XML 76 R50.htm IDEA: XBRL DOCUMENT
v3.19.1

Pension Plans and Other Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Schedule Of Defined Benefit Plans Disclosures | The year-end status of the North American pension plans was as follows:
| Pension Plans
| Years Ended December 31,
(in millions) | 2018 |  | 2017
Change in projected benefit obligation: |  |  |
Benefit obligation at beginning of period | $ | 766.1 |  |  | $ | 713.5 |
Service cost | 6.2 |  |  | 5.9 |
Interest cost | 24.0 |  |  | 24.3 |
Actuarial (gain) loss | (48.3 | ) |  | 44.2 |
Currency fluctuations | (28.0 | ) |  | 24.0 |
Benefits paid | (46.4 | ) |  | (45.8 | )
Projected benefit obligation at end of period | $ | 673.6 |  |  | $ | 766.1 |
Change in plan assets: |  |  |
Fair value at beginning of period | $ | 793.2 |  |  | $ | 715.6 |
Currency fluctuations | (30.7 | ) |  | 25.9 |
Actual return | (22.0 | ) |  | 85.8 |
Company contribution | 7.1 |  |  | 11.7 |
Benefits paid | (46.4 | ) |  | (45.8 | )
Fair value at end of period | $ | 701.2 |  |  | $ | 793.2 |
Funded status of the plans as of the end of period | $ | 27.6 |  |  | $ | 27.1 |
Amounts recognized in the consolidated balance sheets: |  |  |
Noncurrent assets | $ | 40.5 |  |  | $ | 41.1 |
Current liabilities | (0.7 | ) |  | (0.8 | )
Noncurrent liabilities | (12.2 | ) |  | (13.2 | )
Amounts recognized in accumulated other comprehensive (income) loss |  |  |
Prior service costs | $ | 16.9 |  |  | $ | 20.8 |
Actuarial loss | 107.7 |  |  | 109.8 |
Schedule Of Net Benefit Costs | The components of net annual periodic benefit costs and other amounts recognized in other comprehensive income include the following components:
|  | Pension Plans
(in millions) |  | Years Ended December 31,
|  | 2018 |  | 2017 |  | 2016
Net Periodic Benefit Cost |  |  |  |  |  |
Service cost |  | $ | 6.2 |  |  | $ | 5.9 |  |  | $ | 5.8 |
Interest cost |  | 24.0 |  |  | 24.3 |  |  | 25.1 |
Expected return on plan assets |  | (39.7 | ) |  | (41.3 | ) |  | (44.9 | )
Amortization of: |  |  |  |  |  |
Prior service cost |  | 2.4 |  |  | 2.3 |  |  | 1.7 |
Actuarial loss |  | 9.1 |  |  | 2.8 |  |  | 5.0 |
Preliminary net periodic benefit cost (income) |  | $ | 2.0 |  |  | $ | (6.0 | ) |  | $ | (7.3 | )
Curtailment/settlement expense |  | 1.2 |  |  | 2.4 |  |  | 6.2 |
Total net periodic benefit cost (income) |  | $ | 3.2 |  |  | $ | (3.6 | ) |  | $ | (1.1 | )
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income |  |  |  |  |  |
Prior service (credit) cost recognized in other comprehensive income |  | $ | (4.3 | ) |  | $ | (3.8 | ) |  | $ | 8.9 |
Net actuarial loss (gain) recognized in other comprehensive income |  | 5.0 |  |  | (4.0 | ) |  | (2.5 | )
Total recognized in other comprehensive income (loss) |  | $ | 0.7 |  |  | $ | (7.8 | ) |  | $ | 6.4 |
Total recognized in net periodic benefit (income) cost and other comprehensive income |  | $ | 3.9 |  |  | $ | (11.4 | ) |  | $ | 5.3 |
Schedule Of Expected Benefit Payments | The following estimated benefit payments, which reflect estimated future service are expected to be paid by the related plans in the years ending December 31:
(in millions) | Pension Plans Benefit Payments |  | Other Postretirement Plans Benefit Payments |  | Medicare Part D Adjustments
2019 | $ | 40.4 |  |  | $ | 4.2 |  |  | $ | 0.2 |
2020 | 41.1 |  |  | 4.2 |  |  | 0.2 |
2021 | 41.9 |  |  | 4.1 |  |  | 0.2 |
2022 | 42.8 |  |  | 3.9 |  |  | 0.2 |
2023 | 43.1 |  |  | 3.8 |  |  | 0.2 |
2024-2028 | 215.0 |  |  | 17.5 |  |  | 0.5 |
Schedule of Allocation of Plan Assets | The following tables provide fair value measurement, by asset class, of the Company’s defined benefit plan assets for both the U.S. and Canadian plans:
(in millions) |  | December 31, 2018
Pension Plan Asset Category |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash |  | $ | 12.0 |  |  | $ | 12.0 |  |  | $ | — |  |  | $ | — |
Equity securities(a) |  | 172.9 |  |  | — |  |  | 172.9 |  |  | — |
Fixed income(b) |  | 514.3 |  |  | — |  |  | 514.3 |  |  | — |
Private equity funds |  | 2.0 |  |  | — |  |  | — |  |  | 2.0 |
Total assets at fair value |  | $ | 701.2 |  |  | $ | 12.0 |  |  | $ | 687.2 |  |  | $ | 2.0 |
