XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Pension and Postretirement Benefits
 9 Months Ended
Sep. 30, 2018
Retirement Benefits [Abstract]  
Pension and Postretirement Benefits
Pension and Postretirement Benefits
Net periodic pension expense for the three and nine months ended September 30, 2018 and 2017 is presented below:
 
 
Three Months Ended
September 30, 2018
 
Three Months Ended
September 30, 2017
 
 
Total
 
U.S.
Plans
 
International
Plans
 
Total
 
U.S.
Plans
 
International
Plans
Service cost(i)
 
$
0.8

 
$
—

 
$
0.8

 
$
1.0

 
$
—

 
$
1.0

Interest cost
 
63.1

 
46.8

 
16.3

 
71.4

 
52.8

 
18.6

Expected return on plan assets
 
(85.7
)
 
(57.7
)
 
(28.0
)
 
(91.2
)
 
(58.8
)
 
(32.4
)
Amortization of prior service benefit
 
(1.5
)
 
(0.6
)
 
(0.9
)
 
(1.1
)
 
(0.6
)
 
(0.5
)
Recognized net actuarial loss
 
41.9

 
31.4

 
10.5

 
43.5

 
31.6

 
11.9

Net periodic pension expense (benefit)
 
$
18.6

 
$
19.9

 
$
(1.3
)
 
$
23.6

 
$
25.0

 
$
(1.4
)

 
 
Nine Months Ended
September 30, 2018
 
Nine Months Ended
September 30, 2017
 
 
Total
 
U.S.
Plans
 
International
Plans
 
Total
 
U.S.
Plans
 
International
Plans
Service cost(i)
 
$
2.4

 
$
—

 
$
2.4

 
$
4.2

 
$
—

 
$
4.2

Interest cost
 
191.1

 
140.0

 
51.1

 
212.2

 
158.5

 
53.7

Expected return on plan assets
 
(259.9
)
 
(172.9
)
 
(87.0
)
 
(270.7
)
 
(176.4
)
 
(94.3
)
Amortization of prior service benefit
 
(4.7
)
 
(1.9
)
 
(2.8
)
 
(3.6
)
 
(1.9
)
 
(1.7
)
Recognized net actuarial loss
 
126.0

 
93.8

 
32.2

 
132.5

 
94.8

 
37.7

Curtailment gain
 
—

 
—

 
—

 
(5.2
)
 
—

 
(5.2
)
Net periodic pension expense (benefit)
 
$
54.9

 
$
59.0

 
$
(4.1
)
 
$
69.4

 
$
75.0

 
$
(5.6
)
(i) 
Service cost is reported in cost of revenue - services and selling, general and administrative expenses. All other components of net periodic pension expense are reported in other income (expense), net in the Consolidated Statements of Income.

In 2018, the company expects to make cash contributions of approximately $130.3 million to its worldwide defined benefit pension plans, which are comprised of $80.6 million for the company’s U.S. qualified defined benefit pension plans and $49.7 million primarily for the company’s non-U.S. defined benefit pension plans. In 2017, the company made cash contributions of $138.4 million to its worldwide defined benefit pension plans. For the nine months ended September 30, 2018 and 2017, the company made cash contributions of $117.5 million and $110.8 million, respectively.
Net periodic postretirement benefit expense for the three and nine months ended September 30, 2018 and 2017 is presented below:
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2018
 
2017
 
2018
 
2017
Service cost(i)
 
$
0.2

 
$
0.2

 
$
0.5

 
$
0.4

Interest cost
 
1.1

 
1.4

 
3.5

 
4.4

Expected return on assets
 
(0.1
)
 
(0.1
)
 
(0.3
)
 
(0.3
)
Recognized net actuarial loss
 
0.4

 
0.3

 
0.9

 
0.9

Amortization of prior service benefit
 
(0.5
)
 
(0.1
)
 
(1.3
)
 
(0.3
)
Net periodic postretirement benefit expense
 
$
1.1

 
$
1.7

 
$
3.3

 
$
5.1

(i) 
Service cost is reported in selling, general and administrative expenses. All other components of net periodic postretirement benefit expense are reported in other income (expense), net in the Consolidated Statements of Income.

The company expects to make cash contributions of approximately $12.0 million to its postretirement benefit plan in 2018 compared to $12.2 million in 2017. For the nine months ended September 30, 2018 and 2017, the company made cash contributions of $7.0 million and $8.4 million, respectively.