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Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2015
Pension and Other Postretirement Benefit Expense [Abstract]  
Schedule of Changes in Benefit Obligation and the Plan Assets
The following table sets forth the reconciliation of beginning and ending balances of the benefit obligations and the plan assets for the Company’s defined benefit pension and other benefit plans at December 31, (in millions): 
 
Pension Benefits
 
Other Benefits
 
2015

2014

 
2015

2014

Change in benefit obligation
 

 

 
 

 

Benefit obligation at beginning of year
$
976.3

$
828.2

 
$
26.7

$
28.1

Service cost
17.7

15.1

 
0.1

0.1

Interest cost
40.5

40.9

 
1.0

1.1

Plan participants’ contributions
0.7

0.7

 
 
—

Amendments
—

—

 
 
—

Actuarial loss (gain)
(46.6
)
135.1

 
0.5

1.6

Currency impact
(6.7
)
(6.0
)
 
 
—

Other
(1.4
)
(0.6
)
 
(0.1
)
(2.2
)
Benefits paid
(68.2
)
(37.1
)
 
(1.6
)
(2.0
)
Benefit obligation at end of year
$
912.3

$
976.3

 
$
26.6

$
26.7

Change in plan assets
 
 

 
 
 

Fair value of plan assets at beginning of year
$
835.7

$
764.0

 
$
—

$
—

Actual return on plan assets
(31.8
)
87.1

 
—

—

Employer contributions
27.9

27.6

 
—

—

Plan participants’ contributions
0.7

0.7

 
—

—

Currency impact
(6.7
)
(6.6
)
 
—

—

Benefits paid
(68.2
)
(37.1
)
 
—

—

Fair value of plan assets at end of year
$
757.6

$
835.7

 
$
—

$
—

FUNDED STATUS
$
(154.7
)
$
(140.6
)
 
$
(26.6
)
$
(26.7
)
Amounts recognized in the consolidated balance sheet consist of:
 
 

 
 
 

Prepaid pensions (included in Other long-term assets)
$
1.4

$
1.0

 
$
—

$
—

Accrued benefit liability (short-term and long-term)
(156.1
)
(141.6
)
 
(26.6
)
(26.7
)
NET AMOUNT RECOGNIZED IN THE CONSOLIDATED BALANCE SHEET
$
(154.7
)
$
(140.6
)
 
$
(26.6
)
$
(26.7
)
Amounts recognized in Accumulated other comprehensive loss (income) consist of:
 
 

 
 
 

Net actuarial loss
$
221.5

$
196.4

 
$
1.4

$
0.7

Prior service cost (credit)
0.6

0.8

 
(4.2
)
(5.2
)
NET AMOUNT RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS
$
222.1

$
197.2

 
$
(2.8
)
$
(4.5
)
Summary of Accumulated Benefit Obligations in Excess of Plan Assets
Information with respect to plans with accumulated benefit obligations in excess of plan assets is as follows, (in millions):
 
2015

2014

Projected benefit obligation
$
807.9

$
266.5

Accumulated benefit obligation
$
757.6

$
261.1

Fair value of plan assets
$
655.3

$
168.9
Schedule of the Components of Pension and Other Benefit Costs
The following table sets forth the components of pension and other benefit costs for the years ended December 31, (in millions):
 
Pension Benefits
 
Other Benefits
 
2015

2014

2013

 
2015

2014

2013

Components of net periodic benefit cost:
 

 

 

 
 

 

 

Service cost
$
17.7

$
15.1

$
16.7

 
$
0.1

$
0.1

$
—

Interest cost
40.5

40.9

36.5

 
1.0

1.1

1.1

Expected return on plan assets
(53.2
)
(45.2
)
(46.7
)
 
 
—

—

Amortization of prior service cost (credit)
0.2

0.2

0.2

 
(1.0
)
(1.0
)
(1.0
)
Amortization of actuarial losses (gains)
12.1

3.9

13.8

 
(0.1
)
(0.1
)
(0.1
)
Other
—

—

—

 
—

(2.2
)
—

Curtailment and settlement losses (gains)
—

—

—

 
—

—

—

Net periodic benefit cost (credit)
$
17.3

$
14.9

$
20.5

 
$
—

$
(2.1
)
$
—

Changes recognized in other comprehensive loss (income), before tax:
 
 

 

 
 
 

 

Current year net actuarial loss (gain)
$
37.0

$
93.1

$
(87.8
)
 
$
0.5

$
1.5

$
(1.4
)
Current year prior service credit
—

—

0.4

 
 
—

—

Amortization of prior service (cost) credit
(0.2
)
(0.2
)
(0.2
)
 
1.0

1.0

1.0

Amortization of net actuarial (losses) gains
(12.1
)
(3.9
)
(13.8
)
 
0.1

0.1

0.1

Currency impact
(0.1
)
—

(0.1
)
 
—

—

—

Other adjustments
—

—

—

 
—

—

—

Total recognized in other comprehensive loss (income)
24.6

89.0

(101.5
)
 
1.6

2.6

(0.3
)
TOTAL RECOGNIZED IN NET PERIODIC PENSION COST AND OTHER COMPREHENSIVE LOSS (INCOME)
$
41.9

$
103.9

$
(81.0
)
 
$
1.6

$
0.5

$
(0.3
)
Amortization expected to be recognized through income during 2016
 

 

 

 
 

 

 

Amortization of prior service cost (credit)
$
0.1

 
 

 
$
(1.0
)
 

 

Amortization of net loss (gain)
13.6

 
 

 
—

 

 

TOTAL EXPECTED TO BE RECOGNIZED THROUGH INCOME DURING NEXT FISCAL YEAR
$
13.7

 
 

 
$
(1.0
)
 

 
Schedule of Assumptions Used to Determine the Projected Benefit Obligation
The following assumptions were used to determine the projected benefit obligations at the measurement date and the net periodic benefit cost for the year:
 
Pension Benefits
 
Other Benefits
 
2015

2014

2013

 
2015

2014

2013

Weighted-average assumptions used to determine benefit obligations at December 31,
 

 

 

 
 
 

 

Discount rate
4.71
%
4.23
%
5.04
%
 
4.60
%
4.10
%
4.60
%
Rate of compensation increase
3.59
%
3.15
%
3.18
%
 
3.92
%
3.60
%
3.58
%
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31,
 
 

 

 
 
 

 

Discount rate
4.23
%
5.04
%
4.22
%
 
4.10
%
4.60
%
4.20
%
Expected return on plan assets
6.36
%
6.06
%
6.70
%
 
N/A

N/A

N/A

Rate of compensation increase
3.15
%
3.18
%
3.11
%
 
3.60
%
3.58
%
3.55
%
Schedule of Health Care Cost Trend Rates
The assumed health care cost trend rates used to determine the projected postretirement benefit obligation are as follows: 
 
Other Benefits
 
2015

2014

2013

Assumed health care cost trend rates at December 31,
 

 

 

Health care cost trend assumed for next year
7.4
%
7.6
%
7.8
%
Rate to which the cost trend is assumed to decline
5.0
%
5.0
%
5.0
%
Year that the rate reaches the ultimate trend rate
2028

2028

2028
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A one-percentage-point change in assumed health care cost trend rates would have the following effects (in millions):
 
One Percentage Point Increase

One Percentage Point Decrease

Effect on total of service and interest cost
$
0.1

$
(0.1
)
Effect on postretirement benefit obligation
$
1.6

$
(1.4
)
Schedule of Allocation of Plan Assets
The fair value of the Company’s pension plan assets at December 31, 2015 and 2014, by asset category are as follows (in millions):
 
 
Quoted Prices in Active Markets for Identical Assets
Quoted Prices in Active Market for Similar Asset
Significant Unobservable Inputs
Investments Priced Using Net Asset Value
Asset Category
Total
(Level 1)
(Level 2)
(Level 3)
 
Cash and cash equivalents
$
62.0

$
62.0

$
—

$
—

$
—

Equity securities:
 

