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Other Post-Employment Benefits and Other Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
Funded Status for Pension Plans

The measurement date used to determine plan assets is December 31 for all plans:

 

 

 

December 31,

 

 

December 31,

 

 

 

2015

 

 

2014

 

(In millions)

 

U.S.

 

 

International

 

 

Total

 

 

U.S.

 

 

International

 

 

Total

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of

   period

 

$

221.4

 

 

$

1,148.1

 

 

$

1,369.5

 

 

$

192.2

 

 

$

1,070.4

 

 

$

1,262.6

 

Service cost

 

 

0.7

 

 

 

10.6

 

 

 

11.3

 

 

 

1.1

 

 

 

8.9

 

 

 

10.0

 

Interest cost

 

 

8.6

 

 

 

29.0

 

 

 

37.6

 

 

 

8.7

 

 

 

39.3

 

 

 

48.0

 

Actuarial loss (gain)

 

 

(3.5

)

 

 

15.2

 

 

 

11.7

 

 

 

31.4

 

 

 

186.5

 

 

 

217.9

 

Settlement/curtailment

 

 

(4.9

)

 

 

(6.5

)

 

 

(11.4

)

 

 

 

 

(9.6

)

 

 

(9.6

)

Benefits paid

 

 

(13.7

)

 

 

(34.5

)

 

 

(48.2

)

 

 

(12.0

)

 

 

(36.6

)

 

 

(48.6

)

Employee contributions

 

 

 

 

3.5

 

 

 

3.5

 

 

 

 

 

3.4

 

 

 

3.4

 

Other(1)

 

 

6.4

 

 

 

27.1

 

 

 

33.5

 

 

 

 

 

0.3

 

 

 

0.3

 

Foreign exchange impact

 

 

 

 

(88.0

)

 

 

(88.0

)

 

 

 

 

(114.5

)

 

 

(114.5

)

Projected benefit obligation at end of period

 

 

215.0

 

 

 

1,104.5

 

 

 

1,319.5

 

 

 

221.4

 

 

 

1,148.1

 

 

 

1,369.5

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

181.6

 

 

 

862.4

 

 

 

1,044.0

 

 

 

177.4

 

 

 

845.8

 

 

 

1,023.2

 

Actual return on plan assets

 

 

(5.6

)

 

 

20.0

 

 

 

14.4

 

 

 

14.4

 

 

 

106.7

 

 

 

121.1

 

Employer contributions

 

 

0.5

 

 

 

28.2

 

 

 

28.7

 

 

 

2.6

 

 

 

33.5

 

 

 

36.1

 

Employee contributions

 

 

 

 

3.5

 

 

 

3.5

 

 

 

 

 

3.4

 

 

 

3.4

 

Benefits paid

 

 

(13.7

)

 

 

(34.5

)

 

 

(48.2

)

 

 

(12.0

)

 

 

(36.6

)

 

 

(48.6

)

Settlement/curtailment

 

 

(5.9

)

 

 

(2.3

)

 

 

(8.2

)

 

 

 

 

(9.6

)

 

 

(9.6

)

Other

 

 

(0.2

)

 

 

(1.9

)

 

 

(2.1

)

 

 

(0.8

)

 

 

2.6

 

 

 

1.8

 

Foreign exchange impact

 

 

 

 

(62.1

)

 

 

(62.1

)

 

 

 

 

(83.4

)

 

 

(83.4

)

Fair value of plan assets at end of period

 

 

156.7

 

 

 

813.3

 

 

 

970.0

 

 

 

181.6

 

 

 

862.4

 

 

 

1,044.0

 

Underfunded status at end of year

 

$

(58.3

)

 

$

(291.2

)

 

$

(349.5

)

 

$

(39.8

)

 

$

(285.7

)

 

$

(325.5

)

Accumulated benefit obligation at end of year

 

$

210.4

 

 

$

1,065.6

 

 

$

1,276.0

 

 

$

218.0

 

 

$

1,096.6

 

 

$

1,314.6

 

 

 

(1)

Other changes in the benefit obligation as of December 31, 2015 included the addition of the French plans of $27.3 million which were not included in our valuation in prior years.

Estimated Future Benefit Payments

We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated:

 

 

 

Amount

 

(In millions)

 

U.S.

