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Pension, Post-Retirement and Post-Employment Plans | 12 Months Ended
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Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract] |
Pension, Post-Retirement and Post-Employment Plans | PENSION, POST-RETIREMENT AND POST-EMPLOYMENT PLANS The Company has multiple deferred compensation arrangements, which are described below. The Company has defined benefit pension plans for certain domestic and foreign employees, a supplemental executive retirement plan, or SERP, for executive officers and a post-employment benefits program for certain domestic employees. Aggregate income reported in net earnings for these plans by the Company for the years ended December 31, 2015 and 2014 totaled $1.0 million and $2.1 million, respectively. For the Successor and Predecessor 2013 periods, aggregate income (expense) reported in net earnings totaled $2.7 million and $(3.5) million, respectively. Domestic Defined Benefit Pension Plan In connection with the MacDermid Acquisition, the Pension Plan was closed to new participants. Credited service was frozen for all grandfathered employees. Credited service, average monthly compensation, final average compensation, and covered compensation were frozen for all non-grandfathered employees. The action resulted in a curtailment gain of $3.0 million, which was recorded in the Successor 2013 Period. The Pension Plan is a non-contributory domestic defined benefit pension plan. It provides retirement benefits based upon years of service and compensation levels. As of December 31, 2015 and 2014, the projected benefit obligation for the Pension Plan was $217 million and $151 million, respectively. The projected benefit obligations for the MacDermid Employees' Pension Plan experienced a reduction of $8.2 million, from $150 million in 2014 to $142 million in 2015 as a result of the following: an increase in the discount rate with a favorable impact on PBO; a negative impact to 2014 PBO due to the Company's adopting new mortality tables in 2014; and the above offset by unfavorable asset return versus 2014. The measurement date used to determine pension and other post-retirement benefits was December 31, 2015 and 2014, at which time the minimum contribution level for the following year was determined. The Company's expected future contribution to the plan is $6.3 million in 2016. As a result of the Alent Acquisition, the Company acquired the Alent Retirement Security Plan in December 2015. The plan is closed to new participants. The projected benefit obligation associated with the plan at December 31, 2015 was $74.8 million, which was not materially different from the projected benefit obligation assumed at the acquisition date. The fair value of plan assets related to the plan at December 31, 2015 totaled $61.3 million, a decrease of $1.3 million from the acquisition date fair value of $62.6 million, which was primarily the result of $0.9 million in losses on plan assets and $0.4 million benefits paid. The Company does not currently expect to make a contribution to the plan in 2016. An investment committee, appointed by the Board, manages Pension Plan and acquired plan assets in accordance with the Pension Plan’s investment policies. The Company’s investment policies incorporate an asset allocation strategy that emphasizes the long-term growth of capital and acceptable asset volatility as long as it is consistent with the volatility of the relevant market indexes. The investment policies attempt to achieve a mix of approximately 75% of plan investments for long-term growth and 25% for near-term benefit payments. The Company believes this strategy is consistent with the long-term nature of plan liabilities and ultimate cash needs of the plans. Plan assets consist primarily of limited partnership interests, listed stocks, equity security funds and a short-term treasury bond mutual fund. The listed stocks are investments in large-cap and mid-cap companies located in the United States. The limited partnership funds primarily include listed stocks located in the United States. The weighted average asset allocation of the Pension Plan was 25% equity securities, 