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Long-term Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The following table sets forth the changes to the projected benefit obligations ("PBO") and plan assets for the years ended December 31, 2018 and 2017 and the funded status and amounts recognized in the accompanying consolidated balance sheets at December 31, 2018 and 2017 for our defined benefit pension plans:
|  | Year Ended December 31,
|  | 2018 |  | 2017
Change in benefit obligation: |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 636.9 |  |  | $ | 547.6 |
Service cost |  | 8.8 |  |  | 9.0 |
Interest cost |  | 13.1 |  |  | 13.8 |
Participant contributions |  | 1.3 |  |  | 1.3 |
Actuarial gains, net |  | (3.3 | ) |  | (13.8 | )
Plan curtailments, settlements and special termination benefits |  | (19.4 | ) |  | (12.9 | )
Benefits paid |  | (25.6 | ) |  | (23.3 | )
Business combinations and other adjustments |  | 0.7 |  |  | 51.2 |
Foreign currency translation |  | (28.8 | ) |  | 64.0 |
Projected benefit obligation at end of year |  | $ | 583.7 |  |  | $ | 636.9 |
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 365.0 |  |  | $ | 288.7 |
Actual return on plan assets |  | (1.4 | ) |  | 22.2 |
Employer contributions |  | 24.6 |  |  | 27.4 |
Participant contributions |  | 1.3 |  |  | 1.3 |
Benefits paid |  | (25.6 | ) |  | (23.3 | )
Settlements |  | (12.5 | ) |  | (13.9 | )
Business combinations and other adjustments |  | (0.1 | ) |  | 32.4 |
Foreign currency translation |  | (19.0 | ) |  | 30.2 |
Fair value of plan assets at end of year |  | $ | 332.3 |  |  | $ | 365.0 |
Funded status, net |  | $ | (251.4 | ) |  | $ | (271.9 | )
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |
Other assets |  | $ | 22.0 |  |  | $ | 19.2 |
Other accrued liabilities |  | (11.5 | ) |  | (12.0 | )
Accrued pensions |  | (261.9 | ) |  | (279.1 | )
Net amount recognized |  | $ | (251.4 | ) |  | $ | (271.9 | )
Schedule of Accumulated and Projected Benefit Obligations | The following table reflects the ABO for all defined benefit pension plans as of December 31, 2018 and 2017. Further, the table reflects the aggregate PBO, ABO and fair value of plan assets for pension plans with PBO in excess of plan assets and for pension plans with ABO in excess of plan assets.
|  | Year Ended December 31,
|  | 2018 |  | 2017
ABO |  | $ | 559.9 |  |  | $ | 605.4 |
Plans with PBO in excess of plan assets: |  |  |  |
PBO |  | $ | 375.6 |  |  | $ | 401.2 |
ABO |  | $ | 352.0 |  |  | $ | 370.0 |
Fair value plan assets |  | $ | 102.2 |  |  | $ | 110.1 |
Plans with ABO in excess of plan assets: |  |  |  |
PBO |  | $ | 370.2 |  |  | $ | 393.3 |
ABO |  | $ | 349.1 |  |  | $ | 364.9 |
Fair value plan assets |  | $ | 99.3 |  |  | $ | 104.7 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | The pre-tax amounts not yet reflected in net periodic benefit cost and included in AOCI include the following related to defined benefit plans:
|  | Year Ended December 31,
|  | 2018 |  | 2017
Accumulated net actuarial losses |  | $ | (51.8 | ) |  | $ | (46.4 | )
Accumulated prior service credit |  | 1.6 |  |  | 2.6 |
Total |  | $ | (50.2 | ) |  | $ | (43.8 | )
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The estimated pre-tax amounts that are expected to be amortized from AOCI into net periodic benefit cost during 2019 for the defined benefit plans is as follows:
|  | 2019
Amortization of net actuarial losses, net |  | $ | (2.0 | )
Amortization of prior service credit, net |  | 0.1 |
Total |  | $ | (1.9 | )
Schedule of Net Benefit Costs | The following table sets forth the pre-tax components of net periodic benefit costs for our defined benefit plans for the years ended December 31, 2018, 2017 and 2016.
