XML 26 R55.htm IDEA: XBRL DOCUMENT v2.4.1.9
(Tables)
12 Months Ended
Dec. 31, 2014
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Schedule of Defined Benefit Plans Disclosures
The change in the benefit obligation, the change in plan assets, the funded status and amounts recognized for the domestic pension plan, the significant foreign pension plans and the domestic postretirement benefit plan are listed below.
 
Domestic
Pension Plan
 
Foreign
Pension Plans
 
Domestic Postretirement
Benefit Plan
 
December 31,
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Benefit Obligation
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation as of January 1
$
133.1

 
$
140.6

 
$
569.9

 
$
532.4

 
$
37.9

 
$
46.6

Service cost
0.0

 
0.0

 
10.3

 
9.9

 
0.1

 
0.1

Interest cost
6.2

 
5.5

 
23.4

 
21.7

 
1.7

 
1.6

Benefits paid
(10.4
)
 
(10.4
)
 
(24.1
)
 
(23.8
)
 
(5.6
)
 
(6.4
)
Plan participant contributions
0.0

 
0.0

 
0.6

 
0.5

 
1.5

 
1.7

Actuarial losses (gains)
18.0

 
(2.6
)
 
55.7

 
25.0

 
4.4

 
(5.7
)
Settlements and curtailments
0.0

 
0.0

 
(4.0
)
 
(3.1
)
 
0.0

 
0.0

Foreign currency effect
0.0

 
0.0

 
(42.8
)
 
8.1

 
0.0

 
0.0

Other
0.0

 
0.0

 
0.5

 
(0.8
)
 
(0.5
)
 
0.0

 
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation as of December 31
$
146.9

 
$
133.1

 
$
589.5

 
$
569.9

 
$
39.5

 
$
37.9

 
 
 
 
 
 
 
 
 
 
 
 
Fair Value of Plan Assets
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets as of January 1
$
109.6

 
$
115.7

 
$
398.5

 
$
381.7

 
$
0.0

 
$
0.0

Actual return on plan assets
9.6

 
3.8

 
44.7

 
19.5

 
0.0

 
0.0

Employer contributions
2.7

 
0.5

 
25.7

 
18.3

 
4.1

 
4.7

Plan participant contributions
0.0

 
0.0

 
0.6

 
0.5

 
1.5

 
1.7

Benefits paid
(10.4
)
 
(10.4
)
 
(24.1
)
 
(23.8
)
 
(5.6
)
 
(6.4
)
Settlements
0.0

 
0.0

 
(4.0
)
 
(2.7
)
 
0.0

 
0.0

Foreign currency effect
0.0

 
0.0

 
(25.9
)
 
5.0

 
0.0

 
0.0

 
 
 
 
 
 
 
 
 
 
 
0.0

Fair value of plan assets as of December 31
$
111.5

 
$
109.6

 
$
415.5

 
$
398.5

 
$
0.0

 
$
0.0

 
 
 
 
 
 
 
 
 
 
 
 
Funded status of the plans at December 31
$
(35.4
)
 
$
(23.5
)
 
$
(174.0
)
 
$
(171.4
)
 
$
(39.5
)
 
$
(37.9
)

 
Domestic
Pension Plan
 
Foreign
Pension Plans
 
Domestic Postretirement
Benefit Plan
December 31,
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Amounts recognized in Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
Non-current asset
$
0.0

 
$
0.0

 
$
8.3

 
$
8.0

 
$
0.0

 
$
0.0

Current liability
0.0

 
0.0

 
(8.0
)
 
(7.6
)
 
(4.0
)
 
(4.2
)
Non-current liability
(35.4
)
 
(23.5
)
 
(174.3
)
 
(171.8
)
 
(35.5
)
 
(33.7
)
 
 
 
 
 
 
 
 
 
 
 
 
Net liability recognized
$
(35.4
)
 
$
(23.5
)
 
$
(174.0
)
 
$
(171.4
)
 
$
(39.5
)
 
$
(37.9
)
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated benefit obligation
$
146.9

 
$
133.1

 
$
566.2

 
$
540.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amounts recognized in Accumulated Other Comprehensive Loss, net
 
