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

12 Months Ended

Dec. 31, 2019

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,
	2019						2018						2017
(dollars in millions)	Domestic		Foreign		Domestic		Foreign		Domestic		Foreign
Pension and SERP Benefits
Service cost	$	—	$	0.7	$	—	$	1.2	$	—	$	1.6
Interest cost on the projected benefit obligation	8.7		0.3		8.1		0.3		8.8		1.4
Expected return on plan assets	(9.6)		(0.1)		(10.4)		(0.1)		(10.1)		(1.3)
Amortization of prior service cost	—		—		—		—		—		0.1
Amortization of actuarial net loss	—		0.1		—		—		—		0.1
Plan curtailment	—		—		0.1		—		—		0.3
Plan settlement	—		0.2		0.2		0.1		—		10.1
Net periodic (benefit) cost	$	(0.9)	$	1.2	$	(2.0)	$	1.5	$	(1.3)	$	12.3
Post-retirement Medical Benefits
Service cost	$	—	$	0.1	$	—	$	0.1	$	—	$	—
Interest cost on the projected benefit obligation	0.4		0.1		0.4		0.1		0.4		0.1

Net periodic cost	$	0.4	$	0.3	$	0.4	$	0.2	$	0.4	$	0.1

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,
	2019			2018			2017
	Domestic	Foreign	Domestic	Foreign	Domestic	Foreign
Pension and SERP Benefits
Discount rate	4.4%	1.5%	3.7%	1.4%	4.2%	1.6%
Rate of compensation increase	3.5%	3.4%	3.5%	3.4%	3.5%	3.2%
Long-term rate of return on assets	5.4%	1.4%	5.4%	1.8%	5.9%	1.7%
Post-retirement Medical Benefits
Discount rate	4.3%	9.2%	3.7%	9.9%	4.2%	12.2%

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
	2019			2018			2019		2018
	Domestic	Foreign	Domestic	Foreign	Domestic	Foreign	Domestic	Foreign
Discount rate	3.3%	1.0%	4.3%	1.5%	3.2%	7.3%	4.3%	9.2%
Rate of compensation increase	3.5%	3.1%	3.5%	3.4%	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
	2019						2018						2019				2018
(dollars in millions)	Domestic		Foreign		Domestic		Foreign		Domestic		Foreign		Domestic		Foreign
Change in Projected Benefit Obligation:
Beginning of period balance	$	206.2	$	23.3	$	226.2	$	23.0	$	9.0	$	1.3	$	9.7	$	0.9
Additions	—		2.7		—		2.0		—		—		—		—

Service cost	—		0.7		—		1.2		—		0.1		—		0.1
Plan amendments	—		—		—		—		—		(1.4)		—		—
Interest cost	8.7		0.3		8.1		0.3		0.4		0.1		0.4		0.1


Actuarial loss (gain) due to assumption change	25.6		1.1		(15.4)		(0.5)		1.0		0.1		(1.1)		0.1
Actuarial (gain) loss due to plan experience	(1.1)		1.0		(1.7)		0.2		(0.6)		(0.1)		0.5		0.3
Benefits and expenses paid	(11.5)		(0.6)		(10.3)		(0.9)		(0.6)		—		(0.5)		—
Settlement	—		(1.6)		(0.7)		(1.1)		—		—		—		—
Foreign currency translation	—		(0.2)		—		(0.9)		—		—		—		(0.2)
End of period balance	$	227.9	$	26.6	$	206.2	$	23.3	$	9.2	$	0.1	$	9.0	$	1.3
Change in Plan Assets:
Beginning of period balance	$	184.7	$	4.3	$	199.6	$	7.7	$	—	$	—	$	—	$	—
Additions	—		—		—		—		—		—		—		—

Actual return on plan assets, net of expenses	32.2		1.4		(5.1)		0.2		—		—		—		—
Employer contributions	0.5		2.4		1.2		(1.7)		0.5		—		0.5		—

