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BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Reconciliations of Changes in the Defined Benefit and Postretirement Healthcare Plans' Benefit Obligations, Fair Value of Assets and Statement of Funded Status
Reconciliations of changes in the defined benefit and postemployment healthcare plans’ benefit obligations, fair value of assets and statement of funded status are as follows:
 
 
 
 
 
Other Postemployment
 
Pension Benefits
 
Benefits
 
December 31,
 
December 31,
(in millions)
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
Change in Benefit Obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
436.9

 
$
359.4

 
$
13.9

 
$
11.9

Service cost
17.1

 
14.0

 
0.4

 
0.2

Interest cost
7.3

 
11.1

 
0.6

 
0.5

Participant contributions
3.7

 
4.0

 
0.4

 
0.5

Actuarial losses (gains)
(41.1
)
 
114.4

 
(0.4
)
 
1.5

Plan amendments
(0.3
)
 
0.1

 
—

 
—

Acquisitions/Divestitures
(0.7
)
 
—

 
—

 
—

Effect of exchange rate changes
(28.7
)
 
(54.4
)
 
—

 
—

Other
—

 
2.6

 
—

 
—

Plan curtailments and settlements
(1.6
)
 
(0.3
)
 
—

 
—

Benefits paid
(13.7
)
 
(14.0
)
 
(0.8
)
 
(0.7
)
Benefit obligation at end of year
$
378.9

 
$
436.9

 
$
14.1

 
$
13.9

 
 
 
 
 
 
 
 
Change in Plan Assets
 

 
 

 
 

 
 

Fair value of plan assets at beginning of year
$
143.6

 
$
143.2

 
$
—

 
$
—

Actual return on assets
0.5

 
13.5

 
—

 
—

Plan settlements
(0.3
)
 
—

 
—

 
—

Effect of exchange rate changes
(2.2
)
 
(14.8
)
 
—

 
—

Employer contributions
10.4

 
11.7

 
0.4

 
0.2

Participant contributions
3.7

 
4.0

 
0.4

 
0.5

Benefits paid
(13.7
)
 
(14.0
)
 
(0.8
)
 
(0.7
)
Fair value of plan assets at end of year
$
142.0

 
$
143.6

 
$
—

 
$
—

 
 
 
 
 
 
 
 
Funded status at end of year
$
(236.9
)
 
$
(293.3
)
 
$
(14.1
)
 
$
(13.9
)
Amounts Recognized in the Accompanying Consolidated Balance Sheets, Net of Tax Effects
The amounts recognized in the accompanying Consolidated Balance Sheets, net of tax effects, are as follows:
 
 
 
Pension Benefits
 
Other Postemployment
Benefits
 
Location On The
 
December 31,
 
December 31,
(in millions)
Consolidated Balance Sheet
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
 
 
Deferred tax asset
Other noncurrent assets, net
 
$
27.0

 
$
42.9

 
$
0.9

 
$
1.2

 
 
 
 
 
 
 
 
 
 
Current liabilities
Accrued liabilities
 
(4.2
)
 
(4.8
)
 
(0.7
)
 
(0.6
)
Other noncurrent liabilities
Other noncurrent liabilities
 
(232.7
)
 
(288.5
)
 
(13.4
)
 
(13.3
)
Deferred tax liability
Deferred income taxes
 
(0.8
)
 
(0.5
)
 
—

 
—

Total liabilities
 
 
$
(237.7
)
 
$
(293.8
)
 
$
(14.1
)
 
$
(13.9
)
 
 
 
 
 
 
 
 
 
 
Accumulated other comprehensive income
Accumulated other comprehensive loss
 
71.5

 
111.8

 
1.5

 
1.8

Net amount recognized
 
 
$
(139.2
)
 
$
(139.1
)
 
$
(11.7
)
 
$
(10.9
)
Amounts Recognized in Accumulated Other Comprehensive Income
Amounts recognized in AOCI consist of:
 
 
 
 
 
Other Postemployment
 
Pension Benefits
 
Benefits
 
December 31,
 
December 31,
(in millions)
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
Net actuarial loss
$
100.1

 
$
156.4

 
$
2.4

 
$
3.0

Net prior service cost
(2.4
)
 
(2.2
)
 
—

 
—

Before tax AOCI
$
97.7

 
$
154.2

 
$
2.4

 
$
3.0

Less: Deferred taxes
26.2

 
42.4

 
0.9

 
1.2

Net of tax AOCI
$
71.5

 
$
111.8

 
$
1.5

 
$
1.8
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
 
December 31,
(in millions)
2015
 
2014
 
 
 
 
Projected benefit obligation
$
377.7

 
$
435.1

Accumulated benefit obligation
361.0

 
397.2

Fair value of plan assets
140.7

 
141.8
Components of Net Periodic Benefit Cost
Components of net periodic benefit cost:
 
Pension Benefits
 
Other Postemployment
Benefits
(in millions)
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
17.1

 
$
14.0

 
$
14.9

 
$
0.4

 
$
0.2

 
$
0.2

Interest cost
7.3

 
11.1

 
9.9

 
0.6

 
0.5

 
0.5

Expected return on plan assets
(5.4
)
 
