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Pensions (Tables) | 12 Months Ended
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Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Net Periodic Pension Expense | The following table summarizes net periodic pension expense (benefit) for the U.S. and non-U.S. benefit plans:
| U.S. Benefit Plan |  | Non-U.S. Benefit Plan
(in millions) | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Company-sponsored plans: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.2 |
Interest cost | 6.4 |  |  | 7.6 |  |  | 7.8 |  |  | 1.3 |  |  | 1.4 |  |  | 1.8 |
Expected return on plan assets | (8.7 | ) |  | (9.6 | ) |  | (10.3 | ) |  | (2.2 | ) |  | (2.1 | ) |  | (2.4 | )
Amortization of actuarial loss | 3.0 |  |  | 2.5 |  |  | 5.6 |  |  | 0.6 |  |  | 0.6 |  |  | 0.6 |
Settlement charge recognized | — |  |  | 6.1 |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic pension expense (benefit) | $ | 0.7 |  |  | $ | 6.6 |  |  | $ | 3.1 |  |  | $ | (0.1 | ) |  | $ | 0.1 |  |  | $ | 0.2 |
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations And Expense | The following table summarizes the weighted-average assumptions used in determining benefit obligations:
| U.S. Benefit Plan |  | Non-U.S. Benefit Plan
| 2018 |  | 2017 |  | 2018 |  | 2017
Discount rate | 4.4 | % |  | 3.7 | % |  | 2.8 | % |  | 2.5 | %
The following table summarizes the weighted-average assumptions used in determining pension costs:
| U.S. Benefit Plan |  | Non-U.S. Benefit Plan
| 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Discount rate | 3.7 | % |  | 4.3 | % |  | 4.6 | % |  | 2.5 | % |  | 2.6 | % |  | 3.7 | %
Expected long-term rate of return on plan assets | 7.0 | % |  | 7.1 | % |  | 7.5 | % |  | 4.2 | % |  | 4.2 | % |  | 4.9 | %
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) | 2018 |  | 2017 |  | 2018 |  | 2017
Benefit obligation, beginning of year | $ | 179.0 |  |  | $ | 180.6 |  |  | $ | 54.7 |  |  | $ | 51.7 |
Service cost | — |  |  | — |  |  | 0.2 |  |  | 0.2 |
Interest cost | 6.4 |  |  | 7.6 |  |  | 1.3 |  |  | 1.4 |
Actuarial (gain) loss | (13.9 | ) |  | 12.9 |  |  | (2.2 | ) |  | (0.1 | )
Benefits and expenses paid | (9.9 | ) |  | (8.4 | ) |  | (3.8 | ) |  | (3.3 | )
Settlement payments | — |  |  | (13.7 | ) |  | — |  |  | — |
Amendments(a) | — |  |  | — |  |  | 2.6 |  |  | — |
Foreign currency translation | — |  |  | — |  |  | (3.0 | ) |  | 4.8 |
Benefit obligation, end of year | $ | 161.6 |  |  | $ | 179.0 |  |  | $ | 49.8 |  |  | $ | 54.7 |
Accumulated benefit obligation, end of year | $ | 161.6 |  |  | $ | 179.0 |  |  | $ | 49.8 |  |  | $ | 54.7 |
(a) | While the non-U.S. benefit plan has not yet been amended, this component of the change to the benefit obligation of the non-U.S. benefit plan during the year ended December 31, 2018 represents the estimated impact of the U.K. High Court ruling, as described above.
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) | 2018 |  | 2017 |  | 2018 |  | 2017
Fair value of plan assets, beginning of year | $ | 131.7 |  |  | $ | 131.1 |  |  | $ | 54.7 |  |  | $ | 48.5 |
Actual (loss) return on plan assets (a) | (10.0 | ) |  | 17.7 |  |  | (1.6 | ) |  | 3.9 |
Company contribution | 7.0 |  |  | 5.0 |  |  | 1.3 |  |  | 0.9 |
Benefits and expenses paid | (9.9 | ) |  | (8.4 | ) |  | (3.8 | ) |  | (3.3 | )
Settlement payments | — |  |  | (13.7 | ) |  | — |  |  | — |
Foreign currency translation | — |  |  | — |  |  | (2.9 | ) |  | 4.7 |
Fair value of plan assets, end of year | $ | 118.8 |  |  | $ | 131.7 |  |  | $ | 47.7 |  |  | $ | 54.7 |
(a) | Actual (loss) return on plan assets of the U.S. benefit plan for the years ended December 31, 2018 and 2017, was net of fees, commissions and other expenses paid from plan assets of $1.8 million and $2.2 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
| 2018 |  | 2017
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 4.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.8 |  |  | $ | 4.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.2 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Large Cap | 36.0 |  |  | — |  |  | — |  |  | 36.0 |  |  | 39.7 |  |  | — |  |  | — |  |  | 39.7 |
U.S. Small and Mid Cap | 19.6 |  |  | — |  |  | — |  |  | 19.6 |  |  | 18.5 |  |  | — |  |  | — |  |  | 18.5 |
Developed international | 8.9 |  |  | 6.8 |  |  | — |  |  | 15.7 |  |  | 12.3 |  |  | 7.1 |  |  | — |  |  | 19.4 |
Emerging markets | 10.1 |  |  | 0.8 |  |  | — |  |  | 10.9 |  |  | 12.1 |  |  | 0.8 |  |  | — |  |  | 12.9 |
Fixed income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government securities | 8.2 |  |  | — |  |  | — |  |  | 8.2 |  |  | 6.6 |  |  | — |  |  | — |  |  | 6.6 |
Asset-backed securities | — |  |  | 12.5 |  |  | — |  |  | 12.5 |  |  | — |  |  | 11.7 |  |  | — |  |  | 11.7 |
Corporate bonds | — |  |  | 10.6 |  |  | — |  |  | 10.6 |  |  | — |  |  | 13.9 |  |  | — |  |  | 13.9 |
Other investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds | — |  |  | — |  |  | — |  |  | — |  |  | 1.4 |  |  | — |  |  | — |  |  | 1.4 |
Real estate | 0.3 |  |  | — |  |  | — |  |  | 0.3 |  |  | 3.1 |  |  | — |  |  | — |  |  | 3.1 |
Total assets at fair value (a) | $ | 87.9 |  |  | $ | 30.7 |  |  | $ | — |  |  | $ | 118.6 |  |  | $ | 97.9 |  |  | $ | 33.5 |  |  | $ | — |  |  | $ | 131.4 |
(a) | Total assets at fair value in the table above exclude a net receivable of $0.2 million and $0.3 million at December 31, 2018 and 2017, respectively.
| Non-U. S. Benefit Plan
| 2018 |  | 2017
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.8 |
Equity securities | — |  |  | 36.4 |  |  | — |  |  | 36.4 |  |  | — |  |  | 41.1 |  |  | — |  |  | 41.1 |
Fixed income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government securities | 2.8 |  |  | — |  |  | — |  |  | 2.8 |  |  | 3.6 |  |  | — |  |  | — |  |  | 3.6 |
Corporate bonds | 6.2 |  |  | 2.2 |  |  | — |  |  | 8.4 |  |  | 6.8 |  |  | 2.4 |  |  | — |  |  | 9.2 |
Total assets at fair value | $ | 9.1 |  |  | $ | 38.6 |  |  | $ | — |  |  | $ | 47.7 |  |  | $ | 11.2 |  |  | $ | 43.5 |  |  | $ | — |  |  | $ | 54.7 |
Summary of Funded Status | The following summarizes the funded status of the Company-sponsored plans:
| U.S. Benefit Plan |  | Non-U.S. Benefit Plan
(in millions) | 2018 |  | 2017 |  | 2018 |  | 2017
Fair value of plan assets, end of year | $ | 118.8 |  |  | $ | 131.7 |  |  | $ | 47.7 |  |  | $ | 54.7 |
Benefit obligation, end of year | 161.6 |  |  | 179.0 |  |  | 49.8 |  |  | 54.7 |
Funded status, end of year | $ | (42.8 | ) |  | $ | (47.3 | ) |  | $ | (2.1 | ) |  | $ | — |
Schedule of Amounts Recognized In Consolidated Balance Sheet | The following summarizes the amounts recognized within our Consolidated Balance Sheets:
| U.S. Benefit Plan |  | Non-U.S. Benefit Plan
(in millions) | 2018 |  | 2017 |  | 2018 |  | 2017
Amounts recognized in Total liabilities include: |  |  |  |  |  |  |
Long-term pension and other post-retirement benefit liabilities | $ | 42.8 |  |  | $ | 47.3 |  |  | $ | 2.1 |  |  | $ | — |
Net liability recorded | $ | 42.8 |  |  | $ | 47.3 |  |  | $ | 2.1 |  |  | $ | — |
Amounts recognized in Accumulated other comprehensive loss include: |  |  |  |  |  |  |
Net actuarial loss | $ | 81.9 |  |  | $ | 80.2 |  |  | $ | 17.8 |  |  | $ | 17.8 |
Prior service cost | $ | — |  |  | $ | — |  |  | $ | 2.5 |  |  | $ | — |
Net amount recognized, pre-tax | $ | 81.9 |  |  | $ | 80.2 |  |  | $ | 20.3 |  |  | $ | 17.8 |
Schedule of Expected Benefit Payments | 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
2019 | $ | 9.2 |  |  | $ | 2.5 |
2020 | 9.6 |  |  | 2.6 |
2021 | 9.8 |  |  | 2.7 |
2022 | 10.2 |  |  | 2.7 |
2023 | 10.6 |  |  | 2.9 |
2024-2028 | 54.0 |  |  | 15.9 |
Schedule of Multi-Employer Plans | The Company also participates in two multi-employer pension plans that provide defined benefits to employees under U.S. collective bargaining agreements, as follows:
Pension Fund |  | EIN/Pension Plan Number |  | Pension Protection Act Zone Status |  | FIP/RP Status Pending/ Implemented (a) |  | Surcharge Imposed |  | Expiration of Collective Bargaining Agreement
|  | 2018 |  | 2017 |  |  |
IAM National Pension Fund (b) |  | 51-6031295/002 |  | Green |  | Green |  | No |  | No |  | 5/31/2021
Sheet Metal Worker’s National Pension Fund (b) |  | 52-6112463/001 |  | Yellow |  | Yellow |  | FIP Implemented |  | No |  | 6/27/2020
(a) | Indicates whether the plan has a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) which is either pending or has been implemented.
(b) | The plans’ year-end to which the zone status relates is December 31, 2017 and 2016.

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