XML 86 R52.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]  
Schedule of Components of Period Benefit Costs

The components of periodic benefit costs for the years ended December 31, 2019, 2018 and 2017 are as follows:

 

 

 

US Pension Plans

 

 

Non-US Pension Plans

 

 

Postretirement Medical

and Other

 

 

 

2019

 

 

2018

 

 

2017

 

 

2019

 

 

2018

 

 

2017

 

 

2019

 

 

2018

 

 

2017

 

Service cost - benefits earned

   during the year

 

$

 

 

$

 

 

$

 

 

$

1.8

 

 

$

1.8

 

 

$

1.9

 

 

$

0.2

 

 

$

0.2

 

 

$

0.3

 

Interest cost of projected

   benefit obligation

 

 

5.1

 

 

 

5.2

 

 

 

5.3

 

 

 

2.2

 

 

 

2.1

 

 

 

2.1

 

 

 

0.8

 

 

 

0.8

 

 

 

1.0

 

Expected return on assets

 

 

(4.3

)

 

 

(5.7

)

 

 

(4.9

)

 

 

(1.4

)

 

 

(1.4

)

 

 

(1.5

)

 

 

 

 

 

 

 

 

 

Amortization of prior service

   cost

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

0.1

 

 

 

0.1

 

 

 

(2.8

)

 

 

(2.8

)

 

 

(1.4

)

Amortization of actuarial net

   loss (gain)

 

 

3.3

 

 

 

2.9

 

 

 

3.2

 

 

 

1.3

 

 

 

1.3

 

 

 

1.6

 

 

 

 

 

 

0.8

 

 

 

0.4

 

Pension settlement charge

 

 

 

 

 

4.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net periodic benefit cost

 

$

4.1

 

 

$

6.9

 

 

$

3.6

 

 

$

4.0

 

 

$

3.9

 

 

$

4.2

 

 

$

(1.8

)

 

$

(1.0

)

 

$

0.3

 

Weighted average

   assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.3

%

 

 

3.8

%

 

 

4.2

%

 

 

2.5

%

 

 

2.2

%

 

 

2.1

%

 

 

4.1

%

 

 

3.3

%

 

 

3.8

%

Expected return on plan assets

 

 

5.2

%

 

 

5.3

%

 

 

4.7

%

 

 

3.5

%

 

 

2.7

%

 

 

3.4

%

 

N/A

 

 

N/A

 

 

N/A

 

Rate of compensation

   increase

 

N/A

 

 

N/A

 

 

N/A

 

 

 

3.6

%

 

 

3.5

%

 

 

2.6

%

 

N/A

 

 

N/A

 

 

N/A

 

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, plan assets, and funded status as of December 31, 2019 and 2018:

 

 

 

US Pension Plans

 

 

Non-US Pension Plans

 

 

Postretirement

Medical and Other

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

130.5

 

 

$

162.3

 

 

$

81.9

 

 

$

89.5

 

 

$

20.7

 

 

$

28.9

 

Service cost

 

 

 

 

 

 

 

 

1.8

 

 

 

1.8

 

 

 

0.2

 

 

 

0.2

 

Interest cost

 

 

5.1

 

 

 

5.2

 

 

 

2.2

 

 

 

2.1

 

 

 

0.8

 

 

 

0.8

 

Participant contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.4

 

 

 

0.7

 

Plan amendments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial (gain) loss

 

 

13.8

 

 

 

(9.2

)

 

 

8.3

 

 

 

(3.0

)

 

 

(1.5

)

 

 

(7.2

)

Currency translation adjustment

 

 

 

 

 

 

 

 

1.1

 

 

 

(4.6

)

 

 

 

 

 

 

Pension settlement

 

 

 

 

 

(18.9

)

 

 

 

 

 

 

 

 

 

 

 

 

Benefits paid

 

 

(7.1

)

 

 

(8.8

)

 

 

(4.7

)

 

 

(3.9

)

 

 

(2.2

)

 

 

(2.7

)

Benefit obligation, end of year

 

$

142.3

 

 

$

130.5

 

 

$

90.6

 

 

$

81.9

 

 

$

18.4

 

 

$

20.7

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

84.9

 

 

$

116.2

 

 

$

40.1

 

 

$

45.1

 

 

$

 

 

$

 

Actual return on plan assets

 

 

16.8

 

 

 

(8.9

)

 

 

4.2

 

 

 

(1.4

)

 

 

 

 

 

 

Employer contributions

 

 

5.0

 

 

 

5.3

 

 

 

4.0

 

 

 

2.8

 

