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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2017
Employee Benefit Plans  
Schedule of the fair value of plan assets by asset class
Foreign Pension Plans
 
Actual
Allocations
 
Mid-point of Target
Allocation Range
 
2017
 
2016
 
2017
Global equity common trust funds
17
%
 
16
%
 
14
%
Global equities
—
%
 
8
%
 
—
%
Fixed income common trust funds
46
%
 
30
%
 
39
%
Commingled global fund allocation
34
%
 
20
%
 
36
%
Non-U.S. Government securities
—
%
 
24
%
 
7
%
Short-term investments (1)
3
%
 
2
%
 
4
%
Total
100
%
 
100
%
 
100
%
___________________________________________________________________
(1) 
Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.
Actual asset allocation percentages of each class of our domestic and foreign pension plan assets as of December 31, 2017 and 2016, along with the targeted asset investment allocation percentages, each of which is based on the midpoint of an allocation range, were as follows:
Domestic Pension Plans
 
Actual
Allocations
 
Mid-point of Target
Allocation Range
 
2017
 
2016
 
2017
Fixed income common trust funds
70
%
 
44
%
 
65
%
Commingled global fund allocation
12
%
 
19
%
 
18
%
Corporate bonds
1
%
 
11
%
 
—
%
Global equity common trust funds
7
%
 
12
%
 
5
%
U.S. Government securities
9
%
 
12
%
 
10
%
Short-term investments (1)
1
%
 
2
%
 
2
%
Total
100
%
 
100
%
 
100
%
___________________________________________________________________

(1) 
Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.
Schedule of net periodic benefit (income) expense
Net periodic pension benefit expense (income) for our domestic and foreign pension plans included the following components:
Domestic Pension Plans
 
Year ended December 31,
 
2017
 
2016
 
2015
Service cost
$
0.3

 
$
0.4

 
$
2.5

Interest cost
13.4

 
13.9

 
16.5

Expected return on plan assets
(10.1
)
 
(12.9
)
 
(18.0
)
Amortization of unrecognized prior service credits
(0.1
)
 
(0.2
)
 
(0.1
)
Recognized net actuarial losses (1)
3.9

 
3.2

 
18.9

Total net periodic pension benefit expense
$
7.4

 
$
4.4

 
$
19.8

___________________________________________________________________
(1) 
Consists primarily of our reported actuarial (gains) losses, the difference between actual and expected returns on plan assets, settlement gains (losses), and curtailment gains. The actuarial losses for 2016 included $1.8 related to the lump-sum payment actions that took place during the second quarter of the year. The actuarial losses for 2015 included a charge of $11.4 and a curtailment gain of $5.1 related to the freeze of all benefits for non-union participants of the U.S. Plan and the SIARP during the third quarter of the year.
Foreign Pension Plans
 
Year ended December 31,
 
2017
 
2016
 
2015
Service cost
$
—

 
$
—

 
$
1.3

Interest cost
4.9

 
5.6

 
7.7

Expected return on plan assets
(6.4
)
 
(6.6
)
 
(9.7
)
Recognized net actuarial losses (1)
3.1

 
8.2

 
3.8

Total net periodic pension benefit expense
1.6

 
7.2

 
3.1

Less: Net periodic pension expense of discontinued operations
—

 
(0.2
)
 
(2.2
)
Net periodic pension benefit expense of continuing operations
$
1.6

 
$
7.0

 
$
0.9

___________________________________________________________________
(1) 
Consists of our reported actuarial losses and the difference between actual and expected returns on plan assets.
Pension plans  
Employee Benefit Plans  
Schedule of the fair value of plan assets by asset class
The fair values of pension plan assets at December 31, 2017, by asset class, were as follows:
 
Total
 
Quoted Prices in Active
Markets for Identical
Assets
(Level 1)
 
Significant
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Asset class:
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
Fixed income common trust funds (1) (2)
$
270.2

 
$
—

 
$
270.2

 
$
—

Corporate bonds
1.6

 
—

 
1.6

 
—

Non-U.S. Government securities
—

 
—

 
—

 
—

U.S. Government securities
25.2

 
—

 
25.2

 
—

Equity securities:
 
