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Pension and Other Retiree Benefits (Tables)
 12 Months Ended
Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Amounts Recognized in Balance Sheet Net Funded Status
The following table sets forth our defined benefit pension and post-retirement plans funded status and the amounts recognized in our Consolidated Balance Sheets:
 
Pension
 
Post-retirement
 
U.S.
 
International
 
 
(in millions of dollars)
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Change in projected benefit obligation (PBO)
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation at beginning of year
$
200.1

 
$
198.7

 
$
345.1

 
$
347.1

 
$
6.7

 
$
8.1

Service cost
1.4

 
1.3

 
1.9

 
0.8

 
—

 
0.1

Interest cost
7.1

 
7.3

 
13.4

 
10.3

 
0.2

 
0.2

Actuarial loss (gain)
14.7

 
3.1

 
13.2

 
55.6

 
—

 
(0.2
)
Participants’ contributions
—

 
—

 
0.1

 
0.1

 
0.1

 
0.1

Benefits paid
(16.8
)
 
(10.3
)
 
(26.5
)
 
(13.0
)
 
(0.5
)
 
(0.5
)
Curtailment gain
—

 
—

 
—

 
(0.6
)
 
—

 
(0.8
)
Foreign exchange rate changes
—

 
—

 
59.8

 
(55.2
)
 
0.3

 
(0.3
)
Esselte Acquisition
—

 
—

 
288.0

 
—

 
—

 
—

Projected benefit obligation at end of year
206.5

 
200.1

 
695.0

 
345.1

 
6.8

 
6.7

Change in plan assets
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
150.5

 
145.8

 
302.7

 
318.9

 
—

 
—

Actual return on plan assets
21.1

 
14.1

 
21.3

 
41.8

 
—

 
—

Employer contributions
7.3

 
0.9

 
14.0

 
4.9

 
0.4

 
0.4

Participants’ contributions
—

 
—

 
0.1

 
0.1

 
0.1

 
0.1

Benefits paid
(16.8
)
 
(10.3
)
 
(26.5
)
 
(13.0
)
 
(0.5
)
 
(0.5
)
Foreign exchange rate changes
—

 
—

 
38.2

 
(50.0
)
 
—

 
—

Esselte Acquisition
—

 
—

 
114.0

 
—

 
—

 
—

Fair value of plan assets at end of year
162.1

 
150.5

 
463.8

 
302.7

 
—

 
—

Funded status (Fair value of plan assets less PBO)
$
(44.4
)
 
$
(49.6
)
 
$
(231.2
)
 
$
(42.4
)
 
$
(6.8
)
 
$
(6.7
)
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
 
 
 
 
 
 
 
 
Other non-current assets
$
—

 
$
—

 
$
0.6

 
$
0.3

 
$
—

 
$
—

Other current liabilities
—

 
—

 
6.9

 
0.4

 
0.6

 
0.6

Pension and post-retirement benefit obligations(1)
44.4

 
49.6

 
224.9

 
42.3

 
6.2

 
6.1

Components of accumulated other comprehensive income, net of tax:
 
 
 
 
 
 
 
 
 
 
 
Unrecognized actuarial loss (gain)
56.9

 
54.2

 
100.5

 
83.7

 
(3.6
)
 
(3.5
)
Unrecognized prior service cost (credit)
1.7

 
2.0

 
(0.2
)
 
(0.2
)
 
(0.2
)
 
(0.2
)
(1)
Pension and post-retirement obligations of $275.5 million as of December 31, 2017, increased from $98.0 million as of December 31, 2016, primarily due to the Esselte Acquisition.
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
Of the amounts included within accumulated other comprehensive income (loss), we expect to recognize the following pre-tax amounts as components of net periodic benefit cost (income) for the year ending December 31, 2018:
 
Pension
 
Post-retirement
(in millions of dollars)
U.S.
 
International
 
Actuarial loss (gain)
$
2.7

 
$
3.4

 
$
(0.4
)
Prior service cost
0.4

 
—

 
—

 
$
3.1

 
$
3.4

 
$
(0.4
)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following table sets out information for pension plans with an accumulated benefit obligation in excess of plan assets:
 
U.S.
 
International
(in millions of dollars)
2017
 
2016
 
2017
 
2016
Projected benefit obligation
$
206.5

 
$
200.1

 
$
675.3

 
$
326.9

Accumulated benefit obligation
205.4

 
198.3

 
662.8

 
320.4

Fair value of plan assets
162.1

 
150.5

 
443.5

 
284.2
Components of Net Periodic Benefit (Income) Expense for Pension and Post-Retirement Plans
The components of net periodic benefit (income) expense for pension and post-retirement plans for the years ended December 31, 2017, 2016, and 2015, respectively, were as follows:
 
Pension
 
Post-retirement
 
U.S.
 
International
 
 
 
 
 
 
(in millions of dollars)
2017
 
2016
 
2015
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Service cost
$
1.4

 
$
1.3

 
$
1.6

 
$
1.9

 
$
0.8

 
$
0.9

 
$
—

 
$
0.1

 
$
0.1

Interest cost
7.1

 
7.3

 
8.7

 
13.4

 
10.3

 
12.9

 
0.2

 
0.2

 
0.4

Expected return on plan assets
(12.3
)
 
(11.9
)
 
(12.2
)
 
(21.8
)
 
(17.6
)
 
(21.9
)
 
—

 
—

 
—

Amortization of net loss (gain)
2.0

 
1.8

 
2.1

 
3.0

 
2.3

 
2.4

 
(0.4
)
 
(0.4
)
 
(0.4
)
Amortization of prior service cost (credit)
0.4

 
0.4

 
0.4

 
—

 
—

 
—

 
—

 
—

 
(0.3
)
Curtailment gain
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(0.6
)
 
—

Settlement gain
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(0.5
)
Net periodic benefit (income) expense
$
(1.4
)
 
$
(1.1
)
 
$
0.6

 
$
(3.5
)
 
$
(4.2
)
 
$
(5.7
)
 
$
(0.2
)
 
$
(0.7
)
 
$
(0.7
)
Schedule of Defined Benefit Plan Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Other changes in plan assets and benefit obligations that were recognized in accumulated other comprehensive income (loss) during the years ended December 31, 2017, 2016, and 2015 were as follows:
 
Pension
 
Post-retirement
 
U.S.
 
International
 
 
 
 
 
 
(in millions of dollars)
2017
 
2016
 
2015
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Current year actuarial loss (gain)
$
5.9

 
$
0.9

 
$
7.1

 
$
14.3

 
$
27.9

 
$
3.8

 
$
—

 
$
(1.0
)
 
$
(3.4
)
Amortization of actuarial (loss) gain
(2.0
)
 
(1.8
)
 
(2.1
)
 
(3.0
)
 
(2.3
)
 
(2.4
)
 
0.4

 
1.0

 
0.9

Current year prior service credit
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(0.2
)
Amortization of prior service (cost) credit
(0.4
)
 
(0.4
)
 
(0.4
)
 
—

 
—

 
—

 
—

 
—

 
0.3

Foreign exchange rate changes
—

 
—

 
—

 
10.7

 
(15.5
)
 
(5.6
)
 
(0.2
)
 
0.5

 
0.1

Total recognized in other comprehensive income (loss)
$
3.5

 
$
(1.3
)
 
$
4.6

 
$
22.0

 
$
10.1

 
$
(4.2
)
 
$
0.2

 
$
0.5

 
$
(2.3
)
Total recognized in net periodic benefit cost (income) and other comprehensive income (loss)
$
2.1

 
$
(2.4
)
 
$
5.2

 
$
18.5

 
$
5.9

 
$
(9.9
)
 
$
—

 
$
(0.2
)
 
$
(3.0
)
Schedule of Assumptions Used
The weighted average assumptions used to determine benefit obligations for the years ended December 31, 2017, 2016, and 2015 were as follows:
 
Pension
 
Post-retirement
 
U.S.
 
International
 
 
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Discount rate
3.7
%
 
4.3
%
 
4.6
%
 
2.3
%
 
2.7
%
 
3.7
%
 
3.2
%
 
3.4
%
 
3.9
%
Rate of compensation increase
N/A

 
N/A

 
N/A

 
2.8
%
 
3.1
%
 
3.0
%
 
N/A

 
N/A

 
N/A


The weighted average assumptions used to determine net periodic benefit (income) expense for the years ended December 31, 2017, 2016, and 2015 were as follows:
 
Pension
 
Post-retirement
 
U.S.
 
International
 
 
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Discount rate
3.8
%
 
4.6
%
 
4.2
%
 
2.3
%
 
3.7
%
 
3.4
%
 
3.4
%
 
3.9
%
 
3.7
%
Expected long-term rate of return
7.8
%
 
7.8
%
 
8.0
%
 
5.5
%
 
6.0
%
 
6.5
%
 
N/A

 
N/A

 
N/A

Rate of compensation increase
N/A

 
N/A

 
N/A

 
3.1
%
 
3.0
%
 
3.0
%
 
N/A

 
N/A

 
N/A

The weighted average health care cost trend rates used to determine post-retirement benefit obligations and net periodic benefit (income) expense as of December 31, 2017, 2016, and 2015 were as follows:
 
Post-retirement
 
2017
 
2016
 
2015
Health care cost trend rate assumed for next year
7
%
 
8
%
 
7
%
Rate that the cost trend rate is assumed to decline (the ultimate trend rate)
5
%
 
5
%
 
5
%
Year that the rate reaches the ultimate trend rate
2025

 
2025

 
2024
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates may have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects:
 
1-Percentage-
 
1-Percentage-
(in millions of dollars)
Point Increase
 
Point Decrease
Increase (decrease) on total of service and interest cost
$
—

 
$
—

Increase (decrease) on post-retirement benefit obligation
0.5

 
(0.4
)
Schedule of Allocation of Plan Assets
Our pension plan weighted average asset allocations as of December 31, 2017 and 2016 were as follows:
 
 
2017
 
2016
 
 
U.S.
 
International
 
U.S.
 
International
Asset category
 
 
 
 
 
 
 
Equity securities
57
%
 
26
%
 
68
%
 
33
%
Fixed income
30

 
29

 
25

 
51

Real estate
6

 
5

 
—

 
3

Other(2)
 
7

 
40

 
7

 
13

Total
100
%
 
100
%
 
100
%
 
100
%

(2)
Multi-strategy hedge funds, insurance contracts and cash and cash equivalents for certain of our plans.
Schedule of Expected Benefit Payments
The following table presents estimated future benefit payments to participants for the next ten fiscal years:
 
Pension
 
Post-retirement
(in millions of dollars)
Benefits
 
Benefits
2018
$
40.1

 
$
0.6

2019
39.2

 
0.6

2020
39.8

 
0.6

2021
40.7

 
0.5

2022
40.9

 
0.5

Years 2023 - 2027
212.4

 
2.4
Schedule of Multi-employer Plans
Details regarding the plan are outlined in the table below.
 
 
 
 
Pension Protection Act Zone Status
 
FIP/RP Status Pending/Implemented
 
Contributions
 
 
 
Expiration Date of Collective-Bargaining Agreement
 
 
 
 
 
 
Year Ended December 31,
 
 
 
Pension Fund
 
EIN/Pension Plan Number
 
2017
 
2016
 
 
2017
 
2016
 
2015
 
Surcharge Imposed
 
PACE Industry Union-Management Pension Fund
 
11-6166763 / 001
 
Red
 
Red
 
Implemented
 
$
0.2

 
$
0.3

 
$
0.3

 
Yes
 
6/30/2018
U.S.  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Allocation of Plan Assets
U.S. Pension Plan Assets

The fair value measurements of our U.S. pension plan assets by asset category as of December 31, 2017 were as follows:
(in millions of dollars)
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Fair Value
as of
December 31,
2017
Mutual funds
$
94.8

 
$
—

 
$
—

 
$
94.8

Exchange traded funds
56.6

 
—

 
—

 
56.6

Common collective trust funds
—

 
1.7

 
—

 
1.7

Investments measured at net asset value(3)
 
 
 
 
 
 
 
Multi-strategy hedge funds
 
 
 
 
 
 
9.0

Total
$
151.4

 
$
1.7

 
$
—

 
$
162.1


The fair value measurements of our U.S. pension plan assets by asset category as of December 31, 2016 were as follows:
(in millions of dollars)
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Fair Value
as of
December 31,
2016
Mutual funds
89.3

 
—

 
—

 
89.3

Exchange traded funds
13.5

 
—

 
—

 
13.5

Common collective trust funds
—

 
7.9

 
—

 
7.9

Corporate debt securities
—

 
16.3

 
—

 
16.3

Asset-backed securities
—

 
3.4

 
—

 
3.4

Government mortgage-backed securities
—

 
5.4

 
—

 
5.4

Collateralized mortgage obligations, mortgage backed securities, and other
—

 
5.2

 
—

 
5.2

Investments measured at net asset value(3)
 
 
 
 
 
 
 
Multi-strategy hedge funds
 
 
 
 
 
 
9.5

Total
$
102.8

 
$
38.2

 
$
—

 
$
150.5
International  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Allocation of Plan Assets
International Pension Plans Assets

The fair value measurements of our international pension plans assets by asset category as of December 31, 2017 were as follows:
(in millions of dollars)
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Fair Value
as of
December 31,
2017
Cash and cash equivalents
$
2.2

 
$
—

 
$
—

 
$
2.2

Equity securities
102.0

 
—

 
—

 
102.0

Exchange traded funds
16.9

 
—

 
—

 
16.9

Corporate debt securities
—

 
72.2

 
—

 
72.2

Multi-strategy hedge funds
—

 
133.4

 
—

 
133.4

Insurance contracts
—

 
24.4

 
—

 
24.4

Government debt securities
—

 
61.0

 
—

 
61.0

Investments measured at net asset value(3)
 
 
 
 
 
 
 
Multi-strategy hedge funds
 
 
 
 
 
 
30.5

Real estate
 
 
 
 
 
 
21.2

Total
$
121.1

 
$
291.0

 
$
—

 
$
463.8


The fair value measurements of our international pension plans assets by asset category as of December 31, 2016 were as follows:
(in millions of dollars)
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Fair Value
as of
December 31,
2016
Cash and cash equivalents
$
0.5

 
$
—

 
$
—

 
$
0.5

Equity securities
99.2

 
—

 
—

 
99.2

Corporate debt securities
—

 
145.3

 
—

 
145.3

Multi-strategy hedge funds
—

 
20.2

 
—

 
20.2

Insurance contracts
—

 
17.8

 
—

 
17.8

Government debt securities
—

 
10.1

 
—

 
10.1

Investments measured at net asset value(3)
 
 
 
 
 
 
 
Real estate
 
 
 
 
 
 
9.6

Total
$
99.7

 
$
193.4

 
$
—

 
$
302.7