| Pension and Other Postretirement Benefit Expense [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Pension and Other Postretirement Benefit Expense [Abstract] | |
Schedule of Changes in Benefit Obligation and the Plan Assets | The following table sets forth the reconciliation of beginning and ending balances of the benefit obligations and the plan assets for the Company’s defined benefit pension and other benefit plans at December 31, (in millions): | | | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | 2016 |
| 2015 |
| | 2016 |
| 2015 |
| Change in benefit obligation | |
| |
| | |
| |
| Benefit obligation at beginning of year | $ | 912.3 |
| $ | 976.3 |
| | $ | 26.6 |
| $ | 26.7 |
| Service cost | 12.9 |
| 17.7 |
| | — |
| 0.1 |
| Interest cost | 41.9 |
| 40.5 |
| | 1.2 |
| 1.0 |
| Plan participants’ contributions | 0.5 |
| 0.7 |
| | — |
| — |
| Amendments | (34.1 | ) | — |
| | — |
| — |
| Actuarial loss (gain) | 88.0 |
| (46.6 | ) | | 0.2 |
| 0.5 |
| Currency impact | (18.5 | ) | (6.7 | ) | | — |
| — |
| Other | (0.5 | ) | (1.4 | ) | | — |
| (0.1 | ) | Benefits paid | (85.1 | ) | (68.2 | ) | | (1.8 | ) | (1.6 | ) | Benefit obligation at end of year | $ | 917.4 |
| $ | 912.3 |
| | $ | 26.2 |
| $ | 26.6 |
| Change in plan assets | | |
| | | |
| Fair value of plan assets at beginning of year | $ | 757.6 |
| $ | 835.7 |
| | $ | — |
| $ | — |
| Actual return on plan assets | 23.6 |
| (31.8 | ) | | — |
| — |
| Employer contributions | 24.3 |
| 27.9 |
| | 1.8 |
| 1.6 |
| Plan participants’ contributions | 0.5 |
| 0.7 |
| | — |
| — |
| Currency impact | (15.8 | ) | (6.7 | ) | | — |
| — |
| Benefits paid | (85.1 | ) | (68.2 | ) | | (1.8 | ) | (1.6 | ) | Fair value of plan assets at end of year | $ | 705.1 |
| $ | 757.6 |
| | $ | — |
| $ | — |
| FUNDED STATUS | $ | (212.3 | ) | $ | (154.7 | ) | | $ | (26.2 | ) | $ | (26.6 | ) | Amounts recognized in the consolidated balance sheet consist of: | | |
| | | |
| Prepaid pensions (included in Other long-term assets) | $ | 1.7 |
| $ | 1.4 |
| | $ | — |
| $ | — |
| Accrued benefit liability (short-term and long-term) | (214.0 | ) | (156.1 | ) | | (26.2 | ) | (26.6 | ) | NET AMOUNT RECOGNIZED IN THE CONSOLIDATED BALANCE SHEET | $ | (212.3 | ) | $ | (154.7 | ) | | $ | (26.2 | ) | $ | (26.6 | ) | Amounts recognized in Accumulated other comprehensive loss (income) consist of: | | |
| | | |
| Net actuarial loss | $ | 274.2 |
| $ | 221.5 |
| | $ | 1.7 |
| $ | 1.4 |
| Prior service cost (credit) | 0.4 |
| 0.6 |
| | (3.3 | ) | (4.2 | ) | NET AMOUNT RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS | $ | 274.6 |
| $ | 222.1 |
| | $ | (1.6 | ) | $ | (2.8 | ) |
|
Summary of Accumulated Benefit Obligations in Excess of Plan Assets | Information with respect to plans with accumulated benefit obligations in excess of plan assets is as follows, (in millions): | | | | | | | | | 2016 |
| 2015 |
| Projected benefit obligation | $ | 801.1 |
| $ | 807.9 |
| Accumulated benefit obligation | $ | 781.4 |
| $ | 757.6 |
| Fair value of plan assets | $ | 603.1 |
| $ | 655.3 |
|
|
Schedule of the Components of Pension and Other Benefit Costs | The following table sets forth the components of pension and other benefit costs for the years ended December 31, (in millions): | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | 2016 |
| 2015 |
| 2014 |
| | 2016 |
| 2015 |
| 2014 |
| Components of net periodic benefit cost: | |
| |
| |
| | |
| |
| |
| Service cost | $ | 12.9 |
| $ | 17.7 |
| $ | 15.1 |
| | $ | — |
| $ | 0.1 |
| $ | 0.1 |
| Interest cost | 41.9 |
| 40.5 |
| 40.9 |
| | 1.2 |
| 1.0 |
| 1.1 |
| Expected return on plan assets | (44.3 | ) | (53.2 | ) | (45.2 | ) | | — |
| — |
| — |
| Amortization of prior service cost (credit) | 0.1 |
| 0.2 |
| 0.2 |
| | (1.0 | ) | (1.0 | ) | (1.0 | ) | Amortization of actuarial losses (gains) | 13.9 |
| 12.1 |
| 3.9 |
| | — |
| (0.1 | ) | (0.1 | ) | Other | — |
| — |
| — |
| | — |
| — |
| (2.2 | ) | Curtailment and settlement losses | 0.2 |
| — |
| — |
| | — |
| — |
| — |
| Net periodic benefit cost (credit) | $ | 24.7 |
| $ | 17.3 |
| $ | 14.9 |
| | $ | 0.2 |
| $ | — |
| $ | (2.1 | ) | Changes recognized in other comprehensive loss (income), before tax: | | |
| |
| | | |
| | Current year net actuarial loss | $ | 72.0 |
| $ | 37.0 |
| $ | 93.1 |
| | $ | 0.2 |
| $ | 0.5 |
| $ | 1.5 |
| Current year prior service credit | — |
| — |
| — |
| | — |
| — |
| — |
| Amortization of prior service (cost) credit | (0.1 | ) | (0.2 | ) | (0.2 | ) | | 1.0 |
| 1.0 |
| 1.0 |
| Amortization of net actuarial (losses) gains | (13.9 | ) | (12.1 | ) | (3.9 | ) | | — |
| 0.1 |
| 0.1 |
| Currency impact | (4.0 | ) | (0.1 | ) | — |
| | — |
| — |
| — |
| Other adjustments | (0.2 | ) | — |
| — |
| | — |
| — |
| — |
| Total recognized in other comprehensive loss | 53.8 |
| 24.6 |
| 89.0 |
| | 1.2 |
| 1.6 |
| 2.6 |
| TOTAL RECOGNIZED IN NET PERIODIC PENSION COST AND OTHER COMPREHENSIVE LOSS | $ | 78.5 |
| $ | 41.9 |
| $ | 103.9 |
| | $ | 1.4 |
| $ | 1.6 |
| $ | 0.5 |
| Amortization expected to be recognized through income during 2017 | |
| |
| |
| | |
| |
| |
| Amortization of prior service cost (credit) | $ | 0.1 |
| | |
| | $ | (1.0 | ) | |
| |
| Amortization of net loss | 11.0 |
| | |
| | — |
| |
| |
| TOTAL EXPECTED TO BE RECOGNIZED THROUGH INCOME DURING NEXT FISCAL YEAR | $ | 11.1 |
| | |
| | $ | (1.0 | ) | |
| |
|
|
Schedule of Assumptions Used to Determine the Projected Benefit Obligation | The following assumptions were used to determine the projected benefit obligations at the measurement date and the net periodic benefit cost for the year: | | | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | 2016 |
| 2015 |
| 2014 |
| | 2016 |
| 2015 |
| 2014 |
| Weighted-average assumptions used to determine benefit obligations at December 31, | |
| |
| |
| | | |
| |
