| Statement [Line Items] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Change in Fair Value of Plan Assets and Funded Status for Plans |
The change in
benefit obligation, change in fair value of plan assets and funded
status for the plans are as follows:
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
| (dollars in millions) |
|
|
|
|
|
|
|
Benefit obligation -
beginning
|
|
$ |
586.9 |
|
|
$ |
544.0 |
|
|
Service cost
|
|
|
29.2 |
|
|
|
30.1 |
|
|
Interest cost
|
|
|
19.0 |
|
|
|
20.2 |
|
|
Transfers–Medicon
|
|
|
(19.1 |
) |
|
|
25.4 |
|
|
Curtailment
|
|
|
(5.9 |
) |
|
|
— |
|
|
Actuarial loss
(gain)
|
|
|
24.3 |
|
|
|
6.1 |
|
|
Benefits paid
|
|
|
(31.8 |
) |
|
|
(33.1 |
) |
|
Currency/other
|
|
|
(13.3 |
) |
|
|
(5.8 |
) |
|
|
|
|
|
|
|
|
|
|
Benefit obligation -
ending
|
|
$ |
589.3 |
|
|
$ |
586.9 |
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets -
beginning
|
|
$ |
462.6 |
|
|
$ |
455.6 |
|
|
Actual return on plan
assets
|
|
|
35.6 |
|
|
|
(5.1 |
) |
|
Company
contributions
|
|
|
34.8 |
|
|
|
31.6 |
|
|
Transfers–Medicon
|
|
|
(19.0 |
) |
|
|
17.9 |
|
|
Benefits paid
|
|
|
(31.8 |
) |
|
|
(33.1 |
) |
|
Currency/other
|
|
|
(12.5 |
) |
|
|
(4.3 |
) |
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets -
ending
|
|
$ |
469.7 |
|
|
$ |
462.6 |
|
|
|
|
|
|
|
|
|
|
|
Funded status of the plans,
December 31
|
|
$ |
(119.6 |
) |
|
$ |
(124.3 |
) |
|
|
|
|
|
|
|
|
|
|
Amounts Recognized In Accumulated Other Comprehensive Loss |
Amounts
recognized in accumulated other comprehensive loss at
December 31 consisted of:
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
| (dollars in millions) |
|
|
|
|
|
|
|
Net loss
|
|
$ |
169.2 |
|
|
$ |
163.7 |
|
|
Prior service
credit
|
|
|
(1.9 |
) |
|
|
(2.7 |
) |
|
|
|
|
|
|
|
|
|
|
Before tax
amount
|
|
$ |
167.3 |
|
|
$ |
161.0 |
|
|
|
|
|
|
|
|
|
|
|
After tax amount
|
|
$ |
108.7 |
|
|
$ |
103.8 |
|
|
|
|
|
|
|
|
|
|
|
Amounts Recognized In Consolidated Balance Sheets |
Amounts
recognized in the consolidated balance sheets at December 31
consisted of:
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
| (dollars in millions) |
|
|
|
|
|
|
|
Other assets
|
|
$ |
— |
|
|
$ |
7.2 |
|
|
Accrued compensation and
benefits
|
|
|
(4.6 |
) |
|
|
(4.6 |
) |
|
Other long-term
liabilities
|
|
|
(115.0 |
) |
|
|
(126.9 |
) |
|
|
|
|
|
|
|
|
|
|
Net amount
recognized
|
|
$ |
(119.6 |
) |
|
$ |
(124.3 |
) |
|
|
|
|
|
|
|
|
|
|
Components Of Net Periodic Pension Cost |
The components
of net periodic benefit cost for the following years ended
December 31 are:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| (dollars in millions) |
|
|
|
|
|
|
|
|
|
|
Service cost, net of
employee contributions
|
|
$ |
28.8 |
|
|
$ |
29.6 |
|
|
$ |
26.9 |
|
|
Interest cost
|
|
|
19.0 |
|
|
|
20.2 |
|
|
|
21.2 |
|
|
Expected return on plan
assets
|
|
|
(32.1 |
) |
|
|
(31.3 |
) |
|
|
(27.9 |
) |
|
Amortization of net
loss
|
|
|
10.8 |
|
|
|
12.4 |
|
|
|
10.4 |
|
|
Amortization of prior
service cost
|
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
Curtailment
|
|
|
(5.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic pension
cost
|
|
$ |
20.8 |
|
|
$ |
30.5 |
|
|
$ |
30.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Assumptions Used In Determining Pension Plan Information |
The weighted
average assumptions used in determining pension plan information
for the following years ended December 31 are:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Net Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate –
service cost
|
|
|
4.26 |
% |
|
|
3.79 |
% |
|
|
4.58 |
% |
|
Discount rate –
interest cost
|
|
|
3.47 |
% |
|
|
3.79 |
% |
|
|
4.58 |
% |
|
Expected return on plan
assets
|
|
|
6.72 |
% |
|
|
7.17 |
% |
|
|
7.26 |
% |
|
Rate of compensation
increase
|
|
|
3.57 |
% |
|
|
3.42 |
% |
|
|
3.49 |
% |
|
Benefit
Obligation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
3.91 |
% |
|
|
4.03 |
% |
|
|
3.79 |
% |
|
Rate of compensation
increase
|
|
|
3.58 |
% |
|
|
3.57 |
% |
|
|
3.42 |
% |
|
Weighted Average Target Asset Allocations for Plans |
The weighted
average target asset allocations for the plans at December 31, are
as follows:
|
|
|
|
|
|
|
|
|
| |
|
Target Allocation |
|
| |
|
2016 |
|
|
2015 |
|
|
Asset Categories
|
|
|
|
|
|
|
|
|
|
Equity securities
|
|
|
65 |
% |
|
|
63 |
% |
|
Fixed income
securities
|
|
|
33 |
% |
|
|
35 |
% |
|
Cash equivalents
|
|
|
2 |
% |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements of Plan Assets |
The following
table summarizes fair value measurements of plan assets at December
31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Total(B) |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| (dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents
|
|
$ |
3.4 |
|
|
$ |
7.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3.4 |
|
|
$ |
7.1 |
|
|
Equity
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. large-cap
|
|
|
125.7 |
|
|
|
117.3 |
|
|
|
— |
|
|
|
— |
|
|
|
125.7 |
|
|
|
117.3 |
|
|
U.S. small-cap
|
|
|
40.6 |
|
|
|
37.2 |
|
|
|
— |
|
|
|
— |
|
|
|
40.6 |
|
|
|
37.2 |
|
|
Foreign
|
|
|
118.0 |
|
|
|
117.3 |
|
|
|
— |
|
|
|
— |
|
|
|
118.0 |
|
|
|
117.3 |
|
|
Fixed income
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified bond
funds(A)
|
|
|
131.6 |
|
|
|
121.1 |
|
|
|
— |
|
|
|
2.1 |
|
|
|
131.6 |
|
|
|
123.2 |
|
|
Foreign government
bonds
|
|
|
11.5 |
|
|
|
17.5 |
|
|
|
— |
|
|
|
3.9 |
|
|
|
11.5 |
|
|
|
21.4 |
|
|
Foreign corporate notes and
bonds
|
|
|
11.3 |
|
|
|
12.7 |
|
|
|
— |
|
|
|
— |
|
|
|
11.3 |
|
|
|
12.7 |
|
|
Private alternative
investment
|
|
|
— |
|
|
|
— |
|
|
|
19.6 |
|
|
|
19.3 |
|
|
|
19.6 |
|
|
|
19.3 |
|
|
Guaranteed insurance
contracts
|
|
|
— |
|
|
|
— |
|
|
|
8.0 |
|
|
|
7.1 |
|
|
|
8.0 |
|
|
|
7.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total plan
assets
|
|
$ |
442.1 |
|
|
$ |
430.2 |
|
|
$ |
27.6 |
|
|
$ |
32.4 |
|
|
$ |
469.7 |
|
|
$ |
462.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (A) |
Diversified bond funds consists of U.S. Treasury bonds,
mortgage backed securities, and corporate bonds.
|
| (B) |
There were no plan assets categorized as Level 3 at December
31, 2016 or 2015.
|
|
Expected Benefit Payments |
The total
expected benefit payments are as follows:
|
|
|
|
|
| (dollars in millions) |
|
|
|
|
2017
|
|
$ |
33.9 |
|
|
2018
|
|
|
32.4 |
|
|
2019
|
|
|
34.1 |
|
|
2020
|
|
|
36.1 |
|
|
2021
|
|
|
35.5 |
|
|
2022 through 2026
|
|
|
206.6 |
|
|