Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of components of net periodic benefit costs

The components of net periodic benefit costs for the years ended December 31, 2014, 2013 and 2012 were as follows:

	2014			2013			2012
Components of net periodic benefit costs:
Service cost	$	4.8		$	5.5		$	4.6
Interest cost		4.6			4.1			4.8
Expected return on plan assets		(4.1	)		(3.8	)		(4.0	)
Amortization of net loss		0.1			2.2			1.1

Net periodic benefit costs	$	5.4		$	8.0		$	6.5

Schedule of changes in benefit obligations and plan assets under defined benefit pension plans, projected benefit obligation and funded status of the plans

The changes in benefit obligations and plan assets under the defined benefit pension plans, projected benefit obligation and funded status of the plans were as follows at December 31, (in millions):

	2014			2013
Change in benefit obligation:
Benefit obligation at beginning of year	$	183.1		$	185.5
Service cost		4.8			5.5
Interest cost		4.6			4.1
Plan participant contributions		3.8			3.7
Plan curtailments		(0.6	)		(0.5	)
Benefits paid		(7.1	)		(6.6	)
Actuarial loss (gain)		42.1			(13.1	)
Impact of foreign currency exchange rates		(23.5	)		4.5

Benefit obligation at end of year		207.2			183.1
Change in plan assets:
Fair value of plan assets at beginning of year		141.0			123.9
Return on plan assets		12.0			10.8
Plan participant and employer contributions		9.5			8.9
Benefits paid		(7.1	)		(6.6	)
Impact of foreign currency exchange rates		(15.8	)		4.0

Fair value of plan assets at end of year		139.6			141.0

Net funded status	$	(67.6	)	$	(42.1	)

Schedule of amounts recognized in consolidated balance sheets

The following amounts were recognized in the accompanying consolidated balance sheets for the Company's defined benefit plans at December 31, (in millions):

	2014			2013
Current liabilities	$	(1.4	)	$	(1.6	)
Non-current liabilities		(66.2	)		(40.5	)

Net benefit obligation	$	(67.6	)	$	(42.1	)

Schedule of pre-tax amounts recognized in accumulated other comprehensive income

The following pre-tax amounts were recognized in accumulated other comprehensive income for the Company's defined benefit plans at December 31, (in millions):

	2014			2013
Reconciliation of amounts recognized in the consolidated balance sheets:
Net actuarial loss	$	(48.8	)	$	(20.3	)

Accumulated other comprehensive loss		(48.8	)		(20.3	)
Accumulated contributions in excess of net periodic benefit cost		(18.8	)		(21.8	)

Net amount recognized	$	(67.6	)	$	(42.1	)

Schedule of the range of assumptions used to determine projected benefit obligations

The range of assumptions used to determine the projected benefit obligations for the years ended December 31, are as follows:

	2014	2013	2012
Discount rates	0.7%-2.4%	0.7%-3.8%	0.8%-4.1%
Expected return on plan assets	2.9%	3.0%	3.5%
Expected rate of compensation increase	1.0%-3.0%	1.0%-3.0%	1.0%-3.8%

Schedule of the fair value of the Company's pension plan assets, by asset category and by level in fair value hierarchy

The fair value of the Company's pension plan assets at December 31, 2014 and 2013, by asset category and by level in the fair value hierarchy, is as follows (in millions):

December 31, 2014	Total		Quoted Prices in Active Markets Available (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan Assets:
Cash and cash equivalents (a)	$	138.2	$	138.2	$	—	$	—
Debt securities:
U.S. Corporate (b)		—				—		—
Foreign corporations (c)		0.4		0.4		—		—
Foreign governments (c)		0.7		0.7		—		—

		1.1		1.1		—		—

Equity Securities:
Foreign corporations (d)		0.1		0.1		—		—

		0.1		0.1		—		—

Real estate (e)		0.1		0.1		—		—
Other (f)		0.1		0.1				—

Total plan assets	$	139.6	$	139.6	$	—	$	—

December 31, 2013	Total		Quoted Prices in Active Markets Available (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan Assets:
Cash and cash equivalents (a)	$	19.4	$	19.4	$	—	$	—
Debt securities:
U.S. Corporate (b)		1.4		1.4		—		—
Foreign corporations (c)		51.1		51.1		—		—
Foreign governments (c)		8.3		8.3		—		—

		60.8		60.8		—		—

Equity Securities:
Foreign corporations (d)		35.1		35.1		—		—
U.S. corporations (d)		5.3		5.3		—		—

		40.4		40.4		—		—

Real estate (e)		14.4		14.4		—		—
Mortgage and other asset-backed securities (g)		6.0		—		6.0		—

Total plan assets	$	141.0	$	135.0	$	6.0	$	—

(a)	Cash and cash equivalents consist primarily of highly liquid investments, including cash on hand.
(b)	U.S. Corporate bond investments had an average rating of AA.
(c)	Foreign Corporate and Government bond investments had an average rating of AA.
(d)	U.S. and International equities primarily include investments in large market capitalization stocks.

(e)	Real estate includes Swiss public real estate funds which generate returns in line with the Swiss property market by investing in residential and commercial properties throughout Switzerland.
(f)			Includes private equity, raw materials and alternative investment funds.
(g)		Mortgage and other asset-backed securities pool together various cash-flow producing financial assets typically collateralized by residential mortgages, commercial mortgages and other assets.

Schedule of estimated future benefit payments

The following benefit payments reflect future employee service as appropriate (in millions):

2015	$	1.9
2016		2.3
2017		2.4
2018		2.8
2019		3.6
2020-2024		24.0