| Discount rate | 4.12 | % | 4.71 | % | 4.23 | % | | 4.10 | % | 4.60 | % | 4.10 | % | Rate of compensation increase | 3.55 | % | 3.59 | % | 3.15 | % | | 3.93 | % | 3.92 | % | 3.60 | % | Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, | | |
| |
| | | |
| |
| Discount rate | 4.71 | % | 4.23 | % | 5.04 | % | | 4.60 | % | 4.10 | % | 4.60 | % | Expected return on plan assets | 6.04 | % | 6.36 | % | 6.06 | % | | N/A |
| N/A |
| N/A |
| Rate of compensation increase | 3.59 | % | 3.15 | % | 3.18 | % | | 3.92 | % | 3.60 | % | 3.58 | % |
|
Schedule of Health Care Cost Trend Rates | The assumed health care cost trend rates used to determine the projected postretirement benefit obligation are as follows: | | | | | | | | | Other Benefits | | 2016 |
| 2015 |
| 2014 |
| Assumed health care cost trend rates at December 31, | |
| |
| |
| Health care cost trend assumed for next year | 7.2 | % | 7.4 | % | 7.6 | % | Rate to which the cost trend is assumed to decline | 5.0 | % | 5.0 | % | 5.0 | % | Year that the rate reaches the ultimate trend rate | 2028 |
| 2028 |
| 2028 |
|
|
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects (in millions): | | | | | | | | | One Percentage Point Increase |
| One Percentage Point Decrease |
| Effect on total of service and interest cost | $ | 0.1 |
| $ | (0.1 | ) | Effect on postretirement benefit obligation | $ | 1.7 |
| $ | (1.5 | ) |
|
Schedule of Allocation of Plan Assets | The Company’s combined targeted 2015 weighted average asset allocation for domestic and foreign pension plans and the actual weighted average asset allocation for domestic and foreign pension plans at December 31, 2016 and 2015 by asset category are as follows: | | | | | | | | | Percentage of Plan Assets | | Target | Actual | Asset Category | 2017 |
| 2016 |
| 2015 |
| Equity securities | 19 | % | 16 | % | 25 | % | Debt securities & Cash | 64 | % | 65 | % | 52 | % | Alternative Investments | 17 | % | 19 | % | 23 | % | TOTAL | 100 | % | 100 | % | 100 | % |
|
Schedule of Changes in Fair Value of Plan Assets | The fair value of the Company’s pension plan assets at December 31, 2016 and 2015, by asset category are as follows (in millions): | | | | | | | | | | | | | | | | | | | Quoted Prices in Active Markets for Identical Assets | Quoted Prices in Active Market for Similar Asset | Significant Unobservable Inputs | Investments Priced Using Net Asset Value | Asset Category | Total | (Level 1) | (Level 2) | (Level 3) | | Cash and cash equivalents | $ | 48.3 |
| $ | 48.3 |
| $ | — |
| $ | — |
| $ | — |
| Equity securities: | |
| |
|
| |
| | US Large-cap (a) | 29.5 |
| 29.5 |
| — |
| — |
| — |
| US Mid-cap and Small-cap Growth (b) | 42.6 |
| 42.6 |
| — |
| — |
| — |
| International Large-cap | 27.6 |
| 27.6 |
| — |
| — |
| — |
| Emerging Markets (c) | 5.9 |
| 5.9 |
| — |
| — |
| — |
| Fixed Income Securities: | |
|
|
| |
| |
| | US Treasuries | 334.5 |
| — |
| 334.5 |
| — |
| — |
| Corporate Bonds (d) | 21.0 |
| 0.3 |
| 20.6 |
| 0.1 |
| — |
| Asset Backed Securities and Other | 45.0 |
| — |