(5.5
)
 
(5.1
)
 
—

 
—

 
—

Amortization of prior service (credit) cost
(0.2
)
 
(0.1
)
 
(0.1
)
 
—

 
—

 


Amortization of net actuarial loss
7.8

 
2.8

 
5.2

 
0.2

 
0.1

 
0.3

Curtailment and settlement loss (gains)
(0.8
)
 
0.1

 
(1.6
)
 
—

 
—

 
—

Net periodic benefit cost
$
25.8

 
$
22.4

 
$
23.2

 
$
1.2

 
$
0.8

 
$
1.0
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI
Other changes in plan assets and benefit obligations recognized in AOCI:
 
Pension Benefits
 
Other Postemployment
Benefits
(in millions)
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
$
(48.6
)
 
$
88.5

 
$
(23.4
)
 
$
(0.4
)
 
$
1.4

 
$
(2.7
)
Net prior service cost (credit)
(0.3
)
 
0.4

 
—

 
—

 
—

 
—

Amortization
(7.6
)
 
(2.6
)
 
(5.0
)
 
(0.2
)
 
—

 
(0.3
)
Total recognized in AOCI
$
(56.5
)
 
$
86.3

 
$
(28.4
)
 
$
(0.6
)
 
$
1.4

 
$
(3.0
)
Total recognized in net periodic benefit cost and AOCI
$
(30.7
)
 
$
108.7

 
$
(5.2
)
 
$
0.6

 
$
2.2

 
$
(2.0
)
Amounts in AOCI that are Expected to be Amortized as Net Expense (Income) During Next Fiscal Year
The amounts in AOCI that are expected to be amortized as net expense (income) during fiscal year 2016 are as follows:
(in millions)
Pension
Benefits
 
Other Postemployment
Benefits
 
 
 
 
Amount of net prior service (credit) cost
$
(0.2
)
 
$
—

Amount of net loss
4.9

 
0.3
Weighted Average Assumptions Used to Determine Benefit Obligations, Principally in Foreign Locations
The weighted average assumptions used to determine benefit obligations for the Company’s plans, principally in foreign locations, at December 31, 2015, 2014 and 2013 are as follows:
   
Pension Benefits
 
Other Postemployment
Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
2.1
%
 
1.8
%
 
3.2
%
 
4.7
%
 
4.3
%
 
4.8
%
Rate of compensation increase
2.5
%
 
2.6
%
 
2.7
%
 
n/a

 
n/a

 
n/a

Health care cost trend pre 65
n/a

 
n/a

 
n/a

 
7.6
%
 
8.0
%
 
8.5
%
Health care cost trend post 65
n/a

 
n/a

 
n/a

 
8.2
%
 
7.0
%
 
7.5
%
Ultimate health care cost trend
n/a

 
n/a

 
n/a

 
5.0
%
 
5.0
%
 
5.0
%
Years until trend is reached pre 65
n/a

 
n/a

 
n/a

 
9.0

 
8.0

 
8.0

Years until ultimate trend is reached post 65
n/a

 
n/a

 
n/a

 
9.0

 
7.0

 
8.0
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
The weighted average assumptions used to determine net periodic benefit cost for the Company’s plans, principally in foreign locations, for the years ended December 31, 2015, 2014 and 2013 are as follows:
   
Pension Benefits
 
Other Postemployment
Benefits
   
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
1.8
%
 
3.2
%
 
2.8
%
 
4.3
%
 
4.8
%
 
3.5
%
Expected return on plan assets
3.7
%
 
3.8
%
 
4.3
%
 
n/a

 
n/a

 
n/a

Rate of compensation increase
2.6
%
 
2.7
%
 
2.7
%
 
n/a

 
n/a

 
n/a

Health care cost trend
n/a

 
n/a

 
n/a

 
8.5
%
 
8.5
%
 
8.5
%
Ultimate health care cost trend
n/a

 
n/a

 
n/a

 
5.0
%
 
5.0
%
 
5.0
%
Years until ultimate trend is reached
n/a

 
n/a

 
n/a

 
8.0

 
8.0

 
8.0

 
 
 
 
 
 
 
 
 
 
 
 
Measurement Date
12/31/2015

 
12/31/2014

 
12/31/2013

 
12/31/2015

 
12/31/2014

 
12/31/2013
Effect of One Percentage Point in Assumed Healthcare Cost Trend Rates
Assumed health care cost trend rates have an impact on the amounts reported for postemployment benefits. An ongoing one percentage point change in assumed healthcare cost trend rates would have had the following effects for the year ended December 31, 2015:
 
Other Postemployment
Benefits
(in millions)
1% Increase
 
1% Decrease
 
 
 
 
Effect on total of service and interest cost components
$
0.1

 
$
(0.1
)
Effect on postemployment benefit obligation    
2.1

 
(2.7
)
Fair Value Measurements of Plan Assets
The fair value of the Company’s pension plan assets at December 31, 2015 is presented in the table below by asset category. Approximately 81% of the total plan assets are categorized as Level 1, and therefore, the values assigned to these pension assets are based on quoted prices available in active markets.  For the other category levels, a description of the valuation is provided in Note 1, Significant Accounting Policies, under the “Fair Value Measurement” heading.
 
