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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Pension plans  
Employee Benefit Plans  
Schedule of the fair value of plan assets by asset class
The fair values of pension plan assets at December 31, 2015, by asset class, were as follows:
 
Total
 
Quoted Prices in Active
Markets for Identical
Assets
(Level 1)
 
Significant
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Asset class:
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
Fixed income common trust funds(1)
$
163.4

 
$
13.2

 
$
150.2

 
$
—

Corporate bonds
36.0

 
—

 
36.0

 
—

Non-U.S. Government securities
27.4

 
—

 
27.4

 
—

U.S. Government securities
8.8

 
—

 
8.8

 
—

Equity securities:
 
 
 
 
 
 
 
Global equity common trust funds(2)
89.0

 
13.6

 
75.4

 
—

Alternative investments:
 
 
 
 
 
 
 
Commingled global fund allocations(3)
45.4

 
22.8

 
22.6

 
—

Other:
 
 
 
 
 
 
 
Short-term investments(4)
71.7

 
14.2

 
57.5

 
—

Other(5)
1.0

 
—

 
—

 
1.0

Total
$
442.7

 
$
63.8

 
$
377.9

 
$
1.0

The fair values of pension plan assets at December 31, 2014, by asset class, were as follows:
 
Total
 
Quoted Prices in Active
Markets for Identical
Assets (Level 1)
 
Significant
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Asset class:
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
Fixed income common trust funds(1)
$
178.2

 
$
15.1

 
$
163.1

 
$
—

Corporate bonds
36.5

 
36.5

 
—

 
—

U.S. Government securities
28.5

 
—

 
28.5

 
—

Non-U.S. Government securities
12.0

 
12.0

 
—

 
—

Equity securities:
 
 
 
 
 
 
 
Global equity common trust funds(2)
162.8

 
15.0

 
142.9

 
4.9

Global equities:
 
 


 
 
 


Finance
2.1

 
2.1

 
—

 
—

Capital equipment
1.9

 
1.9

 
—

 
—

Consumer goods
1.7

 
1.7

 
—

 
—

Materials
1.6

 
1.6

 
—

 
—

Services
0.8

 
0.8

 
—

 
—

Energy
0.2

 
0.2

 
—

 
—

Miscellaneous
4.6

 
4.6

 
—

 
—

Alternative investments:
 
 
 
 


 


Commingled global fund allocations(3)
36.3

 
10.5

 
25.8

 
—

Other:
 
 
 
 


 


Short-term investments(4)
19.7

 
19.7

 
—

 
—

Other(5)
5.5

 
0.3

 
—

 
5.2

Total
$
492.4

 
$
122.0

 
$
360.3

 
$
10.1

(1) 
This class represents investments in actively managed common trust funds that invest in a variety of fixed income investments, which may include corporate bonds, both U.S. and non-U.S. municipal securities, interest rate swaps, options and futures. The funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. The investments are valued based on yields currently available for comparable securities of issuers with similar credit ratings. The Level of the fund(s) (Level 1, 2 or 3) is determined based on the classification of the significant holdings within the fund.
(2) 
This class represents investments in actively managed common trust funds that invest primarily in equity securities, which may include common stocks, options and futures. The funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. The investments are valued based on market values and yields currently available for comparable securities of issuers with similar credit ratings. The Level of the fund(s) (Level 1, 2 or 3) is determined based on the classification of the significant holdings within the fund.
(3) 
This class represents investments in actively managed common trust funds with investments in both equity and debt securities. The investments may include common stock, corporate bonds, U.S. and non-U.S. municipal securities, interest rate swaps, options and futures. The funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. The investments are valued based on market values and yields currently available for comparable securities of issuers with similar credit ratings. The Level of the fund(s) (Level 1, 2 or 3) is determined based on the classification of the significant holdings within the fund.
(4) 
Short-term investments are valued at $1.00/unit, which approximates fair value. Amounts are generally invested in actively managed common trust funds or interest-bearing accounts.
(5) 
This category represents investments in insurance contracts, private equity and publicly traded real estate investment trusts. The insurance contracts and private equity investments are valued using unobservable inputs from the fund manager, primarily based on discounted cash flows models.
Schedule of changes in the fair value of Level 3 assets
The following table summarizes changes in the fair value of Level 3 assets for the years ended December 31, 2015 and 2014:
 
Global
Equity
Common
Trust
Funds
 
Commingled
Global Fund
Allocations
 
Fixed Income
Common Trust Funds
 
Other
 
Total
Balance at December 31, 2013
$
6.8

 
$
—

 
$
—

 
$
6.4

 
$
13.2

Unrealized gains relating to instruments still held at period end
0.2

 
—

 
—

 
—

 
0.2

Sales
(2.1
)
 
—

 
—

 
(1.2
)
 
(3.3
)
Balance at December 31, 2014
4.9

 
—

 
—

 
5.2

 
10.1

Spin-Off of SPX FLOW
—

 
—

 
—

 
(4.1
)
 
(4.1
)
Transfer from Level 3 to Level 2 assets
(4.9
)
 
—

 
—

 
—

 
(4.9
)
Sales
—

 
—

 
—

 
(0.1
)
 
(0.1
)
Balance at December 31, 2015
$
—

 
$
—

 
$
—

 
$
1.0

 
$
1.0
Schedule of estimated minimum benefit payments
Following is a summary, as of December 31, 2015, of the estimated future benefit payments for our pension plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. Benefit payments are paid from plan assets or directly by us for our non-funded plans. The expected benefit payments are estimated based on the same assumptions used at December 31, 2015 to measure our obligations and include benefits attributable to estimated future employee service.
Estimated future benefit payments:
(Domestic and foreign pension plans)

 
Domestic
Pension
Benefits
 
Foreign
Pension
Benefits
2016
$
55.7

 
$
4.6

2017
22.0

 
5.0

2018
22.2

 
5.6

2019
21.9

 
6.5

2020
23.5

 
6.4

Subsequent five years
111.7

 
34.6
Schedule of funded status of the pension plans and amounts recognized in consolidated balance sheets
The following tables show the domestic and foreign pension plans' funded status and amounts recognized in our consolidated balance sheets:
 
Domestic Pension
Plans
 
Foreign Pension
Plans
 
2015
 
2014
 
2015
 
2014
Change in projected benefit obligation:
 
 
 
 
 
 
 
Projected benefit obligation — beginning of year
$
455.3

 
$
568.8

 
$
239.6

 
$
335.6

Spin-Off of SPX FLOW (1)
(64.5
)
 
—

 
(60.1
)
 
—

Service cost
2.5

 
7.1

 
1.3

 
2.6

Interest cost
16.5

 
19.9

 
7.7

 
13.8

Employee contributions
—

 
—

 
—

 
0.1

Actuarial losses (gains)
(9.2
)
 
59.5

 
(6.1
)
 
55.3

  Settlements (2)
(6.0
)
 
(160.4
)
 
—

 
(127.7
)
Curtailment gain (3)
(5.1
)
 
—

 
—

 
—

Plan amendment
(0.9
)
 
—

 
—

 
(0.2
)
Benefits paid
(17.5
)
 
(39.6
)
 
(12.1
)
 
(16.0
)
Foreign exchange and other
—

 
—

 
(14.6
)
 
(23.9
)
Projected benefit obligation — end of year (4)
$
371.1

 
$
455.3

 
$
155.7

 
$
239.6

___________________________________________________________________
(1) 
Represents the transfer to SPX FLOW of the "Top Management Plan" obligation related to SPX FLOW's executive officers and the impact of transferring foreign defined benefit plans sponsored by SPX FLOW.
(2) 
Settlements for the U.S. Plan in 2014 include (i) $165.2 paid to participants who accepted the voluntary lump-sum payment option offered in the first quarter of 2014, net of (ii) $4.8 refunded by Mass Mutual to the U.S. Plan in 2014 in connection with the partial settlement of the U.S. Plan in 2013. Settlements of the U.K. Plan in 2014 include GBP 79.2 ($123.3 equivalent) that the U.K. Plan paid Just Retirement to irrevocably assume the obligation to make future pension payments to approximately 900 retirees of the U.K. Plan beginning in the first quarter of 2015 and other lump-sum settlements of GBP 2.8 ($4.4 equivalent) paid to participants in connection with provisions of the U.K. Plan.
(3) 
Represents a curtailment gain recorded during the third quarter of 2015 in connection with the amendment of the U.S. Plan and SIARP previously noted.
(4) 
The Domestic Pension Plans' and the Foreign Pension Plans' balance at December 31, 2014 includes $62.0, and $59.4, respectively, of obligations that transferred to SPX FLOW at the time of the Spin-Off. As such, the $62.0 and $59.4, respectively, are included in "Liabilities of discontinued operations" within the accompanying consolidated balance sheet as of December 31, 2014.
 
Domestic Pension
Plans
 
Foreign Pension
Plans
 
2015
 
2014
 
2015
 
2014
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets — beginning of year
$
305.7

 
$
467.3

 
$
186.7

 
$
303.1

Actual return on plan assets
(15.3
)
 
28.1

 
(0.8
)
 
32.9

Contributions (employer and employee)
12.3

 
10.3

 
5.5

 
10.8

Settlements
(6.0
)
 
(160.4
)
 
—

 
(127.7
)
Benefits paid
(17.5
)
 
(39.6
)
 
(9.1
)
 
(12.8
)
Foreign exchange and other
—

 
—

 
(14.7
)
 
(19.6
)
Spin-Off of SPX FLOW
—

 
—

 
(4.1
)
 
—

Fair value of plan assets — end of year
$
279.2

 
$
305.7

 
$
163.5

 
$
186.7

Funded status at year-end
(91.9
)
 
(149.6
)
 
7.8

 
(52.9
)
Amounts recognized in the consolidated balance sheets consist of:
 
 
 
 
 
 
 
Other assets
$
—

 
$
3.3

 
$
15.2

 
$
15.6

Liabilities of discontinued operations - current
—

 
—

 
—

 
(2.1
)
Accrued expenses
(9.6
)
 
(10.3
)
 
(0.3
)
 
(0.3
)
Liabilities of discontinued operations - non current
—

 
(62.0
)
 
—

 
(57.3
)
Other long-term liabilities
(82.3
)
 
(80.6
)
 
(7.1
)
 
(8.8
)
Net amount recognized
$
(91.9
)
 
$
(149.6
)
 
$
7.8

 
$
(52.9
)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits
$
(0.9
)
 
$
(0.2
)
 
$
—

 
$
(0.2
)
Schedule of accumulated benefit obligations in excess of the fair value of plan assets
The following is information about our pension plans that had accumulated benefit obligations in excess of the fair value of their plan assets at December 31, 2015 and 2014:
 
Domestic Pension
Plans
 
Foreign Pension
Plans
 
2015
 
2014
 
2015
 
2014
Projected benefit obligation
$
371.1

 
$
153.9

 
$
7.4

 
$
118.6

Accumulated benefit obligation
370.8

 
151.0

 
7.4

 
115.4

Fair value of plan assets
279.2

 
1.0

 
—

 
50.1
Schedule of actuarial assumptions used in accounting for pension plans
Actuarial assumptions used in accounting for our domestic and foreign pension plans were as follows:
 
Year ended December 31,
 
2015
 
2014
 
2013
Domestic Pension Plans
 
 
 
 
 
Weighted-average actuarial assumptions used in determining net periodic pension expense:
 
 
 
 
 
Discount rate
4.09
%
 
4.54
%
 
3.85
%
Rate of increase in compensation levels
3.75
%
 
3.75
%
 
3.75
%
Expected long-term rate of return on assets
5.75
%
 
6.76
%
 
7.25
%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
 
 
 
 
 
Discount rate
4.24
%
 
3.90
%
 
4.77
%
Rate of increase in compensation levels
3.75
%
 
3.75
%
 
3.75
%
Foreign Pension Plans
 
 
 
 
 
Weighted-average actuarial assumptions used in determining net periodic pension expense:
 
 
 
 
 
Discount rate
3.68
%
 
4.23
%
 
4.35
%
Rate of increase in compensation levels
4.00
%
 
3.92
%
 
3.91
%
Expected long-term rate of return on assets
5.81
%
 
5.78
%
 
6.45
%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
 
 
 
 
 
Discount rate
3.82
%
 
3.31
%
 
4.23
%
Rate of increase in compensation levels
4.00
%
 
3.87
%
 
3.92
%
Domestic Pension Plans  
Employee Benefit Plans  
Schedule of actual asset allocation percentages of each class of the entity's plan assets along with targeted asset investment allocation percentages
Actual asset allocation percentages of each class of our domestic and foreign pension plan assets as of December 31, 2015 and 2014, along with the targeted asset investment allocation percentages, each of which is based on the midpoint of an allocation range, were as follows:
Domestic Pension Plans
 
Actual
Allocations
 
Mid-point of Target
Allocation Range
 
2015
 
2014
 
2015
Fixed income common trust funds
54
%
 
53
%
 
49
%
Commingled global fund allocation
16
%
 
12
%
 
18
%
Corporate bonds
13
%
 
12
%
 
12
%
Global equity common trust funds
11
%
 
11
%
 
10
%
Global equities
—

 
4
%
 
5
%
U.S. Government securities
3
%
 
4
%
 
4
%
Short-term investments(1)
2
%
 
3
%
 
—

Other(2)
1
%
 
1
%
 
2
%
Total
100
%
 
100
%
 
100
%
___________________________________________________________________

(1) 
Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.
(2) 
Assets included in this class at December 31, 2015 and 2014 are comprised primarily of insurance contracts, private equity and publicly traded real estate trusts.
Schedule of net periodic benefit (income) expense
Net periodic pension benefit expense (income) for our domestic and foreign pension plans included the following components:
Domestic Pension Plans
 
Year ended December 31,
 
2015
 
2014
 
2013
Service cost
$
2.5

 
$
7.1

 
$
7.6

Interest cost
16.5

 
19.9

 
45.6

Expected return on plan assets
(18.0
)
 
(19.5
)
 
(73.2
)
Amortization of unrecognized prior service credits
(0.1
)
 
—

 
—

Recognized net actuarial losses (gains)(1)
18.9

 
50.9

 
(3.3
)
Total net periodic pension benefit expense (income)
$
19.8

 
$
58.4

 
$
(23.3
)
___________________________________________________________________
(1) 
Consists primarily of our reported actuarial losses (gains), the difference between actual and expected returns on plan assets, settlement gains (losses), and curtailment gains.
Foreign Pension Plans  
Employee Benefit Plans  
Schedule of actual asset allocation percentages of each class of the entity's plan assets along with targeted asset investment allocation percentages
Foreign Pension Plans
 
Actual
Allocations
 
Mid-point of Target
Allocation Range
 
2015
 
2014
 
2015
Global equity common trust funds
35
%
 
71
%
 
45
%
Fixed income common trust funds
8
%
 
8
%
 
31
%
Non-U.S. Government securities
17
%
 
15
%
 
23
%
Short-term investments(1)
40
%
 
6
%
 
1
%
Total
100
%
 
100
%
 
100
%
___________________________________________________________________
(1) 
Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts. As of December 31, 2015, and in connection with a transition to a new investment advisor, the UK Plan had a significant amount of its assets invested in short-term investments. Following the engagement of the new investment advisor for the UK Plan, we anticipate that asset allocations for the UK Plan and aggregate asset allocations for our foreign plans will be more in-line with targeted allocations.
Schedule of net periodic benefit (income) expense
Foreign Pension Plans
 
Year ended December 31,
 
2015
 
2014
 
2013
Service cost
$
1.3

 
$
2.6

 
$
2.7

Interest cost
7.7

 
13.8

 
13.4

Expected return on plan assets
(9.7
)
 
(17.6
)
 
(17.6
)
Settlement loss(1)
—

 
15.0

 
—

Recognized net actuarial losses(2)
3.8

 
25.0

 
8.2

Total net periodic pension benefit expense
3.1

 
38.8

 
6.7

Less: Net periodic pension expense of discontinued operations
(1.9
)
 
(10.7
)
 