| 45.0 |
| — |
| — |
| Derivatives: | |
|
|
| |
| |
| | Assets (e) | 2.1 |
| 0.5 |
| 1.6 |
| — |
| — |
| (Liabilities) (e) | (1.1 | ) | (0.5 | ) | (0.6 | ) | — |
| — |
| Alternative Investment Funds (f) | 133.5 |
| 47.0 |
| — |
| — |
| 86.5 |
| Common Pooled Fund (g) | 16.2 |
| 0.8 |
| 15.4 |
| — |
| — |
| BALANCE AT DECEMBER 31, 2016 | $ | 705.1 |
| $ | 202.0 |
| $ | 416.5 |
| $ | 0.1 |
| $ | 86.5 |
|
| | | | | | | | | | | | | | | | | | | Quoted Prices in Active Markets for Identical Assets | Quoted Prices in Active Market for Similar Asset | Significant Unobservable Inputs | Investments Priced Using Net Asset Value | Asset Category | Total | (Level 1) | (Level 2) | (Level 3) | | Cash and cash equivalents | $ | 62.0 |
| $ | 62.0 |
| $ | — |
| $ | — |
| $ | — |
| Equity securities: | |
| |
| | |
| | US Large-cap (a) | 29.0 |
| 29.0 |
| — |
| — |
| — |
| US Mid-cap and Small-cap Growth (b) | 38.2 |
| 38.2 |
| — |
| — |
| — |
| International Large-cap | 28.7 |
| 28.7 |
| — |
| — |
| — |
| Emerging Markets (c) | 11.8 |
| 11.8 |
| — |
| — |
| — |
| Fixed Income Securities: | |
| |
| |
| |
| | US Treasuries | 186.4 |
| — |
| 186.4 |
| — |
| — |
| Corporate Bonds (d) | 99.6 |
| 0.3 |
| 98.9 |
| 0.4 |
| — |
| Asset Backed Securities and Other | 126.6 |
| — |
| 126.6 |
| — |
| — |
| Derivatives: | |
| |
| |
| |
| | Assets (e) | 2.5 |
| 1.6 |
| 0.9 |
| — |
| — |
| (Liabilities) (e) | (0.7 | ) | (0.7 | ) | — |
| — |
| — |
| Alternative Investment Funds (f) | 158.3 |
| 65.9 |
| — |
| — |
| 92.4 |
| Common Pooled Funds (g) | 15.2 |
| 0.8 |
| 14.4 |
| — |
| — |
| BALANCE AT DECEMBER 31, 2015 | $ | 757.6 |
| $ | 237.6 |
| $ | 427.2 |
| $ | 0.4 |
| $ | 92.4 |
|
| | (a) | Includes an actively managed portfolio of large-cap US stocks. |
| | (b) | Includes $40.0 million and $34.7 million of the Company’s common stock at December 31, 2016 and 2015, respectively, and an investment in a small cap open ended mutual fund. |
| | (c) | Includes open ended emerging markets mutual funds. |
| | (d) | Includes primarily investment grade bonds of primarily U.S. issuers from diverse industries. |
| | (e) | Includes primarily U.S. and foreign equity futures as well as foreign fixed income futures and short positions in U.S. Treasury futures to adjust the duration of the portfolio. |
| | (f) | Includes investments in hedge funds, including fund of funds products and open end mutual funds |
| | (g) | Investments in Common Pooled Funds, consisting of equities and fixed income securities. |
|
Schedule of Expected Benefit Payments | The following domestic and foreign benefit payments, which reflect future service, as appropriate, are expected to be paid as follows, (in millions): | | | | | | | | | Pension Benefits |
| Other Benefits |
| 2017 | $ | 41.3 |
| $ | 2.3 |
| 2018 | $ | 43.9 |
| $ | 2.2 |
| 2019 | $ | 44.0 |
| $ | 2.2 |
| 2020 | $ | 45.4 |
| $ | 2.1 |
| 2021 | $ | 47.2 |
| $ | 2.1 |
| 2022-2026 | $ | 265.7 |
| $ | 8.9 |
|
|