Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Change in Benefit Obligation and Plan Assets

A reconciliation of the change in benefit obligation and the change in plan assets for the years ended December 31, 2016 and 2015, is shown below (in millions):



	Pension												Other Postretirement
	December 31, 2016						December 31, 2015						December 31, 2016						December 31, 2015
	U.S.			Foreign			U.S.			Foreign			U.S.			Foreign			U.S.			Foreign
Change in benefit obligation:
Benefit obligation at beginning of period	$	686.6		$	427.4		$	717.8		$	493.0		$	78.9		$	36.5		$	83.3		$	46.8
Service cost	5.6			6.5			4.7			8.4			0.2			0.5			0.2			0.7
Interest cost	29.8			15.8			28.7			16.2			3.2			1.6			3.1			1.7
Actuarial (gain) loss	3.5			27.4			(42.5		)	(12.4		)	(12.8		)	0.8			(3.1		)	(1.2		)
Benefits paid	(22.4		)	(29.1		)	(22.1		)	(19.9		)	(4.8		)	(1.9		)	(4.6		)	(2.2		)
Lump sum payout ⁽¹⁾	(154.9		)	—			—			—			—			—			—			—
Curtailment	—			—			—			6.5			—			—			—			(2.8		)
Special termination benefits	—			—			—			—			—			0.3			—			0.8
Translation adjustment	—			(5.5		)	—			(64.4		)	—			1.0			—			(7.3		)
Benefit obligation at end of period	$	548.2		$	442.5		$	686.6		$	427.4		$	64.7		$	38.8		$	78.9		$	36.5



	Pension												Other Postretirement
	December 31, 2016						December 31, 2015						December 31, 2016						December 31, 2015
	U.S.			Foreign			U.S.			Foreign			U.S.			Foreign			U.S.			Foreign
Change in plan assets:
Fair value of plan assets at beginning of period	$	522.1		$	368.2		$	519.2		$	415.1		$	—		$	—		$	—		$	—
Actual return on plan assets	30.2			21.1			(3.7		)	19.5			—			—			—			—
Employer contributions	37.6			8.5			28.7			13.9			4.8			1.9			4.6			2.2
Benefits paid	(22.4		)	(29.1		)	(22.1		)	(19.9		)	(4.8		)	(1.9		)	(4.6		)	(2.2		)
Lump sum payout ⁽¹⁾	(154.9		)	—			—			—			—			—			—			—
Translation adjustment	—			(1.6		)	—			(60.4		)	—			—			—			—
Fair value of plan assets at end of period	$	412.6		$	367.1		$	522.1		$	368.2		$	—		$	—		$	—		$	—

Funded status	$	(135.6	)	$	(75.4	)	$	(164.5	)	$	(59.2	)	$	(64.7	)	$	(38.8	)	$	(78.9	)	$	(36.5	)


(1)	See Lump-Sum Payout below for further discussion

Amounts Recognized in Consolidated Balance Sheet



	Pension												Other Postretirement
	December 31, 2016						December 31, 2015						December 31, 2016						December 31, 2015
	U.S.			Foreign			U.S.			Foreign			U.S.			Foreign			U.S.			Foreign
Amounts recognized in the consolidated balance sheet:
Other long-term assets	$	—		$	40.3		$	—		$	43.7		$	—		$	—		$	—		$	—
Accrued liabilities	(2.2		)	(2.7		)	(2.5		)	(3.4		)	(4.2		)	(1.5		)	(5.1		)	(1.6		)
Other long-term liabilities	(133.4		)	(113.0		)	(162.0		)	(99.5		)	(60.5		)	(37.3		)	(73.8		)	(34.9		)

Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

As of December 31, 2016 and 2015, the majority of the Company's pension plans had accumulated benefit obligations in excess of plan assets. Information related to pension plans with accumulated benefit obligations in excess of plan assets is shown below (in millions):



December 31,	2016		2015
Projected benefit obligation	$	747.3	$	874.4
Accumulated benefit obligation	730.4		859.5
Fair value of plan assets	496.0		607.0

Amounts Recognized in Other Comprehensive Income (Loss)

Pretax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2016 and 2015, are shown below (in millions):



	Pension											Other Postretirement
	December 31, 2016						December 31, 2015					December 31, 2016						December 31, 2015
	U.S.			Foreign			U.S.			Foreign		U.S.			Foreign			U.S.			Foreign
Actuarial gains (losses) recognized:
Reclassification adjustments	$	2.7		$	3.1		$	2.6		$	4.1	$	(1.3	)	$	0.2		$	(1.2	)	$	0.5
Effect of settlement	33.2			0.4			—			—		—			—			—			—
Actuarial gain (loss) arising during the period	(10.1		)	(30.0		)	(0.4		)	7.3		12.8			(0.8		)	3.1			3.9
Prior service credit recognized:
Reclassification adjustments	—			—			—			—		—			(0.3		)	—			(0.4		)
Translation adjustment	—			(1.0		)	—			12.8		—			(0.1		)	—			1.2
	$	25.8		$	(27.5	)	$	2.2		$	24.2	$	11.5		$	(1.0	)	$	1.9		$	5.2

