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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Benefit Plans [Abstract]  
Reconciliation of Benefit Obligations
The following table provides a reconciliation of the changes in the benefit obligations (the projected benefit obligation in the case of the pension plans and the accumulated postretirement benefit obligation in the case of the other postretirement plans) and in the fair value of the plan assets for the periods described below.

  
Pension Benefits
       
  
U.S. Plans
  
Non-U.S. Plans
  
Other Postretirement Benefits
 
  
2018
  
2017
  
2018
  
2017
  
2018
  
2017
 
Reconciliation of Benefit Obligations:
                  
Beginning balance
 
$
59.7
  
$
59.7
  
$
335.9
  
$
323.7
  
$
3.4
  
$
3.2
 
Service cost
  
-
   
-
   
1.8
   
1.9
   
-
   
-
 
Interest cost
  
2.1
   
2.3
   
7.5
   
7.8
   
0.1
   
0.1
 
Plan amendments
  
-
   
-
   
3.6
   
-
   
-
   
-
 
Actuarial (gains) losses
  
0.4
   
2.0
   
(16.8
)
  
(22.5
)
  
(0.1
)
  
0.2
 
Benefit payments
  
(2.9
)
  
(2.8
)
  
(10.2
)
  
(9.1
)
  
(0.2
)
  
(0.2
)
Plan settlements
  
(1.9
)
  
(1.5
)
  
-
   
-
   
-
   
-
 
Effect of foreign currency exchange rate changes
  
-
   
-
   
(16.9
)
  
34.1
   
(0.1
)
  
0.1
 
Benefit obligations ending balance
 
$
57.4
  
$
59.7
  
$
304.9
  
$
335.9
  
$
3.1
  
$
3.4
 
Reconciliation of Fair Value of Plan Assets:
                        
Beginning balance
 
$
63.1
  
$
59.3
  
$
238.7
  
$
202.9
         
Actual return on plan assets
  
(0.7
)
  
8.0
   
(8.1
)
  
17.9
         
Employer contributions
  
0.1
   
0.1
   
4.2
   
5.7
         
Plan settlements
  
(1.9
)
  
(1.5
)
  
-
   
-
         
Benefit payments
  
(2.9
)
  
(2.8
)
  
(10.2
)
  
(9.1
)
        
Effect of foreign currency exchange rate changes
  
-
   
-
   
(12.4
)
  
21.3
         
Fair value of plan assets ending balance
 
$
57.7
  
$
63.1
  
$
212.2
  
$
238.7
         
Funded Status as of Period End
 
$
0.3
  
$
3.4
  
$
(92.7
)
 
$
(97.2
)
 
$
(3.1
)
 
$
(3.4
)
Component of Accumulated Other Comprehensive (Loss) Income
Amounts recognized as a component of accumulated other comprehensive (loss) income as of December 31, 2018 and 2017 that have not been recognized as a component of net periodic benefit cost are presented in the following table.

  
U.S. Pension Plans
  
Non-U.S. Pension Plans
  
Other
Postretirement Benefits
 
  
2018
  
2017
  
2018
  
2017
  
2018
  
2017
 
Net actuarial losses (gains)
 
$
6.7
  
$
0.9
  
$
48.9
  
$
50.5
  
$
(0.2
)
 
$
(0.1
)
Prior service cost
  
-
   
-
   
3.5
   
-
   
-
   
-
 
Amounts included in accumulated other comprehensive (loss) income
 
$
6.7
  
$
0.9
  
$
52.4
  
$
50.5
  
$
(0.2
)
 
$
(0.1
)
Pension and Other Postretirement Benefit Liabilities included in Balance Sheets
Pension and other postretirement benefit liabilities and assets are included in the following captions in the Consolidated Balance Sheets as of December 31, 2018 and 2017.

  
2018
  
2017
 
Other assets
 
$
1.4
  
$
4.6
 
Accrued liabilities
  
(2.1
)
  
(2.0
)
Pension and other postretirement benefits
  
(94.8
)
  
(99.8
)
Pension plans with an Accumulated Benefit Obligation in Excess of Plan Assets
The following table provides information for pension plans with an accumulated benefit obligation in excess of plan assets as of December 31, 2018 and 2017.