|  | Year Ended December 31,
|  | 2018 |  | 2017 |  | 2016
Components of net periodic benefit cost and amounts recognized in comprehensive (income) loss: |  |  |  |  |  |
Net periodic benefit cost: |  |  |  |  |  |
Service cost |  | $ | 8.8 |  |  | $ | 9.0 |  |  | $ | 10.7 |
Interest cost |  | 13.1 |  |  | 13.8 |  |  | 15.1 |
Expected return on plan assets |  | (16.1 | ) |  | (15.0 | ) |  | (12.6 | )
Amortization of actuarial loss, net |  | 1.3 |  |  | 1.4 |  |  | 0.4 |
Amortization of prior service credit |  | (0.1 | ) |  | — |  |  | — |
Curtailment gain |  | (0.7 | ) |  | — |  |  | (1.1 | )
Settlement (gain) loss |  | 0.6 |  |  | 0.2 |  |  | (0.5 | )
Special termination benefit loss |  | — |  |  | 1.0 |  |  | 0.2 |
Net periodic benefit cost |  | $ | 6.9 |  |  | $ | 10.4 |  |  | $ | 12.2 |
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: |  |  |  |  |  |
Net actuarial (gain) loss, net |  | $ | 6.7 |  |  | $ | (20.6 | ) |  | $ | 27.7 |
Amortization of actuarial loss, net |  | (1.3 | ) |  | (1.4 | ) |  | (0.4 | )
Prior service (credit) cost |  | 0.8 |  |  | (1.2 | ) |  | — |
Amortization of prior service credit |  | 0.1 |  |  | — |  |  | — |
Curtailment gain |  | 0.7 |  |  | — |  |  | 1.1 |
Settlement gain (loss) |  | (0.6 | ) |  | (0.2 | ) |  | 0.5 |
Other adjustments |  | — |  |  | (7.9 | ) |  | — |
Total (gain) loss recognized in other comprehensive (income) loss |  | $ | 6.4 |  |  | $ | (31.3 | ) |  | $ | 28.9 |
Total recognized in net periodic benefit cost and comprehensive (income) loss |  | $ | 13.3 |  |  | $ | (20.9 | ) |  | $ | 41.1 |
Schedule of Assumptions Used | We used the following assumptions in determining the benefit obligations and net periodic benefit cost of our defined benefit plans:
|  | 2018 |  | 2017 |  | 2016
Weighted-average assumptions: |  |  |  |  |  |
Discount rate to determine benefit obligation |  | 2.27 | % |  | 2.13 | % |  | 2.52 | %
Discount rate to determine net cost |  | 2.13 | % |  | 2.52 | % |  | 3.05 | %
Rate of future compensation increases to determine benefit obligation |  | 2.68 | % |  | 2.69 | % |  | 3.07 | %
Rate of future compensation increases to determine net cost |  | 2.69 | % |  | 3.07 | % |  | 3.03 | %
Rate of return on plan assets to determine net cost |  | 4.47 | % |  | 4.73 | % |  | 4.75 | %
Schedule of Expected Benefit Payments | The following reflects the total benefit payments expected to be paid for defined benefits:
Year ended December 31, |  | Benefits
2019 |  | $ | 28.5 |
2020 |  | $ | 31.2 |
2021 |  | $ | 29.8 |
2022 |  | $ | 30.8 |
2023 |  | $ | 30.7 |
2024—2028 |  | $ | 184.4 |
Schedule of Allocation of Plan Assets | The table below summarizes the weighted average actual and target pension plan asset allocations at December 31st for all funded Axalta defined benefit plans.
