Pension, Post-Retirement and Post-Employment Plans (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

The components of net periodic benefit cost of the Domestic and Foreign Pension Plans were as follows:



	Pension & SERP Benefits
	Year Ended December 31,
(amounts in millions)	2016						2015						2014
Net periodic benefit expense:	Domestic			Foreign			Domestic			Foreign			Domestic			Foreign
Service cost	$	—		$	1.8		$	—		$	1.4		$	—		$	0.8
Interest cost on the projected benefit obligation	10.1			3.1			6.8			2.8			6.9			3.0
Expected return on plan assets	(11.6		)	(2.6		)	(9.9		)	(2.7		)	(9.7		)	(3.5		)
Amortization of prior service cost	—			0.6			—			—			—			—
Amortization of actuarial net loss	—			0.2			—			—			—			—
Plan curtailments	—			(0.1		)	—			—			—			—
Plan settlements	1.7			0.2			—			—			—			—
Net periodic cost (benefit)	$	0.2		$	3.2		$	(3.1	)	$	1.5		$	(2.8	)	$	0.3



	Post-retirement Medical Benefits
	Year Ended December 31,
(amounts in millions)	2016				2015				2014
Net periodic benefit expense:	Domestic		Foreign		Domestic		Foreign		Domestic		Foreign
Service cost	$	—	$	0.1	$	0.1	$	0.1	$	0.1	$	—
Interest cost on the projected benefit obligation	0.4		0.2		0.3		0.1		0.3		—
Net periodic cost	$	0.4	$	0.3	$	0.4	$	0.2	$	0.4	$	—

Schedule of Assumptions Used

Weighted average key assumptions used to determine the benefit obligations in the actuarial valuations of the pension and post-retirement benefit liabilities are as follows:



	Pension and SERP Benefits
	December 31, 2016				December 31, 2015
	Domestic		Foreign		Domestic		Foreign
Discount rate	4.2	%	2.3	%	4.6	%	2.8	%
Rate of compensation increase	3.5	%	3.0	%	3.5	%	3.4	%



	Post-retirement Medical Benefits
	December 31, 2016				December 31, 2015
	Domestic		Foreign		Domestic		Foreign
Discount rate	4.2	%	12.2	%	4.4	%	14.0	%

The weighted average key assumptions used to determine the net periodic benefit cost of the Domestic and Foreign Pension Plan liabilities are as follows:



	Pension and SERP Benefits
	Year Ended December 31,
	2016				2015				2014
	Domestic		Foreign		Domestic		Foreign		Domestic		Foreign
Discount rate	4.6	%	2.8	%	4.2	%	2.5	%	5.2	%	4.2	%
Rate of compensation increase	3.5	%	3.3	%	3.5	%	2.9	%	4.0	%	3.4	%
Long-term rate of return on assets	6.5	%	2.9	%	7.4	%	2.5	%	7.8	%	4.2	%



	Post-retirement Medical Benefits
	Year Ended December 31,
	2016				2015				2014
	Domestic		Foreign		Domestic		Foreign		Domestic		Foreign
Discount rate	4.4	%	14.0	%	4.2	%	14.5	%	5.1	%	12.4	%

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following tables summarize changes in plan assets and funded status of the Company’s pension and SERP plans:



	Pension and SERP Benefits
	Year Ended December 31,
(amounts in millions)	2016						2015						2014
Change in Projected Benefit Obligation:	Domestic			Foreign			Domestic			Foreign			Domestic			Foreign
Beginning of period balance	$	230.5		$	112.7		$	157.6		$	88.3		$	137.4		$	73.1
Additions	—			2.7			—			—			—			—
Acquisitions	—			—			82.6			22.6			—			—
Service cost	—			1.8			—			1.4			—			0.8
Plan amendments	—			(6.9		)	—			8.9			—			—
Interest cost	10.1			3.1			6.8			2.8			6.9			3.0
Plan curtailment	—			(0.1		)	—			—			—			—
Actuarial loss (gain) due to assumption change	—			14.5			(11.4		)	0.3			18.1			20.2
Actuarial loss (gain) due to plan experience	5.0			(2.1		)	(0.1		)	1.1			(0.6		)	1.6
Benefits and expenses paid	(9.2		)	(6.6		)	(5.0		)	(6.6		)	(4.2		)	(4.3		)
Settlement	(22.9		)	(2.5		)	—			—			—			(0.5		)
Foreign currency translation	—			(13.6		)	—			(6.1		)	—			(5.6		)
End of period balance	$	213.5		$	103.0		$	230.5		$	112.7		$	157.6		$	88.3



