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Employee plans (Tables) | 12 Months Ended
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Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items] |
Fair Value Assumptions on Stock Options | The fair value of stock option awards was estimated using the Black-Scholes option pricing model with the following assumptions and weighted-average fair values as follows:
Year Ended December 31, |  | 2016 |  |  | 2015 |  |  | 2014 |
Weighted-average fair value of grant |  | $ | 4.53 |  |  | $ | 8.92 |  |  | $ | 11.24 |
Risk-free interest rate |  | 1.29 | % |  | 1.28 | % |  | 1.04 | %
Expected volatility |  | 51.30 | % |  | 45.46 | % |  | 45.65 | %
Expected life of options in years |  | 4.90 |  |  | 4.92 |  |  | 3.71 |
Expected dividend yield |  | — |  |  | — |  |  | — |
Summary of Stock Option Activity | A summary of stock option activity for the year ended December 31, 2016 follows (shares in thousands):
|  | Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value ($ in millions)
Outstanding at December 31, 2015 |  | 2,723 |  |  | $ | 27.88 |  |  |  |  |
Granted |  | 11 |  |  | 10.85 |  |  |  |  |
Exercised |  | — |  |  | — |  |  |  |  |
Forfeited and expired |  | (635 | ) |  | 35.76 |  |  |  |  |
Outstanding at December 31, 2016 |  | 2,099 |  |  | 25.41 |  |  | 2.28 |  | $ | — |
Expected to vest at December 31, 2016 |  | 608 |  |  | 26.06 |  |  | 3.70 |  | $ | — |
Exercisable at December 31, 2016 |  | 1,478 |  |  | 25.17 |  |  | 1.67 |  | $ | — |
Summary of Restricted Stock Unit Activity | A summary of restricted stock unit activity for the year ended December 31, 2016 follows (shares in thousands):
|  | Restricted Stock Units |  | Weighted-Average Grant-Date Fair Value
Outstanding at December 31, 2015 |  | 469 |  |  | $ | 23.57 |
Granted |  | 1,306 |  |  | 9.91 |
Vested |  | (187 | ) |  | 18.94 |
Forfeited and expired |  | (134 | ) |  | 15.50 |
Outstanding at December 31, 2016 |  | 1,454 |  |  | 12.68 |
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets | Information for defined benefit retirement plans with an accumulated benefit obligation in excess of plan assets at December 31, 2016 and 2015 follows:
As of December 31, |  | 2016 |  |  | 2015 |
Accumulated benefit obligation |  | $ | 7,551.8 |  |  | $ | 7,231.2 |
Fair value of plan assets |  | 5,357.2 |  |  | 5,228.6 |
Schedule of Projected Benefit Obligation in Excess of Plan Assets | Information for defined benefit retirement plans with a projected benefit obligation in excess of plan assets at December 31, 2016 and 2015 follows:
As of December 31, |  | 2016 |  |  | 2015 |
Projected benefit obligation |  | $ | 7,555.2 |  |  | $ | 7,235.4 |
Fair value of plan assets |  | 5,357.2 |  |  | 5,228.6 |
Company's Investment Policy Targets and Ranges for Each Asset Category | The company’s investment policy targets and ranges for each asset category are as follows:
|  | U.S. |  | International
Asset Category |  | Target |  |  | Range |  |  | Target |  |  | Range
Equity securities |  | 58 | % |  | 52-64% |  |  | 29 | % |  | 23-35%
Debt securities |  | 36 | % |  | 33-39% |  |  | 55 | % |  | 48-61%
Real estate |  | 6 | % |  | 3-9% |  |  | 1 | % |  | 0-3%
Cash |  | — | % |  | 0-5% |  |  | 1 | % |  | 0-5%
Other |  | — | % |  | — | % |  | 14 | % |  | 7-21%
Assumed Health Care Cost Trend Rates |
Assumed health care cost trend rates at December 31, |  | 2016 |  |  | 2015 |
Health care cost trend rate assumed for next year |  | 5.8 | % |  | 6.1 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) |  | 4.8 | % |  | 4.8 | %
Year that the rate reaches the ultimate trend rate |  | 2023 |  |  | 2023 |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects:
|  | 1-Percentage- Point Increase |  |  | 1-Percentage- Point Decrease |
Effect on service and interest cost |  | $ | 0.2 |  |  | $ | (0.2 | )
Effect on postretirement benefit obligation |  | 2.6 |  |  | (2.4 | )
Schedule of Plans' Assets (Liabilities) at Fair Value | The following table sets forth by level, within the fair value hierarchy, the plans’ assets (liabilities) at fair value at December 31, 2016.
|  | U.S. Plans |  | International Plans
As of December 31, 2016 |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Pension plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 1,443.1 |  |  | $ | 1,438.3 |  |  | $ | 4.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commingled Funds |  | 517.9 |  |  |  |  | 517.9 |  |  |  |  | 76.0 |  |  |  |  | 76.0 |  |  |
Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Govt. Securities |  | 158.5 |  |  | 158.5 |  |  |  |  |  |  |  |  |  |  |  |  |
Other Fixed Income |  | 812.4 |  |  |  |  | 812.4 |  |  |  |  | 241.4 |  |  | 0.5 |  |  | 240.9 |  |  |
Insurance Contracts |  |  |  |  |  |  |  |  |  | 116.2 |  |  |  |  |  |  | 116.2 |
Commingled Funds |  |  |  |  |  |  |  |  |  | 242.8 |  |  |  |  | 242.8 |  |  |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Investment Trusts |  | 156.2 |  |  | 156.2 |  |  |  |  |  |  | 1.6 |  |  | 1.2 |  |  | 0.4 |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | 3.1 |  |  | (1.1 | ) |  | 4.2 |  |  |  |  | 4.9 |  |  |  |  | 4.9 |  |  |
Commingled Funds |  |  |  |  |  |  |  |  |  | 294.5 |  |  |  |  | 294.5 |  |  |
Pooled Funds |  | 272.0 |  |  |  |  | 272.0 |  |  |  |  | 6.7 |  |  |  |  | 6.7 |  |  |
Cash |  | 12.2 |  |  | 12.2 |  |  |  |  |  |  | 11.4 |  |  | 11.4 |  |  |  |  |
Receivables |  | 107.2 |  |  | 107.2 |  |  |  |  |  |  |  |  |  |  |  |  |
Payables |  | (195.3 | ) |  | (195.3 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total plan assets in fair value hierarchy |  | $ | 3,287.3 |  |  | $ | 1,676.0 |  |  | $ | 1,611.3 |  |  | $ | — |  |  | $ | 995.5 |  |  | $ | 13.1 |  |  | $ | 866.2 |  |  | $ | 116.2 |
Plan assets measured using NAV as a practical expedient(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  | $ | — |  |  |  |  |  |  |  |  | $ | 726.7 |  |  |  |  |  |  |
Debt |  | 18.6 |  |  |  |  |  |  |  |  | 640.0 |  |  |  |  |  |  |
Other |  | 104.6 |  |  |  |  |  |  |  |  | 25.8 |  |  |  |  |  |  |
Private Real Estate |  | 40.5 |  |  |  |  |  |  |  |  | 41.7 |  |  |  |  |  |  |
Private Equity |  | 1.1 |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |
Total pension plan assets |  | $ | 3,452.1 |  |  |  |  |  |  |  |  | $ | 2,429.7 |  |  |  |  |  |  |
Other postretirement plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 7.9 |  |  |  |  |  |  | $ | 7.9 |  |  |  |  |  |  |  |  |
(1) Investments measured at fair value using NAV as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets. The following table sets forth by level, within the fair value hierarchy, the plans’ assets (liabilities) at fair value at December 31, 2015.
|  | U.S. Plans |  | International Plans
As of December 31, 2015 |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Pension plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 1,686.4 |  |  | $ | 1,680.6 |  |  | $ | 5.8 |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | — |
Commingled Funds |  | 411.9 |  |  |  |  | 411.9 |  |  |  |  | 75.3 |  |  |  |  | 75.3 |  |  |
Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Govt. Securities |  | 162.2 |  |  | 162.2 |  |  |  |  |  |  |  |  |  |  |  |  |
Other Fixed Income |  | 974.7 |  |  |  |  | 974.7 |  |  |  |  | 248.5 |  |  |  |  | 248.5 |  |  |
Insurance Contracts |  |  |  |  |  |  |  |  |  |  |  | 120.6 |  |  |  |  |  |  | 120.6 |
Commingled Funds |  |  |  |  |  |  |  |  |  | 272.8 |  |  |  |  | 272.8 |  |  |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Investment Trusts |  | 170.7 |  |  | 170.7 |  |  |  |  |  |  | 0.7 |  |  | 0.7 |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | 0.8 |  |  | 0.3 |  |  | 0.5 |  |  |  |  | 7.0 |  |  |  |  | 7.0 |  |  |
Commingled Funds |  |  |  |  |  |  |  |  |  | 112.6 |  |  |  |  | 112.6 |  |  |
Pooled Funds |  | 263.1 |  |  |  |  | 263.1 |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | 1.9 |  |  | 1.9 |  |  |  |  |  |  | 27.4 |  |  | 27.4 |  |  |  |  |
Receivables |  | 77.1 |  |  | 77.1 |  |  |  |  |  |  |  |  |  |  |  |  |
Payables |  | (139.9 | ) |  | (139.9 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total plan assets in fair value hierarchy |  | $ | 3,608.9 |  |  | $ | 1,952.9 |  |  | $ | 1,656.0 |  |  | $ | — |  |  | $ | 865.5 |  |  | $ | 28.7 |  |  | $ | 716.2 |  |  | $ | 120.6 |
Plan assets measured using NAV as a practical expedient(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  | $ | — |  |  |  |  |  |  |  |  | $ | 880.8 |  |  |  |  |  |  |
Debt |  | — |  |  |  |  |  |  |  |  | 632.6 |  |  |  |  |  |  |
Other |  | 105.3 |  |  |  |  |  |  |  |  | 76.1 |  |  |  |  |  |  |
Private Real Estate |  | 37.6 |  |  |  |  |  |  |  |  | 41.8 |  |  |  |  |  |  |
Private Equity |  | 7.6 |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |
Total pension plan assets |  | $ | 3,759.4 |  |  |  |  |  |  |  |  | $ | 2,496.8 |  |  |  |  |  |  |
Other postretirement plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 7.7 |  |  |  |  |  |  | $ | 7.7 |  |  |  |  |  |  |  |  |
(1) Investments measured at fair value using NAV as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.
Summary of Changes in the Fair Value of the Plans' Level 3 Assets | The following table sets forth a summary of changes in the fair value of the plans’ Level 3 assets for the year ended December 31, 2016.
|  | January 1, 2016 |  | Realized gains (losses) |  | Purchases or acquisitions |  | Sales or dispositions |  | Currency and unrealized gains (losses) relating to instruments still held at December 31, 2016 |  | December 31, 2016
U.S. plans |  |  |  |  |  |  |  |  |  |  |  |
Other postretirement plans |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 7.7 |  |  | $ | (0.3 | ) |  | $ | 0.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 7.9 |
International pension plans |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 120.6 |  |  | $ | — |  |  | $ | 4.7 |  |  | $ | (11.0 | ) |  | $ | 1.9 |  |  | $ | 116.2 |
The following table sets forth a summary of changes in the fair value of the plans’ Level 3 assets for the year ended December 31, 2015.
|  | January 1, 2015 |  | Realized gains (losses) |  | Purchases or acquisitions |  | Sales or dispositions |  | Currency and unrealized gains (losses) relating to instruments still held at December 31, 2015 |  | December 31, 2015
U.S. plans |  |  |  |  |  |  |  |  |  |  |  |
Pension plan |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 17.4 |  |  | $ | (0.4 | ) |  | $ | — |  |  | $ | (16.6 | ) |  | $ | (0.4 | ) |  | $ | — |
Other postretirement plans |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 7.3 |  |  | $ | (0.1 | ) |  | $ | 0.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 7.7 |
International pension plans |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 135.5 |  |  | $ | — |  |  | $ | 9.4 |  |  | $ | (10.9 | ) |  | $ | (13.4 | ) |  | $ | 120.6 |
Schedule of Additional Information About Plan Assets Valued Using Net Asset Value | The following table presents additional information about plan assets valued using the net asset value as a practical expedient within the fair value hierarchy table.
|  | 2016 |  | 2015 |  |  |  |
|  | Fair Value |  | Unfunded Commitments |  | Fair Value |  | Unfunded Commitments |  | Redemption Frequency |  | Redemption Notice Period Range
U.S. plans |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | $ | 18.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | Daily |  | 5 days
Other |  | 104.6 |  |  | — |  |  | 105.3 |  |  | — |  |  | Monthly |  | 5 days
Private Real Estate(1) |  | 40.5 |  |  | — |  |  | 37.6 |  |  | — |  |  | Quarterly |  | 60 days
Private Equity(2) |  | 1.1 |  |  | — |  |  | 7.6 |  |  | — |  |  |  |  |
Total |  | $ | 164.8 |  |  | $ | — |  |  | $ | 150.5 |  |  | $ | — |  |  |  |  |
International pension plans |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  |  |  |  |  |  |  |  |  |  |
Equity |  | $ | 726.7 |  |  | $ | — |  |  | $ | 880.8 |  |  | $ | — |  |  | Weekly, Monthly |  | Up to 90 days
Debt |  | 640.0 |  |  | — |  |  | 632.6 |  |  | — |  |  | Weekly, Biweekly, Bimonthly, Monthly |  | Up to 90 days
Other |  | 25.8 |  |  | — |  |  | 76.1 |  |  | — |  |  | Monthly, Quarterly |  | Up to 90 days
Private Real Estate |  | 41.7 |  |  | — |  |  | 41.8 |  |  | — |  |  | Monthly, Quarterly |  | Up to 90 days
Total |  | $ | 1,434.2 |  |  | $ | — |  |  | $ | 1,631.3 |  |  | $ | — |  |  |  |  |
(1) Includes investments in a private real estate fund and limited partnerships. The fund invests in U.S. real estate and allows redemptions quarterly, though queues, restrictions, and gates may extend the period. The limited partnerships include investments in primarily U.S. real estate, and can never be redeemed. The partnerships are all currently being wound up, and are expected to make all distributions over the next three years. (2) Includes investments in limited partnerships, which invest primarily in U.S. buyouts and venture capital. The investments can never be redeemed. The partnerships are all currently being wound up, and are expected to make all distributions over the next three years.
Pension Plans |
Defined Benefit Plan Disclosure [Line Items] |
Funded Status of the Plan and Amounts Recognized in Consolidated Balance Sheet | Retirement plans’ funded status and amounts recognized in the company’s consolidated balance sheets at December 31, 2016 and 2015 follows:
|  | U.S. Plans |  | International Plans
As of December 31, |  | 2016 |  | 2015 |  | 2016 |  | 2015
Change in projected benefit obligation |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 5,231.4 |  |  | $ | 5,665.5 |  |  | $ | 2,987.8 |  |  | $ | 3,354.9 |
Service cost |  | — |  |  | — |  |  | 7.4 |  |  | 8.7 |
Interest cost |  | 231.3 |  |  | 224.1 |  |  | 87.8 |  |  | 94.1 |
Plan participants’ contributions |  | — |  |  | — |  |  | 2.3 |  |  | 2.5 |
Plan amendment |  | — |  |  | (2.7 | ) |  | — |  |  | (32.3 | )
Plan curtailment |  | — |  |  | — |  |  | (3.7 | ) |  | — |
Actuarial loss (gain) |  | 87.2 |  |  | (285.0 | ) |  | 502.2 |  |  | (79.5 | )
Benefits paid |  | (577.9 | ) |  | (370.5 | ) |  | (110.0 | ) |  | (112.8 | )
Foreign currency translation adjustments |  | — |  |  | — |  |  | (397.6 | ) |  | (247.8 | )
Benefit obligation at end of year |  | $ | 4,972.0 |  |  | $ | 5,231.4 |  |  | $ | 3,076.2 |  |  | $ | 2,987.8 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 3,759.4 |  |  | $ | 4,069.7 |  |  | $ | 2,496.8 |  |  | $ | 2,718.9 |
Actual return on plan assets |  | 211.8 |  |  | (5.6 | ) |  | 287.7 |  |  | 18.6 |
Employer contribution |  | 58.8 |  |  | 65.8 |  |  | 73.7 |  |  | 82.5 |
Plan participants’ contributions |  | — |  |  | — |  |  | 2.3 |  |  | 2.5 |
