Benefit Plans

6 Months Ended

Jun. 30, 2014

Benefit Plans

13. Benefit Plans

The following tables provide information regarding the net periodic benefit costs for the Company’s international pension plans and domestic and international nonpension postretirement plans :

	Pension Costs						Pension Costs
	Three Months ended						Six Months Ended
	June 30, 2014			June 30, 2013			June 30, 2014			June 30, 2013
Components of Net Periodic Benefit Cost:
Service cost	$	0.2		$	0.3		$	0.4		$	0.6
Interest cost		1.1			1.0			2.2			2.0
Expected return on plan assets		(1.5	)		(1.0	)		(3.0	)		(2.0	)
Amortization of prior service cost		0.1			0.2			0.2			0.4
Net periodic benefit (income) cost	$	(0.1	)	$	0.5		$	(0.2	)	$	1.0
	Nonpension Postretirement Costs						Nonpension Postretirement Costs
	Three Months Ended						Six Months Ended
	June 30, 2014			June 30, 2013			June 30, 2014			June 30, 2013
Components of Net Periodic Benefit Cost:
Service cost	$	0.0		$	0.1		$	0.1		$	0.2
Interest cost		0.3			0.3			0.5			0.6
Amortization of prior service cost		(0.3	)		(0.3	)		(0.7	)		(0.2	)
Net periodic benefit (income) cost	$	0.0		$	0.1		$	(0.1	)	$	0.6

The Company made cash contributions of approximately $1.6 to its pension plans during the first six months of 2014. The Company estimates it will be required to make additional cash contributions to its pension plans of approximately $1.9 in the remainder of 2014 to offset 2014 benefit payments and administrative costs in excess of investment returns.

On May 7, 2014, the Company authorized the termination, effective December 31, 2014, of an international defined benefit pension plan under which approximately 280 participants, including 97 active employees, have accrued benefits. The Company anticipates completing the termination of this plan by the end of the second quarter of 2015, once regulatory approvals are obtained. To effect the termination, the Company estimates, based on May 31, 2014 valuations, that the plan has sufficient assets to purchase annuities for retired participants and make certain deposits to the existing defined contribution plan of active employee participants. The Company estimates that it will incur a one-time non-cash expense of approximately $7 to $10 ($5 to $8 after tax) in 2015 when the plan settlement is completed. This expense is primarily attributable to pension settlement accounting rules which require accelerated recognition of actuarial losses that were to be amortized over the expected benefit lives of participants. The estimated expense is subject to change based on valuations at the actual date of settlement.