 
 
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
$
56.1

 
$
47.0

 
$
161.0

 
$
141.0

 
$
2.9

 
$
(1.5
)
Prior service cost (credit)
0.0

 
0.0

 
1.1

 
1.5

 
(0.4
)
 
(0.1
)
Transition obligation
0.0

 
0.0

 
0.0

 
0.0

 
0.0

 
0.0

 
 
 
 
 
 
 
 
 
 
 
 
Total amount recognized
$
56.1

 
$
47.0

 
$
162.1

 
$
142.5

 
$
2.5

 
$
(1.6
)

In 2015, we estimate that we will recognize $8.2 and $4.6 of net actuarial losses from accumulated other comprehensive loss, net into net periodic cost related to our domestic pension plan and significant foreign pension plans, respectively.
 
Domestic
Pension Plan
 
Foreign Pension Plans
December 31,
2014
 
2013
 
2014
 
2013
Pension plans with underfunded or unfunded accumulated benefit obligation
 
 
 
 
 
 
 
Aggregate projected benefit obligation
$
146.9

 
$
133.1

 
$
577.1

 
$
553.2

Aggregate accumulated benefit obligation
146.9

 
133.1

 
559.5

 
528.7

Aggregate fair value of plan assets
111.5

 
109.6

 
395.8

 
374.7


Schedule of Net Benefit Costs
The components of net periodic benefit cost and key assumptions are listed below.
 
Domestic Pension Plan
 
Foreign Pension Plans
 
Domestic Postretirement Benefit Plan
Years ended December 31,
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Service cost
$
0.0

 
$
0.0

 
$
0.0

 
$
10.3

 
$
9.9

 
$
10.2

 
$
0.1

 
$
0.1

 
$
0.2

Interest cost
6.2

 
5.5

 
6.3

 
23.4

 
21.7

 
21.9

 
1.7

 
1.6

 
2.3

Expected return on plan assets
(7.3
)
 
(7.7
)
 
(7.7
)
 
(24.7
)
 
(19.2
)
 
(18.2
)
 
0.0

 
0.0

 
0.0

Settlement and curtailment losses (gains)
0.0

 
0.0

 
0.0

 
0.5

 
(0.1
)
 
0.7

 
0.0

 
0.0

 
0.0

Amortization of:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Transition obligation
0.0

 
0.0

 
0.0

 
0.0

 
0.0

 
0.0

 
0.0

 
0.0

 
0.2

Prior service cost (credit)
0.0

 
0.0

 
0.0

 
0.2

 
0.2

 
0.2

 
(0.2
)
 
(0.1
)
 
(0.1
)
Unrecognized actuarial losses
6.6

 
7.9

 
6.4

 
3.4

 
2.8

 
1.0

 
0.0

 
0.0

 
0.0

Net periodic cost
$
5.5

 
$
5.7

 
$
5.0

 
$
13.1

 
$
15.3

 
$
15.8

 
$
1.6

 
$
1.6

 
$
2.6

 
Assumptions
 
Domestic Pension Plan
 
Foreign Pension Plans
 
Domestic Postretirement Benefit Plan
Years ended December 31,
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Net periodic cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.85
%
 
4.00
%
 
5.00
%
 
4.29
%
 
4.32
%
 
5.00
%
 
4.85
%
 
4.00
%
 
5.00
%
Rate of compensation increase
N/A

 
N/A

 
N/A

 
3.97
%
 
3.57
%
 
3.66
%
 
N/A

 
N/A

 
N/A

Expected return on plan assets
7.00
%
 
7.00
%
 
7.25
%
 
6.18
%
 
5.24
%
 
5.02
%
 
N/A

 
N/A

 
N/A

Benefit obligation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.15
%
 
4.85
%
 
4.00
%
 
3.41
%
 
4.29
%
 
4.32
%
 
4.00
%
 
4.85
%
 
4.00
%
Rate of compensation increase
N/A

 
N/A

 
N/A

 
2.98
%
 
3.97
%
 
3.57
%
 
N/A

 
N/A

 
N/A

Health care cost trend rate assumed for next year
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Initial rate (weighted-average)
 
