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Pension And Other Benefit Programs (Tables)
 12 Months Ended
Dec. 31, 2017
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule Of Amounts Recognized In Assets And Liabilities

Amounts recognized in assets (liabilities) on the consolidated balance sheets at year end consist of:

 

 

 

U.S. Pension Plans

 

 

Non-U.S. Pension Plan

 

 

Retiree Health and Life

Insurance Benefits

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Prepaid pension costs

 

$

88.3

 

 

$

48.7

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Accounts payable and accrued expenses

 

 

(4.1

)

 

 

(3.9

)

 

 

(0.1

)

 

 

-

 

 

 

(7.4

)

 

 

(8.3

)

Postretirement benefit liabilities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(79.2

)

 

 

(84.8

)

Pension benefit liabilities

 

 

(54.6

)

 

 

(54.3

)

 

 

(2.6

)

 

 

(2.5

)

 

 

-

 

 

 

-

 

Net amount recognized

 

$

29.6

 

 

$

(9.5

)

 

$

(2.7

)

 

$

(2.5

)

 

$

(86.6

)

 

$

(93.1

)

 
Schedule Of Amounts In Accumulated Other Comprehensive Income (Loss) At Year End

Pre-tax amounts recognized in accumulated other comprehensive (loss) income at year end consist of:

 

 

 

U.S. Pension Plans

 

 

Non-U.S. Pension Plan

 

 

Retiree Health and Life

Insurance Benefits

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Net actuarial (loss) gain

 

$

(520.2

)

 

$

(553.5

)

 

$

(8.9

)

 

$

(22.4

)

 

$

49.5

 

 

$

51.7

 

Prior service (cost) credit

 

 

-

 

 

 

(1.5

)

 

 

(0.5

)

 

 

(0.6

)

 

 

1.1

 

 

 

0.1

 

Accumulated other comprehensive (loss)

   income

 

$

(520.2

)

 

$

(555.0

)

 

$

(9.4

)

 

$

(23.0

)

 

$

50.6

 

 

$

51.8

 

 
Schedule Of Expected Benefit Payments

 

 

 

U.S. Pension

Benefits (1)

 

 

Non-U.S. Pension

Benefits

 

 

Retiree Health

and Life

Insurance

Benefits, Net

 

2018

 

$

106.4

 

 

$

0.1

 

 

$

7.4

 

2019

 

 

105.3

 

 

 

0.1

 

 

 

7.4

 

2020

 

 

104.4

 

 

 

0.1

 

 

 

7.1

 

2021

 

 

102.4

 

 

 

0.1

 

 

 

6.9

 

2022

 

 

101.5

 

 

0.1

 

 

 

6.6

 

2023 - 2027

 

 

482.6

 

 

 

0.6

 

 

 

28.8

 

 

(1)

We were not required and did not make contributions to the RIP during 2017, 2016 or 2015 as, based on guidelines established by the Pension Benefit Guaranty Corporation, the RIP had sufficient assets to fund its distribution obligations.  Benefit payments to participants have been made directly from the RIP to participants from the assets of the plan.
Defined Benefit Pension Plans [Member]  
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule Of Net Funded Status

 

 

 

U.S. Pension Plans

 

 

Non-U.S. Pension Plan

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation as of beginning of period

 

$

1,522.4

 

 

$

1,918.1

 

 

$

2.5

 

 

$

2.5

 

Service cost

 

 

8.6

 

 

 

10.1

 

 

 

-

 

 

 

-

 

Interest cost

 

 

48.1

 

 

 

69.8

 

 

 

-

 

 

 

0.1

 

Partial settlement

 

 

(58.1

)

 

 

-

 

 

 

-

 

 

 

-

 

Foreign currency translation adjustment

 

 

-

 

 

 

-

 

 

 

0.4

 

 

 

(0.2

)

Actuarial loss (gain)

 

 

77.2

 

 

 

0.6

 

 