  
U.S. Pension Plans
  
Non-U.S. Pension Plans
 
  
2018
  
2017
  
2018
  
2017
 
Projected benefit obligations
 
$
1.0
  
$
0.1
  
$
291.7
  
$
323.0
 
Accumulated benefit obligation
 
$
1.0
  
$
0.1
  
$
288.1
  
$
318.9
 
Fair value of plan assets
 
$
-
  
$
-
  
$
201.2
  
$
228.2
 
Components of Net Periodic Benefit Cost (Income) and Other Amounts Recognized in Other Comprehensive (Loss) Income, Before Income Tax Effects
The following tables provide the components of net periodic benefit cost (income) and other amounts recognized in other comprehensive (loss) income, before income tax effects, for the years ended December 31, 2018, 2017 and 2016.

  
U.S. Pension Plans
 
  
2018
  
2017
  
2016
 
Net Periodic Benefit Income:
         
Service cost
 
$
-
  
$
-
  
$
-
 
Interest cost
  
2.1
   
2.3
   
2.5
 
Expected return on plan assets
  
(4.7
)
  
(4.4
)
  
(4.4
)
Amortization of prior-service cost
  
-
   
-
   
-
 
Amortization of net actuarial loss
  
-
   
-
   
-
 
Net periodic benefit income
  
(2.6
)
  
(2.1
)
  
(1.9
)
Loss due to settlement
  
-
   
-
   
0.1
 
Total net periodic benefit income recognized
 
$
(2.6
)
 
$
(2.1
)
 
$
(1.8
)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income:
            
Net actuarial loss (gain)
 
$
5.8
  
$
(1.5
)
 
$
(3.9
)
Amortization of net actuarial loss
  
-
   
-
   
(0.1
)
Prior service cost
  
-
   
-
   
-
 
Amortization of prior service cost
  
-
   
-
   
-
 
Effect of foreign currency exchange rate changes
  
-
   
-
   
-
 
Total recognized in other comprehensive income (loss)
 
$
5.8
  
$
(1.5
)
 
$
(4.0
)
Total recognized in net periodic benefit income (loss) and other comprehensive (loss) income
 
$
3.2
  
$
(3.6
)
 
$
(5.8
)

  
Non-U.S. Pension Plans
 
  
2018
  
2017
  
2016
 
Net Periodic Benefit (Income) Cost:
         
Service cost
 
$
1.8
  
$
1.9
  
$
1.6
 
Interest cost
  
7.5
   
7.8
   
8.8
 
Expected return on plan assets
  
(11.6
)
  
(10.4
)
  
(10.8
)
Amortization of prior-service cost
  
-
   
-
   
-
 
Amortization of net actuarial loss
  
1.8
   
5.0
   
2.8
 
Net periodic benefit (income) cost
 
$
(0.5
)
 
$
4.3
  
$
2.4
 
Loss due to curtailments
  
-
   
-
   
-
 
Total net periodic benefit (income) cost recognized
 
$
(0.5
)
 
$
4.3
  
$
2.4
 
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income:
            
Net actuarial loss (gain)
 
$
2.9
  
$
(29.9
)
 
$
29.5
 
Amortization of net actuarial loss
  
(1.8
)
  
(5.0
)
  
(2.8
)
Prior service cost
  
3.7
   
-
   
-
 
Amortization of prior service cost
  
-
   
-
   
(0.1
)
Effect of foreign currency exchange rate changes
  
(2.8
)
  
6.5
   
(8.3
)
Total recognized in other comprehensive income (loss)
 
$
2.0
  
$
(28.4
)
 
$
18.3
 
Total recognized in net periodic benefit cost (income) and other comprehensive (loss) income
 
$
1.5
  
$
(24.1
)
 
$
20.7
 

  
Other Postretirement Benefits
 
  
2018
  
2017
  
2016
 
Net Periodic Benefit Cost:
         
Service cost
 
$
-
  
$
-
  
$
-
 
Interest cost
  
0.1
   
0.1
   
0.2
 
Expected return on plan assets
  
-
   
-
   
-
 
Amortization of prior-service cost
  
-
   
-
   
-
 
Amortization of net actuarial loss
  
-
   
-
   
-
 
Net periodic benefit cost
 
$
0.1
  
$
0.1
  
$
0.2
 
Loss due to curtailments or settlements
  
-
   
-
   
-
 
Total net periodic benefit cost recognized
 
$
0.1
  
$
0.1
  
$
0.2
 
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income:
            