Benefits paid	(11.5)		(0.6)		(10.3)		(0.9)		(0.5)		—		(0.5)		—
Settlement	—		(1.6)		(0.7)		(0.8)		—		—		—		—
Foreign currency translation	—		0.1		—		(0.2)		—		—		—		—
End of period balance	$	205.9	$	6.0	$	184.7	$	4.3	$	—	$	—	$	—	$	—
Funded Status
Funded status of plan	$	(22.0)	$	(20.6)	$	(21.5)	$	(19.0)	$	(9.2)	$	(0.1)	$	(9.0)	$	(1.3)
Supplemental Information:
Accumulated benefit obligation	$	217.1	$	23.3	$	196.8	$	20.1	$	9.2	$	0.1	$	9.0	$	1.3
Plans with Accumulated Benefit Obligation in excess of Plan Assets:
Accumulated benefit obligation	$	217.1	$	23.2	$	196.8	$	20.0	$	9.2	$	0.1	$	9.0	$	1.3
Fair value plan assets	$	205.9	$	5.8	$	184.7	$	4.1	$	—	$	—	$	—	$	—
Plans with Projected Benefit Obligation in excess of Plan Assets:
Projected benefit obligation	$	227.9	$	26.5	$	206.2	$	23.1	$	9.2	$	0.1	$	9.0	$	1.3
Fair value plan assets	$	205.9	$	5.8	$	184.7	$	4.1	$	—	$	—	$	—	$	—

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the Consolidated Balance Sheets and "Accumulated other comprehensive loss" consist of the following:


	Pension and SERP Benefits														Post-Retirement Medical Benefits
	2019						2018						2019				2018
(dollars in millions)	Domestic		Foreign		Domestic		Foreign		Domestic		Foreign		Domestic		Foreign
Balance Sheet

Accrued expenses and other current liabilities	$	0.6	$	0.8	$	0.5	$	1.0	$	0.6	$	—	$	0.7	$	—
Pension and post-retirement benefits	21.4		19.8		21.0		18.0		8.6		0.1		8.3		1.3
Accumulated Other Comprehensive Loss
Net actuarial loss	$	(6.9)	$	(2.1)	$	(5.1)	$	(1.8)	$	(0.6)	$	(0.7)	$	(0.3)	$	(0.8)
Prior service costs	—		—		—		—		—		1.4		—		—

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in the Consolidated Balance Sheets and "Accumulated other comprehensive loss" consist of the following:


	Pension and SERP Benefits														Post-Retirement Medical Benefits
	2019						2018						2019				2018
(dollars in millions)	Domestic		Foreign		Domestic		Foreign		Domestic		Foreign		Domestic		Foreign
Balance Sheet

Accrued expenses and other current liabilities	$	0.6	$	0.8	$	0.5	$	1.0	$	0.6	$	—	$	0.7	$	—
Pension and post-retirement benefits	21.4		19.8		21.0		18.0		8.6		0.1		8.3		1.3
Accumulated Other Comprehensive Loss
Net actuarial loss	$	(6.9)	$	(2.1)	$	(5.1)	$	(1.8)	$	(0.6)	$	(0.7)	$	(0.3)	$	(0.8)
Prior service costs	—		—		—		—		—		1.4		—		—

Schedule of Allocation of Plan Assets

The following table presents the fair value of plan assets:


		December 31,
(dollars in millions)	Classification	2019		2018
Asset Category
Domestic equities	Level 1	$	—	$	22.0
Derivatives	Level 2	9.9		—
Foreign equities	Level 1	5.4		3.9

Foreign bonds	Level 2	1.3		—
Mutual funds holding U.S. Treasury Securities	Level 1	20.3		19.0
Mutual funds holding fixed income securities	Level 1	121.9		96.3



U.S. Treasury bonds	Level 2	36.4		21.5
Cash and cash equivalents	Level 1	6.8		6.2
Sub-Total		202.0		168.9
Assets using net asset value (or NAV) as a practical expedient		9.9		20.1
Total		$	211.9	$	189.0

Schedule of Expected Benefit Payments

At December 31, 2019, expected future benefit payments related to the Company’s defined benefit plans were as follows:


	Pension and SERP Benefits						Post-Retirement Medical Benefits		Total
(dollars in millions)	Domestic		Foreign
2020	$	12.6	$	1.3	$	0.6	$	14.5
2021	12.4		1.4		0.6		14.4
2022	13.2		1.3		0.6		15.1
2023	13.0		1.5		0.6		15.1
2024	12.7		1.8		0.6		15.1
Subsequent five years	65.2		7.3		2.8		75.3
Total	$	129.1	$	14.6	$	5.8	$	149.5