XML 56 R37.htm IDEA: XBRL DOCUMENT v3.3.1.900
Pension and Post-retirement and Other Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of Net Funded Status
The funded status of our pension and post-retirement benefit plans, together with the associated balances recognized in our consolidated financial statements as of December 31, 2015 and 2014, were as follows:

 
Pensions
 
Other post-retirement benefits
 
(In millions)
2015
 
2014
 
2015
 
2014
 
Projected benefit obligation at January 1
$
350.6

 
$
306.3

 
$
5.5

 
$
6.9

 
Service cost
1.5

 
1.8

 
—

 
0.1

 
Interest cost
13.7

 
14.7

 
0.2

 
0.3

 
Actuarial (gain) loss
(20.9
)
 
53.4

 
(1.1
)
 
(1.5
)
 
Plan participants' contributions
0.1

 
0.2

 
—

 
—

 
Acquired pension obligation
2.4

 
—

 
—

 
—

 
Plan amendments
—

 
—

 
(1.1
)
 
—

 
Benefits paid
(27.4
)
 
(20.1
)
 
(0.3
)
 
(0.3
)
 
Currency translation adjustments
(3.7
)
 
(5.7
)
 
—

 
—

 
Projected benefit obligation at December 31
$
316.3

 
$
350.6

 
$
3.2

 
$
5.5

 
Fair value of plan assets at January 1
$
260.7

 
$
255.4

 
$
—

 
$
—

 
Company contributions
12.3

 
19.6

 
0.3

 
0.3

 
Actual return on plan assets
(17.4
)
 
7.3

 
—

 
—

 
Plan participants' contributions
0.1

 
0.2

 
—

 
—

 
Benefits paid
(27.4
)
 
(20.1
)
 
(0.3
)
 
(0.3
)
 
Currency translation adjustments
(1.0
)
 
(1.7
)
 
—

 
—

 
Fair value of plan assets at December 31
$
227.3

 
$
260.7

 
$
—

 
$
—

 
Funded status of the plans (liability) at December 31
$
(89.0
)
 
$
(89.9
)
 
$
(3.2
)
 
$
(5.5
)
 
Amounts recognized in the Consolidated Balance Sheets at December 31
 
 
 
 
 
 
 
 
Other current liabilities
$
(1.2
)
 
$
(2.0
)
 
$
(0.4
)
 
$
(0.3
)
 
Accrued pension and other post-retirement benefits, less current portion
(87.8
)
 
(87.9
)
 
(2.8
)
 
(5.2
)
 
Net amount recognized
$
(89.0
)
 
$
(89.9
)
 
$
(3.2
)
 
$
(5.5
)
 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive loss at December 31, were as follows:

 
Pensions
 
Other post-retirement benefits
 
(In millions)
2015
 
2014
 
2015
 
2014
 
Unrecognized actuarial (gain) loss
$
168.0

 
$
158.3

 
$
(0.5
)
 
$
(2.5
)
 
Unrecognized prior service cost
0.2

 
0.2

 
(0.1
)
 
—

 
Total recognized in accumulated other comprehensive (gain) loss
$
168.2

 
$
158.5

 
$
(0.6
)
 
$
(2.5
)
 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
Key information for our plans with accumulated benefit obligations in excess of plan assets as of December 31 was as follows:

(In millions)
2015
 
2014
 
Aggregate projected benefit obligation
$
316.3

 
$
350.6

 
Aggregate accumulated benefit obligation
307.7

 
343.1

 
Aggregate fair value of plan assets
227.3

 
260.7

 
Schedule of Net Benefit Costs
Pension and other post-retirement benefit costs (income) for the years ended December 31, were as follows:

 
Pensions
 
Other post-retirement benefits
 
(In millions)
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
Service cost
$
1.5

 
$
1.8

 
$
1.9

 
$
—

 
$
0.1

 
$
0.1

 
Interest cost
13.7

 
14.7

 
13.7

 
0.2

 
0.3

 
0.3

 
Expected return on plan assets
(19.1
)
 
(19.7
)
 
(18.2
)
 
—

 
—

 
—

 
Settlement charge
0.3

 
2.8

 
—

 
—

 
—

 
—

 
Amortization of prior service (credit) cost
—

 
0.1

 
0.2

 
(2.5
)
 
—

 
(0.3
)
 