Net actuarial loss (gain)
 
$
(0.1
)
 
$
0.2
  
$
-
 
Amortization of net actuarial loss
  
-
   
-
   
-
 
Prior service cost
  
-
   
-
   
-
 
Amortization of prior service cost
  
-
   
-
   
-
 
Effect of foreign currency exchange rate changes
  
0.1
   
-
   
-
 
Total recognized in other comprehensive (loss) income
 
$
-

 
$
0.2
  
$
-
 
Total recognized in net periodic benefit cost and other comprehensive (loss) income
 
$
0.1
  
$
0.3
  
$
0.2
 
Summary of Assumptions Used
The following weighted-average actuarial assumptions were used to determine net periodic benefit cost (income) for the years ended December 31, 2018, 2017 and 2016.

  
Pension Benefits - U.S. Plans
 
  
2018
  
2017
  
2016
 
Discount rate
  
3.6
%
  
4.0
%
  
4.1
%
Expected long-term rate of return on plan assets
  
7.75
%
  
7.75
%
  
7.75
%
             

  
Pension Benefits - Non-U.S. Plans
 
  
2018
  
2017
  
2016
 
Discount rate
  
2.3
%
  
2.3
%
  
3.3
%
Expected long-term rate of return on plan assets
  
5.0
%
  
5.0
%
  
6.2
%
Rate of compensation increases
  
2.8
%
  
2.8
%
  
2.9
%

  
Other Postretirement Benefits
 
  
2018
  
2017
  
2016
 
Discount rate
  
4.4
%
  
4.7
%
  
4.7
%

The following weighted-average actuarial assumptions were used to determine benefit obligations for the years ended December 31, 2018, and 2017:

  
Pension Benefits - U.S. Plans
 
  
2018
  
2017
 
Discount rate
  
4.0
%
  
3.6
%

  
Pension Benefits - Non-U.S. Plans
 
  
2018
  
2017
 
Discount rate
  
2.6
%
  
2.3
%
Rate of compensation increases
  
2.8
%
  
2.8
%

  
Other Postretirement Benefits
 
  
2018
  
2017
 
Discount rate
  
4.7
%
  
4.4
%
Actuarial Assumptions Used to Determine Other Postretirement Benefit Plans Costs and Obligations
The following actuarial assumptions were used to determine other postretirement benefit plans costs and obligations for the years ended December 31, 2018, 2017 and 2016.

  
Other Postretirement Benefits
 
  
2018
  
2017
  
2016
 
Healthcare cost trend rate assumed for next year
  
7.9
%
  
8.4
%
  
8.7
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
  
7.9
%
  
8.4
%
  
8.7
%
Year that the date reaches the ultimate trend rate
  
2020
   
2019
   
2018
 
Estimated Benefit Payments for the Next Five Years
The following table reflects the estimated benefit payments for the next five years and for the years 2024 through 2028. The estimated benefit payments for the non-U.S. pension plans were calculated using foreign exchange rates as of December 31, 2018.

  
Pension Benefits
  
Other
Postretirement
Benefits
 
   
U.S. Plans
  
Non-U.S.
Plans
   
       
2019
 
$
5.5
  
$
10.0
  
$
0.3
 
2020
 
$
4.7
  
$
10.2
  
$
0.3
 
2021
 
$
5.1
  
$
11.1
  
$
0.3
 
2022
 
$
4.6
  
$
11.1
  
$
0.2
 
2023
 
$
4.7
  
$
12.0
  
$
0.2
 
Aggregate 2024-2028
 
$
19.0
  
$
66.4
  
$
1.0
 
Long-Term Target Allocations
The following table presents the long-term target allocations for these two plans as of December 31, 2018.