(in millions) |  | December 31, 2017
Pension Plan Asset Category |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash |  | $ | 14.7 |  |  | $ | 14.7 |  |  | $ | — |  |  | $ | — |
Equity securities(a) |  | 327.7 |  |  | — |  |  | 327.7 |  |  | — |
Fixed income(b) |  | 447.8 |  |  | — |  |  | 447.8 |  |  | — |
Private equity funds |  | 3.0 |  |  | — |  |  | — |  |  | 3.0 |
Total assets at fair value |  | $ | 793.2 |  |  | $ | 14.7 |  |  | $ | 775.5 |  |  | $ | 3.0 |
______________________________
(a) | This class, which includes several funds, was invested approximately 39% in U.S. equity securities, 18% in Canadian equity securities, and 43% in international equity securities as of December 31, 2018, and 45% in U.S. equity securities, 25% in Canadian equity securities, and 30% in international equity securities as of December 31, 2017.
(b) | This class, which includes several funds, was invested approximately 50% in corporate debt securities, 44% in governmental securities in the U.S. and Canada, and 6% in foreign entity debt securities as of December 31, 2018, and 55% in corporate debt securities, 42% in governmental securities in the U.S. and Canada, and 3% in foreign entity debt securities as of December 31, 2017.
Schedule of Assumptions Used | Weighted average assumptions used to determine benefit obligations were as follows:
| Pension Plans
| Years Ended December 31,
| 2018 |  | 2017 |  | 2016
Discount rate | 4.09 | % |  | 3.51 | % |  | 3.97 | %
Expected return on plan assets | 5.14 | % |  | 5.54 | % |  | 5.54 | %
Rate of compensation increase | 3.50 | % |  | 3.50 | % |  | 3.50 | %
Weighted-average assumptions used to determine net benefit cost were as follows:
| Pension Plans
| Years Ended December 31,
| 2018 |  | 2017 |  | 2016
Discount rate | 3.51 | % |  | 3.97 | % |  | 4.17 | %
Service cost discount rate (a) | 3.50 | % |  | 4.02 | % |  | 4.19 | %
Interest cost discount rate (a) | 3.21 | % |  | 3.44 | % |  | 3.45 | %
Expected return on plan assets | 5.54 | % |  | 5.54 | % |  | 5.66 | %
Rate of compensation increase | 3.50 | % |  | 3.50 | % |  | 3.50 | %
______________________________
(a) | In 2016, we changed the method used to estimate the service and interest cost components of net periodic benefit cost for our defined benefit pension and other postretirement benefit plans by electing a full yield curve approach and applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The impact of this change to our earnings and earnings per share was not material.
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The year-end status of the Brazil postretirement medical benefit plans with a discount rate of 9.15% was as follows:
| Postretirement Medical Benefits
| Years Ended December 31,
(in millions) | 2018
Change in accumulated postretirement benefit obligation (“APBO”): |
APBO at beginning of year | $ | 69.1 |
Service cost | 1.5 |
Interest cost | 6.8 |
Actuarial loss | 13.0 |
Currency fluctuations | (13.1 | )
Benefits paid | (1.5 | )
APBO at end of year | $ | 75.8 |
Change in plan assets: |
Company contribution | $ | 1.5 |
Benefits paid | (1.5 | )
Fair value at end of year | $ | — |
Unfunded status of the plans as of the end of the year | $ | (75.8 | )
Amounts recognized in the consolidated balance sheets: |
Current liabilities | $ | (0.5 | )
Noncurrent liabilities | (75.3 | )
Amounts recognized in accumulated other comprehensive (income) loss |
Actuarial loss | $ | 23.9 |

X
- References No definition available. + Details
Name: | us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansDisclosuresAbstract
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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=108410482&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 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=108410482&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 the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInAccumulatedPostemploymentBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=112275985&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=108410482&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration