Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Components of Period Benefit Costs

The components of periodic benefit costs for the Direct Plans for the years ended December 31, 2017, 2016 and 2015 are as follows:



	Pension Plans									Postretirement Health and Other
(in millions, except percentage data)	2017			2016			2015			2017			2016			2015
Service cost - benefits earned during the year	$	—		$	0.2		$	0.4		$	—		$	—		$	—
Interest cost of projected benefit obligation	5.4			8.3			6.5			0.3			0.4			0.1
Expected return on assets	(6.2		)	(6.2		)	(5.4		)	—			—			—
Amortization of actuarial net loss (gain)	2.0			2.5			1.2			—			—			(0.1		)
Net periodic benefit cost	$	1.2		$	4.8		$	2.7		$	0.3		$	0.4		$	—
Weighted average assumptions:
Discount rate	3.1		%	3.9		%	3.5		%	3.5		%	3.9		%	3.7		%
Expected return on plan assets	3.6		%	3.7		%	3.5		%	N/A			N/A			N/A
Rate of compensation increase	—		%	4.0		%	4.0		%	1.5		%	1.5		%	1.5		%

Reconciliation of the Changes in Benefit Obligation, the Changes in Plan Assets, and the Funded Status

The following is a reconciliation of the changes in benefit obligation, the changes in plan assets and the funded status of the Direct Plans as of December 31, 2017 and 2016:



	Pension Plans						Postretirement Health and Other
(in millions, except percentage data)	2017			2016			2017			2016
Change in Benefit Obligation
Benefit obligation, beginning of year	$	203.9		$	177.2		$	9.0		$	3.2
Service cost	—			0.2			—			—
Interest cost	5.4			8.3			0.3			0.4
Participant contributions	—			—			0.6			0.4
Plan combinations	—			55.6			—			6.8
Actuarial loss	7.7			4.1			1.7			—
Currency translation adjustment	13.8			(29.3		)	0.1			—
Benefits paid	(14.0		)	(12.2		)	(1.6		)	(1.8		)
Benefit obligation, end of year	$	216.8		$	203.9		$	10.1		$	9.0
Change in Plan Assets
Fair value of plan assets, beginning of year	$	163.8		$	147.9		$	—		$	—
Actual return on plan assets	9.2			14.1			—			—
Employer contributions	5.4			6.1			1.0			1.4
Participant contributions	—			—			0.6			0.4
Plan combinations	—			34.1			—			—
Currency translation adjustment	12.3			(26.2		)	—			—
Benefits paid	(14.0		)	(12.2		)	(1.6		)	(1.8		)
Fair value of plan assets, end of year	$	176.7		$	163.8		$	—		$	—
Unfunded status ⁽¹⁾	$	(40.1	)	$	(40.1	)	$	(10.1	)	$	(9.0	)
Weighted-Average Assumptions
Discount rate	2.8		%	3.1		%	3.2		%	3.5		%
Rate of compensation increase	—		%	—		%	1.5		%	1.5		%

⁽¹⁾ As of December 31, 2017 and 2016, the short-term portion of the pension obligation totaled $0.7 million and $0.7 million, respectively and postretirement health and other benefit obligation totaled $1.2 million, and $1.0 million, respectively. These short-term obligations are included in "Accrued expenses and other liabilities."

Amounts Recognized in Accumulated Other Comprehensive Income

Amounts recognized in "Accumulated other comprehensive loss" as of December 31, 2017 and 2016, consist of the following:



	Pension Plans						Postretirement Health and Other
(in millions)	2017			2016			2017			2016
Net actuarial loss	$	(44.3	)	$	(40.5	)	$	(2.2	)	$	(0.5	)
Total amount recognized	$	(44.3	)	$	(40.5	)	$	(2.2	)	$	(0.5	)

Summary of the Sensitivity of Retirement Obligations and Retirement Benefit Costs of Plans to Changes in the Key Assumptions