 

 

1.8

 

 

 

2.0

 

Participant contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.4

 

 

 

0.7

 

Currency translation adjustment

 

 

 

 

 

 

 

 

1.6

 

 

 

(2.5

)

 

 

 

 

 

 

Pension settlement

 

 

 

 

 

(18.9

)

 

 

 

 

 

 

 

 

 

 

 

 

Benefits paid

 

 

(7.1

)

 

 

(8.8

)

 

 

(4.7

)

 

 

(3.9

)

 

 

(2.2

)

 

 

(2.7

)

Fair value of plan assets, end of year

 

 

99.6

 

 

 

84.9

 

 

 

45.2

 

 

 

40.1

 

 

 

 

 

 

 

Funded status

 

$

(42.7

)

 

$

(45.6

)

 

$

(45.4

)

 

$

(41.8

)

 

$

(18.4

)

 

$

(20.7

)

Amounts recognized in the Consolidated

   Balance sheet at December 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension asset

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Pension obligation

 

 

(42.7

)

 

 

(45.6

)

 

 

(45.4

)

 

 

(41.8

)

 

 

 

 

 

 

Postretirement medical and other benefit

   obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18.4

)

 

 

(20.7

)

Net amount recognized

 

$

(42.7

)

 

$

(45.6

)

 

$

(45.4

)

 

$

(41.8

)

 

$

(18.4

)

 

$

(20.7

)

Weighted-Average Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

3.3

%

 

 

4.3

%

 

 

1.5

%

 

 

2.2

%

 

 

2.9

%

 

 

4.1

%

Expected return on plan assets

 

 

5.2

%

 

 

5.3

%

 

 

3.5

%

 

 

2.7

%

 

N/A

 

 

N/A

 

Rate of compensation increase

 

N/A

 

 

N/A

 

 

 

3.6

%

 

 

3.5

%

 

N/A

 

 

N/A

 

Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss as of December 31, 2019 and 2018, are summarized as follows:

 

 

 

Pensions

 

 

Postretirement

Medical and Other

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net actuarial gain (loss)

 

$

(61.9

)

 

$

(59.3

)

 

$

1.9

 

 

$

0.4

 

Prior service credit (cost)

 

 

(0.5

)

 

 

(0.5

)

 

 

6.9

 

 

 

9.7

 

Total amount recognized

 

$

(62.4

)

 

$

(59.8

)

 

$

8.8

 

 

$

10.1

 

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, 2019 retirement obligations and 2020 retirement benefit costs of our plans to changes in the key assumptions used to determine those results:

 

Change in assumption:

 

Estimated

increase

(decrease) in

2020 pension

cost

 

 

Estimated

increase

(decrease) in

Projected

Benefit

Obligation

for the

year ended

December

31, 2019

 

 

Estimated

decrease in

2020 Other

Postretirement

Benefit

costs

 

 

Estimated

increase

(decrease) in

Other

Postretirement

Benefit

Obligation for

the year ended

December 31,

2019

 

0.50% increase in discount rate

 

$

(0.8

)

 

$

(14.3

)

 

N/A

 

 

$

(0.6

)

0.50% decrease in discount rate

 

 

0.9

 

 

 

15.7

 

 

 

(0.1

)

 

 

0.6

 

0.50% increase in long-term return on assets

 

 

(0.7

)

 

N/A

 

 

N/A

 

 

N/A

 

0.50% decrease in long-term return on assets

 

 

0.7

 

 

N/A

 

 

N/A

 

 

N/A

 

1% increase in medical trend rates

 

N/A

 

 

N/A

 

 

N/A

 

 

 

0.7

 

1% decrease in medical trend rates

 

N/A

 

 

N/A

 

 

 

(0.1

)

 

 

(0.6

)

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

The weighted-average asset allocations of the U.S. pension plans as of December 31, 2019 and 2018, by asset category are as follows:

 

 

 

2019

 

 

2018

 

Equity

 

 

50.4

%

 

 

47.8

%

Fixed income

 

 

48.9

%

 

 

51.4

%

Other

 

 

0.7

%

 

 

0.8

%

Total

 

 

100.0

%

 

 

100.0

%

The weighted-average asset allocations of the Non-U.S. pension plans as of December 31, 2019 and 2018, by asset category are as follows:

 

 

 

2019

 

 

2018

 

Equity

 

 

0.0

%

 

 

36.1

%

Fixed income

 

 

31.9

%

 

 

31.6

%

Other*

 

 

68.1

%

 

 

32.3

%

Total

 

 

100.0

%

 

 

100.0

%

*Includes diversified investments that have equity and

   fixed income holdings.

 

 

 

 

 

 

 

 

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

The actual and target allocations for the pension assets as of December 31, 2019, by asset class, are as follows:

 

 

 

Target Allocations

 

 

Weighted Average Asset

Allocations

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

Equity Securities

 

 

50

%

 

 

%

 

 

50.4

%

 

 

0.0

%

Debt Securities

 

 

50

%

 

40%

 

 

 

48.9

%

 

 

31.9

%

Other

 

 

%

 

60%

 

 

 

0.7

%

 

 

68.1

%

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, 2019 and 2018. 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, 2019

 

Assets

 

Quoted

Prices in

Active

Markets for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Unobservable

Inputs

(Level 3)

 

 

Net Asset Value ("NAV")

 

 

Total

 

Cash and cash equivalents

 

$

2.4

 

 

$

 

 

$

 

 

$

 

 

$

2.4

 

Insurance group annuity contracts

 

 

 

 

 

 

 

 

12.6

 

 

 

 

 

 

12.6

 

Common/collective trust funds — Corporate and

   other non-government debt

 

 

 

 

 

 

 

 

 

 

 

22.9

 

 

 

22.9

 

Common/collective trust funds — Government,

   corporate and other non-government debt

 

 

 

 

 

 

 

 

 

 

 

40.2

 

 

 

40.2

 

Common/collective trust funds — Corporate equity

 

 

 

 

 

 

 

 

 

 

 

50.3

 

 

 

50.3

 

Common/collective trust funds — Customized strategy

 

 

 

 

 

 

 

 

 

 

 

16.4

 

 

 

16.4

 

Total

 

$

2.4

 

 

$

 

 

$

12.6

 

 

$

129.8

 

 

$

144.8

 

 

 

 

December 31, 2018

 

Assets

 

Quoted

Prices in

Active

Markets for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Unobservable

Inputs

(Level 3)

 

 

Net Asset Value ("NAV")

 

 

Total

 

Cash and cash equivalents

 

$

1.7

 

 

$

 

 

$

 

 

$

 

 

$

1.7

 

Insurance group annuity contracts

 

 

 

 

 

 

 

 

12.0

 

 

 

 

 

 

12.0

 

Common/collective trust funds — Government,

   corporate and other non-government debt

 

 

 

 

 

 

 

 

 

 

 

56.3

 

 

 

56.3

 

Common/collective trust funds — Corporate equity

 

 

 

 

 

 

 

 

 

 

 

55.0

 

 

 

55.0

 

Total

 

$

1.7

 

 

$

 

 

$

12.0

 

 

$

111.3

 

 

$

125.0

 

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 value 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,

 

 

 

2019

 

 

2018

 

Beginning Balance

 

$

12.0

 

 

$

14.4

 

Actual return on assets

 

 

1.1

 

 

 

(0.3

)

Benefit payments

 

 

(1.0

)

 

 

(1.3

)

Foreign currency impact

 

 

0.5

 

 

 

(0.8

)

Ending Balance

 

$

12.6

 

 

$

12.0

 

Schedule of Projected Future Benefit Payments from the Plans Projected future benefit payments from the plans as of December 31, 2019 are estimated as follows:

 

 

 

U.S Pension

Plans

 

 

Non-U.S.

Pension

Plans

 

 

Postretirement

Medical and

Other

 

2020

 

$

8.5

 

 

$

3.1

 

 

$

2.1

 

2021

 

 

8.6

 

 

 

2.9

 

 

 

2.0

 

2022

 

 

8.7

 

 

 

3.1

 

 

 

1.9

 

2023

 

 

8.8

 

 

 

3.5

 

 

 

1.8

 

2024

 

 

8.8

 

 

 

3.6

 

 

 

1.7

 

Thereafter

 

 

43.0

 

 

 

21.1

 

 

 

6.6

 

Total

 

$

86.4

 

 

$

37.3

 

 

$

16.1

 

Schedule of Fair Value of Plan Assets for which the Accumulated Benefit Obligation is in Excess of 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, 2019 and 2018 is as follows:

 

 

 

U.S Pension Plans

 

 

Non U.S. Pension Plans

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Projected benefit obligation

 

$

142.3

 

 

$

130.5

 

 

$

90.5

 

 

$

81.9

 

Accumulated benefit obligation

 

 

142.3

 

 

 

130.5

 

 

 

86.4

 

 

 

78.1

 

Fair value of plan assets

 

 

99.6

 

 

 

84.9

 

 

 

45.2

 

 

 

40.1