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Pension and Other Post-retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension and Post Retirement Benefit Plans

The following tables present the changes in benefit obligations, plan assets and funded status for domestic pension and post-retirement plans and the components of net periodic benefit costs.

		Pension Benefits								Post-retirement Benefits
Years ended December 31 (dollars in millions)		2017				2016				2017				2016
Accumulated benefit obligation (ABO) at December 31		$	921.8			$	894.3				N/A				N/A
Change in projected benefit obligations (PBO)
PBO at beginning of year		$	(895.8	)		$	(892.9	)		$	(6.6	)		$	(6.6	)
Service cost			(1.8	)			(1.8	)			(0.1	)			(0.1	)
Interest cost			(30.0	)			(30.6	)			(0.3	)			(0.2	)
Participant contributions			—				—				(0.1	)			—
Plan amendments			—				(0.7	)			—				—
Actuarial loss including assumption changes			(54.3	)			(31.0	)			(1.1	)			(0.2	)
Benefits paid			59.2				61.2				0.6				0.5
PBO at end of year		$	(922.7	)		$	(895.8	)		$	(7.6	)		$	(6.6	)
Change in fair value of plan assets
Plan assets at beginning of year		$	787.0			$	759.0			$	—			$	—
Actual return on plan assets			116.5				57.0				—				—
Contribution by the company			30.5				32.2				0.4				0.5
Participant contributions			—				—				0.1				—
Benefits paid			(59.2	)			(61.2	)			(0.5	)			(0.5	)
Plan assets at end of year		$	874.8			$	787.0			$	—			$	—
Funded status		$	(47.9	)		$	(108.8	)		$	(7.6	)		$	(6.6	)
Amount recognized in the balance sheet
Current liabilities		$	(0.5	)		$	(0.5	)		$	(0.3	)		$	(0.4	)
Non-current liabilities			(47.4	)			(108.3	)			(7.3	)			(6.2	)
Net pension liability at end of year		$	(47.9	)*		$	(108.8	)*		$	(7.6	)		$	(6.6	)
Amounts recognized in accumulated other comprehensive loss before tax
Net actuarial loss (gain)		$	451.8			$	473.5			$	(0.8	)		$	(2.0	)
Prior service cost			(0.5	)			(0.9	)			(2.6	)			(2.9	)
Total recognized in accumulated other comprehensive loss		$	451.3			$	472.6			$	(3.4	)		$	(4.9	)

* In addition, the Company has a liability for a foreign pension plan of $0.2 million and $0.2 million at December 31, 2017 and 2016, respectively.

Schedule of Net Periodic Benefit Cost

		Pension Benefits												Post-retirement Benefits
Years ended December 31 (dollars in millions)		2017				2016				2015				2017				2016				2015
Net periodic benefit cost
Service cost		$	1.8			$	1.8			$	1.9			$	0.1			$	0.1			$	0.1
Interest cost			30.0				30.6				37.6				0.3				0.2				0.3
Expected return on plan assets			(58.4	)			(55.9	)			(57.5	)			—				—				—
Amortization of unrecognized:
Net actuarial loss (gain)			17.9				17.7				19.1				(0.1	)			(0.2	)			(0.1	)
Prior service cost			(0.4	)			(1.1	)			(1.0	)			(0.4	)			(0.4	)			(0.4	)
Curtailment and other one-time charges			—				—				—				—				—				—
Defined-benefit plan (income) cost			(9.1	)			(6.9	)			0.1			$	(0.1	)		$	(0.3	)		$	(0.1	)
Various U.S. defined contribution plans cost			12.0				11.6				10.8
		$	2.9			$	4.7			$	10.9
Other changes in plan assets and projected benefit obligation recognized in other comprehensive loss
Net actuarial (gain) loss		$	(3.8	)		$	29.9			$	17.2			$	1.1			$	0.2			$	—
Amortization of net actuarial (loss) gain			(17.9	)			(17.7	)			(19.1	)			0.1				0.2				0.1
Prior service cost			—				0.6				2.5				—				—				(3.7	)
Amortization of prior service cost			0.5				1.1				1.0				0.4				0.4				0.4
Total recognized in other comprehensive loss			(21.2	)			13.9				1.6				1.6				0.8				(3.2	)
Total recognized in net periodic (benefit) cost and other comprehensive loss		$	(30.3	)		$	7.0			$	1.7			$	1.5			$	0.5			$	(3.3	)

Schedule of Actuarial Assumptions Used To Determine Benefit Obligations

Actuarial assumptions used to determine benefit obligations at December 31 are as follows:

