Employee Benefit Plans

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure

Employee Benefit Plans

Defined Benefit Pension and Other Postretirement Benefit (OPEB) Plans

We sponsor several defined benefit pension and OPEB plans for our employees, including non-qualified pension plans. The U.S. qualified and non-qualified defined benefit pension plans comprise the majority of our total benefit obligation and benefit cost. We maintain a separate defined benefit plan for eligible employees in our U.K. operation. The U.S. defined benefit pension plans were closed to new entrants on December 31, 2013, and the U.K. plan was closed to new entrants on December 31, 2002.

Amendments to U.S. Pension Plans

In 2014, we amended our U.S. qualified defined benefit pension plan to allow a limited-time offer of benefit payouts to eligible former employees with a vested right to a pension benefit.  The offer provided eligible former employees, regardless of age, with an option to elect to receive a lump-sum settlement of his or her entire accrued pension benefit in December 2014 or to elect receipt of monthly pension benefits commencing in January 2015.  For those who elected to receive lump-sum settlements, we made payments totaling $214.5 million from plan assets in December 2014. We recognized a before-tax settlement loss of $64.4 million in earnings during 2014, with a corresponding reduction in the unrecognized actuarial loss included in accumulated other comprehensive income that pertained to the settled benefit obligation.

In 2013, we adopted plan amendments which froze participation and benefit accruals in our U.S. qualified and non-qualified defined benefit pension plans, effective December 31, 2013. Because the amendments eliminated all future service accruals subsequent to December 31, 2013 for active participants in these plans, we were required to remeasure the benefit obligations during 2013. The discount rate assumption increased from 4.50 percent at December 31, 2012 to 5.00 percent at the remeasurement date, reflecting the change in market interest rates during that period. The expected long-term rate of return on plan assets of 7.50 percent remained unchanged from December 31, 2012. The remeasurement resulted in a decrease in our net pension liability of $327.4 million at the remeasurement date, with a corresponding increase in other comprehensive income, less applicable income tax of $114.6 million. The decrease in the net pension liability resulted primarily from the curtailment of benefits under the plan amendments as well as the increase in the discount rate assumption used to remeasure the benefit obligations. As a result of the 2013 plan amendments, we recognized a before-tax curtailment loss of $0.7 million in earnings during 2013, with a corresponding reduction in the prior service cost included in accumulated other comprehensive income and associated with years of service no longer expected to be rendered.

Amendments to U.K. Pension Plan

In 2013, we adopted amendments to our U.K. pension plan which froze participation in our plan and which reduced the maximum rate of inflation indexation from 5.0 percent to 2.5 percent for pension benefits which were earned prior to April 1997. The amendment to reduce the maximum rate of inflation indexation was effective September 12, 2013, and the amendment to freeze participation became effective June 30, 2014. Although all future service accruals were eliminated for active participants, pension payments to participants currently employed are based on the higher of (i) pensionable earnings at a participant's retirement age or the date a participant's employment ceases, subject to the inflation indexation provisions in the plan, or (ii) pensionable earnings as of June 30, 2014, also subject to the inflation indexation provisions. Because the amendments eliminated all future service accruals subsequent to June 30, 2014 for active participants in the plan, we were required to remeasure the benefit obligation of the plan during 2013. The discount rate assumption increased from 4.50 percent at December 31, 2012 to 4.60 percent at the remeasurement date, reflecting the change in market interest rates during that period. The expected long-term rate of return on plan assets changed from 6.20 percent at December 31, 2012 to 6.35 percent at the remeasurement date. The remeasurement resulted in a $2.3 million, or £1.5 million, increase in our net pension asset at the remeasurement date. As a result of these plan amendments, we recognized a before-tax curtailment gain of $3.7 million, or £2.3 million, in earnings during 2013, with a corresponding decrease in the prior service credit included in accumulated other comprehensive income and associated with years of service no longer expected to be rendered. The majority of the prior service credit was related to the amendment to reduce the rate of inflation indexation.

Amendments to OPEB Plan

We discontinued offering retiree life insurance to future retirees effective December 31, 2012 but continue to provide this benefit to employees who retired prior to that date. As a result of this plan amendment, we recognized a curtailment gain of $4.2 million and a prior service credit of $5.0 million in accumulated other comprehensive income during 2012.

