XML 60 R44.htm IDEA: XBRL DOCUMENT v3.6.0.2
Retirement Benefit Plans (Tables) - Pension Plan, Defined Benefit [Member]
 12 Months Ended
Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Changes in Projected Benefit Obligations [Table Text Block] The following tables set forth the change in benefit obligation, change in plan assets, funded status and amounts recognized on the Consolidated Balance Sheets for the defined benefit pension plans as of December 31, 2016 and 2015:
 
U.S. Plans
International Plans
 
2016
2015
2016
2015
Change in benefit obligation:
 
 
 
 
Benefit obligation at beginning of year
$
589.9

$
1,703.9

$
338.1

$
415.7

Service cost
13.1

15.4

1.4

2.2

Interest cost
26.6

45.6

10.5

12.3

Actuarial losses (gains)
45.3

68.8

53.4

(31.6
)
International plan exchange rate change
—

—

(45.0
)
(29.5
)
Curtailment
—

—

(0.1
)
0.5

Benefits paid
(62.5
)
(100.9
)
(44.1
)
(17.6
)
Special termination benefits
—

—

—

0.6

Settlements
—

(1,162.8
)
—

(14.5
)
Acquisitions
—

19.9

—

—

Benefit obligation at end of year
$
612.4

$
589.9

$
314.2

$
338.1
Schedule of Changes in Fair Value of Plan Assets [Table Text Block]
 
U.S. Plans
International Plans
 
2016
2015
2016
2015
Change in plan assets:
 
 
 
 
Fair value of plan assets at beginning of year
$
553.7

$
1,772.4

$
304.6

$
349.4

Actual return on plan assets
33.8

23.0

43.2

4.5

Company contributions / payments
4.6

4.4

10.4

6.4

International plan exchange rate change
—

—

(45.4
)
(23.6
)
Acquisitions
—

17.6

—

—

Settlements
—

(1,162.8
)
—

(14.5
)
Benefits paid
(62.5
)
(100.9
)
(44.1
)
(17.6
)
Fair value of plan assets at end of year
529.6

553.7

268.7

304.6

Funded status at end of year
$
(82.8
)
$
(36.2
)
$
(45.5
)
$
(33.5
)
Net periodic benefit cost for the Company's retirement benefit plans The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31:
 
U.S. Plans
International Plans
 
2016
2015
2014
2016
2015
2014
Components of net periodic benefit cost:
 
 
 
 
 
 
Service cost
$
13.1

$
15.4

$
21.5

$
1.4

$
2.2

$
2.4

Interest cost
26.6

45.6

98.3

10.5

12.3

17.7

Expected return on plan assets
(29.8
)
(62.6
)
(152.0
)
(10.3
)
(16.7
)
(23.7
)
Amortization of prior service cost
1.7

2.8

3.5

0.1

0.1

0.1

Amortization of net actuarial loss
14.5

31.1

55.6

3.4

5.2

5.3

Curtailment
—

—

—

(0.1
)
0.6

—

Settlement
15.8

456.4

32.7

10.8

4.8

0.8

Special termination benefits
—

—

—

—

0.6

—

Less: Discontinued operations
—

—

(8.0
)
—

—

0.4

Net periodic benefit cost
$
41.9

$
488.7

$
51.6

$
15.8

$
9.1

$
3.0
Defined Benefit Plans Amounts recognized on the Consolidated Balance Sheets
Amounts recognized on the Consolidated Balance Sheets:
 
 
 
 
Non-current assets
$
26.4

$
69.0

$
5.7

$
17.3

Current liabilities
(4.3
)
(4.2
)
(1.4
)
(4.9
)
Non-current liabilities
(104.9
)
(101.0
)
(49.8
)
(45.9
)
 
$
(82.8
)
$
(36.2
)
$
(45.5
)
$
(33.5
)
Defined Benefit Plans Amounts recognized in accumulated other comprehensive income
Amounts recognized in accumulated other comprehensive loss:
 
 
 
 
Net actuarial loss
$
198.3

$
187.4

$
87.9

$
93.3

Net prior service cost
7.4

9.1

0.5

0.5

Accumulated other comprehensive loss
$
205.7

$
196.5

$
88.4

$
93.8

Changes in plan assets and benefit obligations recognized in accumulated other comprehensive loss (AOCL):
 
 
 
 
AOCL at beginning of year
$
196.5

$
578.4

$
93.8

$
133.0

Net actuarial loss (gain)
41.2

108.4

20.4

(18.9
)
Recognized net actuarial loss
(14.5
)
(31.1
)
(3.4
)
(5.2
)
Recognized prior service cost
(1.7
)
(2.8
)
(0.1
)
(0.1
)
Loss recognized due to curtailment
—

—

0.1

(0.6
)
Loss recognized due to settlement
(15.8
)
(456.4
)
(10.8
)
(4.8
)
Foreign currency impact
—

—

(11.6
)
(9.6
)
Total recognized in accumulated other comprehensive loss at December 31
$
205.7

$
196.5

$
88.4

$
93.8
Target assets allocation and actual asset allocations for US pension plan assets The Company’s target allocation for pension plan assets, as well as the actual pension plan asset allocations as of December 31, 2016 and 2015, was as follows: 
 