 
 
 
 
 
 
Global equity common trust funds (1) (3)
50.6

 
—

 
50.6

 
—

Global equities:
—

 
—

 
—

 
—

Alternative investments:
 
 
 
 
 
 
 
Commingled global fund allocations (1) (4)
95.1

 
—

 
95.1

 
—

Other:
 
 
 
 
 
 
 
Short-term investments (5)
9.4

 
9.4

 
—

 
—

Other
1.0

 
—

 
—

 
1.0

Total
$
453.1

 
$
9.4

 
$
442.7

 
$
1.0

The fair values of pension plan assets at December 31, 2016, by asset class, were as follows:
 
Total
 
Quoted Prices in Active
Markets for Identical
Assets (Level 1)
 
Significant
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Asset class:
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
Fixed income common trust funds (1) (2)
$
163.1

 
$
—

 
$
163.1

 
$
—

Corporate bonds
29.1

 
—

 
29.1

 
—

Non-U.S. Government securities
39.0

 
—

 
39.0

 
—

U.S. Government securities
31.1

 
—

 
31.1

 
—

Equity securities:
 
 
 
 
 
 
 
Global equity common trust funds (1) (3)
57.6

 
—

 
57.6

 
—

Global equities:
13.2

 
—

 
13.2

 
—

Alternative investments:
 
 
 
 


 


Commingled global fund allocations (1) (4)
80.6

 
—

 
80.6

 
—

Other:
 
 
 
 


 


Short-term investments (5)
10.5

 
10.5

 
—

 
—

Other
1.0

 
—

 
—

 
1.0

Total
$
425.2

 
$
10.5

 
$
413.7

 
$
1.0

(1) 
Common/commingled trust funds are similar to mutual funds, with a daily net asset value per share measured by the fund sponsor and used as the basis for current transactions. These investments, however, are not registered with the U.S. Securities and Exchange Commission and participation is not open to the public. The funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.
(2) 
This class represents investments in actively managed common trust funds that invest in a variety of fixed income investments, which may include corporate bonds, both U.S. and non-U.S. municipal securities, interest rate swaps, options and futures.
(3) 
This class represents investments in actively managed common trust funds that invest primarily in equity securities, which may include common stocks, options and futures.
(4) 
This class represents investments in actively managed common trust funds with investments in both equity and debt securities. The investments may include common stock, corporate bonds, U.S. and non-U.S. municipal securities, interest rate swaps, options and futures.
(5) 
Short-term investments are valued at $1.00/unit, which approximates fair value. Amounts are generally invested in actively managed common trust funds or interest-bearing accounts.
Schedule of changes in the fair value of Level 3 assets
The following table summarizes changes in the fair value of Level 3 assets for the years ended December 31, 2017 and 2016:
 
Global
Equity
Common
Trust
Funds
 
Commingled
Global Fund
Allocations
 
Fixed Income
Common Trust Funds
 
Other
 
Total
Balance at December 31, 2015
$
—

 
$
—

 
$
—

 
$
1.0

 
$
1.0

Transfer from Level 3 to Level 2 assets
—

 
—

 
—

 
—

 
—

Sales
—

 
—

 
—

 
—

 
—

Balance at December 31, 2016
—

 
—

 
—

 
1.0

 
1.0

Transfer from Level 3 to Level 2 assets
—

 
—

 
—

 
—

 
—

Sales
—

 
—

 
—

 
—

 
—

Balance at December 31, 2017
$
—

 
$
—

 
$
—

 
$
1.0

 
$
1.0
Schedule of estimated minimum benefit payments
Following is a summary, as of December 31, 2017, of the estimated future benefit payments for our pension plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. Benefit payments are paid from plan assets or directly by us for our non-funded plans. The expected benefit payments are estimated based on the same assumptions used at December 31, 2017 to measure our obligations and include benefits attributable to estimated future employee service.
Estimated future benefit payments:
(Domestic and foreign pension plans)