Amounts Recorded in Accumulated Other Comprehensive Loss Not Yet Recognized in Net Periodic Benefit Cost

Pretax amounts recorded in accumulated other comprehensive loss not yet recognized in net periodic benefit cost (credit) as of December 31, 2016 and 2015, are shown below (in millions):



	Pension												Other Postretirement
	December 31, 2016						December 31, 2015						December 31, 2016					December 31, 2015
	U.S.			Foreign			U.S.			Foreign			U.S.		Foreign			U.S.		Foreign
Net unrecognized actuarial gain (loss)	$	(110.1	)	$	(100.9	)	$	(135.9	)	$	(73.4	)	$	25.1	$	(6.1	)	$	13.6	$	(5.4	)
Prior service credit	—			—			—			—			—		0.9			—		1.2
	$	(110.1	)	$	(100.9	)	$	(135.9	)	$	(73.4	)	$	25.1	$	(5.2	)	$	13.6	$	(4.2	)

Amounts Recorded in Accumulated Other Comprehensive Loss That Are Expected To Be Recognized As Components of Net Periodic Benefit Cost in Next Fiscal Year

Pretax amounts recorded in accumulated other comprehensive loss as of December 31, 2016, that are expected to be recognized as components of net periodic benefit cost (credit) in the year ending December 31, 2017, are shown below (in millions):



	Pension						Other Postretirement
	U.S.			Foreign			U.S.		Foreign
Net unrecognized actuarial gain (loss)	$	(2.6	)	$	(5.1	)	$	2.6	$	(0.3	)
Prior service credit	—			—			—		0.3
	$	(2.6	)	$	(5.1	)	$	2.6	$	—

Components of Net Periodic Benefit Cost (Credit)

The components of the Company’s net periodic pension benefit cost (credit) are shown below (in millions):



	Year Ended December 31,
	2016						2015						2014
Pension	U.S.			Foreign			U.S.			Foreign			U.S.			Foreign
Service cost	$	5.6		$	6.5		$	4.7		$	8.4		$	3.7		$	8.8
Interest cost	29.8			15.8			28.7			16.2			28.5			20.4
Expected return on plan assets	(38.1		)	(23.2		)	(39.4		)	(25.7		)	(38.1		)	(27.0		)
Amortization of actuarial (gain) loss	2.7			3.1			2.6			4.1			(0.3		)	1.3
Curtailment loss	—			—			—			7.7			—			—
Settlement loss	34.4			0.4			0.2			—			0.1			—
Net periodic benefit cost (credit)	$	34.4		$	2.6		$	(3.2	)	$	10.7		$	(6.1	)	$	3.5

The components of the Company’s net periodic other postretirement benefit cost are shown below (in millions):



	Year Ended December 31,
	2016						2015						2014
Other Postretirement	U.S.			Foreign			U.S.			Foreign			U.S.			Foreign
Service cost	$	0.2		$	0.5		$	0.2		$	0.7		$	0.2		$	0.9
Interest cost	3.2			1.6			3.1			1.7			4.0			2.0
Amortization of actuarial (gain) loss	(1.3		)	0.2			(1.2		)	0.5			(0.7		)	0.1
Amortization of prior service credit	—			(0.3		)	—			(0.4		)	—			(0.4		)
Special termination benefits	—			0.3			—			0.8			—			0.8
Net periodic benefit cost	$	2.1		$	2.3		$	2.1		$	3.3		$	3.5		$	3.4

Weighted Average Actuarial Assumptions Used

The weighted average actuarial assumptions used in determining the benefit obligations are shown below:



	Pension		Other Postretirement
December 31,	2016	2015	2016	2015
Discount rate:
Domestic plans	4.1%	4.4%	3.9%	4.2%
Foreign plans	3.3%	3.8%	3.9%	4.2%
Rate of compensation increase:
Foreign plans	3.3%	3.3%	N/A	N/A

The weighted average actuarial assumptions used in determining the net periodic benefit cost (credit) are shown below:



For the year ended December 31,	2016		2015		2014
Pension
Discount rate:
Domestic plans	4.4	%	4.1	%	5.0	%
Foreign plans	3.8	%	3.6	%	4.7	%
Expected return on plan assets:
Domestic plans	7.5	%	7.8	%	7.8	%
Foreign plans	6.3	%	6.5	%	6.7	%
Rate of compensation increase:
Foreign plans	3.3	%	3.1	%	3.4	%
Other postretirement
Discount rate:
Domestic plans	4.2	%	3.9	%	4.5	%
Foreign plans	4.2	%	4.0	%	5.0	%