60% limited partnership interests and managed equity funds, 10% bond mutual fund holdings and 5% cash at December 31, 2015. As of December 31, 2014, the weighted average asset allocation of the Pension Plan was 25% equity securities, 58% limited partnership interests and managed equity funds, 9% bond mutual fund holdings and 8% cash. The weighted average asset allocation of the Alent Retirement Security Plan was 8% U.S. Treasuries, 63% Collective Investment Funds ("CIFs"), 26% mutual funds and 3% cash at December 31, 2015. Actual pension expense and future contributions required to fund the Pension Plan and acquired plans will depend on future investment performance, changes in future discount rates, the level of contributions the Company makes and various other factors related to the populations participating in the Pension Plans and acquired plans. The Company evaluates the Pension Plan and acquired plan's actuarial assumptions on an annual basis, including the expected long-term rate of return on assets and discount rate, and adjusts the assumptions as necessary to ensure proper funding levels are maintained so that the Pension Plan and acquired plan can meet obligations as they become due. Supplemental Executive Retirement Plan The Company sponsors a SERP that entitles certain executive officers to the difference between the benefits actually paid to them and the benefits they would have received under the Pension Plans were it not for certain restrictions imposed by the Internal Revenue Service Code. Covered compensation under the SERP's includes an employee’s annual salary and bonus. As of December 31, 2015 and 2014, the projected benefit obligation under the SERP was $13.5 million and $7.1 million, respectively. Foreign Pension Plans The Company has a U.K. Pension Plan, which represents retirement and death benefit plans covering employees in the U.K. The U.K. Pension Plan is comprised of a defined benefit plan and a defined contribution plan. The defined benefit plan was closed to new entrants and, effective March 31, 2000, existing active members ceased accruing any further benefits exclusive of adjustments for an inflation factor. The defined contribution plan is structured whereby the Company contributes an amount equal to a specified percentage of each employee’s contribution up to an annual maximum contribution per participant. The projected benefit obligation of the U.K. Pension Plan was $85.8 million and $83.2 million at December 31, 2015 and 2014, respectively. The relatively flat variance in the projected benefit obligation at December 31, 2015 was mainly due to poor asset return versus 2014. The measurement date used to determine U.K. Pension Plan benefits is December 31. Effective October 13, 2014, the trustees of the U.K. Pension Plan entered into a “Buy-In” agreement with Pension Insurance Corporation plc, or PIC, to transfer the benefit obligation to PIC for approximately GBP 49.7 million. The “Buy-In” phase of the U.K. Pension Plan is expected to occur during the second half of 2016, at which point the obligation will be settled and gain or loss will be recorded. As of December 31, 2015, $18.8 million was included in Accumulated other comprehensive loss related to the U.K. Pension Plan, which is expected to be recognized in connection with the ”Buy-In” agreement once the benefit obligations are transferred and settled. As of December 31, 2015, 90.5% of the U.K. Pension Plan portfolio is held as an insurance “buy-in” policy, with the remaining 8.9% being held in pooled bond funds and 0.6% in cash. As of December 31, 2014, 89% of the U.K. Pension Plan portfolio was held as an insurance “buy-in” policy, 10% was held in pooled bond funds and 1% was held in cash. An independent trustee committee, appointed by Company management and employees participating in the U.K. Pension Plan meet to assess risk factors, rates of return, and asset allocations prescribed by the committee’s investment policy statement. In addition, an annual review is conducted to ensure that proper funding levels are maintained so the U.K. Pension Plan can meet its obligations as they become due. The Company also has retirement and death benefit plans covering employees in Taiwan and certain