	Pension and SERP Benefits
	Year Ended December 31,
(amounts in millions)	2016						2015						2014
Change in Fair Value of Plan Assets:	Domestic			Foreign			Domestic			Foreign			Domestic			Foreign
Beginning of period balance	$	184.5		$	93.7		$	134.0		$	94.5		$	127.0		$	88.1
Acquisitions	—			—			62.5			8.1			—			—
Actual return on plan assets, net of expenses	17.9			11.3			(7.0		)	3.1			11.2			16.0
Employer contributions	6.2			2.5			—			0.5			—			0.2
Benefits paid	(9.1		)	(6.6		)	(5.0		)	(6.6		)	(4.2		)	(3.5		)
Settlement	(22.9		)	(2.5		)	—			—			—			(0.5		)
Foreign currency translation	—			(13.4		)	—			(5.9		)	—			(5.8		)
End of period balance	176.6			85.0			184.5			93.7			134.0			94.5
Funded status of plan	$	(36.9	)	$	(18.0	)	$	(46.0	)	$	(19.0	)	$	(23.6	)	$	6.2

Schedule of Changes in Accumulated Postemployment Benefit Obligations

The following table summarizes changes in the Company’s post-retirement medical benefit obligations:



	Post-retirement Medical Benefits
	Year Ended December 31,
(amounts in millions)	2016						2015						2014
Change in Accumulated Post-retirement Benefit:	Domestic			Foreign			Domestic			Foreign			Domestic			Foreign
Beginning of period balance	$	9.4		$	1.4		$	7.4		$	0.3		$	6.8		$	0.3
Acquisitions	—			—			2.3			1.5			—			—
Service cost	0.1			0.1			—			0.1			0.1			—
Interest cost	0.4			0.2			0.3			0.2			0.3			—
Employee contributions	0.3			—			0.2			—			—			—
Actuarial loss (gain) due to assumption change	—			0.5			(0.5		)	(0.2		)	0.5			—
Actuarial loss (gain) due to plan experience	0.2			0.6			0.3			(0.1		)	—			—
Other	—			0.4			—			(0.3		)	—			—
Benefits and expenses paid	(0.8		)	(0.1		)	(0.6		)	(0.1		)	(0.3		)	—
End of period balance	$	9.6		$	3.1		$	9.4		$	1.4		$	7.4		$	0.3

Schedule of Amounts Recognized in Balance Sheet

Amounts included in the Consolidated Balance Sheets consist of the following:



	December 31,
(amounts in millions)	2016		2015
Prepaid pension assets
Foreign pension	$	4.0	$	—
Total included in other assets	$	4.0	$	—
Other current liabilities
Domestic pension	$	0.7	$	6.7
Foreign pension	0.6		0.6
Domestic post-retirement medical benefits	0.6		0.6
Foreign post-retirement medical benefits	0.2		0.1
Total included in accrued expenses and other current liabilities	$	2.1	$	8.0
Retirement benefits, less current portion
Domestic pension and SERP	$	36.2	$	39.3
Foreign pensions	21.4		18.4
Domestic post-retirement medical benefits	9.0		8.8
Foreign post-retirement medical benefits	2.9		1.3
Total included in long-term retirement benefits, less current portion	$	69.5	$	67.8

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in Accumulated Other Comprehensive Income (Loss) consist of the following:



	Pension and SERP Benefits
	Year Ended December 31,
(amounts in millions)	2016						2015						2014
	Domestic			Foreign			Domestic			Foreign			Domestic			Foreign
Net actuarial loss	$	(12.8	)	$	(12.3	)	$	(15.8	)	$	(10.5	)	$	(10.4	)	$	(10.1	)
Prior service costs	(0.1		)	(0.3		)	—			(8.5		)	—			—
Total	$	(12.9	)	$	(12.6	)	$	(15.8	)	$	(19.0	)	$	(10.4	)	$	(10.1	)



