XML 56 R39.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract] |
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit cost and other amounts recognized in OCI were as follows:
| Pension benefits |  | Other retirement benefits
($ in millions) | 2016 |  | 2015 |  | 2014 |  |  | 2016 |  | 2015 |  | 2014 |
Net periodic benefit cost: |  |  |  |  |  |  |
Service cost | $ | 10.2 |  | $ | 10.6 |  | $ | 9.8 |  |  | $ | 0.5 |  | $ | 0.5 |  | $ | 0.4 |
Interest cost | 10.5 |  | 13.8 |  | 17.1 |  |  | 0.5 |  | 0.4 |  | 0.4 |
Expected return on assets | (12.6 | ) | (19.5 | ) | (19.3 | ) |  | — |  | — |  | — |
Amortization of prior service credit | (1.4 | ) | (1.3 | ) | (1.3 | ) |  | — |  | — |  | — |
Amortization of transition obligation | 0.1 |  | 0.1 |  | 0.1 |  |  | — |  | — |  | — |
Amortization of actuarial loss (gain) | 4.8 |  | 5.9 |  | 4.7 |  |  | (1.4 | ) | (1.4 | ) | (1.6 | )
Curtailment | (2.1 | ) | — |  | — |  |  | — |  | — |  | — |
Settlement effects | — |  | 50.4 |  | — |  |  | — |  | — |  | — |
Net periodic benefit cost | $ | 9.5 |  | $ | 60.0 |  | $ | 11.1 |  |  | $ | (0.4 | ) | $ | (0.5 | ) | $ | (0.8 | )
Other changes in plan assets and benefit obligations recognized in OCI, pre-tax: |  |  |  |  |  |  |
Net loss (gain) arising during period | $ | 19.2 |  | $ | 17.7 |  | $ | 31.5 |  |  | $ | (0.1 | ) | $ | (0.8 | ) | $ | 0.1 |
Prior service credit arising during period | — |  | (0.7 | ) | — |  |  | (3.0 | ) | — |  | — |
Amortization of prior service credit | 1.4 |  | 1.3 |  | 1.3 |  |  | — |  | — |  | — |
Amortization of transition obligation | (0.1 | ) | (0.1 | ) | (0.1 | ) |  | — |  | — |  | — |
Amortization of actuarial (loss) gain | (4.8 | ) | (5.9 | ) | (4.7 | ) |  | 1.4 |  | 1.4 |  | 1.6 |
Curtailment | (3.1 | ) | — |  | — |  |  | — |  | — |  | — |
Settlement effects | — |  | (50.4 | ) | — |  |  | — |  | — |  | — |
Foreign currency translation | (3.2 | ) | (1.6 | ) | (2.1 | ) |  | — |  | — |  | — |
Total recognized in OCI | $ | 9.4 |  | $ | (39.7 | ) | $ | 25.9 |  |  | $ | (1.7 | ) | $ | 0.6 |  | $ | 1.7 |
Total recognized in net periodic benefit cost and OCI | $ | 18.9 |  | $ | 20.3 |  | $ | 37.0 |  |  | $ | (2.1 | ) | $ | 0.1 |  | $ | 0.9 |
Net periodic benefit cost by geographic location is as follows:
| Pension benefits |  | Other retirement benefits
| 2016 |  | 2015 |  | 2014 |  |  | 2016 |  | 2015 |  | 2014 |
U.S. plans | $ | 7.1 |  | $ | 57.4 |  | $ | 8.1 |  |  | $ | (0.4 | ) | $ | (0.5 | ) | $ | (0.8 | )
International plans | 2.4 |  | 2.6 |  | 3.0 |  |  | — |  | — |  | — |
Net periodic benefit cost | $ | 9.5 |  | $ | 60.0 |  | $ | 11.1 |  |  | $ | (0.4 | ) | $ | (0.5 | ) | $ | (0.8 | )
Schedule of Changes in Projected Benefit Obligation, Fair Value of Plan Assets and Funded Status | The following table presents the changes in the benefit obligation and the fair value of plan assets, as well as the funded status of the plans:
| Pension benefits |  | Other retirement benefits
($ in millions) | 2016 |  | 2015 |  |  | 2016 |  | 2015 |
Change in benefit obligation: |  |  |  |  |
Benefit obligation, January 1 | $ | (246.3 | ) | $ | (398.5 | ) |  | $ | (10.2 | ) | $ | (10.1 | )
Service cost | (10.2 | ) | (10.6 | ) |  | (0.5 | ) | (0.5 | )
Interest cost | (10.5 | ) | (13.8 | ) |  | (0.5 | ) | (0.4 | )
Participants' contributions | (0.6 | ) | (0.6 | ) |  | (0.5 | ) | (0.6 | )
Actuarial (loss) gain | (23.4 | ) | 7.8 |  |  | 0.1 |  | 0.8 |
Amendments/transfers in | — |  | 0.8 |  |  | 3.0 |  | — |
Benefits/expenses paid | 16.2 |  | 14.6 |  |  | 0.6 |  | 0.6 |
Curtailment | 5.2 |  | — |  |  | — |  | — |
Settlement | — |  | 149.7 |  |  | — |  | — |
Foreign currency translation | 7.4 |  | 4.3 |  |  | — |  | — |
Benefit obligation, December 31 | $ | (262.2 | ) | $ | (246.3 | ) |  | $ | (8.0 | ) | $ | (10.2 | )
Change in plan assets: |  |  |  |  |
Fair value of assets, January 1 | $ | 188.9 |  | $ | 322.3 |  |  | $ | — |  | $ | — |
Actual return on assets | 16.8 |  | (6.0 | ) |  | — |  | — |
Employer contribution | 6.8 |  | 38.0 |  |  | 0.1 |  | — |
Participants' contributions | 0.6 |  | 0.6 |  |  | 0.5 |  | 0.6 |
Benefits/expenses paid | (16.2 | ) | (14.6 | ) |  | (0.6 | ) | (0.6 | )
Settlement | — |  | (149.7 | ) |  | — |  | — |
Foreign currency translation | (4.5 | ) | (1.7 | ) |  | — |  | — |
Fair value of assets, December 31 | $ | 192.4 |  | $ | 188.9 |  |  | $ | — |  | $ | — |
Funded status at end of year | $ | (69.8 | ) | $ | (57.4 | ) |  | $ | (8.0 | ) | $ | (10.2 | )
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the balance sheet were as follows:
| Pension benefits | Other retirement benefits
($ in millions) | 2016 |  | 2015 |  | 2016 |  | 2015 |
Current liabilities | $ | (1.5 | ) | $ | (5.0 | ) | $ | (0.7 | ) | $ | (0.6 | )
Noncurrent liabilities | (68.3 | ) | (52.4 | ) | (7.3 | ) | (9.6 | )
| $ | (69.8 | ) | $ | (57.4 | ) | $ | (8.0 | ) | $ | (10.2 | )
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The amounts in accumulated other comprehensive loss, pre-tax, consisted of:
| Pension benefits | Other retirement benefits
($ in millions) | 2016 |  | 2015 |  | 2016 |  | 2015 |
Net actuarial loss (gain) | $ | 86.0 |  | $ | 79.9 |  | $ | (11.9 | ) | $ | (13.2 | )
Transition obligation | — |  | 0.1 |  | — |  | — |
Prior service credit | (2.3 | ) | (5.7 | ) | (3.0 | ) | — |
Total | $ | 83.7 |  | $ | 74.3 |  | $ | (14.9 | ) | $ | (13.2 | )
Schedule of Expected Benefit Payments | Benefit payments expected to be paid under our defined benefit pension and other retirement benefit plans in the next ten years are as follows:
($ in millions) | Domestic | International | Total
2017 | $ | 12.5 |  | $ | 1.5 |  | $ | 14.0 |
2018 | 13.4 |  | 1.7 |  | 15.1 |
2019 | 14.3 |  | 2.1 |  | 16.4 |
2020 | 15.3 |  | 2.7 |  | 18.0 |
2021 | 15.0 |  | 2.4 |  | 17.4 |
2022 to 2026 | 73.6 |  | 14.9 |  | 88.5 |
| $ | 144.1 |  | $ | 25.3 |  | $ | 169.4 |
Schedule of Assumptions Used | Weighted average assumptions used to determine net periodic benefit cost were as follows:
| Pension benefits |  | Other retirement benefits
| 2016 |  | 2015 |  | 2014 |  |  | 2016 |  | 2015 |  | 2014 |
