Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans (Tables)

12 Months Ended

Dec. 31, 2014

Compensation And Retirement Disclosure [Abstract]

Schedule of Components of Net Periodic Benefit Cost

The following table shows the components of our net periodic benefit cost for the three years ended December 31, for our pension plans charged to operations:

	Year Ended December 31,
(In millions)	2014		2013		2012
Net periodic benefit cost:
U.S. and non-U.S. net periodic benefit cost included in    cost of sales	$	5.6	$	5.8	$	6.1
U.S. and non-U.S. net periodic benefit cost included in    selling, general and administrative expenses		10.6		11.2		12.1
Total benefit cost (income)	$	16.2	$	17.0	$	18.2

Funded Status for Pension Plans

The measurement date used by us to determine the projected benefit obligation and plan assets is December 31 for all material plans (November 30 for non-material plans):

	December 31,									December 31,
	2014									2013
(In millions)	U.S.			International			Total			U.S.			International			Total
Change in benefit obligation:
Projected benefit obligation at beginning of    Period	$	192.2		$	1,070.4		$	1,262.6		$	210.1		$	1,011.8		$	1,221.9
Service cost		1.1			8.9			10.0			1.3			11.0			12.3
Interest cost		8.7			39.3			48.0			7.9			35.5			43.4
Actuarial loss (gain)		31.4			186.5			217.9			(11.3	)		34.0			22.7
Settlement/curtailment		—			(9.6	)		(9.6	)		(7.1	)		(5.6	)		(12.7	)
Benefits paid		(12.0	)		(36.6	)		(48.6	)		(8.7	)		(32.3	)		(41.0	)
Employee contributions		—			3.4			3.4			—			3.6			3.6
Other		—			0.2			0.2			—			0.4			0.4
Foreign exchange impact		—			(115.6	)		(115.6	)		—			12.0			12.0
Projected benefit obligation at end of period		221.4			1,146.9			1,368.3			192.2			1,070.4			1,262.6
Change in plan assets:
Fair value of plan assets at beginning of period		177.4			845.8			1,023.2			177.6			784.0			961.6
Actual gain on plan assets		14.4			106.8			121.2			14.7			56.3			71.0
Employer contributions		2.6			33.5			36.1			0.2			34.1			34.3
Employee contributions		—			3.4			3.4			—			3.6			3.6
Benefits paid		(12.0	)		(36.6	)		(48.6	)		(8.7	)		(32.3	)		(41.0	)
Settlement/curtailment		—			(9.6	)		(9.6	)		(7.1	)		(5.5	)		(12.6	)
Other		(0.9	)		2.6			1.7			0.7			(1.1	)		(0.4	)
Foreign exchange impact		—			(82.4	)		(82.4	)		—			6.7			6.7
Fair value of plan assets at end of period		181.5			863.5			1,045.0			177.4			845.8			1,023.2
Underfunded status at end of year	$	(39.9	)	$	(283.4	)	$	(323.3	)	$	(14.8	)	$	(224.6	)	$	(239.4	)

Amounts Included in Consolidated Balance Sheets

Amounts included on the consolidated balance sheets consisted of:

	December 31,									December 31,
	2014									2013
(In millions)	U.S.			International			Total			U.S.			International			Total
Other assets	$	—		$	24.8		$	24.8		$	—		$	21.7		$	21.7
Other current liabilities		—			(4.1	)		(4.1	)		—			(4.6	)		(4.6	)
Other liabilities		(39.9	)		(304.1	)		(344.0	)		(14.8	)		(241.7	)		(256.5	)
Net amount recognized	$	(39.9	)	$	(283.4	)	$	(323.3	)	$	(14.8	)	$	(224.6	)	$	(239.4	)

Components of Net Periodic Benefit Cost (Income)

The following table shows the components of our net periodic benefit cost (income) for the three years ended December 31, for our pension plans charged to operations:

	December 31,									December 31,									December 31,
	2014									2013									2012
(In millions)	U.S.			International			Total			U.S.			International			Total			U.S.			International			Total
Components of net periodic    benefit cost or (income):
Service cost	$	1.1		$	8.9		$	10.0		$	1.3		$	11.0		$	12.3		$	1.2		$	14.9		$	16.1
Interest cost		8.7			39.3			48.0			7.9			35.5			43.4			9.3			37.3			46.6
Expected return on plan assets		(11.2	)		(42.9	)		(54.1	)		(11.1	)		(38.1	)		(49.2	)		(11.2	)		(41.6	)		(52.8	)
Amortization of net prior service cost		—			0.1			0.1			0.2			0.2			0.4			0.2			0.1			0.3
Amortization of net actuarial loss		0.8			9.1			9.9			2.2			7.8			10.0			1.8			5.0			6.8
Net periodic benefit cost (income)		(0.6	)		14.5			13.9			0.5			16.4			16.9			1.3			15.7			17.0
Cost (income) of settlement		—			2.3			2.3			(0.7	)		0.8			0.1			(0.9	)		2.1			1.2
Total benefit cost (income)	$	(0.6	)	$	16.8		$	16.2		$	(0.2	)	$	17.2		$	17.0		$	0.4		$	17.8		$	18.2

Amounts in Accumulated Other Comprehensive Loss, Not Yet Recognized

The amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2014 and 2013 are:

	December 31,						December 31,
	2014						2013
(In millions)	U.S.		International		Total		U.S.		International		Total
Unrecognized prior service costs	$	—	$	0.5	$	0.5	$	0.2	$	0.6	$	0.8
Unrecognized net actuarial loss		29.6		278.5		308.1		2.1		195.2		197.3
Total	$	29.6	$	279.0	$	308.6	$	2.3	$	195.8	$	198.1

Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income)

Changes in plan assets and benefit obligations recognized in other comprehensive loss (income) at December 31, 2014 and 2013 were as follows:

	December 31,									December 31,
	2014									2013
(In millions)	U.S.			International			Total			U.S.			International			Total
Current year actuarial loss (gain)	$	28.3		$	122.5		$	150.8		$	(14.9	)	$	16.2		$	1.3
Amortization of actuarial loss		(0.8	)		(9.1	)		(9.9	)		(2.2	)		(7.9	)		(10.1	)
Amortization of prior service cost		(0.1	)		—			(0.1	)		(0.2	)		(0.2	)		(0.4	)
Settlement/curtailment loss (gain)		—			(2.1	)		(2.1	)		0.8			(0.8	)		—
Other		—			—			—			—			—			—
Effects of changes in foreign currency exchange rates		—			(28.1	)		(28.1	)		—			3.9			3.9
Total recognized in other comprehensive (income) loss	$	27.4		$	83.2		$	110.6		$	(16.5	)	$	11.2		$	(5.3	)

Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized in Next Fiscal Year

The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during 2015 are as follows:

	December 31,
	2015
(In millions)	U.S.		International		Total
Unrecognized prior service costs	$	0.1	$	-	$	0.1
Unrecognized net actuarial loss		2.0		9.4		11.4
Total	$	2.1	$	9.4	$	11.5

Information for Plans with Accumulated Benefit Obligations in Excess of Plan Assets

Information for plans with accumulated benefit obligations in excess of plan assets as of December 31, 2014 and 2013 are as follows:

	December 31,						December 31,
	2014						2013
(In millions)	U.S.		International		Total		U.S.		International		Total
Accumulated benefit obligation	$	218.0	$	908.3	$	1,126.3	$	189.2	$	829.3	$	1,018.5
Fair value of plan assets		181.7		643.8		825.5		177.4		617.5		794.9

Weighted Average Assumptions Used to Determine Benefit Obligations

Weighted average assumptions used to determine benefit obligations at December 31, 2014 and 2013 were as follows:

	December 31,						December 31,
	2014						2013
(In millions)	U.S.			International			U.S.			International
Benefit obligations
Discount rate		3.9	%		2.7	%		4.6	%		3.8	%
Rate of compensation increase		3.0	%		2.7	%		3.0	%		2.9	%

Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted average assumptions used to determine net periodic benefit cost for the three years ended December 31, were as follows:

	December 31,						December 31,						December 31,
	2014						2013						2012
(In millions)	U.S.			International			U.S.			International			U.S.			International
Net periodic benefit cost
Discount rate		4.6	%		3.8	%		3.8	%		3.7	%		4.6	%		4.3	%
Expected long-term rate of return		6.5	%		5.2	%		6.5	%		5.0	%		6.7	%		5.9	%
Rate of compensation increase		3.0	%		2.9	%		3.5	%		2.8	%		3.5	%		2.8	%

In 2014, we adopted the Society of Actuaries Retirement Plan 2014 (RP-2014) table with Mortality Projection 2014 (MP-2014) improvement scale for all of our U.S. plans.

Estimated Future Benefit Payments

We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated:

	Amount
(In millions)	U.S.		International		Total
Year
2015	$	11.1	$	34.3	$	45.4
2016		12.7		33.2		45.9
2017		12.6		35.1		47.7
2018		12.6		36.4		49.0
2019		13.0		37.5		50.5
Thereafter		62.5		216.9		279.4
Total	$	124.5	$	393.4	$	517.9

Fair Values of Pension Plan Assets, by Asset Category and Level of Fair Values

The fair values of our U.S. and non-U.S. pension plan assets, by asset category and by the level of fair values are as follows:

	2014								2013
	Total								Total
(In millions)	Fair Value		Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents(1)	$	9.6	$	4.8	$	4.8	$	—	$	10.8	$	6.7	$	4.1	$	—
Fixed income funds(2)		495.2		—		495.2		—		497.4		—		497.4		—
Equity funds(3)		392.8		—		392.8		—		418.2		—		418.2		—
Other(4)		147.4		—		24.2		123.2		96.8		—		9.3		87.5
Total	$	1,045.0	$	4.8	$	917.0	$	123.2	$	1,023.2	$	6.7	$	929.0	$	87.5

⁽¹⁾ Short-term investment fund that invests in a collective trust that holds short-term highly liquid investments with principal preservation and daily liquidity as its primary objectives. Investments are primarily comprised of certificates of deposit, government securities, commercial paper, and time deposits.

⁽²⁾ Fixed income funds that invest in a diversified portfolio primarily consisting of publicly traded government bonds and corporate bonds. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end.

⁽³⁾ Equity funds that invest in a diversified portfolio of publicly traded domestic and international common stock, with an emphasis in European equities. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end.

⁽⁴⁾ The majority of these assets are invested in real estate funds and other alternative investments. Also includes guaranteed insurance contracts, which consists of company and employee contributions and accumulated interest income at guaranteed stated interest rates and provides for benefit payments and plan expenses.

Reconciliation of Plan Asset Measured Using Level 3 Inputs

The following table shows the activity of our U.S. and non-U.S. plan assets, which are measured at fair value using Level 3 inputs.

	December 31,			December 31,
(In millions)	2014			2013
Balance at beginning of period	$	87.5		$	68.1
Gains on assets still held at end of year		5.3			0.1
Losses on assets sold during year		-			12.9
Transfers in and/or out of Level 3		41.8			4.0
Foreign exchange (loss) gain		(11.4	)		2.4
Balance at end of period	$	123.2		$	87.5