Benefits paid |  | (577.9 | ) |  | (370.5 | ) |  | (110.0 | ) |  | (112.8 | )
Foreign currency translation adjustments |  | — |  |  | — |  |  | (320.8 | ) |  | (212.9 | )
Fair value of plan assets at end of year |  | $ | 3,452.1 |  |  | $ | 3,759.4 |  |  | $ | 2,429.7 |  |  | $ | 2,496.8 |
Funded status at end of year |  | $ | (1,519.9 | ) |  | $ | (1,472.0 | ) |  | $ | (646.5 | ) |  | $ | (491.0 | )
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |  |
Prepaid postretirement assets |  | $ | — |  |  | $ | — |  |  | $ | 31.9 |  |  | $ | 43.8 |
Other accrued liabilities |  | (6.7 | ) |  | (6.8 | ) |  | (0.2 | ) |  | (0.2 | )
Long-term postretirement liabilities |  | (1,513.2 | ) |  | (1,465.2 | ) |  | (678.2 | ) |  | (534.6 | )
Total funded status |  | $ | (1,519.9 | ) |  | $ | (1,472.0 | ) |  | $ | (646.5 | ) |  | $ | (491.0 | )
Accumulated other comprehensive loss, net of tax |  |  |  |  |  |  |  |
Net loss |  | $ | 2,828.8 |  |  | $ | 2,816.2 |  |  | $ | 1,144.7 |  |  | $ | 1,018.6 |
Prior service credit |  | $ | (42.4 | ) |  | $ | (44.9 | ) |  | $ | (27.7 | ) |  | $ | (35.8 | )
Accumulated benefit obligation |  | $ | 4,972.0 |  |  | $ | 5,231.4 |  |  | $ | 3,072.1 |  |  | $ | 2,983.1 |
Components of Net Periodic Benefit (Income) Cost | Net periodic pension cost for 2016, 2015 and 2014 includes the following components:
|  | U.S. Plans |  | International Plans
Year ended December 31, |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2016 |  |  | 2015 |  |  | 2014 |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7.4 |  |  | $ | 8.7 |  |  | $ | 8.4 |
Interest cost |  | 231.3 |  |  | 224.1 |  |  | 248.3 |  |  | 87.8 |  |  | 94.1 |  |  | 117.9 |
Expected return on plan assets |  | (253.1 | ) |  | (254.8 | ) |  | (287.1 | ) |  | (139.5 | ) |  | (155.4 | ) |  | (160.5 | )
Amortization of prior service credit |  | (2.5 | ) |  | (2.4 | ) |  | (0.4 | ) |  | (3.0 | ) |  | (1.9 | ) |  | (2.1 | )
Recognized net actuarial loss |  | 116.0 |  |  | 132.7 |  |  | 109.7 |  |  | 40.3 |  |  | 63.6 |  |  | 40.2 |
Curtailment gain |  | — |  |  | — |  |  | — |  |  | (2.0 | ) |  | — |  |  | (0.6 | )
Net periodic pension cost |  | $ | 91.7 |  |  | $ | 99.6 |  |  | $ | 70.5 |  |  | $ | (9.0 | ) |  | $ | 9.1 |  |  | $ | 3.3 |
Schedule of Weighted-Average Assumptions | Weighted-average assumptions used to determine net periodic pension cost for the years ended December 31 were as follows:
|  | U.S. Plans |  | International Plans
Year ended December 31, |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2016 |  |  | 2015 |  |  | 2014 |
Discount rate |  | 4.56 | % |  | 4.09 | % |  | 5.02 | % |  | 3.30 | % |  | 3.05 | % |  | 4.15 | %
Rate of compensation increase |  | N/A |  |  | N/A |  |  | N/A |  |  | 1.66 | % |  | 1.68 | % |  | 2.08 | %
Expected long-term rate of return on assets |  | 6.80 | % |  | 6.80 | % |  | 7.72 | % |  | 5.99 | % |  | 6.45 | % |  | 6.45 | %
Weighted-average assumptions used to determine benefit obligations at December 31 were as follows:
Discount rate |  | 4.38 | % |  | 4.56 | % |  | 4.09 | % |  | 2.34 | % |  | 3.30 | % |  | 3.05 | %
Rate of compensation increase |  | N/A |  |  | N/A |  |  | N/A |  |  | 1.66 | % |  | 1.68 | % |  | 1.68 | %
Expected Future Benefit Payments | As of December 31, 2016, the following benefit payments, which reflect expected future service where applicable, are expected to be paid from the defined benefit pension plans:
Year ending December 31, |  | U.S. |  |  | International |
2017 |  | $ | 364.1 |  |  | $ | 93.9 |
2018 |  | 362.2 |  |  | 95.5 |
2019 |  | 360.9 |  |  | 97.5 |
2020 |  | 359.7 |  |  | 98.9 |
2021 |  | 358.6 |  |  | 100.4 |
2022 - 2026 |  | 1,735.0 |  |  | 520.7 |
Other Postretirement Benefit Plans |
Defined Benefit Plan Disclosure [Line Items] |
Funded Status of the Plan and Amounts Recognized in Consolidated Balance Sheet | A reconciliation of the benefit obligation, fair value of the plan assets and the funded status of the postretirement benefit plan at December 31, 2016 and 2015, follows:
As of December 31, |  | 2016 |  |  | 2015 |
Change in accumulated benefit obligation |  |  |  |
Benefit obligation at beginning of year |  | $ | 131.5 |  |  | $ | 150.0 |
Service cost |  | 0.4 |  |  | 0.6 |
Interest cost |  | 6.2 |  |  | 6.9 |
Plan participants’ contributions |  | 3.8 |  |  | 4.2 |
Amendments |  | (3.3 | ) |  | — |
Actuarial gain |  | (1.4 | ) |  | (8.0 | )
Federal drug subsidy |  | 1.4 |  |  | 1.5 |
Benefits paid |  | (16.9 | ) |  | (21.4 | )
Foreign currency translation and other adjustments |  | (1.6 | ) |  | (2.3 | )
Benefit obligation at end of year |  | $ | 120.1 |  |  | $ | 131.5 |
Change in plan assets |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 7.7 |  |  | $ | 9.1 |
Actual return on plan assets |  | (0.3 | ) |  | (0.1 | )
Employer contributions |  | 13.6 |  |  | 15.9 |
Plan participants’ contributions |  | 3.8 |  |  | 4.2 |
Benefits paid |  | (16.9 | ) |  | (21.4 | )
Fair value of plan assets at end of year |  | $ | 7.9 |  |  | $ | 7.7 |
Funded status at end of year |  | $ | (112.2 | ) |  | $ | (123.8 | )
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |
Prepaid postretirement assets |  | $ | 1.4 |  |  | $ | 1.3 |
Other accrued liabilities |  | (12.4 | ) |  | (13.7 | )
Long-term postretirement liabilities |  | (101.2 | ) |  | (111.4 | )
Total funded status |  | $ | (112.2 | ) |  | $ | (123.8 | )
Accumulated other comprehensive loss, net of tax |  |  |  |
Net loss |  | $ | 19.0 |  |  | $ | 21.3 |
Prior service (credit) cost |  | (3.2 | ) |  | 0.1 |
Components of Net Periodic Benefit (Income) Cost | Net periodic postretirement benefit cost for 2016, 2015 and 2014, follows:
Year ended December 31, |  | 2016 |  |  | 2015 |  |  | 2014 |
Service cost |  | $ | 0.4 |  |  | $ | 0.6 |  |  | $ | 0.6 |
Interest cost |  | 6.2 |  |  | 6.9 |  |  | 7.6 |
Expected return on assets |  | (0.4 | ) |  | (0.4 | ) |  | (0.5 | )
Amortization of prior service cost |  | — |  |  | 1.1 |  |  | 1.7 |
Recognized net actuarial loss |  | 0.5 |  |  | 1.8 |  |  | 1.7 |
Net periodic benefit cost |  | $ | 6.7 |  |  | $ | 10.0 |  |  | $ | 11.1 |
Schedule of Weighted-Average Assumptions | Weighted-average assumptions used to determine net periodic postretirement benefit cost for the years ended December 31 were as follows:
Year ended December 31, |  | 2016 |  |  | 2015 |  |  | 2014 |
Discount rate |  | 5.61 | % |  | 5.27 | % |  | 5.86 | %
Expected return on plan assets |  | 5.50 | % |  | 5.50 | % |  | 6.75 | %
Weighted-average assumptions used to determine benefit obligation at December 31 were as follows:
Discount rate |  | 5.53 | % |  | 5.61 | % |  | 5.27 | %
Expected Future Benefit Payments | As of December 31, 2016, the following benefits are expected to be paid to or from the company’s postretirement plan:
Year ending December 31, |  | Gross Medicare Part D Receipts |  |  | Gross Expected Payments |
2017 |  | $ | 0.3 |  |  | $ | 13.8 |
2018 |  | 0.1 |  |  | 13.4 |
2019 |  | — |  |  | 12.7 |
2020 |  | — |  |  | 12.0 |
2021 |  | — |  |  | 11.2 |
2022 – 2026 |  | — |  |  | 41.6 |

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