XML 29 R15.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Fair Value Measurements | 12 Months Ended
--- | ---
Dec. 31, 2016
Fair Value Disclosures [Abstract] |
Fair value measurements | FAIR VALUE MEASUREMENTS ASC Topic 820 emphasizes that fair value is a market-based measurement, not an entity specific measurement. Therefore, a fair value measurement should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair values as follows:
Level 1: | Observable inputs such as quoted prices for identical assets or liabilities in active markets;
Level 2: | Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
Level 3: | Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques noted in ASC Topic 820:
A. | Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets, liabilities or a group of assets or liabilities, such as a business.
B. | Cost approach: Amount that would be required to replace the service capacity of an asset (replacement cost).
C. | Income approach: Techniques to convert future amounts to a single present amount based upon market expectations (including present value techniques, option-pricing and excess earnings models).
The following tables classify assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015:
|  |  | Basis of fair value measurements |  |
| Balance at December 31, 2016 |  | Quoted prices in active markets for identical items (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Valuation technique
(millions of dollars) |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |  |  | A
Foreign currency contracts | $ | 7.2 |  |  | $ | — |  |  | $ | 7.2 |  |  | $ | — |  |  | A
Other long-term receivables (insurance settlement agreement note receivable) | $ | 71.5 |  |  | $ | — |  |  | $ | 71.5 |  |  | $ | — |  |  | C
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 1.1 |  |  | $ | — |  |  | $ | 1.1 |  |  | $ | — |  |  | A
|  |  | Basis of fair value measurements |  |
(millions of dollars) | Balance at December 31, 2015 |  | Quoted prices in active markets for identical items (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Valuation technique
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 2.7 |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | — |  |  | A
Other long-term receivables (insurance settlement agreement note receivable) | $ | 81.2 |  |  | $ | — |  |  | $ | 81.2 |  |  | $ | — |  |  | C
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 8.7 |  |  | $ | — |  |  | $ | 8.7 |  |  | $ | — |  |  | A
Commodity contracts | $ | 10.4 |  |  | $ | — |  |  | $ | 10.4 |  |  | $ | — |  |  | A
Interest rate swap contracts | $ | 2.7 |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | — |  |  | A
The following tables classify the Company's defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2016 and 2015:
|  |  | Basis of fair value measurements
(millions of dollars) | Balance at December 31, 2016 |  | Quoted prices in active markets for identical items (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Valuation technique |  | Assets measured at NAV (a)
U.S. Plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities | $ | 113.8 |  |  | $ | 15.3 |  |  | $ | — |  |  | $ | — |  |  | A |  | 98.5 |
Equity securities | 94.2 |  |  | 37.2 |  |  | — |  |  | — |  |  | A |  | 57.0 |
Real estate and other | 21.5 |  |  | 13.1 |  |  | 0.5 |  |  | — |  |  | A |  | 7.9 |
| $ | 229.5 |  |  | $ | 65.6 |  |  | $ | 0.5 |  |  | $ | — |  |  |  |  | $ | 163.4 |
Non-U.S. Plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities | $ | 183.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | A |  | 183.4 |
Equity securities | 190.8 |  |  | 87.1 |  |  | — |  |  | — |  |  | A |  | 103.7 |
Real estate and other | 19.6 |  |  | — |  |  | — |  |  | — |  |  | A |  | 19.6 |
| $ | 393.8 |  |  | $ | 87.1 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 306.7 |
|  |  | Basis of fair value measurements
(millions of dollars) | Balance at December 31, 2015 |  | Quoted prices in active markets for identical items (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Valuation technique |  | Assets measured at NAV (a)
U.S. Plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities | $ | 117.4 |  |  | $ | 14.3 |  |  | $ | — |  |  | $ | — |  |  | A |  | 103.1 |
Equity securities | 94.2 |  |  | 36.9 |  |  | — |  |  | — |  |  | A |  | 57.3 |
Real estate and other | 24.2 |  |  | — |  |  | 0.5 |  |  | — |  |  | A |  | 23.7 |
| $ | 235.8 |  |  | $ | 51.2 |  |  | $ | 0.5 |  |  | $ | — |  |  |  |  | $ | 184.1 |
Non-U.S. Plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities | $ | 181.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | A |  | 181.0 |
Equity securities | 194.7 |  |  | 82.9 |  |  | — |  |  | — |  |  | A |  | 111.8 |
Real estate and other | 19.4 |  |  | — |  |  | — |  |  | — |  |  | A |  | 19.4 |
| $ | 395.1 |  |  | $ | 82.9 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 312.2 |
________________
(a) | Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These amounts represent investments in commingled and managed funds which have underlying assets in fixed income securities, equity securities, and other assets.
Refer to the Retirement Benefit Plans footnote to the Consolidated Financial Statements for more detail surrounding the defined plan’s asset investment policies and strategies, target allocation percentages and expected return on plan asset assumptions.

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

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration