Pensions (Tables)

12 Months Ended

Dec. 31, 2016

Defined Benefit Plan Disclosure [Line Items]

The following table summarizes net periodic pension expense for U.S. and non-U.S. benefit plans:



	U.S. Benefit Plan									Non-U.S. Benefit Plan
(in millions)	2016			2015			2014			2016			2015			2014
Company-sponsored plans:
Service cost	$	—		$	—		$	—		$	0.2		$	0.2		$	0.2
Interest cost	7.8			7.6			7.9			1.8			2.1			2.6
Expected return on plan assets	(10.3		)	(10.3		)	(9.1		)	(2.4		)	(2.7		)	(3.6		)
Amortization of actuarial loss	5.6			6.8			5.1			0.6			0.7			0.4
Total Company-sponsored plans	3.1			4.1			3.9			0.2			0.3			(0.4		)
Multi-employer plans	0.1			0.2			0.2			—			—			—
Net periodic pension expense	$	3.2		$	4.3		$	4.1		$	0.2		$	0.3		$	(0.4	)

Summary of Changes in Projected Benefit Obligation

The following table summarizes the changes in the projected benefit obligation and plan assets:



	U.S. Benefit Plan						Non-U.S. Benefit Plan
(in millions)	2016			2015			2016			2015
Benefit obligation, beginning of year	$	174.3		$	186.3		$	55.7		$	62.7
Service cost	—			—			0.2			0.2
Interest cost	7.8			7.6			1.8			2.1
Actuarial loss (gain)	7.7			(10.0		)	7.8			(2.5		)
Benefits and expenses paid	(9.2		)	(9.6		)	(4.2		)	(3.5		)
Foreign currency translation	—			—			(9.6		)	(3.3		)
Benefit obligation, end of year	$	180.6		$	174.3		$	51.7		$	55.7
Accumulated benefit obligation, end of year	$	180.6		$	173.5		$	51.7		$	55.7

Summary of Change in Plan Assets

The following summarizes the changes in the fair value of plan assets:



	U.S. Benefit Plan						Non-U.S. Benefit Plan
(in millions)	2016			2015			2016			2015
Fair value of plan assets, beginning of year	$	128.1		$	134.0		$	54.3		$	59.0
Actual return on plan assets^(a)	6.6			(3.3		)	6.2			0.8
Company contribution	5.6			7.0			1.3			1.1
Benefits and expenses paid	(9.2		)	(9.6		)	(4.2		)	(3.5		)
Foreign currency translation	—			—			(9.1		)	(3.1		)
Fair value of plan assets, end of year	$	131.1		$	128.1		$	48.5		$	54.3


(a)	Actual return on plan assets of the U.S. benefit plan for the years ended December 31, 2016 and 2015, was net of fees, commissions and other expenses paid from plan assets of $1.9 million and $1.5 million, respectively

Summary of Pension Assets in Three-Tier Fair Value Hierarchy for Benefit Plan

The following summarizes the Company’s pension assets in a three-tier fair value hierarchy for its benefit plans:



	U. S. Benefit Plan
	2016								2015
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	5.7	$	—	$	—	$	5.7	$	6.8	$	—	$	—	$	6.8
Equity securities:
U.S. Large Cap	36.4		0.1		—		36.5		37.7		0.1		—		37.8
U.S. Small and Mid Cap	16.9		—		—		16.9		18.0		—		—		18.0
Developed international	8.6		7.7		—		16.3		12.8		6.9		—		19.7
Emerging markets	11.9		0.5		—		12.4		6.9		—		—		6.9
Fixed income:
Government securities	7.1		—		—		7.1		2.7		0.3		—		3.0
Asset-backed securities	—		9.9		—		9.9		—		7.7		—		7.7
Corporate bonds	—		14.9		—		14.9		—		13.1		—		13.1
Mutual funds	—		—		—		—		0.7		—		—		0.7
Other investments:
Mutual funds	5.6		—		—		5.6		10.5		—		—		10.5
Real estate	5.4		—		—		5.4		4.0		—		—		4.0
Total assets at fair value ^(a)	$	97.6	$	33.1	$	—	$	130.7	$	100.1	$	28.1	$	—	$	128.2


(a)	Total assets at fair value in the table above exclude a net receivable of $0.4 million and a net payable of $0.1 million at December 31, 2016 and 2015, respectively.



	Non-U. S. Benefit Plan
	2016								2015
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash	$	0.4	$	—	$	—	$	0.4	$	9.2	$	—	$	—	$	9.2
Equity securities	—		41.9		—		41.9		5.3		34.8		—		40.1
Fixed income:
Government securities	1.3		—		—		1.3		2.7		—		—		2.7
Corporate bonds	2.6		2.3		—		4.9		1.5		0.8		—		2.3
Total assets at fair value	$	4.3	$	44.2	$	—	$	48.5	$	18.7	$	35.6	$	—	$	54.3

Funded Status

The following summarizes the funded status of the Company-sponsored plans:



	U.S. Benefit Plan						Non-U.S. Benefit Plan
(in millions)	2016			2015			2016			2015
Fair value of plan assets, end of year	$	131.1		$	128.1		$	48.5		$	54.3
Benefit obligation, end of year	180.6			174.3			51.7			55.7
Funded status, end of year	$	(49.5	)	$	(46.2	)	$	(3.2	)	$	(1.4	)

Components of Amounts Recognized in Accumulated Other Comprehensive Income

The following summarizes the amounts recognized within our Consolidated Balance Sheets:



	U.S. Benefit Plan				Non-U.S. Benefit Plan
(in millions)	2016		2015		2016		2015
Amounts recognized in Total liabilities include:
Long-term pension and other post-retirement benefit liabilities	$	49.5	$	46.2	$	3.2	$	1.4
Net liability recorded	$	49.5	$	46.2	$	3.2	$	1.4
Amounts recognized in Accumulated other comprehensive loss include:
Net actuarial loss	$	84.1	$	78.2	$	18.8	$	18.7
Net amount recognized, pre-tax	$	84.1	$	78.2	$	18.8	$	18.7

Benefits Expected to be Paid under Defined Benefit Plans

The following summarizes the benefits expected to be paid under the Company’s defined benefit plans in each of the next five years, and in aggregate for the five years thereafter:



(in millions)	U.S. Benefit Plan		Non-U.S. Benefit Plan
2017	$	9.0	$	2.4
2018	9.0		2.5
2019	9.1		2.6
2020	9.7		2.7
2021	10.1		2.8
2022-2026	55.4		15.7

Pension Plans, Defined Benefit

Defined Benefit Plan Disclosure [Line Items]

Summary of Weighted-Average Assumptions Used

The following table summarizes the weighted-average assumptions used in determining pension costs:



	U.S. Benefit Plan						Non-U.S. Benefit Plan
	2016		2015		2014		2016		2015		2014
Discount rate	4.6	%	4.2	%	5.1	%	3.7	%	3.5	%	4.5	%
Rate of increase in compensation levels	—		3.5	%	3.5	%	—		—		—
Expected long-term rate of return on plan assets	7.5	%	7.8	%	7.6	%	4.9	%	4.7	%	5.9	%

Summary of Weighted-Average Assumptions Used

The following table summarizes the weighted-average assumptions used in determining benefit obligations:



	U.S. Benefit Plan				Non-U.S. Benefit Plan
	2016		2015		2016		2015
Discount rate	4.3	%	4.6	%	2.6	%	3.7	%
Rate of increase in compensation levels	—		3.5	%	—		—