Asset Category |  | 2018 |  | 2017 |  | Target Allocation
Equity securities |  | 15-20% |  | 25-30% |  | 15-20%
Debt securities |  | 25-30% |  | 20-25% |  | 25-30%
Real estate |  | 0-5% |  | 0-5% |  | 0-5%
Other |  | 45-50% |  | 45-50% |  | 45-50%
The table below presents the fair values of the defined benefit pension plan assets by level within the fair value hierarchy, as described in Note 1, at December 31, 2018 and 2017, respectively.
|  | Fair value measurements at
|  | 12/31/2018
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Asset Category: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 4.5 |  |  | $ | 4.4 |  |  | $ | 0.1 |  |  | $ | — |
U.S. equity securities |  | 23.7 |  |  | 23.4 |  |  | — |  |  | 0.3 |
Non-U.S. equity securities |  | 42.9 |  |  | 39.9 |  |  | 1.0 |  |  | 2.0 |
Debt securities—government issued |  | 70.9 |  |  | 41.1 |  |  | 23.3 |  |  | 6.5 |
Debt securities—corporate issued |  | 29.1 |  |  | 19.7 |  |  | 7.0 |  |  | 2.4 |
Private market securities and other |  | 129.6 |  |  | 1.2 |  |  | 1.5 |  |  | 126.9 |
Real estate investments |  | 13.6 |  |  | — |  |  | — |  |  | 13.6 |
Total |  | $ | 314.3 |  |  | $ | 129.7 |  |  | $ | 32.9 |  |  | $ | 151.7 |
Debt asset backed securities at NAV |  | 11.0 |  |  |  |  |  |  |
Hedge funds at NAV |  | 8.5 |  |  |  |  |  |  |
Pension trust liability |  | (1.5 | ) |  |  |  |  |  |
|  | $ | 332.3 |  |  |  |  |  |  |
|  | Fair value measurements at
|  | 12/31/2017
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Asset Category: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3.7 |  |  | $ | 3.7 |  |  | $ | — |  |  | $ | — |
U.S. equity securities |  | 33.3 |  |  | 33.0 |  |  | — |  |  | 0.3 |
Non-U.S. equity securities |  | 76.4 |  |  | 73.4 |  |  | 1.2 |  |  | 1.8 |
Debt—government issued |  | 44.6 |  |  | 33.1 |  |  | 7.3 |  |  | 4.2 |
Debt—corporate issued |  | 32.8 |  |  | 17.2 |  |  | 13.1 |  |  | 2.5 |
Private market securities and other |  | 141.2 |  |  | 2.7 |  |  | 2.8 |  |  | 135.7 |
Real estate investments |  | 13.5 |  |  | — |  |  | — |  |  | 13.5 |
Total |  | $ | 345.5 |  |  | $ | 163.1 |  |  | $ | 24.4 |  |  | $ | 158.0 |
Debt asset backed securities at NAV |  | 10.9 |  |  |  |  |  |  |
Hedge funds at NAV |  | 8.6 |  |  |  |  |  |  |
|  | $ | 365.0 |  |  |  |  |  |  |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The table below presents a roll forward of activity for these assets for the years ended December 31, 2018 and 2017.
|  | Level 3 assets
|  | Total |  | Private market securities |  | Debt and equity |  | Real estate investments
Ending balance at December 31, 2016 |  | $ | 77.5 |  |  | $ | 64.1 |  |  | $ | 2.2 |  |  | $ | 11.2 |
Realized (loss) |  | — |  |  | — |  |  | — |  |  | — |
Change in unrealized gain |  | 9.9 |  |  | 8.3 |  |  | 0.4 |  |  | 1.2 |
Purchases, sales, issues and settlements |  | 70.6 |  |  | 63.3 |  |  | 6.2 |  |  | 1.1 |
Transfers in/(out) of Level 3 |  | — |  |  | — |  |  | — |  |  | — |
Ending balance at December 31, 2017 |  | $ | 158.0 |  |  | $ | 135.7 |  |  | $ | 8.8 |  |  | $ | 13.5 |
Realized (loss) |  | — |  |  | — |  |  | — |  |  | — |
Change in unrealized gain |  | (4.2 | ) |  | (4.4 | ) |  | (0.2 | ) |  | 0.4 |
Purchases, sales, issues and settlements |  | (2.1 | ) |  | (4.4 | ) |  | 2.6 |  |  | (0.3 | )
Transfers in/(out) of Level 3 |  | — |  |  | — |  |  | — |  |  | — |
Ending balance at December 31, 2018 |  | $ | 151.7 |  |  | $ | 126.9 |  |  | $ | 11.2 |  |  | $ | 13.6 |

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