(2.1
)
Net periodic pension benefit expense of continuing operations
$
1.2

 
$
28.1

 
$
4.6

___________________________________________________________________
(1) 
Includes the settlement loss recorded in connection with the transfer of the pension obligation for the retirees of the U.K. Plan to Just Retirement.
(2) 
Consists of our reported actuarial losses and the difference between actual and expected returns on plan assets.
Postretirement Plans  
Employee Benefit Plans  
Schedule of funded status of the pension plans and amounts recognized in consolidated balance sheets
The following tables show the postretirement plans' funded status and amounts recognized in our consolidated balance sheets:
 
Postretirement
Benefits
 
2015
 
2014
Change in accumulated postretirement benefit obligation:
 
 
 
Accumulated postretirement benefit obligation — beginning of year
$
130.2

 
$
131.5

Service cost
0.1

 
0.4

Interest cost
4.4

 
5.3

Actuarial losses (gains)
(4.0
)
 
14.2

Benefits paid
(9.4
)
 
(13.7
)
Settlement gain
(1.8
)
 
—

Transfer to SPX FLOW of the life insurance obligations related to SPX FLOW executive officers
(3.2
)
 
—

Plan amendment and other
4.5

 
(7.5
)
Accumulated postretirement benefit obligation — end of year(1)
$
120.8

 
$
130.2

Funded status at year-end
$
(120.8
)
 
$
(130.2
)
Amounts recognized in the consolidated balance sheets consist of:
 
 
 
Accrued expenses
$
(12.0
)
 
$
(12.6
)
Liabilities of discontinued operations - non current(1)
—

 
(3.1
)
Other long-term liabilities
(108.8
)
 
(114.5
)
Net amount recognized
$
(120.8
)
 
$
(130.2
)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits
$
(6.7
)
 
$
(7.5
)
(1) 
Balance at December 31, 2014 includes $3.1 for life insurance obligations to executives that transferred to SPX FLOW at the time of the Spin-Off. Accordingly, the $3.1 is included in “Liabilities of discontinued operations - non current” within the accompanying consolidated balance sheet as of December 31, 2014.
Schedule of net periodic benefit (income) expense
The net periodic postretirement benefit expense (income) included the following components:
 
Year ended December 31,
 
2015
 
2014
 
2013
Service cost
$
0.1

 
$
0.4

 
$
0.5

Interest cost
4.4

 
5.3

 
4.8

Amortization of unrecognized prior service credits
(0.8
)
 
(0.3
)
 
(1.4
)
Settlement gain
(1.8
)
 
—

 
—

Recognized net actuarial (gains) losses
(4.0
)
 
14.2

 
(7.8
)
Net periodic postretirement benefit expense (income)
$
(2.1
)
 
$
19.6

 
$
(3.9
)
Schedule of estimated future benefit payments and expected federal subsidies
Following is a summary, as of December 31, 2015, of the estimated future benefit payments and expected federal subsidies for our postretirement plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. The expected benefit payments and federal subsidies are estimated based on the same assumptions used at December 31, 2015 to measure our obligations and include benefits attributable to estimated future employee service.
 
Postretirement
Payments, net
of Subsidies
 
Postretirement
Subsidies
2016
$
12.3

 
$
0.5

2017
11.6

 
0.5

2018
11.0

 
0.5

2019
10.4

 
0.5

2020
9.8

 
0.5

Subsequent five years
39.5

 
2.0
Schedule of actuarial assumptions used in accounting for plans
Actuarial assumptions used in accounting for our domestic postretirement plans were as follows:
 
Year ended December 31,
 
2015
 
2014
 
2013
Assumed health care cost trend rates:
 
 
 
 
 
Health care cost trend rate for next year
6.60
%
 
6.79
%
 
6.98
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
5.00
%
 
5.00
%
 
5.00
%
Year that the rate reaches the ultimate trend rate
2024

 
2024

 
2024

Discount rate used in determining net periodic postretirement benefit expense
3.53
%
 
4.23
%
 
3.37
%
Discount rate used in determining year-end postretirement benefit obligation
3.88
%
 
3.55
%
 
4.23
%