Net Periodic Pension and Postretirement Benefit Costs

9 Months Ended

Sep. 30, 2015

Net Periodic Pension and Postretirement Benefit Costs

Net Periodic Pension and Postretirement Benefit Costs

9.Net Periodic Pension and Postretirement Benefit Costs

For detailed information about the Company’s pension and postretirement benefit plans, please refer to Note 9 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, 2014.

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)	2015			2014			2015			2014			2015			2014			2015			2014
Service cost	$	2.0		$	1.8		$	1.0		$	1.5		$	5.8		$	5.3		$	3.4		$	4.4
Interest cost	3.7			3.3			2.8			3.7			10.6			9.8			8.8			11.1
Expected return on plan assets	(6.3		)	(5.2		)	(3.2		)	(3.6		)	(18.2		)	(15.7		)	(10.0		)	(10.7		)
Amortization of net actuarial loss	0.2			0.1			0.5			0.8			0.5			0.3			1.7			2.4
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 (credit)	$	(0.4	)	$	0.4		$	1.2		$	2.5		$	(1.3	)	$	0.1		$	4.0		$	7.3

For the nine months ended September 30, 2015, cash contributions of approximately $10 million and $1 million were made to the US and non-US plans, respectively.  No significant contributions are expected to be made in the fourth quarter of 2015.

During the first quarter of 2015, the Company amended one of its pension plans in Canada to eliminate future benefit accruals for the plan effective April 30, 2015.  This plan curtailment resulted in an improvement in the funded status of the plan by approximately $9 million in the first quarter.  The impact of this plan curtailment on net periodic benefit cost for the nine months ended September 30, 2015 was not significant.

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

	Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)	2015			2014		2015			2014
Service cost	$	0.2		$	0.7	$	0.6		$	2.1
Interest cost	0.8			0.9		2.3			2.7
Amortization of net actuarial loss	0.1			0.1		0.4			0.3
Amortization of prior service credit	(0.5		)	—		(1.6		)	—
Net postretirement benefit cost	$	0.6		$	1.7	$	1.7		$	5.1