	Post-retirement Medical Benefits
	Year Ended December 31,
(amounts in millions)	2016						2015					2014
	Domestic			Foreign			Domestic			Foreign		Domestic			Foreign
Net actuarial (loss) gain	$	(0.6	)	$	(1.1	)	$	(0.4	)	$	0.2	$	(0.6	)	$	—

Schedule of Allocation of Plan Assets

The fair value of plan assets as of December 31, 2016 were classified in the fair value hierarchy as follows:



			Fair Value Measurements Using
(amounts in millions)	December 31, 2016		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Asset Category
Domestic equities	$	31.1	$	31.1	$	—	$	—
Mutual funds holding domestic securities	5.5		5.5		—		—
U.S. Treasuries	4.9		—		4.9		—
Mutual funds holding U.S. Treasury Securities	12.0		12.0		—		—
Mutual funds holding fixed income securities	14.6		14.6		—		—
Insurance "Buy-In" Policy ^(a)	70.2		—		—		70.2
Foreign public bonds	5.1		—		5.1		—
Corporate bonds	1.2		—		1.2		—
Cash and cash equivalents	15.1		15.1		—		—
Sub-Total	159.7		$	78.3	$	11.2	$	70.2
Assets using NAV as a practical expedient	101.9
Total	$	261.6

The fair value of plan assets as of December 31, 2015 were classified in the fair value hierarchy as follows:



			Fair Value Measurements Using
(amounts in millions)	December 31, 2015		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Asset Category
Domestic equities	$	26.3	$	26.3	$	—	$	—
Foreign equities	0.3		0.3		—		—
Mutual funds holding domestic securities	4.9		4.9		—		—
U.S. Treasuries	5.0		—		5.0		—
Mutual funds holding U.S. Treasury Securities	11.9		11.9		—		—
Mutual funds holding fixed income securities	16.1		16.1		—		—
Insurance "Buy-In" Policy ^(a)	77.2		—		—		77.2
Foreign public bonds	2.9		—		2.9		—
Corporate bonds	1.5		—		1.5		—
Designated benefit fund^(b)	1.3		—		1.3		—
Cash and cash equivalents	11.2		11.2		—		—
Sub-Total	158.6		$	70.7	$	10.7	$	77.2
Assets using NAV as a practical expedient	119.6
Total	$	278.2


^(a)	This category represents assets in the U.K. Pension Plan invested in insurance contract with PIC in connection with the “Buy-In” of the U.K. Pension Plan.


^(b)	This category includes assets held in a fund with the Bank of Taiwan as prescribed by the Taiwan government in accordance with local statutory rules.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3).



	December 31,
(amounts in millions)	2016			2015
Fair value measurements using significant unobservable inputs (Level 3)
Beginning balance	$	77.2		$	83.2
Changes in fair value	(7.0		)	(6.0		)
Purchases, sales and settlements⁽¹⁾	—			—
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Ending balance	$	70.2		$	77.2

⁽¹⁾ There were no purchases, sales, or settlements, on a gross basis, for the years ended December 31, 2016 and 2015.

The following table provides a reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):



	December 31,
(amounts in millions)	2016			2015
Fair value measurements using significant unobservable inputs (Level 3)
Beginning balance	$	70.7		$	63.9
Changes in fair value	10.1			6.8
Purchases, sales and settlements	(515.0		)	—
Additions	510.0			—
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Ending balance	$	75.8		$	70.7

Schedule of Expected Benefit Payments

As of December 31, 2016, expected future benefit payments related to the Company’s defined benefit plans were as follows:



	Pension and SERP Benefits				Post-retirement Medical Benefits		Total
(amounts in millions)	Domestic		Foreign		Post-retirement Medical Benefits		Total
2017	$	12.1	$	5.7	$	0.7	$	18.5
2018	11.2		1.5		0.8		13.5
2019	12.1		1.6		0.8		14.5
2020	12.0		1.7		0.8		14.5
2021	12.1		1.8		0.8		14.7
Subsequent five years	64.1		9.8		4.0		77.9
Total	$	123.6	$	22.1	$	7.9	$	153.6