Amortization Period of Actuarial Gain or Loss

Because all participants in the U.S. and U.K. pension plans are considered inactive as a result of the 2013 plan amendments, we are required to amortize the net actuarial loss for these plans over the average remaining life expectancy of the plan participants. As of December 31, 2014, the estimate of the average remaining life expectancy of plan participants was approximately 35 years for U.S. participants and 34 years for U.K. participants.

The following tables provide the changes in the benefit obligation and fair value of plan assets and statements of the funded status of the plans.

	Pension Benefits
	U.S. Plans						U.K. Plan						OPEB
	2014			2013			2014			2013			2014			2013
	(in millions of dollars)
Change in Benefit Obligation
Benefit Obligation at Beginning of Year	$	1,718.7		$	1,967.9		$	208.7		$	197.4		$	165.3		$	198.8
Service Cost	3.7			59.4			2.3			4.3			0.3			0.7
Interest Cost	89.9			86.3			9.1			8.6			7.9			8.0
Plan Participant Contributions	—			—			—			—			4.1			3.9
Actuarial (Gain) Loss	343.5			(225.9		)	25.2			2.6			12.9			(30.2		)
Benefits and Expenses Paid	(48.7		)	(42.2		)	(4.3		)	(4.1		)	(16.6		)	(15.9		)
Curtailment	—			(126.8		)	—			(3.7		)	—			—
Settlements	(214.5		)	—			—			—			—			—
Change in Foreign Exchange Rates	—			—			(14.1		)	3.6			—			—
Benefit Obligation at End of Year	$	1,892.6		$	1,718.7		$	226.9		$	208.7		$	173.9		$	165.3
Accumulated Benefit Obligation at December 31	$	1,892.6		$	1,718.7		$	215.3		$	197.7		N/A			N/A
Change in Fair Value of Plan Assets
Fair Value of Plan Assets at Beginning of Year	$	1,590.7		$	1,353.6		$	225.7		$	205.6		$	11.4		$	11.5
Actual Return on Plan Assets	140.9			224.6			37.8			15.6			0.4			0.2
Employer Contributions	5.3			54.7			2.3			4.0			12.0			11.7
Plan Participant Contributions	—			—			—			—			4.1			3.9
Benefits and Expenses Paid	(48.7		)	(42.2		)	(4.3		)	(4.1		)	(16.6		)	(15.9		)
Settlements	(214.5		)	—			—			—			—			—
Change in Foreign Exchange Rates	—			—			(15.2		)	4.6			—			—
Fair Value of Plan Assets at End of Year	$	1,473.7		$	1,590.7		$	246.3		$	225.7		$	11.3		$	11.4
Underfunded (Overfunded) Status	$	418.9		$	128.0		$	(19.4	)	$	(17.0	)	$	162.6		$	153.9

The amounts recognized in our consolidated balance sheets for our pension and OPEB plans at December 31, 2014 and 2013 are as follows.

	Pension Benefits
	U.S. Plans						U.K. Plan						OPEB
	2014			2013			2014			2013			2014			2013
	(in millions of dollars)
Current Liability	$	5.4		$	5.2		$	—		$	—		$	13.7		$	14.6
Noncurrent Liability	413.5			136.2			—			—			148.9			139.3
Noncurrent Asset	—			(13.4		)	(19.4		)	(17.0		)	—			—
Underfunded (Overfunded) Status	$	418.9		$	128.0		$	(19.4	)	$	(17.0	)	$	162.6		$	153.9
Unrecognized Pension and Postretirement Benefit Costs
Net Actuarial Gain (Loss)	$	(593.0	)	$	(342.1	)	$	(35.4	)	$	(36.9	)	$	(2.6	)	$	10.3
Prior Service Credit	—			—			—			—			0.7			2.4
	(593.0		)	(342.1		)	(35.4		)	(36.9		)	(1.9		)	12.7
Deferred Income Tax Asset	207.5			119.7			10.4			10.9			10.9			5.8
Total Included in Accumulated Other Comprehensive Income (Loss)	$	(385.5	)	$	(222.4	)	$	(25.0	)	$	(26.0	)	$	9.0		$	18.5

The following table provides the changes recognized in other comprehensive income for the years ended December 31, 2014 and 2013.

	Pension Benefits
	U.S. Plans						U.K. Plan						OPEB
	2014			2013			2014			2013			2014			2013
	(in millions of dollars)
Accumulated Other Comprehensive Income (Loss) at Beginning of Year	$	(222.4	)	$	(549.9	)	$	(26.0	)	$	(27.0	)	$	18.5		$	2.4
Net Actuarial Gain (Loss)
Amortization	5.2			31.7			0.4			1.2			—			—
Curtailment	—			126.8			—			—			—			—
Settlements	64.4			—			—			—			—			—
All Other Changes	(320.5		)	344.8			1.1			(0.2		)	(12.9		)	29.6
Prior Service Credit (Cost)
Amortization	—			(0.1		)	—			—			(1.7		)	(4.9		)
Curtailment	—			0.7			—			(3.7		)	—			—
Plan Amendment	—			—			—			3.9			—			—
Change in Deferred Income Tax Asset	87.8			(176.4		)	(0.5		)	(0.2		)	5.1			(8.6		)
Accumulated Other Comprehensive Income (Loss) at End of Year	$	(385.5	)	$	(222.4	)	$	(25.0	)	$	(26.0	)	$	9.0		$	18.5

Plan Assets

The objective of our U.S. pension and OPEB plans is to maximize long-term return, within acceptable risk levels, in a manner that is consistent with the fiduciary standards of the Employee Retirement Income Security Act (ERISA), while maintaining sufficient liquidity to pay current benefits and expenses.

During 2014, we modified our target allocation for invested asset classes for our U.S. qualified defined benefit pension plan to add opportunistic credit and real estate asset classes. The opportunistic credit asset class consists of investments in funds that hold varied fixed income investments purchased at depressed values with the intention to later sell those investments for a gain. The real estate asset class consists primarily of commercial real estate investments. The international equity funds may allocate a certain percentage of assets to forward currency contracts. The fixed income securities include U.S. government and agency asset-backed securities, corporate investment-grade bonds, private placement securities, and bonds issued by states or other municipalities. Alternative investments utilize proprietary strategies that are intended to have a low correlation to the U.S. stock market. Prohibited investments include, but are not limited to, unlisted securities, futures contracts, options, short sales, and investments in securities issued by Unum Group or its affiliates. The invested asset classes, asset types, and benchmark indices for our U.S. qualified defined benefit pension plan is as follows. We target approximately 35 percent to equity securities, 40 percent to fixed income securities, and 25 percent to opportunistic credit, alternative, and real estate investments.

Asset Class	Asset Type	Benchmark Indices
Equity Securities	Collective fund; Individual holdings	Standard & Poor's 400 and 500 Midcap; Russell 2000 Value and Growth; Morgan Stanley Capital International (MSCI) All Country World Excluding U.S.; MSCI Europe Australasia Far East; and MSCI Emerging Markets
Fixed Income; Opportunistic Credits	Collective fund; Individual holdings	Custom Index
Alternative Investments (Hedge and Private Equity)	Fund of funds; Direct investments	Hedge Fund Research Institute Fund of Funds; Russell 2000
Real Estate	Collective fund	National Council of Real Estate Investment Fund Open-end Diversified Core Equity Index

Assets for our U.K. pension plan are primarily invested in a pooled diversified growth fund. This fund invests in assets such as global equities, hedge funds, commodities, below-investment-grade fixed income securities, and currencies. The objectives of the fund are to generate capital appreciation over the course of a complete economic and market cycle and to deliver equity-like returns in the medium-to-long term while maintaining approximately two thirds of the volatility of equity markets. Performance of this fund is measured against the U.K. inflation rate plus four percent. The remaining assets in the U.K. plan are invested in leveraged interest rate and inflation swap funds of varying durations designed to broadly match the interest rate and inflation sensitivities of the plan's liabilities. The current target allocation for the assets is 75 percent diversified growth assets and 25 percent interest rate and inflation swap funds. There are no categories of investments that are specifically prohibited by the U.K. plan, but there are general guidelines that ensure prudent investment action is taken. Such guidelines include the prevention of the plan from using derivatives for speculative purposes and limiting the concentration of risk in any one type of investment.

Assets for the OPEB plan are invested in life insurance contracts issued by one of our insurance subsidiaries. The assets support life insurance benefits payable to certain former retirees covered under the OPEB plan. The terms of these contracts are consistent in all material respects with those the subsidiary offers to unaffiliated parties that are similarly situated. There are no categories of investments specifically prohibited by the OPEB plan.

We believe our investment portfolios are well diversified by asset class and sector, with no potential risk concentrations in any one category.