  
U.S. Plan
  
UK Plan
 
Asset category:
      
Cash and cash equivalents
  
0
%
  
0
%
Equity
  
0
%
  
50
%
Fixed income
  
100
%
  
30
%
Real estate and other
  
0
%
  
20
%
Total
  
100
%
  
100
%
Changes Fair Values of Pension Plan Assets by Asset Category
The following tables present the fair values of the Company’s pension plan assets as of December 31, 2018 and 2017 by asset category within the ASC 820 hierarchy (as defined in Note 18 “Fair Value Measurements”).

  
December 31, 2018
 
  
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
  
Significant
Observable
Inputs
(Level 2)
  
Significant
Unobservable
Inputs
(Level 3)
  
Investments
Measured at
NAV (5)
  
Total
 
Asset Category
               
Cash and cash equivalents(1)
 
$
1.3
  
$
-
  
$
-
  
$
-
  
$
1.3
 
Equity funds:
                    
U.S. large-cap
  
-
   
11.1
   
-
   
-
   
11.1
 
International equity(2)
  
18.2
   
45.2
   
-
   
48.3
   
111.7
 
Total equity funds
  
18.2
   
56.3
   
-
   
48.3
   
122.8
 
Fixed income funds:
                    
Corporate bonds - international
  
-
   
18.9
   
-
   
-
   
18.9
 
UK index-linked gilts
  
-
   
33.0
   
-
   
-
   
33.0
 
U.S. fixed income - intermediate duration
  
-
   
-
   
-
   
34.8
   
34.8
 
U.S. fixed income - long corporate
  
-
   
-
   
-
   
23.0
   
23.0
 
Total fixed income funds
  
-
   
51.9
   
-
   
57.8
   
109.7
 
Other types of investments:
                    
International real estate(3)
  
-
   
19.9
   
-
   
-
   
19.9
 
Other(4)
  
-
   
-
   
16.2
   
-
   
16.2
 
Total
 
$
19.5
  
$
128.1
  
$
16.2
  
$
106.1
  
$
269.9
 

  
December 31, 2017
 
 
 
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
  
Significant
Observable
Inputs
(Level 2)
  
Significant
Unobservable
Inputs
(Level 3)
  
Investments
Measured at
NAV (5)
  
Total
 
Asset Category
               
Cash and cash equivalents(1)
 
$
2.3
  
$
-
  
$
-
  
$
-
  
$
2.3
 
Equity funds:
                    
U.S. large-cap
  
-
   
12.6
   
-
   
19.5
   
32.1
 
U.S. mid-cap and small-cap
  
-
   
-
   
-
   
3.1
   
3.1
 
International equity(2)
  
19.3
   
71.9
   
-
   
49.7
   
140.9
 
Total equity funds
  
19.3
   
84.5
   
-
   
72.3
   
176.1
 
Fixed income funds:
                    
Corporate bonds - domestic
  
-
   
-
   
-
   
13.2
   
13.2
 
Corporate bonds - international
  
-
   
20.9
   
-
   
-
   
20.9
 
UK index-linked gilts
  
-
   
35.7
   
-
   
-
   
35.7
 
Diversified domestic securities
  
-
   
-
   
-
   
10.1
   
10.1
 
Total fixed income funds
  
-
   
56.6
   
-
   
23.3
   
79.9
 
Other types of investments:
                    
U.S. real estate(3)
  
-
   
-
   
-
   
6.4
   
6.4
 
International real estate(3)
  
-
   
20.8
   
-
   
-
   
20.8
 
Other(4)
  
-
   
-
   
16.3
   
-
   
16.3
 
Total
 
$
21.6
  
$
161.9
  
$
16.3
  
$
102.0
  
$
301.8
 


(1)
Cash and cash equivalents consist of traditional domestic and foreign highly liquid short-term securities with the goal of providing liquidity and preservation of capital while maximizing return on assets.


(2)
The International category consists of investment funds focused on companies operating in developed and emerging markets outside of the U.S.  These investments target broad diversification across large and mid/small-cap companies and economic sectors.


(3)
U.S. and International real estate consists primarily of equity and debt investments made, directly or indirectly, in various interests in unimproved and improved real properties.


(4)
Other investments consist of insurance and reinsurance contracts securing the retirement benefits. The fair value of these contracts was calculated at the discount value of premiums paid by the Company, less expenses charged by the insurance providers. The insurance providers with which the Company has placed these contracts are well-known financial institutions with an established history of providing insurance services.


(5)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.