former employees in Germany, as well as longevity plans covering employees in France. These plans are not significant, individually or in the aggregate, to the consolidated financial position, results of operations or cash flows of Platform. Information for these plans, along with the U.K. Pension Plan, is included in the tables below. The Company also has certain foreign benefit plans that do not qualify for pension accounting under ASC 715, "Compensation - Retirement Benefits" and are recorded in "Long-term retirement benefit liabilities" in the Consolidated Balance Sheets. Certain other foreign subsidiaries maintain benefit plans that are consistent with statutory practices, but do not meet the criteria for accounting rules under defined benefit plans under ASC 715-30, Compensation – Retirement Benefits – Defined Benefit Plans - Pensions. These benefit plans had obligation balances of $6.1 million and $4.1 million as of December 31, 2015 and 2014, respectively, and are excluded from Retirements Benefits and from the accompanying tables of pension benefits. Domestic Defined Benefit Post-Retirement Medical and Dental Plan The Company sponsors defined benefit post-retirement medical and dental plans that covers all of its domestic full-time employees, hired prior to April 1, 1997, who retire after age 55, with at least ten to twenty years of service (depending upon the date of hire). In 2010, the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act were approved in the U.S. which included several provisions that may affect a company’s post-retirement benefit plans. The Company has evaluated the effects of the Health Care Acts and has concluded that there was no current impact on the Company’s domestic defined benefit post-retirement medical and dental plans. Eligible employees receive a subsidy from the Company towards the purchase of their retiree medical benefits. The subsidy level is based on the date of retirement from MacDermid. The annual increase in the Company’s costs for post-retirement medical benefits is subject to a limit of 5% for those retiring prior to March 31, 1989 and 3% for those retiring after April 1, 1989. Retirees will be required to contribute to the plan costs in excess of their respective Company limits in addition to their other required contributions. The projected benefit obligation for the post-retirement plan at December 31, 2015 comprised 32% retirees, 42% fully eligible active participants and 26% other active participants. The actuarial determination of the Company's accumulated benefit obligation associated with the plan for post-retirement medical benefits assumes annual cost increases of 2% and 4%, based on the date of retirement. As a result of the above mentioned plan limits, the effect of an increase in the healthcare cost trend on the Company's accumulated benefit obligation and the service and interest costs associated therewith is limited to an immaterial amount. The Company's expected future contribution to the plan is $0.6 million in 2016. The components of net periodic benefit cost of the pension, SERP and post-retirement benefit plans were as follows:
|  | Pension & SERP Benefits:
(amounts in millions) |  | For the year ended December 31, 2015 |  | For the year ended December 31, 2014 |  | For the period from inception (April 23, 2013) through December 31, 2013 |  |  | For the ten months ended October 31, 2013
|  | (Successor) |  | (Successor) |  | (Successor) |  |  | (Predecessor)
Net periodic benefit expense: |  | Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  | Foreign |  |  | Domestic |  | Foreign
Service cost |  | $ | — |  |  | $ | 1.4 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | 0.7 |  |  | $ | 0.1 |  |  |  | $ | 3.6 |  |  | $ | 0.6 |
Interest cost on the projected benefit obligation |  | 6.8 |  |  | 2.8 |  |  | 6.9 |  |  | 3.0 |  |  | 1.2 |  |  | 0.5 |  |  |  | 5.2 |  |  | 2.5 |
Expected return on plan assets |  | (9.9 | ) |  | (2.7 | ) |  | (9.7 | ) |  | (3.5 | ) |  | (1.6 | ) |  | (0.7 | ) |  |  | (6.6 | ) |  | (4.1 | )
Amortization of prior service cost |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 0.1 |  |  | — |
Amortization of net loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 1.6 |  |  | 0.4 |