The categorization of fair value measurements by input level for the invested assets in our U.S. pension plans is as follows:

	December 31, 2014
	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions of dollars)
Invested Assets
Equity Securities:
U.S. Large Cap	$	—	$	181.4	$	—	$	181.4
U.S. Mid Cap	—		88.3		—		88.3
U.S. Small Cap	118.7		—		—		118.7
International	71.0		63.5		—		134.5
Emerging Markets	—		40.0		—		40.0
Fixed Income Securities:
U.S. Government and Agencies	243.5		14.6		—		258.1
Corporate	1.6		321.2		—		322.8
State and Municipal Securities	—		2.9		—		2.9
Opportunistic Credits	62.8		85.0		—		147.8
Alternative Investments:
Private Equity Direct Investments	—		—		17.2		17.2
Private Equity Funds of Funds	—		—		34.9		34.9
Hedge Funds of Funds	—		—		70.0		70.0
Cash Equivalents	52.8		—		—		52.8
Total Invested Assets	$	550.4	$	796.9	$	122.1	$	1,469.4

	December 31, 2013
	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions of dollars)
Invested Assets
Equity Securities:
U.S. Large Cap	$	—	$	343.9	$	—	$	343.9
U.S. Mid Cap	—		139.6		—		139.6
U.S. Small Cap	231.9		—		—		231.9
International	134.5		131.7		—		266.2
Emerging Markets	—		76.3		—		76.3
Fixed Income Securities:
U.S. Government and Agencies	105.7		7.4		—		113.1
Corporate	97.8		172.6		—		270.4
State and Municipal Securities	—		12.9		—		12.9
Alternative Investments:
Private Equity Direct Investments	—		—		7.2		7.2
Private Equity Funds of Funds	—		—		29.6		29.6
Hedge Funds of Funds	—		—		66.9		66.9
Cash Equivalents	28.4		—		—		28.4
Total Invested Assets	$	598.3	$	884.4	$	103.7	$	1,586.4

Level 1 equity, fixed income, and opportunistic credit securities consist of individual holdings and funds that are valued based on unadjusted quoted prices from active markets for identical securities. Level 2 equity and opportunistic credit securities consist of funds that are valued based on the net asset value (NAV) of the underlying holdings. These investments have no unfunded commitments and no specific redemption restrictions. Level 2 fixed income securities are valued using observable inputs through market corroborated pricing.

Alternative investments, which include private equity direct investments, private equity funds of funds, and hedge funds of funds, are valued based on the NAV of the underlying holdings in a period ranging from one month to one quarter in arrears. We evaluate the need for adjustments to the NAV based on market conditions and discussions with fund managers in the period subsequent to the valuation date and prior to issuance of the financial statements. We made no adjustments to the NAV for 2014 or 2013. The private equity direct investments and private equity funds of funds generally cannot be redeemed by investors, and distributions are received following the maturity of the underlying assets. It is estimated that these underlying assets will begin to mature between five and eight years from the date of initial investment. We have assigned a Level 3 classification to the private equity direct investments and private equity funds of funds due to the redemption restrictions on the investments. Redemptions on the hedge funds of funds can be made on either a quarterly or bi-annual basis, depending on the fund, with prior notice of at least 90 calendar days. Because of these redemption restrictions, we have classified the hedge funds of funds as Level 3.

Changes in our U.S. pension plans' assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2014 and 2013 are as follows:

	Year Ended December 31, 2014
	Beginning of Year		Actual Return on Plan Assets					Purchases		Sales			Level 3 Transfers				End of Year
			Held at Year End		Sold During the Year								Into		Out of
	(in millions of dollars)
Private Equity Direct Investments	$	7.2	$	1.7	$	0.1		$	9.0	$	(0.8	)	$	—	$	—	$	17.2
Private Equity Funds of Funds	29.6		4.8		2.6			3.9		(6.0		)	—		—		34.9
Hedge Funds of Funds	66.9		3.2		(0.1		)	25.9		(25.9		)	—		—		70.0
Total	$	103.7	$	9.7	$	2.6		$	38.8	$	(32.7	)	$	—	$	—	$	122.1

	Year Ended December 31, 2013
	Beginning of Year		Actual Return on Plan Assets				Purchases		Sales			Level 3 Transfers				End of Year
			Held at Year End		Sold During the Year							Into		Out of
	(in millions of dollars)
Private Equity Direct Investments	$	—	$	0.3	$	—	$	8.4	$	(1.5	)	$	—	$	—	$	7.2
Private Equity Funds of Funds	28.7		0.9		1.1		2.1		(3.2		)	—		—		29.6
Hedge Funds of Funds	56.1		6.3		—		4.9		(0.4		)	—		—		66.9
Total	$	84.8	$	7.5	$	1.1	$	15.4	$	(5.1	)	$	—	$	—	$	103.7

The categorization of fair value measurements by input level for the assets in our U.K. pension plan is as follows.