 
Domestic
Pension
Benefits
 
Foreign
Pension
Benefits
2018
$
24.8

 
$
4.7

2019
22.6

 
5.5

2020
23.1

 
5.3

2021
23.3

 
5.5

2022
23.9

 
6.4

Subsequent five years
115.1

 
36.1
Schedule of funded status of the pension plans and amounts recognized in consolidated balance sheets
The following tables show the domestic and foreign pension plans’ funded status and amounts recognized in our consolidated balance sheets:
 
Domestic Pension
Plans
 
Foreign Pension
Plans
 
2017
 
2016
 
2017
 
2016
Change in projected benefit obligation:
 
 
 
 
 
 
 
Projected benefit obligation — beginning of year
$
348.1

 
$
371.1

 
$
157.6

 
$
155.7

Divestiture of Balcke Dürr (1)
—


—


—


(6.7
)
Service cost
0.3

 
0.4

 
—

 
—

Interest cost
13.4

 
13.9

 
4.9

 
5.6

Actuarial losses
16.5

 
9.5

 
6.7

 
27.4

  Settlements (2)
—

 
(36.4
)
 
—

 
—

Curtailment losses
0.9

 
—

 
—

 
—

Benefits paid
(22.1
)
 
(10.4
)
 
(8.1
)
 
(6.4
)
Foreign exchange and other
—

 
—

 
14.1

 
(18.0
)
Projected benefit obligation — end of year
$
357.1

 
$
348.1

 
$
175.2

 
$
157.6

___________________________________________________________________
(1) 
Represents the transfer of Balcke Dürr’s pension liabilities as a result of the sale.
(2) 
Amount in 2016 includes settlement payments of $27.9 in connection with lump-sum payment actions for the U.S. Plan and the SIARP.
 
Domestic Pension
Plans
 
Foreign Pension
Plans
 
2017
 
2016
 
2017
 
2016
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets — beginning of year
$
261.9

 
$
279.2

 
$
163.3

 
$
163.5

Actual return on plan assets
23.6

 
19.5

 
10.6

 
25.6

Contributions (employer and employee)
6.3

 
10.0

 
3.4

 
0.5

Settlements
—

 
(36.4
)
 
—

 
—

Benefits paid
(22.1
)
 
(10.4
)
 
(8.7
)
 
(6.1
)
Foreign exchange and other
—

 
—

 
14.8

 
(20.2
)
Fair value of plan assets — end of year
$
269.7

 
$
261.9

 
$
183.4

 
$
163.3

Funded status at year-end
(87.4
)
 
(86.2
)
 
8.2

 
5.7

Amounts recognized in the consolidated balance sheets consist of:
 
 
 
 
 
 
 
Other assets
$
—

 
$
—

 
$
8.4

 
$
6.3

Accrued expenses
(5.9
)
 
(5.9
)
 
—

 
—

Other long-term liabilities
(81.5
)
 
(80.3
)
 
(0.2
)
 
(0.6
)
Net amount recognized
$
(87.4
)
 
$
(86.2
)
 
$
8.2

 
$
5.7

Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits
$
(0.6
)
 
$
(0.7
)
 
$
—

 
$
—
Schedule of accumulated benefit obligations in excess of the fair value of plan assets
The following is information about our pension plans that had accumulated benefit obligations in excess of the fair value of their plan assets at December 31, 2017 and 2016:
 
Domestic Pension
Plans
 
Foreign Pension
Plans
 
2017
 
2016
 
2017
 
2016
Projected benefit obligation
$
357.1

 
$
348.1

 
$
0.2

 
$
43.8

Accumulated benefit obligation
357.1

 
347.9

 
0.2

 
43.8

Fair value of plan assets
269.7

 
261.9

 
—

 
43.2
Schedule of actuarial assumptions used in accounting for pension plans
Actuarial assumptions used in accounting for our domestic and foreign pension plans were as follows:
 
Year ended December 31,
 
2017
 
2016
 
2015
Domestic Pension Plans
 
 
 
 
 