Amortization of net actuarial (gain) loss
4.5

 
2.7

 
4.2

 
—

 
(0.1
)
 
—

 
Total (income) costs
$
0.9

 
$
2.4

 
$
1.8

 
$
(2.3
)
 
$
0.3

 
$
0.1

 
Schedule of Changes in Projected Benefit Obligations
The following weighted-average assumptions were used to determine the benefit obligations:

Weighted-average assumption to determine benefit obligation
 
Pensions
 
Other post-retirement
benefits
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
Discount rate
4.40
%
 
4.00
%
 
4.92
%
 
4.60
%
 
4.25
%
 
5.10
%
 
Rate of compensation increase
3.19
%
 
3.23
%
 
3.45
%
 
—

 
—

 
—

 
Pre-tax changes in projected benefit obligations and plan assets recognized in other comprehensive income during 2015 were as follows:

Changes recognized in OCI
(In millions)
Pensions
 
Other post-retirement benefits
 
Actuarial (gain) loss
$
15.6

 
$
(0.5
)
 
Prior service cost (credit)
—

 
(0.1
)
 
Amortization of net actuarial gain (loss)
(4.8
)
 
—

 
Amortization of prior service credit (cost)
—

 
2.5

 
Total (income) loss recognized in other comprehensive income
$
10.8

 
$
1.9

 
Total recognized in net periodic benefit cost and other comprehensive income
$
11.7

 
$
(0.4
)
 
Schedule of 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
 
Discount rate
4.03
%
 
4.93
%
 
4.17
%
 
4.25
%
 
5.10
%
 
4.30
%
 
Rate of compensation increase
3.19
%
 
3.23
%
 
3.45
%
 
—

 
—

 
—

 
Expected rate of return on plan assets
7.08
%
 
7.77
%
 
7.81
%
 
—

 
—

 
—

 
Schedule of Allocation of Plan Assets
Our actual pension plans’ asset holdings by category and level within the fair value hierarchy are presented in the following table:

 
As of December 31, 2015
 
As of December 31, 2014
 
(In millions)
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Cash and cash equivalents
$
3.9

 
$
3.9

 
$
—

 
$
—

 
$
2.4

 
$
2.4

 
$
—

 
$
—

 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Large cap (1)
42.5

 
—

 
42.5

 
—

 
45.5

 
—

 
45.5

 
—

 
Small cap (2)
66.8

 
66.8

 
—

 
—

 
79.1

 
79.1

 
—

 
—

 
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government securities (3)
12.7

 
—

 
12.7

 
—

 
17.6

 
—

 
17.6

 
—

 
Corporate bonds (4)
57.8

 
45.6

 
12.2

 
—

 
46.4

 
15.2

 
31.2

 
—

 
Real estate and other investments (5)
43.6

 
16.8

 
26.8

 
—

 
69.7

 
26.6

 
43.1

 
—

 
Total assets at fair value
$
227.3

 
$
133.1

 
$
94.2

 
$
—

 
$
260.7

 
$
123.3

 
$
137.4

 
$
—

 

(1)
Includes funds that invest primarily in large cap equity securities.
(2)
Includes small cap equity securities and funds that invest primarily in small cap equity securities.
(3)
Includes U.S. government securities and funds that invest primarily in U.S. government bonds, including treasury inflation protected securities.
(4)
Includes investment grade bonds, high yield bonds and mortgage-backed fixed income securities and funds that invest in such securities.
(5)
Includes funds that invest primarily in REITs, funds that invest in commodities and investments in insurance contracts held by our foreign pension plans.
Our target asset allocations and actual allocations as of December 31, 2015 and 2014 were as follows:

 
Target
 
2015
 
2014
 
Equity
30% - 70%
 
48%
 
48%
 
Fixed income
20% - 40%
 
31%
 
24%
 
Real estate and other
10% - 30%
 
20%
 
27%
 
Cash
0% - 10%
 
1%
 
1%
 
 
100%
 
100%
 
100%
 
Schedule of 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.

(In millions)
Pensions
 
Other post-retirement benefits
 
2016
$
13.5

 
$
0.2

 
2017
15.2

 
0.2

 
2018
15.4

 
0.2

 
2019
15.5

 
0.2

 
2020
16.7

 
0.2

 
2021-2025
92.0

 
1.0