	December 31, 2014
	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions of dollars)
Plan Assets
Diversified Growth Assets	$	—	$	167.6	$	—	$	167.6
Fixed Interest and Index-linked Securities	78.0		—		—		78.0
Cash Equivalents	0.7		—		—		0.7
Total Plan Assets	$	78.7	$	167.6	$	—	$	246.3

	December 31, 2013
	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions of dollars)
Plan Assets
Diversified Growth Assets	$	—	$	172.0	$	—	$	172.0
Fixed Interest and Index-linked Securities	52.6		0.4		—		53.0
Cash Equivalents	0.7		—		—		0.7
Total Plan Assets	$	53.3	$	172.4	$	—	$	225.7

Level 1 fixed interest and index-linked securities consist of individual funds that are valued based on unadjusted quoted prices from active markets for identical securities. Level 2 assets consist of funds that are valued based on the NAV of the underlying holdings. These investments have no unfunded commitments and no specific redemption restrictions.

The categorization of fair value measurements by input level for the assets in our OPEB plan is as follows:

	December 31, 2014
	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions of dollars)
Assets
Life Insurance Contracts	$	—	$	—	$	11.3	$	11.3

	December 31, 2013
	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions of dollars)
Assets
Life Insurance Contracts	$	—	$	—	$	11.4	$	11.4

The fair value is represented by the actuarial present value of future cash flows of the contracts.

Changes in our OPEB plan assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2014 and 2013 are as follows:

	Year Ended December 31, 2014
	Beginning of Year		Actual Return on Plan Assets		Contributions		Net Benefits and Expenses Paid			End of Year
	(in millions of dollars)
Life Insurance Contracts	$	11.4	$	0.4	$	16.1	$	(16.6	)	$	11.3

	Year Ended December 31, 2013
	Beginning of Year		Actual Return on Plan Assets		Contributions		Net Benefits and Expenses Paid			End of Year
	(in millions of dollars)
Life Insurance Contracts	$	11.5	$	0.2	$	15.6	$	(15.9	)	$	11.4

For the years end December 31, 2014 and 2013, the actual return on plan assets relates solely to investments still held at the reporting date. There were no transfers into or out of Level 3 during 2014 or 2013.

Measurement Assumptions

We use a December 31 measurement date for each of our plans. The weighted average assumptionsused in the measurement of our benefit obligations as of December 31 and our net periodic benefit costs for the years ended December 31 are as follows:

	Pension Benefits
	U.S. Plans				U.K. Plan				OPEB
	2014		2013		2014		2013		2014		2013
Benefit Obligations
Discount Rate	4.40	%	5.30	%	3.60	%	4.40	%	4.30	%	5.00	%
Rate of Compensation Increase	N/A		4.00	%	3.60	%	3.90	%	N/A		N/A
Net Periodic Benefit Cost
Discount Rate	5.30	%	4.50% / 5.00%*		4.40	%	4.50% / 4.60%**		5.00	%	4.20	%
Expected Return on Plan Assets	7.50	%	7.50	%	6.10	%	6.20% / 6.35%**		5.75	%	5.75	%
Rate of Compensation Increase	N/A		4.00	%	3.90	%	3.75	%	N/A		N/A

*In conjunction with the remeasurement due to the 2013 plan amendment, a discount rate of 4.50% was used for the period January 1, 2013 through the date of remeasurement, and a discount rate of 5.00% was used for the period subsequent to the date of remeasurement through December 31, 2013.

**In conjunction with the remeasurement due to the 2013 plan amendment, a discount rate of 4.50% and expected return on plan assets of 6.20% were used for the period January 1, 2013 through the date of remeasurement, and a discount rate of 4.60% and expected return on plan assets of 6.35% were used for the period subsequent to the date of remeasurement through December 31, 2013.

We set the discount rate assumption annually for each of our retirement-related benefit plans at the measurement date to reflect the yield on a portfolio of high quality fixed income corporate debt instruments matched against the projected cash flows for future benefits.

