Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Components of Net Pension Expense

The components of net pension expense for our defined benefit retirement plans were as follows (in millions):

	For the Years Ended December 31,
	U.S. and Puerto Rico									Foreign
	2018			2017			2016			2018			2017			2016
Service cost	$	8.0		$	8.7		$	9.6		$	20.0		$	17.7		$	19.0
Interest cost		14.2			14.0			13.8			8.1			8.4			10.0
Expected return on plan assets		(32.9	)		(32.4	)		(32.2	)		(14.0	)		(12.2	)		(13.7	)
Curtailment gain		-			-			-			-			-			(0.5	)
Settlements		1.2			0.4			2.6			0.2			1.1			-
Amortization of prior service cost		(5.7	)		(5.9	)		(5.9	)		(4.2	)		(4.4	)		(1.9	)
Amortization of unrecognized actuarial loss		23.7			17.9			16.5			2.5			4.2			6.4
Net periodic benefit cost	$	8.5		$	2.7		$	4.4		$	12.6		$	14.8		$	19.3

Weighted Average Actuarial Assumptions Used to Determine Net Pension Expense for Our Defined Benefit Retirement Plans

The weighted average actuarial assumptions used to determine net pension expense for our defined benefit retirement plans were as follows:

	For the Years Ended December 31,
	U.S. and Puerto Rico									Foreign
	2018			2017			2016			2018			2017			2016
Discount rate		3.79	%		4.33	%		4.32	%		1.18	%		1.38	%		1.41	%
Rate of compensation increase		3.29	%		3.29	%		3.29	%		2.09	%		2.20	%		2.08	%
Expected long-term rate of return on    plan assets		7.75	%		7.75	%		7.75	%		2.19	%		2.30	%		2.40	%

Changes in Projected Benefit Obligations

Changes in projected benefit obligations and plan assets were (in millions):

	For the Years Ended December 31,
	U.S. and Puerto Rico						Foreign
	2018			2017			2018			2017
Projected benefit obligation - beginning of year	$	420.7		$	376.9		$	623.6		$	568.6
Service cost		8.0			8.7			20.0			17.7
Interest cost		14.2			14.0			8.1			8.4
Plan amendments		-			-			2.2			0.6
Employee contributions		-			-			18.1			17.0
Benefits paid		(20.3	)		(14.9	)		(36.9	)		(34.5	)
Actuarial (gain) loss		(21.1	)		36.9			6.0			15.6
Expenses paid		-			-			(0.3	)		(0.2	)
Settlement		(5.5	)		(0.9	)		-			(0.8	)
Translation (loss) gain		-			-			(9.7	)		31.2
Projected benefit obligation - end of year	$	396.0		$	420.7		$	631.1		$	623.6

Changes in Fair Value of Plan Assets

	For the Years Ended December 31,
	U.S. and Puerto Rico						Foreign
	2018			2017			2018			2017
Plan assets at fair market value - beginning of year	$	433.6		$	389.4		$	574.9		$	507.0
Actual return on plan assets		(25.7	)		58.2			7.5			42.7
Employer contributions		6.4			1.8			31.7			16.5
Employee contributions		-			-			18.1			17.0
Settlements		(5.5	)		(0.9	)		-			-
Benefits paid		(20.3	)		(14.9	)		(36.9	)		(34.5	)
Expenses paid		-			-			(0.3	)		(0.2	)
Translation (loss) gain		-			-			(9.2	)		26.4
Plan assets at fair market value - end of year	$	388.5		$	433.6		$	585.8		$	574.9
Funded status	$	(7.5	)	$	12.9		$	(45.3	)	$	(48.7	)

Summary of Amounts Recognized in Balance Sheet

	For the Years Ended December 31,
	U.S. and Puerto Rico						Foreign
	2018			2017			2018			2017
Amounts recognized in consolidated balance sheet:
Prepaid pension	$	-		$	22.8		$	15.3		$	14.9
Short-term accrued benefit liability		(0.2	)		(5.6	)		(0.8	)		(0.8	)
Long-term accrued benefit liability		(7.3	)		(4.3	)		(59.8	)		(62.8	)
Net amount recognized	$	(7.5	)	$	12.9		$	(45.3	)	$	(48.7	)

Summary of Amounts Recognized in AOCI

We estimate the following amounts recorded as part of AOCI will be recognized as part of our net pension expense during 2019 (in millions):

	U.S. and
	Puerto Rico			Foreign
Unrecognized prior service cost	$	(3.4	)	$	(4.1	)
Unrecognized actuarial loss		17.9			2.5
	$	14.5		$	(1.6	)

Weighted Average Actuarial Assumptions Used to Determine Projected Benefit Obligation for Defined Benefit Retirement Plans

The weighted average actuarial assumptions used to determine the projected benefit obligation for our defined benefit retirement plans were as follows:

	For the Years Ended December 31,
	U.S. and Puerto Rico									Foreign
	2018			2017			2016			2018			2017			2016
Discount rate		4.38	%		3.78	%		4.32	%		1.41	%		1.27	%		1.41	%
Rate of compensation increase		3.29	%		3.29	%		3.29	%		2.13	%		2.19	%		2.08	%

Plans with Benefit Obligations in Excess of Plan Assets

Plans with projected benefit obligations in excess of plan assets were as follows (in millions):

	As of December 31,
	U.S. and Puerto Rico				Foreign
	2018		2017		2018		2017
Projected benefit obligation	$	396.0	$	55.1	$	451.4	$	598.8
Plan assets at fair market value		388.5		45.2		394.4		544.2

Total Accumulated Benefit Obligations and Plans with Accumulated Benefit Obligations in Excess of Plan Assets

Total accumulated benefit obligations and plans with accumulated benefit obligations in excess of plan assets were as follows (in millions):

	As of December 31,
	U.S. and Puerto Rico				Foreign
	2018		2017		2018		2017
Total accumulated benefit obligations	$	392.0	$	412.1	$	618.0	$	609.1
Plans with accumulated benefit obligations in excess    of plan assets:
Accumulated benefit obligation		47.1		54.7		434.8		417.4
Plan assets at fair market value		41.6		45.2		388.8		375.5

Summary of Benefits Expected to be Paid Out

The benefits expected to be paid out in each of the next five years and for the five years combined thereafter are as follows (in millions):

For the Years Ending December 31,	U.S. and Puerto Rico		Foreign
2019	$	18.8	$	25.0
2020		19.7		25.5
2021		20.8		25.4
2022		21.9		25.8
2023		23.3		26.5
2024-2028		126.1		140.8

Reconciliation of Beginning and Ending Balances of Foreign Pension Plan Assets Measured at Fair Value

The following table provides a reconciliation of the beginning and ending balances of our foreign pension plan assets measured at fair value that used significant unobservable inputs (Level 3) (in millions):

	December 31, 2018
Beginning Balance	$	91.0
Loss on assets sold		(0.4	)
Change in fair value of assets		6.9
Net purchases and sales		11.7
Translation loss		(0.3	)
Ending Balance	$	108.9

U.S. and Puerto Rico [Member]

Fair Value of Pension Plan Assets

The fair value of our U.S. and Puerto Rico pension plan assets by asset category was as follows (in millions):

	As of December 31, 2018
			Fair Value Measurements at Reporting Date Using:
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	3.1	$	3.1	$	-	$	-
Equity securities		231.7		-		231.7		-
Intermediate fixed income securities		153.7		-		153.7		-
Total	$	388.5	$	3.1	$	385.4	$	-

	As of December 31, 2017
			Fair Value Measurements at Reporting Date Using:
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	1.3	$	1.3	$	-	$	-
Equity securities		287.1		-		287.1		-
Intermediate fixed income securities		145.2		-		145.2		-
Total	$	433.6	$	1.3	$	432.3	$	-

Foreign [Member]

Fair Value of Pension Plan Assets

The fair value of our foreign pension plan assets was as follows (in millions):

	As of December 31, 2018
			Fair Value Measurements at Reporting Date Using:
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	14.6	$	14.6	$	-	$	-
Equity securities		138.6		109.3		29.3		-
Fixed income securities		226.9		-		226.9		-
Other types of investments		96.8		-		96.8		-
Real estate		108.9		-		-		108.9
Total	$	585.8	$	123.9	$	353.0	$	108.9

	As of December 31, 2017
			Fair Value Measurements at Reporting Date Using:
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	31.8	$	31.8	$	-	$	-
Equity securities		161.6		157.6		4.0		-
Fixed income securities		219.5		-		219.5		-
Other types of investments		60.4		-		60.4		-
Real estate		101.6		-		10.6		91.0
Total	$	574.9	$	189.4	$	294.5	$	91.0