Sensitivity to Change in the Health Care Cost Trend Rates

The sensitivity to a 100 basis point ("bp") change in the assumed healthcare cost trend rates is shown below (in millions):



	Postretirement Benefit Obligation			Net Periodic Postretirement Cost
100 bp increase in healthcare cost trend rates	$	14.2		$	0.8
100 bp decrease in healthcare cost trend rates	$	(11.6	)	$	(0.7	)

Assumed Health Care Cost Trend Rates

The assumed healthcare cost trend rates used to measure the postretirement benefit obligation as of December 31, 2016, are shown below:



	U.S. Plans	Foreign Plans
Initial healthcare cost trend rate	7.0%	5.3%
Ultimate healthcare cost trend rate	4.5%	4.5%
Year ultimate healthcare cost trend rate achieved	2021	2031

Pension Plan Assets By Asset Category and Fair Value Hierarchy

Fair value measurements and the related valuation techniques and fair value hierarchy level for the Company’s pension plan assets measured at fair value on a recurring basis as of December 31, 2016 and 2015, are shown below (in millions):



	December 31, 2016
	Total		Level 1		Level 2		Level 3		Valuation Technique
U.S. Plans:
Equity securities -
Mutual funds	$	137.7	$	137.7	$	—	$	—	Market
Common stock	77.5		51.1		26.4		—		Market
Fixed income -
Mutual funds	86.5		86.5		—		—		Market
Corporate bonds	18.1		—		18.1		—		Market
Government obligations	29.9		—		29.9		—		Market
Preferred stock	1.4		0.9		0.5		—		Market
Cash and short-term investments	8.4		0.9		7.5		—		Market
Assets at fair value	359.5		$	277.1	$	82.4	$	—
Investments measured at net asset value -
Alternative investments	53.1
Assets at fair value	$	412.6
Foreign Plans:
Equity securities -
Equity funds	$	132.6	$	27.0	$	105.6	$	—	Market
Common stock	73.2		73.2		—		—		Market
Fixed income -
Fixed income funds	31.2		31.2		—		—		Market
Corporate bonds	37.1		—		37.1		—		Market
Government obligations	53.8		—		53.8		—		Market
Cash and short-term investments	6.0		3.2		2.8		—		Market
Assets at fair value	333.9		$	134.6	$	199.3	$	—
Investments measured at net asset value -
Alternative investments	33.2
Assets at fair value	$	367.1



	December 31, 2015
	Total		Level 1		Level 2		Level 3		Valuation Technique
U.S. Plans:
Equity securities -
Mutual funds	$	189.7	$	189.7	$	—	$	—	Market
Common stock	112.4		72.5		39.9		—		Market
Fixed income -
Mutual funds	87.8		87.8		—		—		Market
Corporate bonds	22.1		—		22.1		—		Market
Government obligations	18.8		—		18.8		—		Market
Preferred stock	2.2		1.4		0.8		—		Market
Cash and short-term investments	36.1		36.1		—		—		Market
Assets at fair value	469.1		$	387.5	$	81.6	$	—
Investments measured at net asset value -
Alternative investments	53.0
Assets at fair value	$	522.1
Foreign Plans:
Equity securities -
Equity funds	$	129.8	$	28.0	$	101.8	$	—	Market
Common stock	70.2		70.2		—		—		Market
Fixed income -
Fixed income funds	33.1		33.1		—		—		Market
Corporate bonds	40.2		—		40.2		—		Market
Government obligations	55.5		—		55.5		—		Market
Cash	5.4		2.8		2.6		—		Market
Assets at fair value	334.2		$	134.1	$	200.1	$	—
Investments measured at net asset value -
Alternative investments	34.0
Assets at fair value	$	368.2

Expected Benefit Payments

As of December 31, 2016, the Company’s estimate of expected benefit payments, excluding expected settlements relating to its restructuring actions, in each of the five succeeding years and in the aggregate for the five years thereafter are shown below (in millions):



	Pension				Other Postretirement
Year	U.S.		Foreign		U.S.		Foreign
2017	$	25.8	$	22.8	$	4.3	$	1.5
2018	26.4		18.7		4.4		1.4
2019	27.3		19.0		4.5		1.5
2020	28.0		19.7		4.5		1.5
2021	28.7		19.7		4.5		1.6
Five years thereafter	148.4		124.2		21.8		9.5

Detailed information related to these plans is shown below (amounts in millions):

Pension Protection Act

Zone Status

Contributions to Multiemployer Pension Plans

Employer Identification Number

December 31,

2016

Certification

December 31,

2015

Certification

FIP/RP

Pending or

Implemented

Surcharge

Year Ended December 31, 2016

Year Ended December 31, 2015

Year Ended December 31, 2014

516099782-001

Red

Green

Yes

0.6

0.5

0.6

13-6130178

Red

Yes

0.4

0.3