Retirement and Other Benefit Programs (Tables)

6 Months Ended

Jun. 30, 2016

Retirement and Other Benefit Programs

Reconciliation Of Pension And Opeb Plan Obligations Assets And Funded Status

	U.S. Pension	International pension	OPEB
(in millions)
Projected Benefit Obligation and Plan Assets Assumed
Projected benefit obligation	441.6	503.8	23.5
Plan assets	218.0	140.5	-
Funded status as of June 3, 2016	(223.6)	(363.3)	(23.5)
Amounts Recognized in the Consolidated Balance Sheet
Other current liabilities	(0.2)	(3.1)	0.0
Other non-current liabilities	(223.4)	(360.2)	(23.5)
Net liability recognized as of June 3, 2016	(223.6)	(363.3)	(23.5)

Information Relating to Individual Plans in Funded Status that have ABO in Excess of Plan Assets

	June 3, 2016
	$'M
U.S.
ABO	369.2
Fair value of plan assets	218.0
International
ABO	364.9
Fair value of plan assets	118.2

Expected Net Pension and OPEB Plan Payments for Next 10 Years

	U.S. Pension	International pension	OPEB
	$'M	$'M	$'M
2016 (after June 3, 2016)	0.9	7.3	-
2017	3.6	14.7	0.2
2018	5.4	14.6	0.3
2019	7.3	16.2	0.4
2020	9.3	16.7	0.5
2021 through 2025	75.6	104.8	3.5
Total expected benefit payments for next 10 years	102.1	174.3	4.9

Net Periodic Benefit Cost

	3 and 6 Months Ended June 30, 2016
	U.S. Pension	International pension	OPEB
	$'M	$'M	$'M
Net periodic benefit cost
Service cost	1.9	2.6	0.1
Interest cost	1.6	0.4	0.1
Expected return on plan assets	(1.3)	(0.5)	-
Net periodic benefit cost	2.2	2.5	0.2

Weighted Average Assumptions, Net Benefit Plan Obligations and Future Net Period Benefit Cost

	U.S. Pension	International pension	OPEB
Discount rate	4.1%	1.0%	4.2%
Rate of compensation increase	3.8%	3.2%	n/a
Annual rate of increase in the per-capita cost	n/a	n/a	6.5%
Rate decreased to	n/a	n/a	5.0%
by the year ended	n/a	n/a	2022

Fair Value Of Pension Plan Assets And Liabilities

		Basis of fair value measurement
	Balance at June 3, 2016	Quoted prices in active markets for identical assets (Level 1)	Significant other observable inputs (Level 2)	Significant unobservable inputs (Level 3)
	$'M	$'M	$'M	$'M
Assets
Fixed income
Cash equivalents	4.4	-	4.4	-
Common/collective trust funds	53.4	-	53.4	-
Equity
Common/collective trust funds	149.5	-	149.5	-
Hedge funds	10.7	-	10.7	-
Fair value of pension plan assets	218.0	-	218.0	-

		Basis of fair value measurement
(in millions)	Balance at June 3, 2016	Quoted prices in active markets for identical assets (Level 1)	Significant other observable inputs (Level 2)	Significant unobservable inputs (Level 3)
Assets
Fixed income
Cash and cash equivalents	9.7	9.7	-	-
Government agency issues	1.5	1.5	-	-
Corporate bonds	30.1	30.1	-	-
Mutual funds	40.5	40.5	-	-
Equity
Common stock:
Large cap	15.7	15.7	-	-
Mid cap	1.6	1.6	-	-
Total common stock	17.3	17.3	-	-
Mutual funds	21.5	21.5	-	-
Real estate funds	10.2	8.4	1.8	-
Other holdings	9.7	0.1	9.6	-
Fair value of pension plan assets	140.5	129.1	11.4	-

Investment category	Valuation methodology
Cash and cash equivalents	These largely consist of a short-term investment fund, U.S. dollars and foreign currency. The fair value of the short-term investment fund is based on the net asset value
Government agency issues	Values are based on quoted prices in an active market
Corporate bonds	Values are based on the valuation date in an active market
Common stock	Values are based on the closing prices on the valuation date in an active market on national and international stock exchanges
Mutual funds	Values are based on the net asset value of the units held in the respective fund which are obtained from national and international exchanges
Common/collective trust funds and hedge funds	Values are based on the net asset value of the units held at year end
Real estate funds	The value of these assets are either determined by the net asset value of the units held in the respective fund which are obtained from national and international exchanges or based on the net asset value of the underlying assets of the fund provided by the fund manager
Other holdings	The value of these assets vary by investment type and are primarily based on reputable pricing vendors that typically use pricing matrices or models

Funded Status Percentage Of Companys Pension Plans

	United States		International
(in millions, except percentages)	Qualified plans	Nonqualified plans	Funded plans	Unfunded plans	Total
Fair value of plan assets	218.0	n/a	140.5	n/a	358.5
PBO	410.9	30.7	324.0	179.8	945.4
Funded status percentage	53%	n/a	43%	n/a	38%