December 31, 2015
(in millions)
Total
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
Assets Category
 
 
 
 
 
 
 
Cash and cash equivalents
$
9.2

 
$
9.2

 
$
—

 
$
—

Equity securities:
 

 
 

 
 

 
 

International
39.2

 
39.2

 
—

 
—

Fixed income securities:
 

 
 

 
 

 
 

Fixed rate bonds (a)
52.4

 
52.4

 
—

 
—

Other types of investments:
 

 
 

 
 

 
 

Mutual funds (b)
14.5

 
14.5

 
—

 
—

Common trusts (c)
9.0

 
—

 
9.0

 
—

Insurance contracts
14.2

 
—

 
3.9

 
10.3

Hedge funds
3.2

 
—

 
—

 
3.2

Real estate
0.3

 
—

 
—

 
0.3

Total
$
142.0

 
$
115.3

 
$
12.9

 
$
13.8


 
December 31, 2014
(in millions)
Total
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
Assets Category
 
 
 
 
 
 
 
Cash and cash equivalents
$
9.6

 
$
9.6

 
$
—

 
$
—

Equity securities:
 

 
 

 
 

 
 

U. S.
1.1

 
1.1

 
—

 
—

International
38.1

 
38.1

 
—

 
—

Fixed income securities:
 

 
 

 
 

 
 

Fixed rate bonds (a)
53.4

 
53.4

 
—

 
—

Other types of investments:
 

 
 

 
 

 
 

Mutual funds (b)
3.8

 
3.8

 
—

 
—

Real estate mutual funds
10.3

 
10.3

 
—

 
—

Common trusts (c)
9.6

 
—

 
9.6

 
—

Insurance contracts
15.5

 
—

 
3.6

 
11.9

Hedge funds
1.8

 
—

 
—

 
1.8

Real estate
0.4

 
—

 
—

 
0.4

Total
$
143.6

 
$
116.3

 
$
13.2

 
$
14.1

(a)
This category includes fixed income securities invested primarily in Swiss bonds, foreign bonds denominated in Swiss francs, foreign currency bonds, mortgage notes and pledged letters.
(b)
This category includes mutual funds balanced between moderate-income generation and moderate capital appreciation with investment allocations of approximately 50% equities and 50% fixed income investments.
(c)
This category includes common/collective funds with investments in approximately 65% equities and 35% in fixed income investments.
Reconciliation for the Plans Assets Categorized as Level 3
The following table provides a reconciliation from December 31, 2014 to December 31, 2015 for the plans assets categorized as Level 3. During the year ended December 31, 2015, no assets were transferred in or out of the Level 3 category.  
 
Changes within Level 3 Category for
 
Year Ended December 31, 2015
(in millions)
Common
Trust
 
Insurance
Contracts
 
Hedge
Funds
 
Real
Estate
 
Total
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2014
$
—

 
$
11.9

 
$
1.8

 
$
0.4

 
$
14.1

Actual return on plan assets:
 

 
 

 
 

 
 

 
 

Relating to assets still held at the reporting date
—

 
(0.6
)
 
0.1

 
—

 
(0.5
)
Purchases, sales and settlements, net
—

 
0.3

 
1.4

 
—

 
1.7

Effect of exchange rate changes
—

 
(1.3
)
 
(0.1
)
 
(0.1
)
 
(1.5
)
Balance at December 31, 2015
$
—

 
$
10.3

 
$
3.2

 
$
0.3

 
$
13.8


The following tables provide a reconciliation from December 31, 2013 to December 31, 2014 for the plans assets categorized as Level 3.  During the year ended, December 31, 2014, $3.4 million of plan assets were transferred out of the Level 3 category.
 
Changes within Level 3 Category for
 
Year Ended December 31, 2014
(in millions)
Common
Trust
 
Insurance
Contracts
 
Hedge
Funds
 
Real
Estate
 
Total
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2013
$
3.3

 
$
9.5

 
$
2.0

 
$
0.4

 
$
15.2

Actual return on plan assets:
 

 
 

 
 

 
 

 
 

Relating to assets still held at the reporting date
—

 
3.4

 
—

 
—

 
3.4

Relating to assets sold during the period
0.2

 
—

 
—

 
—

 
0.2

Purchases, sales and settlements, net
(0.1
)
 
0.7

 
—

 
—

 
0.6

Transfers in and/or out
(3.4
)
 
—

 
—

 
—

 
(3.4
)
Effect of exchange rate changes
—

 
(1.7
)
 
(0.2
)
 
—

 
(1.9
)
Balance at December 31, 2014
$
—

 
$
11.9

 
$
1.8

 
$
0.4

 
$
14.1
Estimated Future Benefit Payments
Estimated Future Benefit Payments
(in millions)
Pension
Benefits
 
Other
Postemployment
Benefits
 
 
 
 
2016
$
8.8

 
$
0.7

2017
9.3

 
0.7

2018
11.7

 
0.7

2019
11.2

 
0.7

2020
13.0

 
0.7

2021-2025
74.2

 
3.0