XML 160 R43.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Pension and Other Post-Employment Plans (Tables)

12 Months Ended

Dec. 31, 2019

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Periodic Pension Expense (Benefit)

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)	2019				2018				2017				2019				2018				2017
Company-sponsored plans:
Service cost	$	—			$	—			$	—			$	0.2			$	0.2			$	0.2
Interest cost	6.8				6.4				7.6				1.4				1.3				1.4
Expected return on plan assets	(8.7		)		(8.7		)		(9.6		)		(2.0		)		(2.2		)		(2.1		)
Amortization of prior service costs	—				—				—				0.1				—				—
Amortization of actuarial losses	2.6				3.0				2.5				0.7				0.6				0.6
Settlement charge recognized	—				—				6.1				—				—				—
Net periodic pension expense (benefit)	$	0.7			$	0.7			$	6.6			$	0.4			$	(0.1	)		$	0.1

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
	2019			2018			2019			2018
Discount rate	3.5	%		4.4	%		2.0	%		2.8	%

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

	U.S. Benefit Plan									Non-U.S. Benefit Plan
	2019			2018			2017			2019			2018			2017
Discount rate	4.4	%		3.7	%		4.3	%		2.8	%		2.5	%		2.6	%
Expected long-term rate of return on plan assets	7.0	%		7.0	%		7.1	%		4.2	%		4.2	%		4.2	%

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)	2019				2018				2019				2018
Benefit obligation, beginning of year	$	161.6			$	179.0			$	49.8			$	54.7
Service cost	—				—				0.2				0.2
Interest cost	6.8				6.4				1.4				1.3
Actuarial loss (gain)	10.8				(13.9		)		2.0				(2.2		)
Benefits and expenses paid	(9.8		)		(9.9		)		(3.1		)		(3.8		)
Amendments(a)	—				—				—				2.6
Foreign currency translation	—				—				2.0				(3.0		)
Benefit obligation, end of year	$	169.4			$	161.6			$	52.3			$	49.8
Accumulated benefit obligation, end of year	$	169.4			$	161.6			$	52.3			$	49.8

(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)	2019				2018				2019				2018
Fair value of plan assets, beginning of year	$	118.8			$	131.7			$	47.7			$	54.7
Actual return (loss) on plan assets (a)	22.6				(10.0		)		7.2				(1.6		)
Company contribution	—				7.0				1.3				1.3
Benefits and expenses paid	(9.8		)		(9.9		)		(3.1		)		(3.8		)
Foreign currency translation	—				—				2.1				(2.9		)
Fair value of plan assets, end of year	$	131.6			$	118.8			$	55.2			$	47.7

(a)

Actual return (loss) on plan assets of the U.S. benefit plan for the years ended December 31, 2019 and 2018, was net of fees, commissions and other expenses paid from plan assets of $1.9 million and $1.8 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
	2019																2018
(in millions)	Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Cash and cash equivalents	$	4.0			$	—			$	—			$	4.0			$	4.8			$	—			$	—			$	4.8
Equity investments:
U.S. Large Cap	46.1				—				—				46.1				36.0				—				—				36.0
U.S. Small and Mid Cap	23.8				—				—				23.8				19.6				—				—				19.6
Developed international	7.1				5.9				—				13.0				8.9				6.8				—				15.7
Emerging markets	10.2				0.5				—				10.7				10.1				0.8				—				10.9
Fixed income investments:
Government securities	10.5				—				—				10.5				8.2				—				—				8.2
Asset-backed securities	—				13.5				—				13.5				—				12.5				—				12.5
Corporate bonds	—				9.4				—				9.4				—				10.6				—				10.6
Other investments:
Real estate	0.4				—				—				0.4				0.3				—				—				0.3
Total assets at fair value (a)	$	102.1			$	29.3			$	—			$	131.4			$	87.9			$	30.7			$	—			$	118.6

(a) Total assets at fair value in the table above exclude a net receivable of $0.2 million and $0.2 million at December 31, 2019 and 2018, respectively.

	Non-U. S. Benefit Plan
	2019																2018
(in millions)	Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Cash and cash equivalents	$	0.2			$	—			$	—			$	0.2			$	0.1			$	—			$	—			$	0.1
Diversified investment funds (a)	—				40.7				—				40.7				—				36.4				—				36.4
Fixed income investments:
Government securities	3.8				—				—				3.8				2.8				—				—				2.8
Corporate bonds	7.2				3.3				—				10.5				6.2				2.2				—				8.4
Total assets at fair value	$	11.2			$	44.0			$	—			$	55.2			$	9.1			$	38.6			$	—			$	47.7

(a)

These funds primarily invest in a diversified portfolio of equity securities and fixed income securities.

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)	2019				2018				2019				2018
Fair value of plan assets, end of year	$	131.6			$	118.8			$	55.2			$	47.7
Benefit obligation, end of year	169.4				161.6				52.3				49.8
Funded status, end of year	$	(37.8	)		$	(42.8	)		$	2.9			$	(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)	2019				2018				2019				2018
Amounts recognized in our Consolidated Balance Sheets include:
Deferred charges and other long-term assets	$	—			$	—			$	2.9			$	—
Long-term pension and other post-retirement benefit liabilities	(37.8		)		(42.8		)		—				(2.1		)
Net (liability) asset recorded	$	(37.8	)		$	(42.8	)		$	2.9			$	(2.1	)
Amounts recognized in Accumulated other comprehensive loss include:
Actuarial losses	$	76.2			$	81.9			$	14.6			$	17.8
Prior service costs	—				—				2.4				2.5
Net amount recognized, pre-tax	$	76.2			$	81.9			$	17.0			$	20.3

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
2020	$	9.7			$	2.6
2021	9.8				2.7
2022	10.0				2.8
2023	10.2				2.9
2024	10.5				3.0
2025-2029	52.6				16.5

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

2019

2018

IAM National Pension Fund (b)

51-6031295/002

Red

Green

RP Implemented (c)

Yes (c)

5/31/2021

Sheet Metal Workers’ 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, 2019 and 2018.

(c)

The IAM National Pension Fund was initially certified in the Yellow Zone for 2019. In April 2019, the Trustees of the IAM National Pension Fund voluntarily elected to place the IAM National Pension Fund in the Red Zone, adopted a Rehabilitation Plan, and imposed a surcharge.

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:	us-gaap_DefinedBenefitPlanDisclosureLineItems
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(5)
-URI http://asc.fasb.org/extlink&oid=108410482&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 amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
-URI http://asc.fasb.org/extlink&oid=108410482&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 reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=108410482&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 quantitative and qualitative information related to multiemployer plans in which the employer participates. A multiemployer plan is a pension or postretirement benefit plan to which two or more unrelated employers contribute where assets contributed by one participating employer may be used to provide benefits to employees of other participating employers.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

+ Details

Name:	us-gaap_ScheduleOfMultiemployerPlansTableTextBlock
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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of net funded status of pension plans and/or other employee benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration