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2325301 - Disclosure - Long-term Employee Benefits (Tables)
(http://axaltacs.com/role/LongTermEmployeeBenefitsTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Postemployment Benefits [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Postemployment Benefits [Abstract]
 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following table sets forth the changes to the projected benefit obligations ("PBO") and plan assets for the years ended December 31, 2016 and 2015 and the funded status and amounts recognized in the accompanying consolidated balance sheets at December 31, 2016 and 2015 for the Company’s defined benefit pension plans:
 
Defined Benefits
 
Year Ended December 31,
Obligations and Funded Status
2016
2015
Change in benefit obligation:
 
 
Projected benefit obligation at beginning of year
$
541.7

$
613.1

Service cost
10.7

12.0

Interest cost
15.1

16.9

Participant contributions
1.0

0.9

Actuarial losses (gains), net
57.4

(12.0
)
Plan curtailments, settlements and special termination benefits
(2.0
)
(4.7
)
Benefits paid
(21.8
)
(27.4
)
Amendments

2.7

Currency translation adjustment
(54.5
)
(59.8
)
Projected benefit obligation at end of year
547.6

541.7

Change in plan assets:
 
 
Fair value of plan assets at beginning of year
278.4

294.5

Actual return on plan assets
41.1

6.0

Employer contributions
27.0

31.1

Participant contributions
1.0

0.9

Benefits paid
(21.8
)
(27.4
)
Settlements
(1.2
)
(4.7
)
Currency translation adjustment
(35.8
)
(22.0
)
Fair value of plan assets at end of year
288.7

278.4

Funded status, net
$
(258.9
)
$
(263.3
)
Amounts recognized in the consolidated balance sheets consist of:
 
 
Other assets
$
0.3

$
0.2

Other accrued liabilities
(10.1
)
(11.2
)
Accrued pension and other long-term employee benefits
(249.1
)
(252.3
)
Net amount recognized
$
(258.9
)
$
(263.3
)
 
 
Schedule of Accumulated and Projected Benefit Obligations
The following table reflects the ABO for all defined benefit pension plans as of December 31, 2016 and 2015. Further, the table reflects the aggregate PBO, ABO and fair value of plan assets for pension plans with PBO in excess of plan assets and for pension plans with ABO in excess of plan assets.
 
Year Ended December 31,
 
2016
2015
ABO
$
516.4

$
500.1

Plans with PBO in excess of plan assets:
 
 
PBO
$
542.6

$
537.1

ABO
$
511.6

$
495.7

Fair value plan assets
$
283.4

$
273.7

Plans with ABO in excess of plan assets:
 
 
PBO
$
488.2

$
532.0

ABO
$
461.3

$
492.7

Fair value plan assets
$
232.6

$
270.3

 
 
Schedule of Net Periodic Benefit Cost Not yet Recognized
The pre-tax amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss include the following related to defined benefit plans:
 
Year Ended December 31,
 
2016
2015
Accumulated net actuarial losses
$
(76.6
)
$
(48.3
)
Accumulated prior service credit
0.9

1.5

Total
$
(75.7
)
$
(46.8
)

 
 
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The estimated pre-tax amounts that are expected to be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2017 for the defined benefit plans is as follows:
 
2017
Amortization of net actuarial losses
$
(1.8
)
Amortization of prior service credit

Total
$
(1.8
)
 
 
Schedule of Net Benefit Costs
The following table sets forth the pre-tax components of net periodic benefit costs for the years ended December 31, 2016, 2015 and 2014.
 
Defined Benefits
 
Year Ended December 31,
 
2016
2015
2014
Components of net periodic benefit cost and amounts recognized in other comprehensive (income) loss:
 
 
 
Net periodic benefit cost:
 
 
 
Service cost
$
10.7

$
12.0

$
15.4

Interest cost
15.1

16.9

22.9

Expected return on plan assets
(12.6
)
(14.6
)
(14.8
)
Amortization of actuarial (gain) loss, net
0.4

0.4

(0.3
)
Amortization of prior service credit

(0.1
)

Curtailment gain
(1.1
)

(7.3
)
Settlement (gain) loss
(0.5
)
0.5

0.1

Special termination benefit loss
0.2



Net periodic benefit cost
12.2

15.1

16.0

Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
 
 
 
Net actuarial (gain) loss, net
27.7

(3.4
)
60.6

Amortization of actuarial gain (loss), net
(0.4
)
(0.4
)
0.3

Prior service (credit) cost

2.7

(4.3
)
Amortization of prior service credit

0.1


Curtailment gain
1.1


7.3

Settlement gain (loss)
0.5

(0.5
)
(0.1
)
Other adjustments


(4.9
)
Total (gain) loss recognized in other comprehensive (income) loss
28.9

(1.5
)
58.9

Total recognized in net periodic benefit cost and other comprehensive (income) loss
$
41.1

$
13.6

$
74.9

 
 
Other Long-Term Employee Benefits
 
Year Ended December 31,
 
2016
2015
2014
Components of net periodic benefit (gain) cost and amounts recognized in other comprehensive (income) loss:
 
 
 
Net periodic benefit (gain) cost:
 
 
 
Service cost
$

$

$
0.1

Interest cost


0.1

Amortization of actuarial loss, net


0.1

Amortization of prior service credit

(3.7
)
(1.4
)
Settlement loss

0.3


Net periodic benefit (gain) cost

(3.4
)
(1.1
)
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
 
 
 
Net actuarial (gain) loss


(4.6
)
Amortization of actuarial gain (loss)


(0.1
)
Amortization of prior service credit

3.7

1.4

Settlement loss

(0.3
)

Other adjustments

0.3


Total (gain) loss recognized in other comprehensive income

3.7

(3.3
)
Total recognized in net periodic benefit cost and other comprehensive (income) loss
$

$
0.3

$
(4.4
)
 
 
Schedule of Assumptions Used
We used the following assumptions in determining the benefit obligations and net periodic benefit cost:
 
2016
2015
2014
Pension Benefits
 
 
 
Weighted-average assumptions:
 
 
 
Discount rate to determine benefit obligation
2.52
%
3.05
%
3.23
%
Discount rate to determine net cost
3.05
%
3.23
%
4.11
%
Rate of future compensation increases to determine benefit obligation
3.07
%
3.03
%
3.57
%
Rate of future compensation increases to determine net cost
3.03
%
3.57
%
3.52
%
Rate of return on plan assets to determine net cost
4.75
%
5.21
%
5.23
%
 
2016
2015
2014
Other Long-Term Employee Benefits
 
 
 
Weighted-average assumptions:
 
 
 
Discount rate to determine benefit obligation


1.50
%
Discount rate to determine net cost

1.50
%
4.80
%
Rate of future compensation increases to determine benefit obligation



Rate of future compensation increases to determine net cost



 
 
Schedule of Expected Benefit Payments
The following reflects the total benefit payments expected to be paid for defined benefits:
Year ended December 31,
Benefits
2017
$
25.2

2018
$
24.1

2019
$
27.5

2020
$
25.7

2021
$
25.3

2022—2026
$
164.2

There are no future benefit payments expected to be paid for other long-term employee benefits as this plan was effectively settled at December 31, 2015.
 
 
Schedule of Allocation of Plan Assets
The table below summarizes the weighted average actual and target pension plan asset allocations at December 31 for all funded Axalta defined benefit plans.
Asset Category
2016
2015
Target Allocation
Equity securities
30-35%
30-35%
30-35%
Debt securities
35-40%
35-40%
35-40%
Real estate
0-5%
0-5%
0-5%
Other
25-30%
20-25%
25-30%
The table below presents the fair values of the defined benefit pension plan assets by level within the fair value hierarchy, as described in Note 3, at December 31, 2016 and 2015, respectively.
 
Fair value measurements at
December 31, 2016
 
Total
Level 1
Level 2
Level 3
Asset Category:
 
 
 
 
Cash and cash equivalents
$
2.8

$
2.8

$

$

U.S. equity securities
30.7

30.7



Non-U.S. equity securities
63.9

63.5

0.3

0.1

Debt securities—government issued
60.9

48.0

12.9


Debt securities—corporate issued
38.4

31.0

5.3

2.1

Hedge funds
0.2

0.2



Private market securities
64.4

0.2

0.1

64.1

Real estate investments
11.2



11.2

Total
$
272.5

$
176.4

$
18.6

$
77.5

Debt asset backed securities at NAV
8.8

 
 
 
Hedge funds at NAV
7.4

 
 
 
 
$
288.7

 
 
 
 
Fair value measurements at
December 31, 2015
 
Total
Level 1
Level 2
Level 3
Asset Category:
 
 
 
 
Cash and cash equivalents
$
2.8

$
2.8

$

$

U.S. equity securities
23.6

23.6



Non-U.S. equity securities
70.3

69.8

0.4

0.1

Debt—government issued
64.8

53.0

11.8


Debt—corporate issued
44.4

37.7

4.5

2.2

Hedge funds
0.2

0.2



Private market securities
63.8

0.4

0.1

63.3

Real estate investments
8.5



8.5

Total
$
278.4

$
187.5

$
16.8

$
74.1


 
 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]
The table below presents a roll forward of activity for these assets for the years ended December 31, 2016 and 2015.
 
Level 3 assets
 
Total
Private
market
securities
Debt and Equity
Real
estate investments
Ending balance at December 31, 2014
$
65.8

$
63.0

$
2.4

$
0.4

Realized (loss)




Change in unrealized gain
(5.2
)
(5.2
)
(0.1
)
0.1

Purchases, sales, issues and settlements
13.5

5.5


8.0

Transfers in/(out) of Level 3




Ending balance at December 31, 2015
$
74.1

$
63.3

$
2.3

$
8.5

Realized (loss)




Change in unrealized gain
1.3

(1.4
)
(0.1
)
2.8

Purchases, sales, issues and settlements
2.1

2.2


(0.1
)
Transfers in/(out) of Level 3




Ending balance at December 31, 2016
$
77.5

$
64.1

$
2.2

$
11.2