The following table summarizes the sensitivity of our December 31, 2017 retirement obligations and 2017 retirement benefit costs of our plans to changes in the key assumptions used to determine those results (in millions):



Change in assumption:	Estimated increase (decrease) in 2018 pension cost			Estimated increase (decrease) in projected benefit obligation for the year ended December 31, 2017			Estimated increase (decrease) in 2018 other postretirement benefit costs			Estimated increase (decrease) in other postretirement benefit obligation for the year ended December 31, 2017
0.5% increase in discount rate	$	(0.5	)	$	(14.6	)	$	—		$	(0.3	)
0.5% decrease in discount rate	0.5			16.0			—			0.3
0.5% increase in long-term return on assets	(0.9		)	N/A			N/A			N/A
0.5% decrease in long-term return on assets	0.9			N/A			N/A			N/A
1% increase in medical trend rates	N/A			N/A			0.1			0.6
1% decrease in medical trend rates	N/A			N/A			(0.1		)	(0.5		)

Schedule of the Weighted-Average Asset Allocations of the Pension Plans

The weighted-average asset allocations of the pension plans at December 31, 2017 and 2016, by asset category are as follows:



	2017		2016
Equity securities	17.6	%	20.8	%
Debt securities	34.6	%	34.5	%
Other	47.8	%	44.7	%
	100.0	%	100.0	%

Schedule of the Actual Allocations for the Pension Assets and Target Allocations by Asset Class

The actual allocations for the pension assets at December 31, 2017, and target allocations by asset class, are as follows:



	Target Allocations		Weighted Average Asset Allocations
Equity securities	20.4	%	17.6	%
Debt securities	36.2	%	34.6	%
Other	43.4	%	47.8	%

Schedule of Plan Assets Using the Fair Value Hierarchy

The following table presents the Company's plan assets using the fair value hierarchy as of December 31, 2017 and 2016. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant non-observable inputs.



	December 31, 2017
Assets (in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	2.4	$	—	$	—	$	2.4
Insurance group annuity contracts	—				74.6		74.6
Common/collective trust funds — Government, corporate and other non-government debt	—		63.2		—		63.2
Common/collective trust funds — Corporate equity	—		30.4		—		30.4
Common/collective trust funds — Customized strategy	—		6.1		—		6.1
Total	$	2.4	$	99.7	$	74.6	$	176.7



	December 31, 2016
Assets (in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	1.0	$	—	$	—	$	1.0
Insurance group annuity contracts	—		—		72.2		72.2
Common/collective trust funds — Government, corporate and other non-government debt	—		51.6		—		51.6
Common/collective trust funds — Corporate equity	—		34.1		—		34.1
Common/collective trust funds — Customized strategy	—		4.9		—		4.9
Total	$	1.0	$	90.6	$	72.2	$	163.8

Reconciliation of the Fair Values Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3) from the Beginning of the Year to the End of the Year

A reconciliation of the fair values measurements of plan assets using significant unobservable inputs (Level 3) from the beginning of the year to the end of the year is as follows:



	Insurance Contracts Year Ended December 31,
(in millions)	2017			2016
Beginning Balance	$	72.2		$	89.9
Actual return on assets	—			2.5
Benefit payments	(4.6		)	(4.8		)
Foreign currency impact	7.0			(15.4		)
Ending Balance	$	74.6		$	72.2

Schedule of Projected Benefit Payments from the Plans

Projected benefit payments from the plans as of December 31, 2017 are estimated as follows:



(in millions)	Pension Plans		Postretirement Health and Other
2018	$	10.9	$	1.3
2019	11.0		1.3
2020	11.2		1.2
2021	11.2		1.2
2022	11.2		1.2
2023-2027	54.7		3.4

Fair Value of Plan Assets for Which the Accumulated Benefit Obligation is in Excess of the Plan Assets

The fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2017 and 2016 is as follows:



	Pension Plans
(in millions)	2017		2016
Projected benefit obligation	$	216.8	$	203.9
Accumulated benefit obligation	216.8		203.9
Fair value of plan assets	176.7		163.8