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Pension and Post-Employment Benefits (Tables)

12 Months Ended

Dec. 31, 2018

United Kingdom Plan [Member]

Plan Net Pension Credit

The following table shows the income statement effect recognized within other income, net:

(in millions)		2018				2017				2016
Plan net pension (credit)/charge:
Interest cost on PBO		$	15.0			$	15.2			$	20.8
Expected return on plan assets			(22.2	)			(24.5	)			(29.9	)
Amortization of prior service credit			(1.1	)			(1.0	)			(1.1	)
Amortization of actuarial net losses			2.0				5.0				2.6
		$	(6.3	)		$	(5.3	)		$	(7.6	)
Plan assumptions at December 31, (%):
Discount rate			2.78				2.56				2.48
Inflation rate			2.25				2.20				2.25
Rate of return on plan assets – overall on bid-value			3.05				2.75				3.20
Plan asset allocation by category (%):
Equity securities			12				38				25
Debt securities			83				53				66
Cash			5				9				9
			100				100				100

Movements in PBO and Fair Value of Plan Assets

Movements in PBO and fair value of Plan assets are as follows:

(in millions)		2018				2017
Change in PBO:
Opening balance		$	721.4			$	710.2
Interest cost			15.0				15.2
Service cost			1.2				0.9
Benefits paid			(43.7	)			(37.8	)
Actuarial gains			(14.6	)			(32.7	)
Plan amendments			3.3				0.0
Exchange effect			(39.4	)			65.6
Closing balance		$	643.2			$	721.4
Fair value of plan assets:
Opening balance		$	837.4			$	758.2
Actual benefits paid			(43.7	)			(37.8	)
Actual contributions by employer			1.1				1.0
Actual return on assets			(10.3	)			43.0
Exchange effect			(45.4	)			73.0
Closing balance		$	739.1			$	837.4

Fair Value of Pension Assets

The fair values of pension assets by level of input were as follows:

(in millions)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
At December 31, 2018
Fixed income securities:
Debt securities issued by non-U.S. governments and government agencies		$	67.2			$				$				$	67.2
Corporate debt securities							406.4								406.4
Other asset-backed securities
Other financial derivatives							0.5								0.5
Real estate			31.4												31.4
Insurance contracts											142.5				142.5
Investments measured at net asset value (1)															53.0
Total assets at fair value			98.6				406.9				142.5				701.0
Cash			38.1												38.1
Total plan assets		$	136.7			$	406.9			$	142.5			$	739.1
At December 31, 2017
Fixed income securities:
Debt securities issued by non-U.S. governments and government agencies		$	86.0			$				$				$	86.0
Corporate debt securities			194.5				232.3								426.8
Other asset-backed securities
Equity securities held for proprietary investment purposes			0.1												0.1
Real estate			34.4												34.4
Insurance contracts											162.8				162.8
Investments measured at net asset value (1)															52.3
Total assets at fair value			315.0				232.3				162.8				762.4
Cash			75.0												75.0
Total plan assets		$	390.0			$	232.3			$	162.8			$	837.4

(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.

Reconciliation of Fair Value of Plan Assets Measured Using Significant Unobservable Inputs

The reconciliation of the fair value of the Plan assets measured using significant unobservable inputs was as follows:

(in millions)		Other Assets
Balance at December 31, 2016		$	152.9
Realized/unrealized gains/(losses):
Relating to assets still held at the reporting date			2.8
Relating to assets sold during the period			0.0
Purchases, issuances and settlements			(7.4	)
Exchange effect			14.5
Balance at December 31, 2017			162.8
Realized/unrealized gains/(losses):
Relating to assets still held at the reporting date			(4.8	)
Relating to assets sold during the period			0.0
Purchases, issuances and settlements			(6.7	)
Exchange effect			(8.8	)
Balance at December 31, 2018		$	142.5

Plan Net Pension Credit

The following will be recognized in other income and expense:

(in millions)
Interest cost on PBO		$	15.2
Expected return on plan assets			(21.9	)
Amortization of prior service credit			(0.9	)
		$	(7.6	)

Expected Benefit Payments

The following benefit payments are expected to be made:

(in millions)
2019		$	38.5
2020		$	36.6
2021		$	36.1
2022		$	35.4
2023		$	34.3
2024-2028		$	168.7

German Plan [Member]

Plan Net Pension Credit

The following table shows the income statement effect recognized within other income and expense:

(in millions)		2018				2017				2016
Plan net pension charge:
Interest cost on PBO		$	0.2			$	0.2			$	0.2
Amortization of actuarial net loss			0.4				0.4				0.2
		$	0.6			$	0.6			$	0.4
Plan assumptions at December 31, (%):
Discount rate			1.90				1.70				1.80
Inflation rate			1.75				1.75				1.75
Rate of increase in compensation levels			2.75				2.75				2.75

Movements in PBO and Fair Value of Plan Assets

Movements in PBO of the German plan are as follows:

(in millions)		2018				2017
Change in PBO:
Opening balance		$	11.8			$	10.1
Service cost			0.2				0.2
Interest cost			0.2				0.2
Benefits paid			(0.3	)			(0.2	)
Actuarial losses			0.0				0.2
Exchange effect			(0.6	)			1.3
Closing balance		$	11.3			$	11.8

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