		Pension Benefits								Post-retirement Benefits
		2017				2016				2017				2016
Discount rate			3.65	%			4.15	%			3.79	%			4.33	%
Average salary increases			n/a				4.00	%			n/a				n/a

Schedule of Actuarial Assumptions Used To Determine Net Periodic Benefit Cost

Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31 are as follows:

		Pension Benefits												Post-retirement Benefits
Years ended December 31		2017				2016				2015				2017				2016				2015
Discount rate			4.15	%			4.40	%			4.05	%			4.40	%			4.55	%			4.00	%
Expected long-term return on plan assets			7.50	%			7.50	%			7.75	%			n/a				n/a				n/a
Rate of compensation increase			4.00	%			4.00	%			4.00	%			4.00	%			4.00	%			4.00	%

Schedule of Health Care Cost Trend Rates

Assumed health care cost trend rates as of December 31 are as follows:

		2017				2016
Health care cost trend rate assumed for next year			6.50	%			6.50	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)			5.00	%			5.00	%
Year that the rate reaches the ultimate trend rate			2021				2021

Schedule of Weighted Asset Allocations by Asset Category

The Company’s pension plan weighted asset allocations as of December 31 by asset category are as follows:

Asset Category		2017				2016
Equity securities			45	%			48	%
Debt securities			43				37
Real estate			9				10
Private equity			2				4
Other			1				1
			100	%			100	%

Schedule of Fair Value Measurement of Plan Assets

The following tables present the fair value measurement of the Company’s plan assets as of December 31, 2017 and 2016 (dollars in millions):

						December 31, 2017
Asset Category		Total				Quoted Prices in Active Markets for Identical Contracts (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Non- observable Inputs (Level 3)
Short-term investments		$	15.8			$	2.0			$	13.8			$	—
Equity securities
Common stocks			220.3				220.3				—				—
Commingled equity funds			121.5				—				121.5				—
Fixed income securities
U.S. treasury securities			46.0				46.0				—				—
Other fixed income securities			219.9				—				219.9				—
Commingled fixed income funds			99.8				—				99.8				—
Other types of investments
Mutual funds			51.8				—				51.8				—
Real estate funds			77.8				—				—				77.8
Private equity			20.9				—				—				20.9
Total fair value of plan asset investments		$	873.8			$	268.3			$	506.8			$	98.7
Non-investment plan assets			1.0
Total plan assets		$	874.8
						December 31, 2016
Asset Category		Total				Quoted Prices in Active Markets for Identical Contracts (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Non- observable Inputs (Level 3)
Short-term investments		$	28.7			$	1.1			$	7.9			$	19.7
Equity securities
Common stocks			254.0				254.0				—				—
Commingled equity funds			105.6				—				105.6				—
Fixed income securities
U.S. treasury securities			97.6				97.6				—				—
Other fixed income securities			102.6				—				102.6				—
Commingled fixed income funds			90.3				—				90.3				—
Other types of investments
Mutual funds			4.5				—				4.5				—
Real estate funds			74.3				—				—				74.3
Private equity			28.0				—				—				28.0
Total fair value of plan asset investments		$	785.6			$	352.7			$	310.9			$	122.0
Non-investment plan assets			1.4
Total plan assets		$	787.0

Schedule of Reconciliation of Fair Value Measurements Using Significant Unobservable Inputs

The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2017 and 2016 (dollars in millions):

		Short term investments				Real estate funds				Private equity				Total
Balance at December 31, 2015		$	12.4			$	70.9			$	34.3			$	117.6
Actual return (loss) on plan assets:
Relating to assets still held at the reporting date			—				3.4				(5.5	)			(2.1	)
Relating to assets sold during the period			—				—				9.3				9.3
Purchases, sales and settlements			7.3				—				(10.1	)			(2.8	)
Balance at December 31, 2016			19.7				74.3				28.0				122.0
Actual return (loss) on plan assets:
Relating to assets still held at the reporting date			—				3.5				(5.6	)			(2.1	)
Relating to assets sold during the period			—				—				7.8				7.8
Purchases, sales and settlements			(19.7	)			—				(9.3	)			(29.0	)
Balance at December 31, 2017		$	—			$	77.8			$	20.9			$	98.7

Schedule of Estimated Future Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

Years ending December 31 (dollars in millions)		Pension Benefits				Post-retirement Benefits
2018		$	60.5			$	0.3
2019			66.6				0.4
2020			68.5				0.4
2021			59.3				0.4
2022			58.6				0.4
2023 – 2027			285.6				2.2

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