Benefit Plans and Other Postretirement Benefits (Tables) - Pension Benefits

12 Months Ended

Dec. 31, 2018

Schedule of change in projected benefit obligation and plan assets


	U.S. Plans						Foreign Plans						Total
		2018			2017			2018			2017			2018		2017
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	486.7		$	469.8		$	255.0		$	233.5		$	741.7	$	703.3
Service cost		4.5			6.7			2.8			2.9			7.3		9.6
Interest cost		14.9			15.3			4.7			4.7			19.6		20.0
Plan amendments		0.2			—			0.8			—			1.0		—
Actuarial (gain) loss		(33.1)			21.1			(3.1)			(2.2)			(36.2)		18.9
Foreign exchange translation		—			—			(13.0)			26.7			(13.0)		26.7
Benefits paid		(24.3)			(26.2)			(11.9)			(10.6)			(36.2)		(36.8)
Projected benefit obligation at end of year		448.9			486.7			235.3			255.0			684.2		741.7

Change in plan assets:
Fair value of plan assets at beginning of year		389.6			342.1			108.3			97.8			497.9		439.9
Actual return on plan assets		(28.8)			57.2			(0.9)			5.2			(29.7)		62.4
Employer contributions		81.7			16.5			6.6			6.0			88.3		22.5
Foreign exchange translation		—			—			(6.2)			9.9			(6.2)		9.9
Benefits paid		(24.3)			(26.2)			(11.9)			(10.6)			(36.2)		(36.8)
Fair value of plan assets at end of year		418.2			389.6			95.9			108.3			514.1		497.9

Underfunded status at end of year	$	30.7		$	97.1		$	139.4		$	146.7		$	170.1	$	243.8

Amounts recognized on the balance sheet as of December 31:
Other accrued expenses	$	1.0		$	—		$	2.9		$	3.1		$	3.9	$	3.1
Accrued pension and postretirement benefit obligations		29.7			97.1			136.5			143.6			166.2		240.7
Underfunded status at end of year	$	30.7		$	97.1		$	139.4		$	146.7		$	170.1	$	243.8

Accumulated other comprehensive loss, net	$	(140.2)		$	(110.5)		$	(52.7)		$	(53.9)		$	(192.9)	$	(164.4)

Weighted average assumptions used to determine projected benefit obligations:
Discount rate		4.14	%		3.48	%		2.28	%		2.21	%
Rate of compensation increase		3.00	%		3.00	%		1.77	%		1.70	%

Schedule of amounts recognized in the balance sheet


	U.S. Plans						Foreign Plans						Total
		2018			2017			2018			2017			2018		2017
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	486.7		$	469.8		$	255.0		$	233.5		$	741.7	$	703.3
Service cost		4.5			6.7			2.8			2.9			7.3		9.6
Interest cost		14.9			15.3			4.7			4.7			19.6		20.0
Plan amendments		0.2			—			0.8			—			1.0		—
Actuarial (gain) loss		(33.1)			21.1			(3.1)			(2.2)			(36.2)		18.9
Foreign exchange translation		—			—			(13.0)			26.7			(13.0)		26.7
Benefits paid		(24.3)			(26.2)			(11.9)			(10.6)			(36.2)		(36.8)
Projected benefit obligation at end of year		448.9			486.7			235.3			255.0			684.2		741.7

Change in plan assets:
Fair value of plan assets at beginning of year		389.6			342.1			108.3			97.8			497.9		439.9
Actual return on plan assets		(28.8)			57.2			(0.9)			5.2			(29.7)		62.4
Employer contributions		81.7			16.5			6.6			6.0			88.3		22.5
Foreign exchange translation		—			—			(6.2)			9.9			(6.2)		9.9
Benefits paid		(24.3)			(26.2)			(11.9)			(10.6)			(36.2)		(36.8)
Fair value of plan assets at end of year		418.2			389.6			95.9			108.3			514.1		497.9

Underfunded status at end of year	$	30.7		$	97.1		$	139.4		$	146.7		$	170.1	$	243.8

Amounts recognized on the balance sheet as of December 31:
Other accrued expenses	$	1.0		$	—		$	2.9		$	3.1		$	3.9	$	3.1
Accrued pension and postretirement benefit obligations		29.7			97.1			136.5			143.6			166.2		240.7
Underfunded status at end of year	$	30.7		$	97.1		$	139.4		$	146.7		$	170.1	$	243.8