Weighted-average actuarial assumptions used in determining net periodic pension expense:
 
 
 
 
 
Discount rate
3.98
%
 
4.06
%
 
4.09
%
Rate of increase in compensation levels
3.75
%
 
3.75
%
 
3.75
%
Expected long-term rate of return on assets
4.00
%
 
5.00
%
 
5.75
%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
 
 
 
 
 
Discount rate
3.57
%
 
3.98
%
 
4.24
%
Rate of increase in compensation levels
3.75
%
 
3.75
%
 
3.75
%
Foreign Pension Plans
 
 
 
 
 
Weighted-average actuarial assumptions used in determining net periodic pension expense:
 
 
 
 
 
Discount rate
2.97
%
 
3.82
%
 
3.68
%
Rate of increase in compensation levels
N/A

 
N/A

 
4.00
%
Expected long-term rate of return on assets
4.09
%
 
4.57
%
 
5.81
%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
 
 
 
 
 
Discount rate
2.76
%
 
2.97
%
 
3.82
%
Rate of increase in compensation levels
N/A

 
N/A

 
4.00
%
Postretirement Plans  
Employee Benefit Plans  
Schedule of funded status of the pension plans and amounts recognized in consolidated balance sheets
The following tables show the postretirement plans’ funded status and amounts recognized in our consolidated balance sheets:
 
Postretirement
Benefits
 
2017
 
2016
Change in accumulated postretirement benefit obligation:
 
 
 
Accumulated postretirement benefit obligation — beginning of year
$
115.3

 
$
120.8

Interest cost
3.5

 
4.2

Actuarial (gains) losses
(5.4
)
 
0.6

Benefits paid
(9.0
)
 
(10.3
)
Plan amendment
(26.8
)
 
—

Accumulated postretirement benefit obligation — end of year
$
77.6

 
$
115.3

Funded status at year-end
$
(77.6
)
 
$
(115.3
)
Amounts recognized in the consolidated balance sheets consist of:
 
 
 
Accrued expenses
$
(8.7
)
 
$
(11.7
)
Other long-term liabilities
(68.9
)
 
(103.6
)
Net amount recognized
$
(77.6
)
 
$
(115.3
)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits
$
(31.0
)
 
$
(5.9
)
Schedule of net periodic benefit (income) expense
The net periodic postretirement benefit expense (income) included the following components:
 
Year ended December 31,
 
2017
 
2016
 
2015
Service cost
$
—

 
$
—

 
$
0.1

Interest cost
3.5

 
4.2

 
4.4

Amortization of unrecognized prior service credits
(1.7
)
 
(0.8
)
 
(0.8
)
Plan amendment
(2.6
)
 
—

 
(1.8
)
Recognized net actuarial (gains) losses
(2.8
)
 
0.6

 
(4.0
)
Net periodic postretirement benefit expense (income)
$
(3.6
)
 
$
4.0

 
$
(2.1
)
Schedule of estimated future benefit payments and expected federal subsidies
Following is a summary, as of December 31, 2017, of the estimated future benefit payments for our postretirement plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. The expected benefit payments are estimated based on the same assumptions used at December 31, 2017 to measure our obligations and include benefits attributable to estimated future employee service.
 
Postretirement Payments
2018
$
8.9

2019
8.2

2020
7.5

2021
6.9

2022
6.3

Subsequent five years
23.9
Schedule of actuarial assumptions used in accounting for plans
Actuarial assumptions used in accounting for our domestic postretirement plans were as follows:
 
Year ended December 31,
 
2017
 
2016
 
2015
Assumed health care cost trend rates:
 
 
 
 
 
Health care cost trend rate for next year
7.25
%
 
7.50
%
 
6.60
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
5.00
%
 
5.00
%
 
5.00
%
Year that the rate reaches the ultimate trend rate
2027

 
2027

 
2024

Discount rate used in determining net periodic postretirement benefit expense
3.60
%
 
3.88
%
 
3.53
%
Discount rate used in determining year-end postretirement benefit obligation
3.34
%
 
3.69
%
 
3.88
%