 
 
 
 
 
 
 
 
 
 
 
7.00
%
 
7.50
%
 
8.00
%
Year ultimate rate is reached
 
 
 
 
 
 
 
 
 
 
 
 
2019

 
2019

 
2019

Ultimate rate
 
 
 
 
 
 
 
 
 
 
 
 
5.00
%
 
5.00
%
 
5.00
%
Fair Value of Pension Plan Assets
The following table presents the fair value of our domestic and foreign pension plan assets as of December 31, 2014 and 2013, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. See Note 11 for a description of the fair value hierarchy.
 
December 31, 2014
 
December 31, 2013
Asset Class
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Investment funds
$
18.8

 
$
372.6

 
$
40.1

 
$
431.5

 
$
22.2

 
$
359.1

 
$
25.4

 
$
406.7

Insurance contracts
0.0

 
19.3

 
0.0

 
19.3

 
0.0

 
22.0

 
0.0

 
22.0

Limited partnerships
0.0

 
0.0

 
32.1

 
32.1

 
0.0

 
0.0

 
36.1

 
36.1

Other
42.4

 
1.4

 
0.3

 
44.1

 
40.2

 
2.5

 
0.6

 
43.3

Total
$
61.2

 
$
393.3

 
$
72.5

 
$
527.0

 
$
62.4

 
$
383.6

 
$
62.1

 
$
508.1

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following table presents additional information about our domestic and foreign pension plan assets for which we utilize Level 3 inputs to determine fair value. 
 
Year ended December 31, 2014
 
Year ended December 31, 2013
  
Investment
Funds
 
Limited Partnerships
 
Other
 
Total
 
Investment
Funds
 
Limited Partnerships
 
Other
 
Total
Balance at beginning of period
$
25.4

 
$
36.1

 
$
0.6

 
$
62.1

 
$
48.2

 
$
39.8

 
$
0.3

 
$
88.3

Actual return on assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets sold during the year
0.2

 
0.2

 
0.0

 
0.4

 
0.6

 
0.0

 
0.0

 
0.6

Assets still held at year end
(0.7
)
 
(0.3
)
 
(0.3
)
 
(1.3
)
 
1.9

 
(2.9
)
 
0.2

 
(0.8
)
Net purchases, sales and settlements
15.2

 
(3.9
)
 
0.0

 
11.3

 
(25.3
)
 
(0.8
)
 
0.1

 
(26.0
)
Balance at end of period
$
40.1

 
$
32.1

 
$
0.3

 
$
72.5

 
$
25.4

 
$
36.1

 
$
0.6

 
$
62.1

Schedule of Allocation of Plan Assets
As of December 31, 2014, the weighted-average target and actual asset allocations relating to our domestic and foreign pension plans' assets are listed below.
 
 
 
 
December 31,
Asset Class
 
2015 Target Allocation
 
2014
 
2013
Equity securities
 
24
%
 
22
%
 
24
%
Fixed income securities
 
48
%
 
46
%
 
43
%
Real estate
 
6
%
 
5
%
 
5
%
Other
 
22
%
 
27
%
 
28
%
Total
 
100
%
 
100
%
 
100
%
Schedule of Estimated Future Benefit Payments
The following estimated future benefit payments, which reflect future service, as appropriate, are expected to be paid in the years indicated below.
Years
Domestic
Pension Plan
 
Foreign
Pension Plans
 
Domestic Postretirement
Benefit Plan
2015
$
10.6

 
$
22.4

 
$
4.4

2016
10.4

 
24.2

 
4.2

2017
10.1

 
25.6

 
4.1

2018
9.9

 
26.1

 
3.9

2019
9.6

 
30.7

 
3.7

2020 - 2024
44.6

 
148.0

 
15.1

Schedule of Federal Subsidies
The following federal subsidies are expected to be received in the years indicated below.
Years
 
Domestic Postretirement
Benefit Plan
2015
 
$
0.4

2016
 
0.4

2017
 
0.4

2018
 
0.4

2019
 
0.4

2020 - 2024
 
2.4