Discount rate | 3.99 | % | 4.08 | % | 4.50 | % |  | 4.30 | % | 3.90 | % | 4.55 | %
Rate of compensation increase | 4.04 | % | 4.07 | % | 4.29 | % |  | — |  | — |  | — |
Long-term rate of return on assets | 6.95 | % | 6.84 | % | 7.01 | % |  | — |  | — |  | — |
Weighted average assumptions used to determine the benefit obligations were as follows:
| Pension benefits |  | Other retirement benefits
| 2016 |  | 2015 |  |  | 2016 |  | 2015 |
Discount rate | 3.68 | % | 4.22 | % |  | 3.90 | % | 4.30 | %
Rate of compensation increase | 4.04 | % | 4.07 | % |  | — |  | — |
Schedule of Allocation of Plan Assets | The following tables present the fair value of our pension plan assets, utilizing the fair value hierarchy discussed in Note 10, Fair Value Measurements:
| Balance at |
| December 31, | Basis of Fair Value Measurements
($ in millions) | 2016 | Level 1 | Level 2 | Level 3
Cash | $ | 10.0 |  | $ | 10.0 |  | $ | — |  | $ | — |
Equity securities: |  |  |  |
Indexed mutual funds | 8.9 |  | 8.9 |  | — |  | — |
International mutual funds | 3.0 |  | 3.0 |  | — |  | — |
Fixed income securities: |  |  |  |
Mutual funds | 9.2 |  | 9.2 |  | — |  | — |
Insurance contract | 0.5 |  | — |  | 0.5 |  | — |
Balanced mutual fund | 6.3 |  | 6.3 |  | — |  | — |
Pension plan assets in the fair value hierarchy | $ | 37.9 |  | $ | 37.4 |  | $ | 0.5 |  | $ | — |
Pension plan assets measured at NAV | 154.5 |  |  |  |
Pension plan assets at fair value | $ | 192.4 |  |  |  |  |  |  |
In accordance with U.S. GAAP, certain pension plan assets measured at NAV have not been classified in the fair value hierarchy.
| Balance at |
| December 31, | Basis of Fair Value Measurements
($ in millions) | 2015 | Level 1 | Level 2 | Level 3
Cash | $ | 0.6 |  | $ | 0.6 |  | $ | — |  | $ | — |
Equity securities: |  |  |  |
Indexed mutual funds | 79.2 |  | 79.2 |  | — |  | — |
International mutual funds | 37.7 |  | 37.7 |  | — |  | — |
Fixed income securities: |  |  |  |
Mutual funds | 63.0 |  | 63.0 |  | — |  | — |
Insurance contract | 0.6 |  | — |  | 0.6 |  | — |
Balanced mutual fund | 7.8 |  | 7.8 |  | — |  | — |
Pension plan assets at fair value | $ | 188.9 |  | $ | 188.3 |  | $ | 0.6 |  | $ | — |
The weighted average asset allocations by asset category for our pension plans, at December 31, were as follows:
| 2016 |  | 2015 |
Equity securities | 60 | % | 62 | %
Debt securities | 30 | % | 35 | %
Other | 10 | % | 3 | %
| 100 | % | 100 | %
The following are the U.S. target asset allocations and acceptable allocation ranges:
| Target allocation | Allocation range
Equity securities | 65% | 60% - 70%
Debt securities | 35% | 30% - 40%
Other | —% | 0% - 5%

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Changes in Fair Value of Plan Assets, Projected Benefit Obligations and Net Funded Status [Table Text Block] + References No definition available. + Details
Name: | wst_ScheduleOfChangesInFairValueOfPlanAssetsProjectedBenefitObligationsAndNetFundedStatusTableTextBlock
Namespace Prefix: | wst_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration