XML 60 R43.htm IDEA: XBRL DOCUMENT v3.3.1.900
Pension and Other Post-Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Pension and Other Postretirement Benefit Plans Disclosure [Line Items]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The funded status of our U.S. Pension Plans, certain foreign pension plans and U.S. post-retirement health care and life insurance benefit plans, together with the associated balances recognized in our consolidated balance sheets as of December 31, 2015 and 2014, were as follows:
 
Pensions
 
Other
Post-retirement
Benefits
 
2015
 
2014
 
2015
 
2014
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
Accumulated benefit obligation
$
539.3

 
$
364.5

 
$
552.4

 
$
406.3

 
 
 
 
Projected benefit obligation at January 1
$
640.6

 
$
482.5

 
$
585.0

 
$
438.8

 
$
10.4

 
$
6.7

Service cost
14.4

 
16.1

 
13.8

 
16.7

 
—

 
0.1

Interest cost
26.4

 
14.8

 
29.1

 
18.5

 
0.4

 
0.3

Actuarial (gain) loss
(35.6
)
 
(36.9
)
 
101.8

 
71.6

 
(1.2
)
 
4.0

Amendments
—

 
—

 
2.4

 
0.3

 
—

 
(0.1
)
Settlements
(4.9
)
 
(0.1
)
 
(63.8
)
 
—

 
—

 
—

Foreign currency exchange rate changes
—

 
(39.1
)
 
—

 
(53.6
)
 
—

 
—

Plan participants’ contributions
—

 
2.1

 
—

 
2.4

 
—

 
—

Benefits paid
(23.8
)
 
(11.5
)
 
(27.7
)
 
(12.2
)
 
(0.5
)
 
(0.6
)
Other
—

 
0.6

 
—

 
—

 
—

 
—

Projected benefit obligation at December 31
617.1

 
428.5

 
640.6

 
482.5

 
9.1

 
10.4

Fair value of plan assets at January 1
504.8

 
386.7

 
576.8

 
400.8

 
—

 
—

Actual return on plan assets
(20.3
)
 
(7.5
)
 
8.5

 
13.5

 
—

 
—

Company contributions
7.6

 
16.2

 
11.0

 
22.6

 
0.5

 
0.6

Foreign currency exchange rate changes
—

 
(30.0
)
 
—

 
(40.4
)
 
—

 
—

Settlements
(4.9
)
 
(0.1
)
 
(63.8
)
 
—

 
—

 
—

Plan participants’ contributions
—

 
2.1

 
—

 
2.4

 
—

 
—

Benefits paid
(23.8
)
 
(11.5
)
 
(27.7
)
 
(12.2
)
 
(0.5
)
 
(0.6
)
Fair value of plan assets at December 31
463.4

 
355.9

 
504.8

 
386.7

 
—

 
—

Funded status of the plans (liability) at December 31
$
(153.7
)
 
$
(72.6
)
 
$
(135.8
)
 
$
(95.8
)
 
$
(9.1
)
 
$
(10.4
)
Funded Status Recognized In The Consolidated Balance Sheets
 
Pensions
 
Other
Post-retirement
Benefits
 
2015
 
2014
 
2015
 
2014
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
Current portion of accrued pension and other post-retirement benefits
$
(3.8
)
 
$
(0.4
)
 
$
(4.1
)
 
$
(0.4
)
 
$
(0.7
)
 
$
(0.8
)
Accrued pension and other post-retirement benefits, net of current portion
(149.9
)
 
(72.2
)
 
(131.7
)
 
(95.4
)
 
(8.4
)
 
(9.6
)
Funded status recognized in the consolidated balance sheets at December 31
$
(153.7
)
 
$
(72.6
)
 
$
(135.8
)
 
$
(95.8
)
 
$
(9.1
)
 
$
(10.4
)
Accumulated Other Comprehensive (Income) Loss
The following table summarizes the pre-tax amounts in accumulated other comprehensive (income) loss at December 31, 2015 and 2014 that have not been recognized as components of net periodic benefit cost:
 
Pensions
 
Other
Post-retirement
Benefits
 
2015
 
2014
 
2015
 
2014
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
Pre-tax amounts recognized in accumulated other comprehensive (income) loss:
 
 
 
 
 
 
 
 
 
 
 
Unrecognized actuarial (gain) loss
$
242.0

 
$
174.8

 
$
234.9

 
$
187.8

 
$
(0.2
)
 
$
1.1

Unrecognized prior service (credit) cost
0.1

 
1.2

 
0.2

 
1.3

 
—

 
(0.1
)
Unrecognized transition asset
—

 
(0.1
)
 
—

 
(0.2
)
 
—

 
—

Accumulated other comprehensive (income) loss at December 31
$
242.1

 
$
175.9

 
$
235.1

 
$
188.9

 
$
(0.2
)
 
$
1.0
Plans With Underfunded Or Non-Funded Projected Benefit Obligation
 
Pensions
 
Other
Post-retirement
Benefits
 
2015
 
2014
 
2015
 
2014
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
Plans with underfunded or non-funded projected benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Aggregate projected benefit obligation
$
617.1

 
$
428.5

 
$
640.6

 
$
482.5

 
$
9.1

 
$
10.4

Aggregate fair value of plan assets
$
463.4

 
$
355.9

 
$
504.8

 
$
386.7

 
$
—

 
$
—
Plans With Underfunded Or Non-Funded Accumulated Benefit Obligation
 
Pensions
 
Other
Post-retirement
Benefits
 
2015
 
2014
 
2015
 
2014
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
Plans with underfunded or non-funded accumulated benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Aggregate accumulated benefit obligation
$
539.3

 
$
117.7

 
$
552.4

 
$
145.0

 
 
 
 
Aggregate fair value of plan assets
$
463.4

 
$
90.4

 
$
504.8

 
$
103.1

 
 
 
 
Components Of Net Periodic Benefit Cost
The following table summarizes the components of net periodic benefit cost (income) for the years ended December 31, 2015, 2014 and 2013:
 
Pensions
 
Other Post-retirement
Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
 
 
Components of net periodic benefit cost (income):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
14.4

 
$
16.1

 
$
13.8

 
$
16.7

 
$
16.5

 
$
14.7

 
$
—

 
$
0.1

 
$
0.1

Interest cost
26.4

 
14.8

 
29.1

 
18.5

 
25.8

 
16.1

 
0.4

 
0.3

 
0.2

Expected return on plan assets
(43.9
)
 
(27.9
)
 
(46.3
)
 
(30.0
)
 
(41.6
)
 
(23.7
)
 
—

 
—

 
—

Settlement cost
2.1

 
(0.1
)
 
22.5

 
—

 
5.1

 
—

 
—

 
—

 
—

Curtailment cost
—

 
—

 
2.4

 
—

 
—

 
—

 
—

 
—

 
—

Amortization of transition asset
—

 
(0.1
)
 
—

 
(0.1
)
 
—

 
(0.1
)
 
—

 
—

 
—

Amortization of prior service cost (credit)
—

 
0.1

 
(0.1
)
 
0.4

 
(0.1
)
 
0.1

 
—

 
—

 
(0.5
)
Amortization of net actuarial loss (gain)
19.4

 
11.7

 
12.2

 
6.7

 
26.6

 
5.3

 
0.1

 
(0.3
)
 
(0.2
)
Net periodic benefit cost (income)
$
18.4

 
$
14.6

 
$
33.6

 
$
12.2

 
$
32.3

 
$
12.4

 
$
0.5

 
$
0.1

 
$
(0.4
)
Changes In Plan Assets And Benefit Obligations Recognized In OCI
The following table summarizes changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31, 2015, 2014 and 2013:
 
Pensions
 
Other Post-retirement
Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
 
 
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial gain (loss) arising during period
$
(28.5
)
 
$
0.6

 
$
(139.6
)
 
$
(80.9
)
 
$
193.3

 
$
(15.6
)
 
$
1.2

 
$
(4.0
)
 
$
1.7

Prior service (cost) credit arising during period
—

 
—

 
(2.3
)
 
(0.3
)
 
—

 
(0.6
)
 
—

 
0.1

 
—

Settlements and curtailments
2.1

 
(0.1
)
 
24.9

 
—

 
5.1

 
—

 
—

 
—

 
—

Amortization of net actuarial loss (gain)
19.4

 
11.7

 
12.2

 
6.7

 
26.6

 
5.3

 
0.1

 
(0.3
)
 
(0.2
)
Amortization of prior service cost (credit)
—

 
0.1

 
(0.1
)
 
0.4

 
(0.1
)
 
0.1

 
—

 
—

 
(0.5
)
Amortization of transition asset
—

 
(0.1
)
 
—

 
(0.1
)
 
—

 
(0.1
)
 
—

 
—

 
—

Other
—

 
(0.6
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total recognized in other comprehensive income (loss)
$
(7.0
)
 
$
11.6

 
$
(104.9
)
 
$
(74.2
)
 
$
224.9

 
$
(10.9
)
 
$
1.3

 
$
(4.2
)
 
$
1.0
Accumulated Other Comprehensive Income (Loss) To Be Recognized Over Next Fiscal Year
The estimated amounts expected to be amortized from the portion of each component of accumulated other comprehensive income (loss) as a component of net period benefit cost (income), during the next fiscal year are as follows:
 
Pensions
 
Other
Post-retirement
Benefits
(In millions)
U.S.
 
