASC 820 hierarchy.
The fair value of the Company’s plan assets at December 31, 2018 are as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Plan | | Non-U.S. Pension Plans | | Total | | Level 1 | | Level 2 | | NAV | | Total | | Level 1 | | Level 2 | | NAV | Cash, including money market funds | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 0.7 |
| | $ | 0.7 |
| | $ | — |
| | $ | — |
| U.S. equities | — |
| | — |
| | — |
| | — |
| | 11.1 |
| | — |
| | 11.1 |
| | — |
| Non-U.S. equities | — |
| | — |
| | — |
| | — |
| | 10.7 |
| | — |
| | 10.7 |
| | — |
| Non-U.S. corporate bonds | — |
| | — |
| | — |
| | — |
| | 2.5 |
| | — |
| | 2.5 |
| | — |
| Non-U.S. governmental fixed income funds | — |
| | — |
| | — |
| | — |
| | 59.7 |
| | — |
| | 59.7 |
| | — |
| Real estate | — |
| | — |
| | — |
| | — |
| | 3.7 |
| | — |
| | 3.7 |
| | — |
| Other securities | — |
| | — |
| | — |
| | — |
| | 19.1 |
| | — |
| | 19.1 |
| | — |
| Total investments measured at fair value | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 107.5 |
| | $ | 0.7 |
| | $ | 106.8 |
| | $ | — |
|
The fair value of the Company’s plan assets at December 31, 2017 are as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Plan | | Non-U.S. Pension Plans | | Total | | Level 1 | | Level 2 | | NAV | | Total | | Level 1 | | Level 2 | | NAV | Cash, including money market funds | $ | 2.5 |
| | $ | 2.5 |
| | $ | — |
| | $ | — |
| | $ | 2.9 |
| | $ | 2.9 |
| | $ | — |
| | $ | — |
| U.S. equities | 27.6 |
| | — |
| | — |
| | 27.6 |
| | 6.4 |
| | — |
| | 6.4 |
| | — |
| Non-U.S. equities | 8.7 |
| | — |
| | — |
| | 8.7 |
| | 24.4 |
| | — |
| | 24.4 |
| | — |
| U.S. corporate bonds | 55.8 |
| | — |
| | — |
| | 55.8 |
| | 0.6 |
| | — |
| | 0.6 |
| | — |
| Non-U.S. corporate bonds | — |
| | — |
| | — |
| | — |
| | 19.3 |
| | — |
| | 19.3 |
| | — |
| U.S. government securities | 16.4 |
| | — |
| | — |
| | 16.4 |
| | — |
| | — |
| | — |
| | — |
| Non-U.S. government securities | 0.6 |
| | — |
| | — |
| | 0.6 |
| | 32.7 |
| | — |
| | 32.7 |
| | — |
| Non-U.S. governmental fixed income funds | — |
| | — |
| | — |
| | — |
| | 26.0 |
| | — |
| | 26.0 |
| | — |
| Real estate | — |
| | — |
| | — |
| | — |
| | 3.5 |
| | — |
| | 3.5 |
| | — |
| Other securities | 6.9 |
| | — |
| | — |
| | 6.9 |
| | 5.4 |
| | — |
| | 5.4 |
| | — |
| Total investments measured at fair value | $ | 118.5 |
| | $ | 2.5 |
| | $ | — |
| | $ | 116.0 |
| | $ | 121.2 |
| | $ | 2.9 |
| | $ | 118.3 |
| | $ | — |
|
|
| Schedule of Expected Benefit Payments |
The Company’s estimated future benefit payments under its plans are as follows (in millions): | | | | | | | | | | | | | | Year Ending December 31, | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Other Benefits | 2019 | | $ | 1.3 |
| | $ | 12.0 |
| | $ | 0.4 |
| 2020 | | $ | 1.5 |
| | $ | 7.6 |
| | $ | 0.4 |
| 2021 | | $ | 1.5 |
| | $ | 8.3 |
| | $ | 0.3 |
| 2022 | | $ | 1.5 |
| | $ | 8.4 |
| | $ | 0.3 |
| 2023 | | $ | 1.5 |
| | $ | 8.7 |
| | $ | 0.3 |
| 2024-2028 | | $ | 12.5 |
| | $ | 47.1 |
| | $ | 0.9 |
|
|
| Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates |
A one-percentage-point change in assumed health care cost trend rates would have the following effects (in millions): | | | | | | | | | | 1-Percentage- Point Increase | | 1-Percentage- Point Decrease | Effect on total service and interest cost components | $ | — |
| | $ | — |
| Effect on post-retirement benefit obligation | $ | 0.1 |
| | $ | (0.1 | ) |
|