Plan curtailments |  | — |  |  | — |  |  | — |  |  | — |  |  | (3.0 | ) |  | — |  |  |  | — |  |  | — |
Net periodic (benefit) cost |  | $ | (3.1 | ) |  | $ | 1.5 |  |  | $ | (2.8 | ) |  | $ | 0.3 |  |  | $ | (2.7 | ) |  | $ | (0.1 | ) |  |  | $ | 3.9 |  |  | $ | (0.6 | )
|  | Post-retirement Benefits:
(amounts in millions) |  | For the year ended December 31, 2015 |  | For the year ended December 31, 2014 |  | For the period from inception (April 23, 2013) through December 31, 2013 |  |  | For the ten months ended October 31, 2013
|  | (Successor) |  | (Successor) |  | (Successor) |  |  | (Predecessor)
Net periodic benefit expense: |  | Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  | Foreign |  |  | Domestic |  | Foreign
Service cost |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | $ | 0.1 |  |  | $ | — |
Interest cost on the projected benefit obligation |  | 0.3 |  |  | 0.1 |  |  | 0.3 |  |  | — |  |  | 0.1 |  |  | — |  |  |  | 0.2 |  |  | — |
Amortization of prior service cost |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | (0.1 | ) |  | — |
Net periodic cost (benefit) |  | $ | 0.4 |  |  | $ | 0.2 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |  |  |  | $ | 0.2 |  |  | $ | — |
The weighted average key assumptions used to determine the net periodic benefit cost of the pension, SERP and post-retirement benefit liabilities are as follows:
|  | Pension and SERP Benefits
(amounts in millions) |  | For the year ended December 31, 2015 |  | For the year ended December 31, 2014 |  | For the period from inception (April 23, 2013) through December 31, 2013 |  |  | For the ten months ended October 31, 2013
|  | (Successor) |  | (Successor) |  | (Successor) |  |  | (Predecessor)
|  | Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  | Foreign |  |  | Domestic |  | Foreign
Discount rate |  | 4.2 | % |  | 2.5 | % |  | 5.2 | % |  | 4.2 | % |  | 5.1 | % |  | 4.1 | % |  |  | 4.4 | % |  | 4.2 | %
Rate of compensation increase |  | 3.5 | % |  | 2.9 | % |  | 4.0 | % |  | 3.4 | % |  | 4.0 | % |  | 3.3 | % |  |  | 4.0 | % |  | 3.4 | %
Long-term rate of return on assets |  | 7.4 | % |  | 2.5 | % |  | 7.8 | % |  | 4.2 | % |  | 7.8 | % |  | 4.9 | % |  |  | 7.8 | % |  | 6.5 | %
|  | Post-retirement Medical Benefits
(amounts in millions) |  | For the year ended December 31, 2015 |  | For the year ended December 31, 2014 |  | For the period from inception (April 23, 2013) through December 31, 2013 |  |  | For the ten months ended October 31, 2013
|  | (Successor) |  | (Successor) |  | (Successor) |  |  | (Predecessor)
|  | Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  | Foreign |  |  | Domestic |  | Foreign
Discount rate |  | 4.2 | % |  | 14.5 | % |  | 5.1 | % |  | 12.4 | % |  | 5.0 | % |  | 11.7 | % |  |  | 4.4 | % |  | 10.8 | %
Long-term rate of return on assets |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  |  | N/A |  |  | N/A |
The expected long-term rate of return on assets assumption is developed with reference to historical returns, forward-looking return expectations, the Pension Plans' investment allocations, and peer comparisons. The following tables summarize changes in plan assets and funded status of the Company’s pension and SERP plans:
|  | Pension and SERP Benefits
(amounts in millions) |  | For the year ended December 31, 2015 |  | For the year ended December 31, 2014 |  | For the period from inception (April 23, 2013) through December 31, 2013 |  |  | For the ten months ended October 31, 2013
Change in Projected Benefit Obligation: |  | (Successor) |  | (Successor) |  | (Successor) |  |  | (Predecessor)
| Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  | Foreign |  |  | Domestic |  | Foreign
Beginning of period balance |  | $ | 157.6 |  |  | $ | 88.3 |  |  | $ | 137.4 |  |  | $ | 73.1 |  |  | $ | — |  |  | $ | — |  |  |  | $ | 144.3 |  |  | $ | 75.0 |
Acquisitions |  | 82.6 |  |  | 22.6 |  |  | — |  |  | — |  |  | 142.0 |  |  | 72.9 |  |  |  | — |  |  | — |
Service cost |  | — |  |  | 1.4 |  |  | — |  |  | 0.8 |  |  | 0.7 |  |  | 0.1 |  |  |  | 3.6 |  |  | 0.6 |
Plan amendments |  | — |  |  | 8.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Interest cost |  | 6.8 |  |  | 2.8 |  |  | 6.9 |  |  | 3.0 |  |  | 1.2 |  |  | 0.5 |  |  |  | 5.2 |  |  | 2.5 |
Plan curtailment |  | — |  |  | — |  |  | — |  |  | — |  |  | (3.0 | ) |  | 0.2 |  |  |  | — |  |  | — |
Actuarial (gain)/ loss due to assumption change |  | (11.4 | ) |  | 0.3 |  |  | 18.1 |  |  | 20.2 |  |  | (2.8 | ) |  | (0.9 | ) |  |  | (7.1 | ) |  | 1.6 |
Actuarial (gain)/ loss due to plan experience |  | (0.1 | ) |  | 1.1 |  |  | (0.6 | ) |  | 1.6 |  |  | — |  |  | (0.2 | ) |  |  | (0.6 | ) |  | (3.2 | )
Benefits and expenses paid |  | (5.0 | ) |  | (6.6 | ) |  | (4.2 | ) |  | (4.3 | ) |  | (0.7 | ) |  | (0.9 | ) |  |  | (3.4 | ) |  | (2.7 | )
Settlement |  | — |  |  | — |  |  | — |  |  | (0.5 | ) |  | — |  |  | (0.6 | ) |  |  | — |  |  | — |
Translation adjustment |  | — |  |  | (6.1 | ) |  | — |  |  | (5.6 | ) |  | — |  |  | 2.0 |  |  |  | — |  |  | (0.9 | )
End of period balance |  | $ | 230.5 |  |  | $ | 112.7 |  |  | $ | 157.6 |  |  | $ | 88.3 |  |  | $ | 137.4 |  |  | $ | 73.1 |  |  |  | $ | 142.0 |  |  | $ | 72.9 |
|  | Pension and SERP Benefits
(amounts in millions) |  | For the year ended December 31, 2015 |  | For the year ended December 31, 2014 |  | For the period from inception (April 23, 2013) through December 31, 2013 |  |  | For the ten months ended October 31, 2013
Change in Fair Value of Plan Assets: |  | (Successor) |  | (Successor) |  | (Successor) |  |  | (Predecessor)
| Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  | Foreign |  |  | Domestic |  | Foreign
Beginning of period balance |  | $ | 134.0 |  |  | $ | 94.5 |  |  | $ | 127.0 |  |  | $ | 88.1 |  |  | $ | — |  |  | $ | — |  |  |  | $ | 102.6 |  |  | $ | 79.6 |
Acquisitions |  | 62.5 |  |  | 8.1 |  |  | — |  |  | — |  |  | 123.3 |  |  | 86.8 |  |  |  | — |  |  | — |
Actual return on plan assets, net of expenses |  | (7.0 | ) |  | 3.1 |  |  | 11.2 |  |  | 16.0 |  |  | 4.4 |  |  | (2.5 | ) |  |  | 21.7 |  |  | 7.4 |
Employer contributions |  | — |  |  | 0.5 |  |  | — |  |  | 0.2 |  |  | — |  |  | 2.5 |  |  |  | 2.3 |  |  | 2.7 |
Benefits paid |  | (5.0 | ) |  | (6.6 | ) |  | (4.2 | ) |  | (3.5 | ) |  | (0.7 | ) |  | (0.7 | ) |  |  | (3.3 | ) |  | (2.2 | )
Settlement |  | — |  |  | — |  |  | — |  |  | (0.5 | ) |  | — |  |  | (0.6 | ) |  |  | — |  |  | — |
Translation adjustment |  | — |  |  | (5.9 | ) |  | — |  |  | (5.8 | ) |  | — |  |  | 2.6 |  |  |  | — |  |  | (0.7 | )
End of period balance |  | 184.5 |  |  | 93.7 |  |  | 134.0 |  |  | 94.5 |  |  | 127.0 |  |  | 88.1 |  |  |  | 123.3 |  |  | 86.8 |
Funded status of plan |  | $ | (46.0 | ) |  | $ | (19.0 | ) |  | $ | (23.6 | ) |  | $ | 6.2 |  |  | $ | (10.4 | ) |  | $ | 15.0 |  |  |  | $ | (18.7 | ) |  | $ | 13.9 |
The aggregate accumulated benefit obligation for all defined benefit pension plans was $327 million and $232 million at December 31, 2015 and 2014, respectively. As of December 31, 2015, the aggregate accumulated benefit obligation and aggregate fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets were $327 million and $278 million, respectively. As of December 31, 2014, the aggregate accumulated benefit obligation and aggregate fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets were $148.2 million and $135.1 million, respectively. The following table summarizes changes in the Company’s post-retirement medical benefit obligations:
|  | Post-retirement Medical Benefits
(amounts in millions) |  | For the year ended December 31, 2015 |  | For the year ended December 31, 2014 |  | For the period from inception (April 23, 2013) through December 31, 2013 |  |  | For the ten months ended October 31, 2013
Change in Accumulated Post-retirement Benefit: |  | (Successor) |  | (Successor) |  | (Successor) |  |  | (Predecessor)
| Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  | Foreign |  |  | Domestic |  | Foreign
Beginning of period balance |  | $ | 7.4 |  |  | $ | 0.3 |  |  | $ | 6.8 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |  |  |  | $ | 6.9 |  |  | $ | 0.4 |
Acquisitions |  | 2.3 |  |  | 1.5 |  |  | — |  |  | — |  |  | 6.7 |  |  | 0.3 |  |  |  | — |  |  | — |
Service cost |  | — |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Interest cost |  | 0.3 |  |  | 0.2 |  |  | 0.3 |  |  | — |  |  | 0.1 |  |  | — |  |  |  | 0.2 |  |  | — |
