XML 50 R36.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Retirement Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract] |
Expense for defined contribution and defined benefit pension plans and other post employment defined benefit plans [Text Block] |
| Year Ended December 31,
(millions of dollars) | 2016 |  | 2015 |  | 2014
Defined contribution expense | $ | 28.3 |  |  | $ | 28.0 |  |  | $ | 27.6 |
Defined benefit pension expense | 10.1 |  |  | 35.5 |  |  | 18.6 |
Other postretirement employee benefit expense | 1.4 |  |  | 3.3 |  |  | 3.3 |
Total | $ | 39.8 |  |  | $ | 66.8 |  |  | $ | 49.5 |
Reconciliation of the plans' benefit obligations, plan assets, funded status and recognition [Text Block] |
| Pension benefits |  | Other postretirement
| Year Ended December 31, |  | employee benefits
| 2016 |  | 2015 |  | Year Ended December 31,
(millions of dollars) | US |  | Non-US |  | US |  | Non-US |  | 2016 |  | 2015
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation, January 1 | $ | 300.7 |  |  | $ | 508.5 |  |  | $ | 306.2 |  |  | $ | 527.8 |  |  | $ | 145.3 |  |  | $ | 169.7 |
Service cost | — |  |  | 16.2 |  |  | — |  |  | 14.9 |  |  | 0.2 |  |  | 0.2 |
Interest cost | 9.6 |  |  | 12.5 |  |  | 11.2 |  |  | 14.1 |  |  | 4.0 |  |  | 5.7 |
Plan participants’ contributions | — |  |  | 0.4 |  |  | — |  |  | 0.3 |  |  | — |  |  | — |
Plan amendments | — |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | — |
Settlement and curtailment | — |  |  | (1.3 | ) |  | (48.1 | ) |  | (4.7 | ) |  | — |  |  | — |
Actuarial (gain) loss | (5.7 | ) |  | 70.2 |  |  | (12.1 | ) |  | (9.0 | ) |  | (14.4 | ) |  | (16.8 | )
Currency translation | — |  |  | (45.3 | ) |  | — |  |  | (42.9 | ) |  | — |  |  | — |
(Divestiture) Acquisition | — |  |  | (12.8 | ) |  | 68.1 |  |  | 23.9 |  |  | — |  |  | 1.7 |
Benefits paid | (22.1 | ) |  | (20.4 | ) |  | (24.6 | ) |  | (15.9 | ) |  | (15.2 | ) |  | (15.2 | )
Projected benefit obligation, December 31 | $ | 282.5 |  |  | $ | 528.2 |  |  | $ | 300.7 |  |  | $ | 508.5 |  |  | $ | 119.9 |  |  | $ | 145.3 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, January 1 | $ | 235.8 |  |  | $ | 395.1 |  |  | $ | 265.6 |  |  | $ | 395.6 |  |  |  |  |  |  |
Actual return on plan assets | 12.7 |  |  | 54.0 |  |  | (0.6 | ) |  | 10.3 |  |  |  |  |  |  |
Employer contribution | 2.7 |  |  | 17.0 |  |  | — |  |  | 19.3 |  |  |  |  |  |  |
Plan participants’ contribution | — |  |  | 0.4 |  |  | — |  |  | 0.3 |  |  |  |  |  |  |
Settlements | — |  |  | (1.3 | ) |  | (48.1 | ) |  | (2.5 | ) |  |  |  |  |  |
Currency translation | — |  |  | (40.8 | ) |  | — |  |  | (30.8 | ) |  |  |  |  |  |
(Divestiture) Acquisition | — |  |  | (10.2 | ) |  | 43.5 |  |  | 18.8 |  |  |  |  |  |  |
Benefits paid | (21.7 | ) |  | (20.4 | ) |  | (24.6 | ) |  | (15.9 | ) |  |  |  |  |  |
Fair value of plan assets, December 31 | $ | 229.5 |  |  | $ | 393.8 |  |  | $ | 235.8 |  |  | $ | 395.1 |  |  |  |  |
Funded status | $ | (53.0 | ) |  | $ | (134.4 | ) |  | $ | (64.9 | ) |  | $ | (113.4 | ) |  | $ | (119.9 | ) |  | $ | (145.3 | )
Amounts in the Consolidated Balance Sheets consist of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current assets | $ | — |  |  | $ | 4.9 |  |  | $ | — |  |  | $ | 9.4 |  |  | $ | — |  |  | $ | — |
Current liabilities | (0.1 | ) |  | (3.5 | ) |  | (0.3 | ) |  | (3.0 | ) |  | (14.5 | ) |  | (16.8 | )
Non-current liabilities | (52.9 | ) |  | (135.8 | ) |  | (64.6 | ) |  | (119.8 | ) |  | (105.4 | ) |  | (128.5 | )
Net amount | $ | (53.0 | ) |  | $ | (134.4 | ) |  | $ | (64.9 | ) |  | $ | (113.4 | ) |  | $ | (119.9 | ) |  | $ | (145.3 | )
Amounts in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | $ | 116.9 |  |  | $ | 163.7 |  |  | $ | 125.4 |  |  | $ | 144.2 |  |  | $ | 19.9 |  |  | $ | 36.5 |
Net prior service (credit) cost | (7.4 | ) |  | 0.8 |  |  | (8.2 | ) |  | 0.7 |  |  | (19.2 | ) |  | (24.0 | )
Net amount* | $ | 109.5 |  |  | $ | 164.5 |  |  | $ | 117.2 |  |  | $ | 144.9 |  |  | $ | 0.7 |  |  | $ | 12.5 |
Total accumulated benefit obligation for all plans | $ | 282.5 |  |  | $ | 505.5 |  |  | $ | 300.7 |  |  | $ | 486.2 |  |  |  |  |  |  |
________________
* | AOCI shown above does not include our equity investee, NSK-Warner. NSK-Warner had an AOCI loss of $10.8 million and $7.1 million at December 31, 2016 and 2015, respectively.
Funded status of pension plans with accumulated benefit obligations in excess of plan assets [Text Block] |
| December 31,
(millions of dollars) | 2016 |  | 2015
Accumulated benefit obligation | $ | (594.0 | ) |  | $ | (597.6 | )
Plan assets | 423.3 |  |  | 431.0 |
Deficiency | $ | (170.7 | ) |  | $ | (166.6 | )
Pension deficiency by country: |  |  |  |  |
United States | $ | (53.0 | ) |  | $ | (64.9 | )
Germany | (77.5 | ) |  | (64.3 | )
Other | (40.2 | ) |  | (37.4 | )
Total pension deficiency | $ | (170.7 | ) |  | $ | (166.6 | )
Weighted average asset allocations of funded pensions plans and target allocations [Text Block] |
| December 31, |  | Target Allocation
| 2016 |  | 2015 |
U.S. Plans: |  |  |  |  |  |  |
Real estate and other | 9 | % |  | 12 | % |  | 0% - 14%
Fixed income securities | 50 | % |  | 53 | % |  | 41% - 61%
Equity securities | 41 | % |  | 35 | % |  | 30% - 50%
| 100 | % |  | 100 | % |  |
Non-U.S. Plans: |  |  |  |  |  |  |
Real estate and other | 5 | % |  | 5 | % |  | 0% - 6%
Fixed income securities | 47 | % |  | 46 | % |  | 43% - 53%
Equity securities | 48 | % |  | 49 | % |  | 46% - 56%
| 100 | % |  | 100 | % |  |
Components of net periodic benefit cost [Text Block] |
| Pension benefits |  | Other postretirement employee benefits
| Year Ended December 31, |
| 2016 |  | 2015 |  | 2014 |  | Year Ended December 31,
(millions of dollars) | US |  | Non-US |  | US |  | Non-US |  | US |  | Non-US |  | 2016 |  | 2015 |  | 2014
Service cost | $ | — |  |  | $ | 16.2 |  |  | $ | — |  |  | $ | 14.9 |  |  | $ | — |  |  | $ | 12.8 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.3 |
Interest cost | 9.6 |  |  | 12.5 |  |  | 11.2 |  |  | 14.1 |  |  | 12.1 |  |  | 18.1 |  |  | 4.0 |  |  | 5.7 |  |  | 6.7 |
Expected return on plan assets | (15.0 | ) |  | (24.3 | ) |  | (17.0 | ) |  | (24.8 | ) |  | (17.6 | ) |  | (21.1 | ) |  | — |  |  | — |  |  | — |
Settlements, curtailments and other | — |  |  | — |  |  | 25.7 |  |  | (0.8 | ) |  | 3.1 |  |  | 0.7 |  |  | — |  |  | — |  |  | — |
Amortization of unrecognized prior service (credit) cost | (0.8 | ) |  | 0.6 |  |  | (0.8 | ) |  | 0.1 |  |  | (0.8 | ) |  | — |  |  | (4.9 | ) |  | (5.7 | ) |  | (6.4 | )
Amortization of unrecognized loss | 5.1 |  |  | 6.2 |  |  | 6.3 |  |  | 6.6 |  |  | 6.5 |  |  | 4.8 |  |  | 2.1 |  |  | 3.1 |  |  | 2.7 |
Net periodic (income) cost | $ | (1.1 | ) |  | $ | 11.2 |  |  | $ | 25.4 |  |  | $ | 10.1 |  |  | $ | 3.3 |  |  | $ | 15.3 |  |  | $ | 1.4 |  |  | $ | 3.3 |  |  | $ | 3.3 |
Defined benefit plan weighted average assumptions used in calculating benefit obligations [Text Block] |
