Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Employee Benefit Plans

Schedule of components of net periodic benefit costs

The components of net periodic benefit costs for the years ended December 31, 2015, 2014 and 2013 were as follows:

	2015			2014			2013
Components of net periodic benefit costs:
Service cost	$	7.2		$	4.8		$	5.5
Interest cost		2.5			4.6			4.1
Expected return on plan assets		(2.3	)		(4.1	)		(3.8	)
Settlement loss recognized		10.2			—			—
Amortization of net loss		4.1			0.1			2.2
Net periodic benefit costs	$	21.7		$	5.4		$	8.0

Schedule of changes in benefit obligations and plan assets, projected benefit obligation and funded status, for defined benefit pension 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):

	2015			2014
Change in benefit obligation:
Benefit obligation at beginning of year	$	207.2		$	183.1
Service cost		7.2			4.8
Interest cost		2.5			4.6
Plan participant contributions		3.9			3.8
Plan curtailments		(0.3	)		(0.6	)
Benefits paid		1.3			(7.1	)
Actuarial loss (gain)		7.5			42.1
Plan amendments		14.7			—
Plan settlements		(39.7	)		—
Premiums paid		(1.4	)		—
Plan combinations		0.9			—
Impact of foreign currency exchange rates		(4.6	)		(23.5	)
Benefit obligation at end of year		199.2			207.2
Change in plan assets:
Fair value of plan assets at beginning of year		139.6			141.0
Return on plan assets		(3.7	)		12.0
Plan participant and employer contributions		9.5			9.5
Benefits paid		1.3			(7.1	)
Plan settlements		(39.7	)		—
Premiums paid		(1.4	)		—
Plan combinations		0.1			—
Impact of foreign currency exchange rates		0.4			(15.8	)
Fair value of plan assets at end of year		106.1			139.6
Net funded status	$	(93.1	)	$	(67.6	)

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):

	2015			2014
Current liabilities	$	(1.5	)	$	(1.4	)
Non-current liabilities		(91.6	)		(66.2	)
Net benefit obligation	$	(93.1	)	$	(67.6	)

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

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

	2015			2014
Reconciliation of amounts recognized in the consolidated balance sheets:
Prior service cost	$	(12.2	)	$	—
Net actuarial loss		(48.5	)		(48.8	)
Accumulated other comprehensive loss		(60.7	)		(48.8	)
Accumulated contributions in excess of net periodic benefit cost		(32.4	)		(18.8	)
Net amount recognized	$	(93.1	)	$	(67.6	)

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

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

	2015	2014	2013
Discount rates	0.3%-2.5%	0.7%-2.4%	0.7%-3.8%
Expected return on plan assets	0.0%-3.0%	2.9%	3.0%
Expected rate of compensation increase	1.0%-3.0%	1.0%-3.0%	1.0%-3.0%

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

        The fair value of the Company's pension plan assets at December 31, 2015 and 2014, by asset category and by level in the fair value hierarchy, is as follows (in millions):

December 31, 2015	Total		Quoted Prices in Active Markets Available (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan Assets:
Debt securities:
Foreign corporations (b)	$	0.7	$	0.7	$	—	$	—
Foreign governments (b)		0.5		0.5		—		—
		1.2		1.2		—		—
Equity Securities:
Foreign corporations (c)		0.1		0.1		—		—
		0.1		0.1		—		—
Real estate (d)		0.1		0.1		—		—
Swiss Life Collective BVG Foundation (f)		104.7		—		104.7		—
Total plan assets	$	106.1	$	1.4	$	104.7	$	—

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:
Foreign corporations (b)		0.4		0.4		—		—
Foreign governments (b)		0.7		0.7		—		—
		1.1		1.1		—		—
Equity Securities:
Foreign corporations (c)		0.1		0.1		—		—
		0.1		0.1		—		—
Real estate (d)		0.1		0.1		—		—
Other (e)		0.1		0.1		—		—
Total plan assets	$	139.6	$	139.6	$	—	$	—

(a)	Cash and cash equivalents consist primarily of highly liquid investments, including cash on hand.
(b)	Foreign Corporate and Government bond investments had an average rating of AA.
(c)	International equities primarily include investments in large market capitalization stocks.
(d)	Real estate includes Swiss public real estate funds which generate returns in line with the Swiss property market by investing in residential and commerical properties throughout Switzerland.
(e)	Includes private equity, raw materials and alternative investment funds.
(f)	The Company's pension plan in Switzerland is outsourced to Swiss Life AG, an outside insurance provider. Under the insurance contract, the plan assets are invested in Swiss Life Collective BVG Foundation (the Foundation), which is an umbrella fund for which the retirement savings and interest rates are guaranteed a minimum of 1.75% on the mandatory withdrawal portion, as defined by Swiss law, and 1.25% on the non-mandatory portion. The Foundation utilizes plan administrators and investment managers to oversee the investment allocation process, set long-term strategic targets and monitor asset allocations. The target allocations are 75% bonds, including cash, 5% equity investments and 20% real estate and mortgages. Should the Foundation yield a return greater than the guaranteed amounts, the Company, according to Swiss law, shall receive 90% of the additional return with Swiss Life AG retaining 10%. The withdrawal benefits and interest allocations are secured at all times by Swiss Life AG.

Schedule of estimated future benefit payments

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

2016	$	2.3
2017		2.4
2018		2.7
2019		3.5
2020		3.8
2021-2025		24.4