 

(0.1

)

 

 

0.2

 

Benefits paid

 

 

(103.2

)

 

 

(111.0

)

 

 

(0.1

)

 

 

(0.1

)

Merger of Tectum Plan

 

 

5.1

 

 

 

-

 

 

 

-

 

 

 

-

 

Separation of AFI

 

 

-

 

 

 

(365.2

)

 

 

-

 

 

 

-

 

Benefit obligation as of end of period

 

$

1,500.1

 

 

$

1,522.4

 

 

$

2.7

 

 

$

2.5

 

 

 

 

U.S. Pension Plans

 

 

Non-U.S. Pension Plan

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets as of beginning of period

 

$

1,512.9

 

 

$

1,837.2

 

 

$

-

 

 

$

-

 

Actual return on plan assets

 

 

170.8

 

 

 

144.7

 

 

 

-

 

 

 

-

 

Employer contribution

 

 

3.9

 

 

 

4.2

 

 

 

0.1

 

 

 

0.1

 

Partial settlement

 

 

(58.1

)

 

 

-

 

 

 

-

 

 

 

-

 

Benefits paid

 

 

(103.2

)

 

 

(111.0

)

 

 

(0.1

)

 

 

(0.1

)

Merger of Tectum Plan

 

 

3.4

 

 

 

-

 

 

 

-

 

 

 

-

 

Separation of AFI

 

 

-

 

 

 

(362.2

)

 

 

-

 

 

 

-

 

Fair value of plan assets as of end of period

 

$

1,529.7

 

 

$

1,512.9

 

 

$

-

 

 

$

-

 

Funded status of the plans

 

$

29.6

 

 

$

(9.5

)

 

$

(2.7

)

 

$

(2.5

)

 
Schedule Of Assumptions Used

 

 

 

U.S. Pension Plans

 

 

Non-U.S. Pension Plan

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Weighted-average assumptions used to determine benefit obligations at end of period:

 

 

 

 

 

Discount rate

 

 

3.63

%

 

 

4.12

%

 

 

1.50

%

 

 

1.40

%

Rate of compensation increase

 

 

3.05

%

 

 

3.10

%

 

 

-

 

 

 

-

 

Weighted-average assumptions used to determine net periodic benefit cost for the period:

 

 

 

 

 

Discount rate

 

 

4.12

%

 

 

4.40

%

 

 

1.40

%

 

 

2.00

%

Expected return on plan assets

 

 

6.50

%

 

 

6.75

%

 

 

-

 

 

 

-

 

Rate of compensation increase

 

 

3.10

%

 

 

3.10

%

 

 

-

 

 

 

-

 

 
Schedule Of Benefit Obligations In Excess Of Assets

 

 

 

U.S. Pension Plans

 

 

Non-U.S. Pension Plan

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Pension plans with benefit obligations in excess of assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation, December 31

 

$

58.5

 

 

$

58.2

 

 

$

2.7

 

 

$

2.5

 

Accumulated benefit obligation, December 31

 

 

58.5

 

 

 

58.1

 

 

 

2.7

 

 

 

2.5

 

 
Schedule Of Periodic Benefit (Credits) Costs

 

The components of the pension (credit) cost are as follows:

 

 

 

U.S. Pension Plans

 

 

Non-U.S. Pension Plan

 

 

 

2017

 

 

2016

 

 

2015

 

 

2017

 

 

2016

 

 

2015

 

Service cost of benefits earned during the period

 

$

8.6

 

 

$

10.1

 

 

$

16.3

 

 

$

2.2

 

 

$

2.2

 

 

$

2.4

 

Interest cost on projected benefit obligation

 

 

48.1

 

 

 

69.8

 

 

 

80.9

 

 

 

5.4

 

 

 

6.9

 

 

 

8.3

 

Expected return on plan assets

 

 

(98.7

)

 

 

(110.6

)

 

 

(140.3

)

 

 