 

 

International

 

 

Total

 

Year

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

$

14.4

 

 

$

33.8

 

 

$

48.2

 

2017

 

 

13.8

 

 

 

32.7

 

 

 

46.5

 

2018

 

 

14.5

 

 

 

33.7

 

 

 

48.2

 

2019

 

 

14.3

 

 

 

34.9

 

 

 

49.2

 

2020

 

 

13.4

 

 

 

36.4

 

 

 

49.8

 

Thereafter

 

 

69.0

 

 

 

207.9

 

 

 

276.9

 

Total

 

$

139.4

 

 

$

379.4

 

 

$

518.8

 

 

Other Post-Employment Benefits and Other Employee Benefit Plans [Member]  
Funded Status for Pension Plans

The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:

 

 

 

December 31,

 

 

December 31,

 

(In millions)

 

2015

 

 

2014

 

Change in benefit obligations:

 

 

 

 

 

 

 

 

Benefit obligation at beginning of period

 

$

79.8

 

 

$

73.1

 

Service cost

 

 

0.9

 

 

 

0.8

 

Interest cost

 

 

3.0

 

 

 

3.2

 

Actuarial loss (gain)

 

 

(4.7

)

 

 

7.2

 

Benefits paid, net

 

 

(4.1

)

 

 

(4.2

)

Loss due to exchange rate movements

 

 

(0.6

)

 

 

(0.5

)

Plan amendments

 

 

(8.5

)

 

 

0.2

 

Benefit obligation at end of period

 

$

65.8

 

 

$

79.8

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

$

 

 

$

 

Employer contribution

 

 

4.1

 

 

 

4.2

 

Benefits paid, net

 

 

(4.1

)

 

 

(4.2

)

Fair value of plan assets at end of period

 

$

 

 

$

 

Net amount recognized:

 

 

 

 

 

 

 

 

Underfunded status

 

$

(65.8

)

 

$

(79.8

)

Accumulated benefit obligation at end of year

 

$

52.7

 

 

$

61.6

 

Net amount recognized in consolidated balance sheets

   consists of:

 

 

 

 

 

 

 

 

Current liability

 

 

(5.1

)

 

 

(5.3

)

Noncurrent liability

 

 

(60.7

)

 

 

(74.5

)

Net amount recognized

 

$

(65.8

)

 

$

(79.8

)

Amounts recognized in accumulated other

   comprehensive income consist of:

 

 

 

 

 

 

 

 

Net actuarial loss

 

$

8.6

 

 

$

13.8

 

Prior service credit

 

 

(17.6

)

 

 

(11.2

)

Total

 

$

(9.0

)

 

$

2.6

 

 

Components Of Net Periodic Benefit Cost Other Post Employment Benefit Plans

The components of net periodic benefit cost for the three years ended December 31 were as follows:

 

(In millions)

 

2015

 

 

2014

 

 

2013

 

Components of net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

0.9

 

 

$

0.8

 

 

$

0.9

 

Interest cost

 

 

3.0

 

 

 

3.2

 

 

 

3.0

 

Amortization of net loss

 

 

0.4

 

 

 

0.1

 

 

 

0.4

 

Amortization of prior service credit

 

 

(0.8

)

 

 

(0.7

)

 

 

(0.7

)

Net periodic benefit cost

 

$

3.5

 

 

$

3.4

 

 

$

3.6

 

 

Accumulated Other Comprehensive Loss Expected to be Recognized as Components of Net Periodic Benefit Cost

The amounts in accumulated other comprehensive loss at December 31, 2015 that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows (in millions):

 

 

 

December 31,

 

(In millions)

 

2016

 

Unrecognized prior service costs

 

$

(1.5

)

Unrecognized net actuarial loss

 

 

0.1

 

Total

 

 

(1.4

)

 

One Percentage Point Change on Assumed Healthcare Cost

A one percentage point change on assumed healthcare cost trend rates would have the following effect for the year ended December 31, 2015 (in millions):

 

 

 

1% Increase

 

 

1% Decrease

 

Effect on total of service and interest cost components

 

$

0.2

 

 

$

(0.1

)

Effect on post-retirement benefit obligation

 

 

3.5

 

 

 

(0.3

)

 

Estimated Future Benefit Payments

Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows (in millions):

 

Year

 

Amount

 

2016

 

$

5.2

 

2017

 

 

5.1

 

2018

 

 

5.0

 

2019

 

 

5.0

 

2020

 

 

5.1

 

Thereafter

 

 

21.6

 

Total

 

$

47.0