Current Target
Allocation
Percentage of Pension Plan
Assets at December 31,
Asset Category
 
 
 
2016
2015
Equity securities
6%
to
12%
12%
15%
Debt securities
70%
to
90%
78%
63%
Other
7%
to
15%
10%
22%
Total
 
 
 
100%
100%
Fair Value, Assets Measured on Recurring Basis [Table Text Block] The following table presents the fair value hierarchy for those investments of the Company’s pension assets measured at fair value on a recurring basis as of December 31, 2016:
 
U.S. Pension Plans
International Pension Plans
 
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
34.3

$
—

$
—

$
34.3

$
0.8

$
—

$
—

$
0.8

Government and agency securities
44.0

2.6

—

46.6

—

—

—

—

Corporate bonds - investment grade
—

65.7

—

65.7

—

—

—

—

Equity securities - U.S. companies
10.5

—

—

10.5

—

—

—

—

Equity securities - international companies
6.2

—

—

6.2

—

—

—

—

Mutual funds
41.5

—

—

41.5

—

—

—

—

 
$
136.5

$
68.3

$
—

$
204.8

$
0.8

$
—

$
—

$
0.8

 
 
 
 
 
 
 
 
 
Investments measured at net asset value:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
 
$
—

 
 
 
$
3.4

Corporate bonds - investment grade
 
 
 
—

 
 
 
2.7

Equity securities - international companies
 
 
 
—

 
 
 
1.5

Common collective funds - domestic equities
 
 
 
14.0

 
 
 
—

Common collective funds - international equities
 
 
 
14.1

 
 
 
33.4

Common collective funds - fixed income
 
 
 
217.1

 
 
 
74.6

Limited partnerships
 
 
 
39.6

 
 
 
—

Real estate partnerships
 
 
 
22.1

 
 
 
—

Other assets
 
 
 
—

 
 
 
152.3

Risk parity
 
 
 
17.9

 
 
 
—

  Total Assets

 
 
$
529.6

 
 
 
$
268.7


The following table presents the fair value hierarchy for those investments of the Company’s pension assets measured at fair value on a recurring basis as of December 31, 2015:
 
U.S. Pension Plans
International Pension Plans
 
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
23.9

$
—

$
—

$
23.9

$
12.8

$
—

$
—

$
12.8

Government and agency securities
33.0

2.2

—

35.2

—

—

—

—

Corporate bonds - investment grade
—

56.0

—

56.0

—

—

—

—

Equity securities - U.S. companies
9.7

—

—

9.7

—

—

—

—

Equity securities - international companies
6.1

—

—

6.1

—

—

—

—

 
$
72.7

$
58.2

$
—

$
130.9

$
12.8

$
—

$
—

$
12.8

 
 
 
 
 
 
 
 
 
Investments measured at net asset value:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
 
$
41.8

 
 
 
$
18.2

Corporate bonds - investment grade
 
 
 
—

 
 
 
3.0

Equity securities - U.S. companies
 
 
 
0.1

 
 
 
—

Equity securities - international companies
 
 
 
—

 
 
 
0.9

Common collective funds - domestic equities
 
 
 
13.0

 
 
 
—

Common collective funds - international equities
 
 
 
14.2

 
 
 
81.4

Common collective funds - fixed income
 
 
 
173.6

 
 
 
85.0

Limited partnerships
 
 
 
52.8

 
 
 
—

Real estate partnerships
 
 
 
99.7

 
 
 
—

Other assets
 
 
 
—

 
 
 
103.3

Risk parity
 
 
 
27.6

 
 
 
—

  Total Assets
 
 
 
$
553.7

 
 
 
$
304.6
Employer contributions to defined benefit plans
Employer Contributions to Defined Benefit Plans
 
2015
$
10.8

2016
14.8

2017 (planned)
10.0
Future pension benefit payments Future benefit payments, including lump sum distributions, are expected to be as follows:
Benefit Payments
 
2017
$
58.0

2018
62.9

2019
78.8

2020
58.2

2021
69.5

2022-2026
290.9
Schedule of Assumptions Used [Table Text Block]
Assumptions
2016
2015
2014
U.S. Plans:
 
 
 
Discount rate
4.50% to 4.70%
3.98% to 4.64%

4.68% / 5.02%

Future compensation assumption
2.50% to 3.00%
2.00% to 3.00%

2.00% to 3.00%

Expected long-term return on plan assets
5.75% to 6.75%
6.00
%
7.25
%
International Plans:
 
 
 
Discount rate
2.00% to 8.50%
1.50% to 8.75%

3.25% to 9.75%

Future compensation assumption
2.20% to 8.00%
2.20% to 8.00%

2.30% to 8.00%

Expected long-term return on plan assets
0.82% to 9.25%
2.25% to 9.25%

3.00% to 8.50%

The following table summarizes assumptions used to measure the benefit obligation for the defined benefit pension plans at December 31:
Assumptions
2016
2015
U.S. Plans:
 
 
Discount rate
4.34% to 4.50%
4.50% to 4.70%
Future compensation assumption
2.00% to 3.00%
2.00% to 3.00%
International Plans:
 
 
Discount rate
1.25% to 9.00%
1.50% to 8.75%
Future compensation assumption
2.00% to 8.00%
2.20% to 8.00%