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

12 Months Ended

Dec. 31, 2017

The components of net periodic benefit cost of the Domestic and Foreign Pension Plans and Post-retirement Medical Benefits were as follows:



	Year Ended December 31,
	2017						2016						2015
($ amounts in millions)	Domestic			Foreign			Domestic			Foreign			Domestic			Foreign
Pension and SERP Benefits
Service cost	$	—		$	2.1		$	—		$	1.8		$	—		$	1.4
Interest cost on the projected benefit obligation	8.8			2.3			10.1			3.1			6.8			2.8
Expected return on plan assets	(10.1		)	(1.9		)	(11.6		)	(2.6		)	(9.9		)	(2.7		)
Amortization of prior service cost	—			—			—			0.6			—			—
Amortization of actuarial net loss	—			0.1			—			0.2			—			—
Plan curtailment	—			0.3			—			(0.1		)	—			—
Plan settlement	—			10.2			1.7			0.2			—			—
Net periodic (benefit) cost	$	(1.3	)	$	13.1		$	0.2		$	3.2		$	(3.1	)	$	1.5
Post-retirement Medical Benefits
Service cost	$	—		$	0.1		$	—		$	0.1		$	0.1		$	0.1
Interest cost on the projected benefit obligation	0.4			0.4			0.4			0.2			0.3			0.1
Amortization of net loss	—			0.1			—			—			—			—
Net periodic cost	$	0.4		$	0.6		$	0.4		$	0.3		$	0.4		$	0.2

Schedule of Assumptions Used

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



	Year Ended December 31,
	2017				2016				2015
	Domestic		Foreign		Domestic		Foreign		Domestic		Foreign
Pension and SERP Benefits
Discount rate	4.2	%	2.3	%	4.6	%	2.8	%	4.2	%	2.5	%
Rate of compensation increase	3.5	%	3.3	%	3.5	%	3.3	%	3.5	%	2.9	%
Long-term rate of return on assets	5.9	%	2.3	%	6.5	%	2.9	%	7.4	%	2.5	%
Post-retirement Medical Benefits
Discount rate	4.2	%	12.2	%	4.4	%	14.0	%	4.2	%	14.5	%

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								Post-retirement Medical Benefits
	2017				2016				2017				2016
	Domestic		Foreign		Domestic		Foreign		Domestic		Foreign		Domestic		Foreign
Discount rate	3.7	%	3.0	%	4.2	%	2.3	%	3.7	%	9.9	%	4.2	%	12.2	%
Rate of compensation increase	3.5	%	3.4	%	3.5	%	3.0	%	N/A		N/A		N/A		N/A

(N/A) Not applicable as compensation rates are not used in the determination of benefit obligations under the post-retirement benefit plans.

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

The following tables summarize changes in benefit obligation, plan assets and funded status of the Company’s plans:



	Pension and SERP Benefits												Post-retirement Medical Benefits
	2017						2016						2017						2016
($ amounts in millions)	Domestic			Foreign			Domestic			Foreign			Domestic			Foreign			Domestic			Foreign
Change in Benefit Obligation:
Beginning of period balance	$	213.5		$	103.0		$	230.5		$	112.7		$	9.6		$	3.1		$	9.4		$	1.4
Additions	—			0.6			—			2.7			—			—			—			—
Service cost	—			2.1			—			1.8			—			0.1			0.1			0.1
Plan amendments	—			—			—			(6.9		)	—			—			—			—
Interest cost	8.8			2.3			10.1			3.1			0.4			0.4			0.4			0.2
Plan curtailment	—			(0.1		)	—			(0.1		)	—			—			—			—
Employee contributions	—			—			—			—			—			—			0.3			—
Actuarial (gain) loss due to assumption change	—			(1.4		)	—			14.5			—			0.3			—			0.5
Actuarial loss (gain) due to plan experience	13.8			0.3			5.0			(2.1		)	0.2			0.9			0.2			0.6
Benefits and expenses paid	(9.9		)	(6.5		)	(9.2		)	(6.6		)	(0.5		)	(0.2		)	(0.8		)	(0.1		)
Settlement	—			(72.2		)	(22.9		)	(2.5		)	—			—			—			—
Foreign currency translation	—			6.1			—			(13.6		)	—			(0.1		)	—			0.4
End of period balance	$	226.2		$	34.2		$	213.5		$	103.0		$	9.7		$	4.5		$	9.6		$	3.1
Change in Plan Assets:
Beginning of period balance	$	176.6		$	85.0		$	184.5		$	93.7		$	—		$	—		$	—		$	—
Additions	—			0.5			—			—			—			—			—			—
Actual return on plan assets, net of expenses	29.8			0.5			17.9			11.3			—			—			—			—
Employer contributions	3.1			1.8			6.2			2.5			0.5			0.2			0.5			0.1
Employee contributions	—			—			—			—			—			—			0.3			—
Benefits paid	(9.9		)	(6.5		)	(9.1		)	(6.6		)	(0.5		)	(0.2		)	(0.8		)	(0.1		)
Settlement	—			(72.2		)	(22.9		)	(2.5		)	—			—			—			—
Foreign currency translation	—			3.9			—			(13.4		)	—			—			—			—
End of period balance	$	199.6		$	13.0		$	176.6		$	85.0		$	—		$	—		$	—		$	—
Funded Status
Funded status of plan	$	(26.6	)	$	(21.2	)	$	(36.9	)	$	(18.0	)	$	(9.7	)	$	(4.5	)	$	(9.6	)	$	(3.1	)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the Consolidated Balance Sheets and Accumulated Other Comprehensive Income (Loss) consist of the following:



