| Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Compensation and Retirement Disclosure [Abstract] | |
Weighted-average asset allocations | The weighted-average asset allocations by asset category are as follows: | | | | | | | | | | Plan Assets at December 31, | Asset Category | | 2016 | | 2015 | Cash and cash equivalents | | 3 | % | | 1 | % | Blended funds | | 30 | % | | 32 | % | Bond funds | | 48 | % | | 45 | % | Insurance policy | | 19 | % | | 22 | % | Total | | 100 | % | | 100 | % |
|
Fair value of pension plan assets | The fair value of the Company’s U.K. pension plan assets at December 31, 2016 and 2015 by asset category (see Note 14 for a discussion regarding fair value measurements) are as follows (in millions): | | | | | | | | | | | | | | | | | | | | Market Value at December 31, 2016 | | Level One | | Level Two | | Level Three | Asset category: | | | | | | | | | Cash and cash equivalents(a) | | $ | 2.0 |
| | $ | 2.0 |
| | $ | — |
| | $ | — |
| Blended funds(b) | | 18.9 |
| | — |
| | 18.9 |
| | — |
| Bond funds(c): | | |
| | |
| | |
| | |
| Treasuries | | 29.5 |
| | — |
| | 29.5 |
| | — |
| Insurance policy(d) | | 11.9 |
| | — |
| | — |
| | 11.9 |
| Total Pension Assets | | $ | 62.3 |
| | $ | 2.0 |
| | $ | 48.4 |
| | $ | 11.9 |
|
| | | | | | | | | | | | | | | | | | | | Market Value at December 31, 2015 | | Level One | | Level Two | | Level Three | Asset category: | | | | | | | | | Cash and cash equivalents(a) | | $ | 0.9 |
| | $ | 0.9 |
| | $ | — |
| | $ | — |
| Blended funds(b) | | 21.1 |
| | — |
| | 21.1 |
| | — |
| Bond funds(c): | | |
| | |
| | |
| | |
| Treasuries | | 30.3 |
| | — |
| | 30.3 |
| | — |
| Insurance policy(d) | | 14.6 |
| | — |
| | — |
| | 14.6 |
| Total Pension Assets | | $ | 66.9 |
| | $ | 0.9 |
| | $ | 51.4 |
| | $ | 14.6 |
|
| | (a) | The fair value of cash and cash equivalents is its carrying value. |
| | (b) | The Company is invested in a diversified growth fund. The diversified growth fund is valued at the last traded or official close for the underlying equities and bid or mid for the underlying fixed income securities depending on the portfolio benchmark. Where representative prices are unavailable, underlying fixed income investments are valued based on other observable market-based inputs. |
| | (c) | This category includes investments in investment-grade fixed-income instruments and funds linked to U.K. treasury notes. The funds are valued using the bid amounts for each fund. All of the Company’s bond fund pension assets are invested in U.K.-linked treasuries as of December 31, 2016 and December 31, 2015. |
| | (d) | The insurance policy has been written by an insurance company with an A+ rating from Standard and Poors. The policy derives its value primarily from its underlying investments which consists of separate funds also managed by the underwriter. The policy’s holdings consist primarily of a unit trust fund, which is valued based on its underlying holdings of equities, fixed income securities, cash and derivative instruments. Those underlying investments are valued at bid price on the last business day of the period when available. Other investments use the last available authorized price of the last business day of the period. Unquoted investments are valued based upon the fund manager’s opinion of fair value based primarily on other observable market-based inputs. Open positions in derivative contracts or foreign currency transactions are included at their mark to market value. Money market instruments are valued based upon amortized cost. Term deposits are valued at their nominal value. |
|
Changes in level 3 pension plan assets | The changes in Level 3 U.K. pension plan assets for the year ended December 31, 2016 were as follows (in millions): | | | | | | Year Ended December 31, 2016 | | Value of Insurance Policy | Beginning balance as of January 1, 2016 | | $ | 14.6 |
| Purchase | | — |
| Unrealized loss | | (0.4 | ) | Currency fluctuation adjustment | | (2.3 | ) | Ending balance as of December 31, 2016 | | $ | 11.9 |
|
|
Assumptions used in determining pension information | The assumptions used in determining pension information for the plans for the years ended December 31 were as follows: | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Discount rate | | 3.80 | % | | 3.40 | % | | 4.40 | % | Expected return on plan assets | | 4.50 | % | | 4.30 | % | | 5.30 | % |
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Future expected benefit payments | The Company expects to pay the following benefit payments (in millions): | | | | | Calendar Year | Future Expected Benefit Payments | 2017 | $ | 2.4 |
| 2018 | 2.4 |
| 2019 | 2.5 |
| 2020 | 2.6 |
| 2021 | 2.7 |
| 2022 – 2026 | 14.8 |
|
|
Pension obligations, plan assets and net funded status | The following table sets forth pension obligations and plan assets for the Company’s defined benefit plan, as of December 31 (in millions): | | | | | | | | | | | | 2016 | | 2015 | Change in benefit obligation: | | | | | Benefit obligation as of January 1 | | $ | 66.9 |
| | $ | 76.8 |
| Interest cost | | 2.3 |
| | 2.5 |
| Actuarial (gain) loss | | 7.3 |
| | (5.5 | ) | Benefits paid | | (3.4 | ) | | (2.9 | ) | Currency fluctuation adjustment | | (11.4 | ) | | (4.0 | ) | Benefit obligation as of December 31 | | 61.7 |
| | 66.9 |
| Change in plan assets: | | |
| | |
| Fair value as of January 1 | | 66.9 |
| | 70.3 |
| Actual return | | 8.8 |
| | 1.9 |
| Company contributions | | 1.4 |
| | 1.5 |
| Currency fluctuation adjustment | | (11.4 | ) | | (3.9 | ) | Benefits paid | | (3.4 | ) | | (2.9 | ) | Fair value of plan assets as of December 31 | | 62.3 |
| | 66.9 |
| Overfunded status of the plan | | $ | 0.6 |
| | $ | — |
|
|
Components of net pension expense | The components of net pension expense were as follows for the years ended December 31 (in millions): | | | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Interest cost on projected benefit obligation | | $ | 2.3 |
| | $ | 2.5 |
| | $ | 3.2 |
| Prior service cost | | (0.1 | ) | | (0.1 | ) | | (0.1 | ) | Expected return on plan assets | | (2.8 | ) | | (2.9 | ) | | (3.5 | ) | Net amortization | | 0.4 |
| | 1.5 |
| | 1.7 |
| Net pension expense | | $ | (0.2 | ) | | $ | 1.0 |
| | $ | 1.3 |
|
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