Int’l
 
 
Net actuarial losses (gains)
$
15.5

 
$
10.2

 
$
(0.1
)
Prior service cost (credit)
$
0.1

 
$
0.1

 
$
—

Transition asset
$
—

 
$
(0.1
)
 
$
—
Pension Plan Assets Measured At Fair Value
Our pension plan assets measured at fair value on a recurring basis are as follows at December 31, 2015 and 2014. Refer to “Fair value measurements” in Note 1 to these consolidated financial statements for a description of the levels.
 
U.S.
 
International
December 31, 2015
(In millions)
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
Cash and cash equivalents
$
29.7

 
$
29.7

 
$
—

 
$
—

 
$
1.2

 
$
1.2

 
$
—

 
$
—

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. companies
150.0

 
150.0

 
—

 
—

 
44.5

 
44.5

 
—

 
—

International companies
30.8

 
30.8

 
—

 
—

 
221.8

 
221.8

 
—

 
—

Registered investment companies (1)
14.8

 
 
 
 
 
 
 
—

 
 
 
 
 
 
Common/collective trusts (1)
23.1

 
 
 
 
 
 
 
—

 
 
 
 
 
 
Insurance contracts
—

 
—

 
—

 
—

 
88.4

 
—

 
88.4

 
—

Hedge funds (1)
140.3

 
 
 
 
 
 
 
—

 
 
 
 
 
 
Limited partnerships (1)
68.3

 
 
 
 
 
 
 
—

 
 
 
 
 
 
Real estate and other investments
6.1

 
6.1

 
—

 
—

 
—

 
—

 
—

 
—

Total assets
$
463.1

 
$
216.6

 
$
—

 
$
—

 
$
355.9

 
$
267.5

 
$
88.4

 
$
—

December 31, 2014
(In millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
103.6

 
$
103.6

 
$
—

 
$
—

 
$
0.3

 
$
0.3

 
$
—

 
$
—

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. companies
162.3

 
162.3

 
—

 
—

 
44.1

 
44.1

 
—

 
—

International companies
53.5

 
53.5

 
—

 
—

 
241.9

 
241.9

 
—

 
—

Registered investment companies (1)
4.8

 
 
 
 
 
 
 
—

 
 
 
 
 
 
Common/collective trusts (1)
49.3

 
 
 
 
 
 
 
—

 
 
 
 
 
 
Insurance contracts
—

 
—

 
—

 
—

 
100.4

 
—

 
100.4

 
—

Hedge funds (1)
65.3

 
 
 
 
 
 
 
—

 
 
 
 
 
 
Limited partnerships (1)
60.3

 
 
 
 
 
 
 
—

 
 
 
 
 
 
Real estate and other investments
6.5

 
6.5

 
—

 
—

 
—

 
—

 
—

 
—

Total assets
$
505.6

 
$
325.9

 
$
—

 
$
—

 
$
386.7

 
$
286.3

 
$
100.4

 
$
—


 _______________________  
(1) 
Certain investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.
Expected Benefit Payments
The following table summarizes expected benefit payments from our various pension and post-retirement benefit plans through 2025. Actual benefit payments may differ from expected benefit payments.
 
Pensions
 
Other
Post-retirement
Benefits
(In millions)
U.S.
 
International
 
 
2016
$
26.9

 
$
11.1

 
$
0.7

2017
$
40.7

 
$
11.9

 
$
0.7

2018
$
27.4

 
$
13.3

 
$
0.7

2019
$
28.9

 
$
14.3

 
$
0.7

2020
$
30.5

 
$
15.4

 
$
0.7

2021-2025
$
180.0

 
$
94.8

 
$
3.4
Benefit obligations  
Pension and Other Postretirement Benefit Plans Disclosure [Line Items]  
Weighted-Average Assumptions Used
The following weighted-average assumptions were used to determine the benefit obligations: 
 
Pensions
 
Other
Post-retirement
Benefits
 
2015
 
2014
 
2015
 
2014
 
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
Discount rate
4.70
%
 
3.39
%
 
4.20
%
 
3.21
%
 
4.70
%
 
4.20
%
Rate of compensation increase
4.00
%
 
3.71
%
 
4.00
%
 
3.84
%
 
 
 
 
Net periodic benefit cost  
Pension and Other Postretirement Benefit Plans Disclosure [Line Items]  
Weighted-Average Assumptions Used
The following weighted-average assumptions were used to determine net periodic benefit cost: 
 
Pensions
 
Other
Post-retirement
Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
U.S.
 
Int’l
 
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
 
 
Discount rate
4.20
%
 
3.21
%
 
5.10
%
 
4.30
%
 
3.90
%
 
4.46
%
 
4.20
%
 
5.10
%
 
3.90
%
Rate of compensation increase
4.00
%
 
3.84
%
 
4.00
%
 
4.29
%
 
4.00
%
 
3.98
%
 
 
 
 
 
 
Expected rate of return on plan assets
9.00
%
 
7.48
%
 
9.00
%
 
7.61
%
 
9.00
%
 
7.44
%