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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

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