Net Periodic Pension and Postretirement Benefit Costs

9 Months Ended

Sep. 30, 2014

Net Periodic Pension and Postretirement Benefit Costs

Net Periodic Pension and Postretirement Benefit Costs

6.Net Periodic Pension and Postretirement Benefit Costs

For detailed information about the Company’s pension and postretirement benefit plans, please refer to Note 8 of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

The following table sets forth the components of net periodic benefit cost of the US and non-US defined benefit pension plans for the periods presented:

	Three Months Ended September 30,												Nine Months Ended September 30,
	US Plans						Non-US Plans						US Plans						Non-US Plans
(in millions)	2014			2013			2014			2013			2014			2013			2014			2013
Service cost	$	1.8		$	2.0		$	1.5		$	2.3		$	5.3		$	5.9		$	4.4		$	7.0
Interest cost	3.3			2.8			3.7			3.0			9.8			8.5			11.1			9.2
Expected return on plan assets	(5.2		)	(4.6		)	(3.6		)	(2.9		)	(15.7		)	(13.7		)	(10.7		)	(8.9		)
Amortization of net actuarial loss	0.1			0.5			0.8			1.2			0.3			1.4			2.4			3.7
Amortization of prior service credit	—			—			—			—			—			—			(0.1		)	(0.1		)
Amortization of transition obligation	—			—			0.1			0.1			—			—			0.2			0.2
Settlement	0.4			—			—			—			0.4			—			—			—
Net pension cost	$	0.4		$	0.7		$	2.5		$	3.7		$	0.1		$	2.1		$	7.3		$	11.1

The Company currently anticipates that it will make approximately $18 million in cash contributions to its pension plans in 2014, consisting of $6 million to its US pension plans and $12 million to its non-US pension plans.  For the nine months ended September 30, 2014, the Company made cash contributions of approximately $5 million and $8 million to its US and non-US pension plans, respectively.

The following table sets forth the components of net postretirement benefit cost for the periods presented:

	Three Months Ended Sept. 30,					Nine Months Ended Sept. 30,
(in millions)	2014		2013			2014		2013
Service cost	$	0.7	$	0.7		$	2.1	$	2.3
Interest cost	0.9		0.9			2.7		2.8
Amortization of prior service cost	—		—			—		0.1
Amortization of net actuarial loss	0.1		0.2			0.3		0.8
Curtailment	—		(0.3		)	—		(0.3		)
Net postretirement benefit cost	$	1.7	$	1.5		$	5.1	$	5.7