 


 

 
US Large-cap (a)
29.0

29.0

—

—

—

US Mid-cap and Small-cap Growth (b)
38.2

38.2

—

—

—

International Large-cap
28.7

28.7

—

—

—

Emerging Markets (c)
11.8

11.8

—

—

—

Fixed Income Securities:
 



 

 

 
US Treasuries
186.4

—

186.4

—

—

Corporate Bonds (d)
99.6

0.3

98.9

0.4

—

Asset Backed Securities and Other
126.6

—

126.6

—

—

Derivatives:
 



 

 

 
    Assets (e)
2.5

1.6

0.9

—

—

   (Liabilities) (e)
(0.7
)
(0.7
)
—

—

—

Alternative Investment Funds (f)
158.3

65.9

—

—

92.4

Common Pooled Fund (g)
15.2

0.8

14.4

—

—

BALANCE AT DECEMBER 31, 2015
$
757.6

$
237.6

$
427.2

$
0.4

$
92.4

 
 
 
Quoted Prices in Active
Markets for Identical Assets
Quoted Prices in Active
Market for Similar Asset
Significant
Unobservable Inputs
Investments Priced Using Net Asset Value
Asset Category
Total
(Level 1)
(Level 2)
(Level 3)
 
Cash and cash equivalents
$
152.8

$
152.8

$
—

$
—

$
—

Equity securities:
 

 

 
 

 
US Large-cap (a)
35.1

35.1

—

—

—

US Mid-cap and Small-cap Growth (b)
41.5

41.5

—

—

—

International Large-cap
23.4

23.4

—

—

—

Emerging Markets (c)
11.3

11.3

—

—

—

Fixed Income Securities:
 

 

 

 

 
US Treasuries
57.7

—

57.7

—

—

Corporate Bonds (d)
214.1

—

214.1

—

—

Asset Backed Securities and Other
87.9

0.4

87.5

—

—

Derivatives:
 

 

 

 

 
    Assets (e)
8.1

7.1

1.0

—

—

   (Liabilities) (e)
(0.5
)
(0.5
)
—

—

—

Alternative Investment Funds (f)
188.2

110.1

—

—

78.1

Common Pooled Funds (g)
16.1

—

16.1

—

—

BALANCE AT DECEMBER 31, 2014
$
835.7

$
381.2

$
376.4

$
—

$
78.1

(a)
Includes an actively managed portfolio of large-cap US stocks.
(b)
Includes $34.7 million and $37.6 million of the Company’s common stock at December 31, 2015 and 2014, respectively, and an investment in a small cap open ended mutual fund.
(c)
Includes open ended emerging markets mutual funds.
(d)
Includes primarily investment grade bonds of primarily U.S. issuers from diverse industries.
(e)
Includes primarily U.S. and foreign equity futures as well as foreign fixed income futures and short positions in U.S. Treasury futures to adjust the duration of the portfolio.
(f)
Includes investments in hedge funds, including fund of funds products and open end mutual funds
(g)
Investments in Common Pooled Funds, consisting of equities and fixed income securities.
The Company’s combined targeted 2015 weighted average asset allocation for domestic and foreign pension plans and the actual weighted average asset allocation for domestic and foreign pension plans at December 31, 2015 and 2014 by asset category are as follows: 
 
Percentage of Plan Assets
 
Target
Actual
Asset Category
2016

2015

2014

Equity securities
24
%
25
%
30
%
Debt securities & Cash
49
%
52
%
48
%
Alternative Investments
27
%
23
%
22
%
TOTAL
100
%
100
%
100
%
Schedule of Expected Benefit Payments
The following domestic and foreign benefit payments, which reflect future service, as appropriate, are expected to be paid as follows, (in millions): 
 
Pension
Benefits

Other Benefits

2016
$
42.3

$
2.3

2017
$
43.8

$
2.3

2018
$
45.7

$
2.3

2019
$
47.4

$
2.2

2020
$
49.3

$
2.1

2021-2025
$
278.2

$
9.5