Employee contributions |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 0.2 |  |  | — |
Actuarial loss/(gain) due to assumption change |  | (0.5 | ) |  | (0.2 | ) |  | 0.5 |  |  | — |  |  | 0.1 |  |  | — |  |  |  | (0.1 | ) |  | (0.1 | )
Actuarial loss/(gain) due to plan experience |  | 0.3 |  |  | (0.1 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  |  | (0.1 | ) |  | — |
Other |  | — |  |  | (0.3 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Benefits and expenses paid |  | (0.6 | ) |  | (0.1 | ) |  | (0.3 | ) |  | — |  |  | (0.1 | ) |  | — |  |  |  | (0.5 | ) |  | — |
End of period balance |  | $ | 9.4 |  |  | $ | 1.4 |  |  | $ | 7.4 |  |  | $ | 0.3 |  |  | $ | 6.8 |  |  | $ | 0.3 |  |  |  | $ | 6.6 |  |  | $ | 0.3 |
|  | Post-retirement Medical Benefits
(amounts in millions) |  | For the year ended December 31, 2015 |  | For the year ended December 31, 2014 |  | For the period from inception (April 23, 2013) through December 31, 2013 |  |  | For the ten months ended October 31, 2013
Change in Fair Value of Plan Assets: |  | (Successor) |  | (Successor) |  | (Successor) |  |  | (Predecessor)
| Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  | Foreign |  |  | Domestic |  | Foreign
Beginning of period balance |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | $ | — |  |  | $ | — |
Employer contributions |  | 0.4 |  |  | 0.1 |  |  | 0.3 |  |  | — |  |  | 0.1 |  |  | — |  |  |  | 0.3 |  |  | — |
Employee contributions |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 0.2 |  |  | — |
Benefits paid |  | (0.6 | ) |  | (0.1 | ) |  | (0.3 | ) |  | — |  |  | (0.1 | ) |  | — |  |  |  | (0.5 | ) |  | — |
End of period balance |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Funded status of plan |  | $ | (9.4 | ) |  | $ | (1.4 | ) |  | $ | (7.4 | ) |  | $ | (0.3 | ) |  | $ | (6.8 | ) |  | $ | (0.3 | ) |  |  | $ | (6.6 | ) |  | $ | (0.3 | )
Amounts included in the Consolidated Balance Sheets consist of the following:
(amounts in millions) |  | December 31, 2015 |  | December 31, 2014
Prepaid pension assets |  |  |  |
Foreign pension |  | $ | — |  |  | $ | 10.2 |
Total included in other assets |  | $ | — |  |  | $ | 10.2 |
Other current liabilities |  |  |  |  |  |
Domestic pension |  | $ | 6.7 |  |  | $ | 0.4 |
Foreign pension |  | 0.6 |  |  | — |
Domestic post-retirement medical benefits |  | 0.6 |  |  | — |
Foreign post-retirement medical benefits |  | 0.1 |  |  | — |
Total included in accrued expenses and other current liabilities |  | $ | 8.0 |  |  | $ | 0.4 |
Retirement benefits, less current portion |  |  |  |  |  |
Domestic pension & SERP |  | $ | 39.3 |  |  | $ | 23.2 |
Foreign pensions |  | 18.4 |  |  | 4.0 |
Domestic post-retirement medical benefits |  | 8.8 |  |  | 7.4 |
Foreign post-retirement medical benefits |  | 1.3 |  |  | 0.3 |
Total included in long-term retirement benefits, less current portion |  | $ | 67.8 |  |  | $ | 34.9 |
Weighted average key assumptions used to determine the benefit obligations in the actuarial valuations of the pension and post-retirement benefit liabilities are as follows:
|  | Pension and SERP Benefits
(amounts in millions) |  | December 31, 2015 |  | December 31, 2014
|  | Domestic |  | Foreign |  | Domestic |  | Foreign
Discount rate |  | 4.6 | % |  | 2.8 | % |  | 4.2 | % |  | 2.5 | %
Rate of compensation increase |  | 3.5 | % |  | 3.4 | % |  | 3.5 | % |  | 2.9 | %
|  | Post-retirement Medical Benefits
(amounts in millions) |  | December 31, 2015 |  | December 31, 2014
|  | Domestic |  | Foreign |  | Domestic |  | Foreign
Discount rate |  | 4.4 | % |  | 14.0 | % |  | 4.2 | % |  | 12.5 | %
Amounts recognized in Accumulated Other Comprehensive Income (Loss) consist of the following:
|  | Pension and SERP Benefits
(amounts in millions) |  | For the year ended December 31, 2015 |  | For the year ended December 31, 2014 |  | For the period from inception (April 23, 2013) through December 31, 2013 |  |  | For the ten months ended October 31, 2013
|  | (Successor) |  | (Successor) |  | (Successor) |  |  | (Predecessor)
|  | Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  | Foreign |  |  | Domestic |  | Foreign
Net actuarial gain (loss) |  | $ | (15.8 | ) |  | $ | (10.5 | ) |  | $ | (10.4 | ) |  | $ | (10.1 | ) |  | $ | 5.7 |  |  | $ | (2.1 | ) |  |  | $ | 10.5 |  |  | $ | 10.8 |