Accumulated other comprehensive loss, net	$	(140.2)		$	(110.5)		$	(52.7)		$	(53.9)		$	(192.9)	$	(164.4)

Weighted average assumptions used to determine projected benefit obligations:
Discount rate		4.14	%		3.48	%		2.28	%		2.21	%
Rate of compensation increase		3.00	%		3.00	%		1.77	%		1.70	%

Schedule of weighted average assumptions used to determine projected benefit obligations


	U.S. Plans						Foreign Plans						Total
		2018			2017			2018			2017			2018		2017
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	486.7		$	469.8		$	255.0		$	233.5		$	741.7	$	703.3
Service cost		4.5			6.7			2.8			2.9			7.3		9.6
Interest cost		14.9			15.3			4.7			4.7			19.6		20.0
Plan amendments		0.2			—			0.8			—			1.0		—
Actuarial (gain) loss		(33.1)			21.1			(3.1)			(2.2)			(36.2)		18.9
Foreign exchange translation		—			—			(13.0)			26.7			(13.0)		26.7
Benefits paid		(24.3)			(26.2)			(11.9)			(10.6)			(36.2)		(36.8)
Projected benefit obligation at end of year		448.9			486.7			235.3			255.0			684.2		741.7

Change in plan assets:
Fair value of plan assets at beginning of year		389.6			342.1			108.3			97.8			497.9		439.9
Actual return on plan assets		(28.8)			57.2			(0.9)			5.2			(29.7)		62.4
Employer contributions		81.7			16.5			6.6			6.0			88.3		22.5
Foreign exchange translation		—			—			(6.2)			9.9			(6.2)		9.9
Benefits paid		(24.3)			(26.2)			(11.9)			(10.6)			(36.2)		(36.8)
Fair value of plan assets at end of year		418.2			389.6			95.9			108.3			514.1		497.9

Underfunded status at end of year	$	30.7		$	97.1		$	139.4		$	146.7		$	170.1	$	243.8

Amounts recognized on the balance sheet as of December 31:
Other accrued expenses	$	1.0		$	—		$	2.9		$	3.1		$	3.9	$	3.1
Accrued pension and postretirement benefit obligations		29.7			97.1			136.5			143.6			166.2		240.7
Underfunded status at end of year	$	30.7		$	97.1		$	139.4		$	146.7		$	170.1	$	243.8

Accumulated other comprehensive loss, net	$	(140.2)		$	(110.5)		$	(52.7)		$	(53.9)		$	(192.9)	$	(164.4)

Weighted average assumptions used to determine projected benefit obligations:
Discount rate		4.14	%		3.48	%		2.28	%		2.21	%
Rate of compensation increase		3.00	%		3.00	%		1.77	%		1.70	%

Schedule of components of net pension expense


	U.S. Plans									Foreign Plans									Total
	2018			2017			2016			2018			2017			2016			2018		2017		2016
Components of net pension expense:
Service cost	$	4.5		$	6.7		$	6.2		$	2.8		$	2.9		$	2.8		$	7.3	$	9.6	$	9.0
Interest cost		14.9			15.3			15.4			4.7			4.7			5.5			19.6		20.0		20.9
Expected return on plan assets		(34.5)			(27.2)			(26.2)			(3.8)			(3.5)			(3.9)			(38.3)		(30.7)		(30.1)
Amortization of prior service cost		2.3			2.7			2.4			—			—			—			2.3		2.7		2.4
Settlements		—			—			—			0.6			—			—			0.6		—		—
Amortization of actuarial losses		19.0			18.3			18.6			4.2			4.6			3.4			23.2		22.9		22.0
Net pension expense	$	6.2		$	15.8		$	16.4		$	8.5		$	8.7		$	7.8		$	14.7	$	24.5	$	24.2

Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		3.48	%		3.93	%		4.11	%		2.21	%		2.28	%		2.96	%
Expected long-term return on assets		7.75	%		7.75	%		7.75	%		3.69	%		3.80	%		4.29	%
Rate of compensation increase		3.00	%		3.00	%		3.00	%		1.70	%		1.63	%		1.61	%

Schedule of weighted average assumptions used to determine net benefit cost/expense


	U.S. Plans									Foreign Plans									Total
	2018			2017			2016			2018			2017			2016			2018		2017		2016
Components of net pension expense:
Service cost	$	4.5		$	6.7		$	6.2		$	2.8		$	2.9		$	2.8		$	7.3	$	9.6	$	9.0
Interest cost		14.9			15.3			15.4			4.7			4.7			5.5			19.6		20.0		20.9
Expected return on plan assets		(34.5)			(27.2)			(26.2)			(3.8)			(3.5)			(3.9)			(38.3)		(30.7)		(30.1)
Amortization of prior service cost		2.3			2.7			2.4			—			—			—			2.3		2.7		2.4
Settlements		—			—			—			0.6			—			—			0.6		—		—
Amortization of actuarial losses		19.0			18.3			18.6			4.2			4.6			3.4			23.2		22.9		22.0
Net pension expense	$	6.2		$	15.8		$	16.4		$	8.5		$	8.7		$	7.8		$	14.7	$	24.5	$	24.2

Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		3.48	%		3.93	%		4.11	%		2.21	%		2.28	%		2.96	%
Expected long-term return on assets		7.75	%		7.75	%		7.75	%		3.69	%		3.80	%		4.29	%
Rate of compensation increase		3.00	%		3.00	%		3.00	%		1.70	%		1.63	%		1.61	%

Fair values of Company's pension plan assets by asset category


									Assets
									Measured at
									Net Asset
Asset Category	Total		Level 1		Level 2		Level 3		Value (a)

December 31, 2018
Equity securities:
U.S. equities — large cap	$	139.3	$	104.9	$	34.4	$	—	$	—
U.S. equities — small/mid cap and other		27.5		—		27.5		—		—
International equities — growth		32.7		28.0		4.7		—		—
International equities — other		84.9		—		34.0		—		50.9

Alternative investment funds		19.9		—		—		—		19.9

Fixed income securities:
U.S. fixed income securities — short term		11.2		—		—		—		11.2
U.S. fixed income securities — intermediate term		77.7		77.7		—		—		—
U.S. fixed income securities — high yield		26.4		—		26.4		—		—
International fixed income securities — other		45.9		—		45.9		—		—

Insurance contracts		35.1		—		—		35.1		—

Real estate funds		10.2		—		—		10.2		—

Cash and cash equivalents		3.3		3.3		—		—		—

Total	$	514.1	$	213.9	$	172.9	$	45.3	$	82.0

December 31, 2017
Equity securities:
U.S. equities — large cap	$	141.5	$	106.6	$	34.9	$	—	$	—
U.S. equities — small/mid cap and other		22.0		—		22.0		—		—
International equities — growth		35.6		30.4		5.2		—		—
International equities — other		95.5		—		40.7		—		54.8

Alternative investment funds		12.9		—		—		—		12.9

Fixed income securities:
U.S. fixed income securities — short term		6.1		—		—		—		6.1
U.S. fixed income securities — intermediate term		61.4		61.4		—		—		—
U.S. fixed income securities — high yield		21.9		—		21.9		—		—
International fixed income securities — other		47.4		—		47.4		—		—

Insurance contracts		37.9		—		—		37.9		—

Real estate funds		7.0		—		—		7.0		—

Cash and cash equivalents		8.7		8.7		—		—		—

Total	$	497.9	$	207.1	$	172.1	$	44.9	$	73.8

(a)

Certain investments measured at fair value using the net asset value (NAV) practical expedient have been removed from the fair value hierarchy but included in the table above in order to permit the reconciliation of the fair value hierarchy to total plan assets.

Reconciliation of fair value measurements using significant unobservable inputs (Level 3)


		2018		2017
Balance on January 1	$	44.9	$	34.0
Unrealized gains (losses), net		1.2		0.6
Purchases, sales and settlements, net		0.9		5.8
Foreign currency translation		(1.7)		4.5
Balance on December 31	$	45.3	$	44.9

Schedule of amounts, before tax, included in Accumulated other comprehensive loss that have not yet been recognized as expense


	U.S.				Foreign
	Plans				Plans				Total
		2018		2017		2018		2017		2018		2017
Net loss	$	178.8	$	167.7	$	63.4	$	70.0	$	242.2	$	237.7
Net prior service cost		5.7		7.7		0.8		—		6.5		7.7

Benefit payments related to the pension plans, including amounts to be paid out of Company assets and reflecting future expected service


	U.S.		Foreign
	Plans		Plans		Total
2019	$	25.9	$	6.9	$	32.8
2020		27.0		7.0		34.0
2021		28.0		7.4		35.4
2022		29.0		8.8		37.8
2023		29.8		8.6		38.4
2024-2028		152.2		51.9		204.1