| December 31,
(percent) | 2016 |  | 2015
U.S. pension plans: |  |  |
Discount rate | 3.94 |  | 4.15
Rate of compensation increase | N/A |  | N/A
U.S. other postretirement employee benefit plans: |  |  |
Discount rate | 3.61 |  | 3.84
Rate of compensation increase | N/A |  | N/A
Non-U.S. pension plans: |  |  |
Discount rate | 2.25 |  | 2.99
Rate of compensation increase | 3.00 |  | 3.01
The Company’s weighted-average assumptions used to determine the net periodic benefit cost for its defined benefit pension and other postretirement employee benefit plans for the years ended December 31, 2016, 2015 and 2014 were as follows:
| Year Ended December 31,
(percent) | 2016 |  | 2015 |  | 2014
U.S. pension plans: |  |  |  |  |
Discount rate | 4.15 |  | 3.89 |  | 4.41
Rate of compensation increase | N/A |  | N/A |  | N/A
Expected return on plan assets | 6.70 |  | 6.71 |  | 6.75
U.S. other postretirement plans: |  |  |  |  |
Discount rate | 3.84 |  | 3.50 |  | 4.00
Rate of compensation increase | N/A |  | N/A |  | N/A
Expected return on plan assets | N/A |  | N/A |  | N/A
Non-U.S. pension plans: |  |  |  |  |
Discount rate | 2.99 |  | 2.84 |  | 3.90
Rate of compensation increase | 3.01 |  | 2.84 |  | 2.77
Expected return on plan assets | 6.41 |  | 6.53 |  | 6.24
Defined benefit plan estimated future benefit payments [Text Block] |
|  | Pension benefits |  | Other postretirement employee benefits
(millions of dollars) |  |  |  |  |
Year |  | U.S. |  | Non-U.S. |
2017 |  | $ | 22.8 |  |  | $ | 17.7 |  |  | $ | 14.8 |
2018 |  | 19.8 |  |  | 18.7 |  |  | 13.7 |
2019 |  | 19.7 |  |  | 17.3 |  |  | 12.6 |
2020 |  | 19.6 |  |  | 19.1 |  |  | 12.1 |
2021 |  | 19.3 |  |  | 19.5 |  |  | 11.0 |
2022-2026 |  | 89.8 |  |  | 110.7 |  |  | 39.6 |
Defined benefit plan effect of one percentage point change in assumed health care cost trend rates [Text Block] |
| One Percentage Point
(millions of dollars) | Increase |  | Decrease
Effect on other postretirement employee benefit obligation | $ | 7.9 |  |  | $ | (7.0 | )
Effect on total service and interest cost components | $ | 0.3 |  |  | $ | (0.3 | )

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 benefit obligations including accumulated benefit obligation and projected benefit obligation. + 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 (e) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAccumulatedAndProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
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 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 the aggregate benefit obligation and aggregate fair value of plan assets for pension plans and/or other employee benefit plans with benefit obligations in excess of plan assets as of the measurement date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and 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 -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfCostsOfRetirementPlansTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of a one-percentage-point increase and the effect of a one-percentage-point decrease in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs and the accumulated postretirement benefit obligation for health care benefits. + 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 (m) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfEffectOfOnePercentagePointChangeInAssumedHealthCareCostTrendRatesTableTextBlock
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