Prior service credits (costs) |  | — |  |  | (8.5 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 0.6 |  |  | — |
Total |  | $ | (15.8 | ) |  | $ | (19.0 | ) |  | $ | (10.4 | ) |  | $ | (10.1 | ) |  | $ | 5.7 |  |  | $ | (2.1 | ) |  |  | $ | 11.1 |  |  | $ | 10.8 |
|  | Post-retirement Medical Benefits
(amounts in millions) |  | For the year ended December 31, 2015 |  | For the year ended December 31, 2014 |  | For the period from inception (April 23, 2013) through December 31, 2013 |  |  | For the ten months ended October 31, 2013
|  | (Successor) |  | (Successor) |  | (Successor) |  |  | (Predecessor)
|  | Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  | Foreign |  |  | Domestic |  | Foreign
Net actuarial (loss) gain |  | $ | (0.4 | ) |  | $ | 0.2 |  |  | $ | (0.6 | ) |  | $ | — |  |  | $ | (0.1 | ) |  | $ | — |  |  |  | $ | 0.1 |  |  | $ | (0.1 | )
Prior service (costs) credits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | (0.5 | ) |  | 0.3 |
Total |  | $ | (0.4 | ) |  | $ | 0.2 |  |  | $ | (0.6 | ) |  | $ | — |  |  | $ | (0.1 | ) |  | $ | — |  |  |  | $ | (0.4 | ) |  | $ | 0.2 |
The major categories of assets in the Company’s various defined benefit pension plans as of December 31, 2015 and 2014 are presented in the following tables. Assets are segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (see Note 11 - Fair Value Measurements, to the Consolidated Financial Statements). The Company’s domestic and foreign post-retirement plans are unfunded. The amount of estimated prior service costs for the the Company's Pension Plans and SERP plans that will be reclassified from Accumulated Other Income (Loss) into net periodic cost over the next 12 months is immaterial. The fair value of plan assets as of December 31, 2015 were classified in the fair value hierarchy as follows:
|  |  |  | Fair Value Measurements Using
(amounts in millions) |  | December 31, 2015 |  | Quoted prices in active markets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3)
Asset Category |  |  |  |  |  |  |  |
Domestic equities |  | $ | 26.3 |  |  | $ | 26.3 |  |  | $ | — |  |  | $ | — |
Foreign equities |  | 0.3 |  |  | 0.3 |  |  | — |  |  | — |
Mutual funds holding domestic securities |  | 4.9 |  |  | 4.9 |  |  | — |  |  | — |
U.S. Treasuries |  | 5.0 |  |  | — |  |  | 5.0 |  |  | — |
Mutual funds holding U.S. Treasury Securities |  | 11.9 |  |  | 11.9 |  |  | — |  |  | — |
Mutual funds holding fixed income securities |  | 16.1 |  |  | 16.1 |  |  | — |  |  | — |
Insurance "Buy-In" Policy (b) |  | 77.2 |  |  | — |  |  | — |  |  | 77.2 |
Foreign public bonds |  | 2.9 |  |  | — |  |  | 2.9 |  |  | — |
Corporate bonds |  | 1.5 |  |  | — |  |  | 1.5 |  |  | — |
Designated benefit fund(a) |  | 1.3 |  |  | — |  |  | 1.3 |  |  | — |
Cash and cash equivalents |  | 11.2 |  |  | 11.2 |  |  | — |  |  | — |
Sub-Total |  | 158.6 |  |  | $ | 70.7 |  |  | $ | 10.7 |  |  | $ | 77.2 |
Assets using NAV as a practical expedient |  | 119.6 |  |  |  |  |  |  |
Total |  | $ | 278.2 |  |  |  |  |  |  |
The fair value of plan assets as of December 31, 2014 were classified in the fair value hierarchy as follows:
|  |  |  | Fair Value Measurements Using
(amounts in millions) |  | December 31, 2014 |  | Quoted prices in active markets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3)
Asset Category |  |  |  |  |  |  |  |
Domestic equities |  | $ | 28.9 |  |  | $ | 28.9 |  |  | $ | — |  |  | $ | — |
Mutual funds holding U.S. Treasury Securities |  | 11.8 |  |  | 11.8 |  |  | — |  |  | — |
Mutual funds holding domestic securities |  | 4.8 |  |  | 4.8 |  |  | — |  |  | — |
Designated benefit fund(a) |  | 1.1 |  |  | — |  |  | 1.1 |  |  | — |
Insurance "Buy-In" Policy (b) |  | 83.2 |  |  | — |  |  | — |  |  | 83.2 |
Cash and cash equivalents |  | 12.4 |  |  | 12.4 |  |  | — |  |  | — |
Sub-Total |  | 142.2 |  |  | $ | 57.9 |  |  | $ | 1.1 |  |  | $ | 83.2 |
Assets using NAV as a practical expedient |  | 86.3 |  |  |  |  |  |  |
Total |  | $ | 228.5 |  |  |  |  |  |  |
(a) | This category includes assets held in a fund with the Bank of Taiwan as prescribed by the Taiwan government in accordance with local statutory rules.