(6.8

)

 

 

(7.8

)

 

 

(9.0

)

Amortization of prior service cost

 

 

1.5

 

 

 

1.6

 

 

 

1.9

 

 

 

-

 

 

 

-

 

 

 

-

 

Recognized net actuarial loss

 

 

17.5

 

 

 

48.3

 

 

 

72.8

 

 

 

1.3

 

 

 

1.2

 

 

 

2.8

 

Partial settlement

 

 

20.8

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net periodic pension (credit) cost

 

$

(2.2

)

 

$

19.2

 

 

$

31.6

 

 

$

2.1

 

 

$

2.5

 

 

$

4.5

 

Less: Discontinued operations

 

 

-

 

 

 

2.2

 

 

 

11.0

 

 

 

2.0

 

 

 

2.4

 

 

 

4.4

 

Net periodic pension (credit) cost, continuing

     operations

 

$

(2.2

)

 

$

17.0

 

 

$

20.6

 

 

$

0.1

 

 

$

0.1

 

 

$

0.1

 

 
Schedule Of Defined Asset Allocation

 

 

 

Target

 

 

 

 

 

 

 

 

 

 

 

Weight at

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

Position at December 31,

 

Asset Class

 

2017

 

 

2017 (1)

 

 

2016

 

Long duration bonds

 

 

59.0

%

 

 

59.0

%

 

 

55.0

%

Equities

 

 

30.0

%

 

 

28.0

%

 

 

26.0

%

High yield bonds and real assets

 

 

6.0

%

 

 

3.0

%

 

 

7.0

%

Real estate and private equity

 

 

4.0

%

 

 

4.0

%

 

 

5.0

%

Other

 

 

1.0

%

 

 

6.0

%

 

 

7.0

%

 

(1)

Investments in collective trust funds as of December 31, 2017 have been categorized within the asset classes above based on the underlying investments in those funds.
Summary Of Fair Value Of Assets Plan

 

 

Value at December 31, 2017

 

Description

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Bonds

 

$

-

 

 

$

879.5

 

 

$

-

 

 

$

879.5

 

Collective trust fund

 

 

-

 

 

 

561.6

 

 

 

-

 

 

 

561.6

 

Other investments

 

 

-

 

 

 

-

 

 

 

2.7

 

 

 

2.7

 

Cash and other short-term investments

 

 

1.7

 

 

 

20.7

 

 

 

-

 

 

 

22.4

 

Net assets measured at fair value

 

$

1.7

 

 

$

1,461.8

 

 

$

2.7

 

 

$

1,466.2

 

Investments measured at net asset value

 

 

 

63.5

 

Net assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,529.7

 

 

 

 

Value at December 31, 2016

 

Description

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Bonds

 

$

-

 

 

$

831.7

 

 

$

-

 

 

$

831.7

 

Equities

 

 

329.0

 

 

 

60.1

 

 

 

-

 

 

 

389.1

 

High yield bonds

 

 

-

 

 

 

67.6

 

 

 

-

 

 

 

67.6

 

Real assets

 

 

-

 

 

 

32.5

 

 

 

-

 

 

 

32.5

 

Other investments

 

 

-

 

 

 

-

 

 

 

2.8

 

 

 

2.8

 

Cash and other short-term investments

 

 

34.2

 

 

 

78.2

 

 

 

-

 

 

 

112.4

 

Net assets measured at fair value

 

$

363.2

 

 

$

1,070.1

 

 

$

2.8

 

 

$

1,436.1

 

Investments measured at net asset value

 

 

 

76.8

 

Net assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,512.9

 

 
Summary Of Assets Measured At NAV

 

 

Value at December 31, 2017

 

 

 

 

 

Description

 

Fair Value

 

 

Unfunded

Commitments

 

 

Redemption

Frequency

 

Redemption

Notice

Period

Real estate

 

$

59.9

 

 

$

2.2

 

 

Quarterly

 

45-90 Days

Other investments

 

 

3.6

 

 

 

0.9

 

 

None

 

None

Investments measured at net asset value

 

$

63.5

 

 

$

3.1

 

 

 

 

 

 

 

 

Value at December 31, 2016

 

 

 

 

 

Description

 

Fair Value

 

 

Unfunded

Commitments

 

 

Redemption

Frequency

 

Redemption

Notice

Period

Real estate

 

$

73.3

 

 

$

2.2

 

 

Quarterly

 

45-90 Days

Other investments

 

 

3.5

 

 

 

0.9

 

 

None

 

None

Investments measured at net asset value

 

$

76.8

 

 

$

3.1

 

 

 

 

 

 
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member]  
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule Of Net Funded Status

 

 

2017

 

 

2016

 

U.S. defined-benefit retiree health and life insurance plans

 

 

 

 

 

 

 

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation as of beginning of period

 

$

93.1

 

 

$

190.3

 

Service cost

 

 

0.4

 

 

 

0.4

 

Interest cost

 

 

3.0

 

 

 

4.7

 

Plan participants' contributions

 

 

2.8

 

 

 

3.2

 

Plan amendments

 

 

(1.1

)

 

 

-

 

Actuarial (gain)

 

 

(1.3

)

 

 

(7.7

)

Benefits paid

 

 

(10.3

)

 

 

(11.5

)

Separation of AFI

 

 

-

 

 

 

(86.3

)

Benefit obligation as of end of period

 

$

86.6

 

 

$

93.1

 

 

 

 

2017

 

 

2016

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets as of beginning of period

 

$

-

 

 

$

-

 

Employer contribution

 

 

7.5

 

 

 

8.3

 

Plan participants' contributions

 

 

2.8

 

 

 

3.2

 

Benefits paid

 

 

(10.3

)

 

 

(11.5

)

Fair value of plan assets as of end of period

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

Funded status of the plans

 

$

(86.6

)

 

$

(93.1

)

 
Schedule Of Assumptions Used

 

 

2017

 

 

2016

 

U.S. defined-benefit retiree health and life insurance plans

 

 

 

 

 

 

 

 

Weighted-average discount rate used to determine benefit obligations at end of period

 

 

3.60

%

 

 

4.10

%

Weighted-average discount rate used to determine net periodic benefit cost for the

      period

 

 

4.11

%

 

 

4.17

%

 
Schedule Of Periodic Benefit (Credits) Costs

The components of postretirement benefit (credit) cost are as follows:

 

 

 

2017

 

 

2016

 

 

2015

 

U.S. defined-benefit retiree health and life insurance plans

 

 

 

 

 

 

 

 

 

 

 

 

Service cost of benefits earned during the period

 

$

0.4

 

 

$

0.4

 

 

$

0.9

 

Interest cost on accumulated postretirement benefit obligation

 

 

3.0

 

 

 

4.7

 

 

 

8.1

 

Amortization of prior service (credit)

 

 

-

 

 

 

(0.3

)

 

 

(0.6

)

Amortization of net actuarial gain

 

 

(3.6

)

 

 

(6.1

)

 

 

(7.8

)

Net periodic postretirement benefit (credit) cost

 

$

(0.2

)

 

$

(1.3

)

 

$

0.6

 

Less: Discontinued operations

 

 

-

 

 

 

(0.2

)

 

 

0.8

 

Net periodic postretirement benefit (credit), continuing operations

 

$

(0.2

)

 

$

(1.1

)

 

$

(0.2

)

 
Schedule Of Effect Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates

 

 

One percentage point

 

 

 

Increase

 

 

Decrease

 

U.S. defined benefit retiree health and life insurance benefits plans

 

 

 

 

 

 

 

 

Effect on total service and interest cost components

 

$

(0.1

)

 

$

0.1

 

Effect on postretirement benefit obligation

 

 

(0.8

)

 

 

0.7