	Pension and SERP Benefits												Post-retirement Medical Benefits
	2017						2016						2017						2016
($ amounts in millions)	Domestic			Foreign			Domestic			Foreign			Domestic			Foreign			Domestic			Foreign
Balance Sheet
Other assets	$	—		$	3.6		$	—		$	4.0		$	—		$	—		$	—		$	—
Accrued expenses and other current liabilities	1.1			0.7			0.7			0.6			0.6			0.2			0.6			0.2
Pension and post-retirement benefits	25.5			24.1			36.2			21.4			9.1			4.3			9.0			2.9
Accumulated Other Comprehensive Income (Loss) Balance Sheet
Net actuarial loss	$	(7.0	)	$	(3.1	)	$	(12.8	)	$	(12.3	)	$	(0.8	)	$	(2.2	)	$	(0.6	)	$	(1.1	)
Prior service costs	(0.1		)	—			(0.1		)	(0.3		)	N/A			N/A			N/A			N/A

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in the Consolidated Balance Sheets and Accumulated Other Comprehensive Income (Loss) consist of the following:



	Pension and SERP Benefits												Post-retirement Medical Benefits
	2017						2016						2017						2016
($ amounts in millions)	Domestic			Foreign			Domestic			Foreign			Domestic			Foreign			Domestic			Foreign
Balance Sheet
Other assets	$	—		$	3.6		$	—		$	4.0		$	—		$	—		$	—		$	—
Accrued expenses and other current liabilities	1.1			0.7			0.7			0.6			0.6			0.2			0.6			0.2
Pension and post-retirement benefits	25.5			24.1			36.2			21.4			9.1			4.3			9.0			2.9
Accumulated Other Comprehensive Income (Loss) Balance Sheet
Net actuarial loss	$	(7.0	)	$	(3.1	)	$	(12.8	)	$	(12.3	)	$	(0.8	)	$	(2.2	)	$	(0.6	)	$	(1.1	)
Prior service costs	(0.1		)	—			(0.1		)	(0.3		)	N/A			N/A			N/A			N/A

Schedule of Allocation of Plan Assets

The following table presents the fair value of plan assets:



		December 31,
($ amounts in millions)	Classification	2017		2016
Asset Category
Domestic equities	Level 1	$	31.8	$	31.1
Foreign equities	Level 1	18.3		—
Mutual funds holding domestic securities	Level 1	4.0		5.5
U.S. Treasuries	Level 2	14.6		4.9
Mutual funds holding U.S. Treasury Securities	Level 1	9.2		12.0
Mutual funds holding fixed income securities	Level 1	74.6		14.6
Insurance "Buy-In" Policy ^(a)	Level 3	—		70.2
Foreign public bonds	Level 2	5.3		5.1
Corporate bonds	Level 2	—		1.2
Cash and cash equivalents	Level 1	10.1		15.1
Sub-Total		167.9		159.7
Assets using net asset value (or NAV) as a practical expedient		44.7		101.9
Total		$	212.6	$	261.6


^(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, which was transferred to PIC, as of December 31, 2017.

Schedule of Expected Benefit Payments

At December 31, 2017, 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
2018	$	12.0	$	1.6	$	0.7	$	14.3
2019	12.0		1.8		0.8		14.6
2020	12.2		1.7		0.8		14.7
2021	12.1		1.8		0.8		14.7
2022	12.7		1.9		0.8		15.4
Subsequent five years	64.1		11.1		4.0		79.2
Total	$	125.1	$	19.9	$	7.9	$	152.9