| Post Retirement Benefit Plans | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Post Retirement Benefit Plans | |
Schedule of components of net periodic benefit costs |
The components of net periodic benefit costs for the years ended December 31, 2016, 2015 and 2014 were as follows (in millions):
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2016
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2015
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|
2014
|
|
|
Components of net periodic benefit costs:
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Service cost
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$
|
6.8
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|
$
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7.2
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|
$
|
4.8
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|
Interest cost
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2.2
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2.5
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4.6
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|
Expected return on plan assets
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(1.8
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)
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(2.3
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)
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(4.1
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)
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|
Settlement loss recognized
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—
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10.2
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—
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Amortization of net loss
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4.1
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4.1
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0.1
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Net periodic benefit costs
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|
$
|
11.3
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|
$
|
21.7
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|
$
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5.4
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Schedule of changes in benefit obligations and plan assets, projected benefit obligation and funded status, for defined benefit pension plans |
The changes in benefit obligations and plan assets under the defined benefit pension plans, projected benefit obligation and funded status of the plans were as follows at December 31, (in millions):
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|
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2016
|
|
2015
|
|
|
Change in benefit obligation:
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|
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|
|
|
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Benefit obligation at beginning of year
|
|
$
|
199.2
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|
$
|
207.2
|
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|
Service cost
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6.8
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7.2
|
|
|
Interest cost
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2.2
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2.5
|
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|
Plan participant contributions
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|
|
4.0
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3.9
|
|
|
Plan curtailments
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|
|
—
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|
(0.3
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)
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Benefits paid
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|
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(7.1
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)
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1.3
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|
Actuarial loss (gain)
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11.1
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7.5
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Plan amendments
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—
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14.7
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Plan settlements
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—
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(39.7
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)
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|
Premiums paid
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(1.4
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)
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|
(1.4
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)
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Plan combinations
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|
|
—
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0.9
|
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|
Impact of foreign currency exchange rates
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(4.7
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)
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(4.6
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)
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Benefit obligation at end of year
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210.1
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199.2
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|
Change in plan assets:
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Fair value of plan assets at beginning of year
|
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|
106.1
|
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|
139.6
|
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|
Return on plan assets
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1.3
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(3.7
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)
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Plan participant and employer contributions
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9.2
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9.5
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Benefits paid
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(7.1
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)
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|
1.3
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Plan settlements
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—
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(39.7
|
)
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|
Premiums paid
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|
|
(1.4
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)
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|
(1.4
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)
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|
Plan combinations
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|
|
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|
0.1
|
|
|
Impact of foreign currency exchange rates
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(2.2
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)
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|
0.4
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Fair value of plan assets at end of year
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|
105.9
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|
106.1
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Net under funded status
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$
|
(104.2
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)
|
$
|
(93.1
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)
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Schedule of amounts recognized in consolidated balance sheets |
The following amounts were recognized in the accompanying consolidated balance sheets for the Company's defined benefit plans at December 31, (in millions):
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2016
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2015
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Current liabilities
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$
|
(1.7
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)
|
$
|
(1.5
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)
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|
Non-current liabilities
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|
(102.5
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)
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|
(91.6
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)
|
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|
|
|
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Net benefit obligation
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|
$
|
(104.2
|
)
|
$
|
(93.1
|
)
|
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|
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Schedule of pre-tax amounts recognized in accumulated other comprehensive income (loss) |
The following pre-tax amounts were recognized in accumulated other comprehensive income (loss) for the Company's defined benefit plans at December 31, (in millions):
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2016
|
|
2015
|
|
|
Reconciliation of amounts recognized in the consolidated balance sheets:
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Prior service cost
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|
$
|
(10.6
|
)
|
$
|
(12.2
|
)
|
|
Net actuarial loss
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|
|
(56.0
|
)
|
|
(48.5
|
)
|
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|
|
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Accumulated other comprehensive loss
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|
|
(66.6
|
)
|
|
(60.7
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)
|
|
Accumulated contributions in excess of net periodic benefit cost
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|
(37.6
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)
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|
(32.4
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)
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Net amount recognized
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|
$
|
(104.2
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)
|
$
|
(93.1
|
)
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Schedule of the range of assumptions used to determine the projected benefit obligations |
The range of assumptions used to determine the projected benefit obligations for the years ended December 31, are as follows:
|
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|
2016
|
|
2015
|
|
2014
|
|
Discount rates
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|
0.2%-2.1%
|
|
0.3%-2.5%
|
|
0.7%-2.4%
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|
Expected return on plan assets
|
|
0.0%-3.0%
|
|
0.0%-3.0%
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|
2.9%
|
|
Expected rate of compensation increase
|
|
1.0%-3.0%
|
|
1.0%-3.0%
|
|
1.0%-3.0%
|
|
Schedule of the fair value of the Company's pension plan assets, by asset category and by level in the fair value hierarchy |
The fair value of the Company's pension plan assets at December 31, 2016 and 2015, by asset category and by level in the fair value hierarchy, is as follows (in millions):
|
December 31, 2016
|
|
Total
|
|
Quoted Prices in
Active Markets
Available (Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
|
|
Plan Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group BPCE Life (a)
|
|
$
|
1.3
|
|
$
|
—
|
|
$
|
1.3
|
|
$
|
—
|
|
|
Swiss Life Collective BVG Foundation (b)
|
|
|
104.6
|
|
|
—
|
|
|
104.6
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Total plan assets
|
|
$
|
105.9
|
|
$
|
—
|
|
$
|
105.9
|
|
$
|
—
|
|
|
|
|
|
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|
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|
December 31, 2015
|
|
Total
|
|
Quoted Prices in
Active Markets
Available (Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
|
|
Plan Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group BPCE Life (a)
|
|
$
|
1.4
|
|
$
|
—
|
|
$
|
1.4
|
|
$
|
—
|
|
|
Swiss Life Collective BVG Foundation (b)
|
|
|
104.7
|
|
|
—
|
|
|
104.7
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total plan assets
|
|
$
|
106.1
|
|
$
|
—
|
|
$
|
106.1
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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(a)
|
The Company's pension plan in France is invested in a larger fund that invests in a variety of instruments. The assets are not directly dedicated to the French pension plan. The Group BPCE Life fund invests in debt securities of foreign corporations and governments, equity securities of foreign government funds and private real estate funds.
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|
(b)
|
The Company's pension plan in Switzerland is outsourced to Swiss Life AG, an outside insurance provider. Under the insurance contract, the plan assets are invested in Swiss Life Collective BVG Foundation (the Foundation), which is an umbrella fund for which the retirement savings and interest rates are guaranteed a minimum of 1.75% on the mandatory withdrawal portion, as defined by Swiss law, and 1.25% on the non-mandatory portion. The Foundation utilizes plan administrators and investment managers to oversee the investment allocation process, set long-term strategic targets and monitor asset allocations. The target allocations are 75% bonds, including cash, 5% equity investments and 20% real estate and mortgages. Should the Foundation yield a return greater than the guaranteed amounts, the Company, according to Swiss law, shall receive 90% of the additional return with Swiss Life AG retaining 10%. The withdrawal benefits and interest allocations are secured at all times by Swiss Life AG.
|
|
Schedule of estimated future benefit payments |
The following benefit payments reflect future employee service as appropriate (in millions):
|
2017
|
|
$
|
2.1
|
|
|
2018
|
|
|
2.2
|
|
|
2019
|
|
|
3.0
|
|
|
2020
|
|
|
3.2
|
|
|
2021
|
|
|
3.5
|
|
|
2022-2026
|
|
|
24.9
|
|
|