(b) | This category represents assets in the U.K Pension Plan invested in insurance contract with PIC in connection with the “Buy-In” of the U.K Pension Plan.
The Company early adopted ASU No. 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)” and have removed from the fair value hierarchy assets whose fair values have been measured, as a practical expedient, using the net asset value per share of the investment. The Company’s retirement plan assets are reported at fair value.
• | Level 1 assets include investments in publicly traded equity securities and mutual funds. These securities are actively traded and valued using quoted prices for identical securities from the market exchanges.
• | Level 2 assets include global fixed-income securities, limited partnership interests and commingled funds that are not actively traded or whose underlying investments are valued using observable marketplace inputs. The fair value of plan assets invested in fixed-income securities is generally determined using market approach pricing methodology, where observable prices are obtained by market transactions involving identical or comparable securities of issuers with similar credit ratings. Plan assets that are invested in limited partnership interests and commingled funds are valued using a unit price or net asset value (NAV) that is based on the underlying fair value of investments of the fund.
• | Level 3 assets include investments in pooled funds holding real estate in the United Kingdom which were valued using discounted cash flow models that consider long-term lease estimates, future rental receipts and estimated residual values. The decrease in fair value is attributable to a change in the discount rate used in the valuation model and foreign currency effects.
The following table provides a reconciliation of the beginning and ending balances for the year ended December 31, 2015 for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
(amounts in millions) |  | Insurance "Buy-in" Policy
Fair value measurements using significant unobservable inputs (Level 3) |  | December 31, 2015 |  | December 31, 2014
Beginning balance, January 1, 2015 |  | $ | 83.2 |  |  | $ | — |
Changes in fair value |  | (6.0 | ) |  | — |
Purchases, sales and settlements(1) |  | — |  |  | 83.2 |
Transfers into Level 3 |  | — |  |  | — |
Transfers out of Level 3 |  | — |  |  | — |
Ending balance, December 31, 2015 |  | $ | 77.2 |  |  | $ | 83.2 |
(1) There were no purchases, sales or settlements, on a gross basis, for the year ended December 31, 2015. There were no sales or settlements, on a gross basis, for the year ended December 31, 2014. As of December 31, 2015, expected future benefit payments related to the Company’s defined benefit plans were as follows:
|  | Pension and SERP Benefits |  | Post-retirement Benefits |  | Total
(amounts in millions) |  | Domestic |  | Foreign |  |
2016 |  | $ | 11.0 |  |  | $ | 5.2 |  |  | $ | 0.7 |  |  | $ | 16.9 |
2017 |  | 11.7 |  |  | 1.4 |  |  | 0.7 |  |  | 13.8 |
2018 |  | 11.5 |  |  | 1.5 |  |  | 0.8 |  |  | 13.8 |
2019 |  | 12.4 |  |  | 1.5 |  |  | 0.7 |  |  | 14.6 |
2020 |  | 12.6 |  |  | 2.0 |  |  | 0.7 |  |  | 15.3 |
Subsequent five years |  | 66.8 |  |  | 9.8 |  |  | 3.6 |  |  | 80.2 |
Total |  | $ | 126.0 |  |  | $ | 21.4 |  |  | $ | 7.2 |  |  | $ | 154.6 |

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