Our long-term rate of return on plan assets assumption is an estimate, based on statistical analysis, of the average annual assumed return that will be produced from the plan assets until current benefits are paid. The market-related value equals the fair value of assets, determined as of the measurement date.  Our expectations for the future investment returns of the asset categories are based on a combination of historical market performance, evaluations of investment forecasts obtained from external consultants and economists, and current market yields. The methodology underlying the return assumption includes the various elements of the expected return for each asset class such as long-term rates of return, volatility of returns, and the correlation of returns between various asset classes. The expected return for the total portfolio is calculated based on the plan's strategic asset allocation.  Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies, and quarterly investment portfolio reviews.  Risk tolerance is established through consideration of plan liabilities, plan funded status, and corporate financial condition.

Our mortality rate assumption reflects our best estimate, as of the measurement date, of the life expectancies of plan participants in order to determine the expected length of time for benefit payments. We derive our assumptions from industry mortality tables. The Society of Actuaries released updated mortality tables during the fourth quarter of 2014 which show that longevity in the United States is increasing, thereby establishing a new benchmark for mortality rates of private pension plan participants in the United States. Our mortality assumptions for our U.S. plans reflect the updated mortality tables. These updated tables did not impact the calculation of the benefit obligation for our U.K. defined benefit pension plan.

The expected return assumption for the life insurance reserve for our OPEB plan at December 31, 2014 and 2013 is 5.75 percent, which is based on full investment in fixed income securities with an average book yield of 5.46 percent and 5.58 percent in 2014 and 2013, respectively.

Our rate of compensation increase assumption is generally based on periodic studies of compensation trends.

At December 31, 2014 and 2013, the annual rate of increase in the per capita cost of covered postretirement health care benefits assumed for the next calendar year is 7.50 percent for each year for benefits payable to both retirees prior to Medicare eligibility as well as Medicare eligible retirees. The rate is assumed to change gradually to 5.00 percent by 2020 for measurement at December 31, 2014 and remain at that level thereafter.

The medical and dental premiums used to determine the per retiree employer subsidy are capped. Certain of the current retirees and all future retirees are subject to the cap.

Net Periodic Benefit Cost

The following table provides the components of the net periodic benefit cost for the plans described above for the years ended December 31.

	Pension Benefits
	U.S. Plans									U.K. Plan									OPEB
	2014			2013			2012			2014			2013			2012			2014			2013			2012
	(in millions of dollars)
Service Cost	$	3.7		$	59.4		$	48.8		$	2.3		$	4.3		$	4.2		$	0.3		$	0.7		$	1.6
Interest Cost	89.9			86.3			84.4			9.1			8.6			8.5			7.9			8.0			9.6
Expected Return on Plan Assets	(117.8		)	(105.5		)	(88.8		)	(13.7		)	(12.5		)	(11.1		)	(0.7		)	(0.6		)	(0.7		)
Amortization of:
Net Actuarial Loss	5.2			31.7			45.9			0.4			1.2			0.5			—			—			—
Prior Service Credit	—			(0.1		)	(0.4		)	—			—			—			(1.7		)	(4.9		)	(2.6		)
Curtailment	—			0.7			—			—			(3.7		)	—			—			—			—
Settlement	64.4			—			—			—			—			—			—			—			—
Total Net Periodic Benefit Cost	$	45.4		$	72.5		$	89.9		$	(1.9	)	$	(2.1	)	$	2.1		$	5.8		$	3.2		$	7.9

A one percent increase or decrease in the assumed health care cost trend rate at December 31, 2014 would have increased (decreased) the service cost and interest cost by $0.1 million and $(0.1) million, respectively, and the postretirement benefit obligation by $4.7 million and $(3.4) million, respectively.

The unrecognized net actuarial loss included in accumulated other comprehensive income and expected to be amortized and included in net periodic pension cost for our pension plans during 2015 is $11.9 million before tax.

Benefit Payments

The following table provides expected benefit payments, which reflect expected future service, as appropriate.

	Pension Benefits
	U.S. Plans		U.K. Plan		OPEB
	(in millions of dollars)
Year					Gross		Subsidy Payments		Net
2015	$	49.8	$	5.5	$	15.9	$	1.9	$	14.0
2016	54.1		6.0		15.6		2.1		13.5
2017	58.2		6.2		15.3		2.3		13.0
2018	62.6		6.4		14.9		2.4		12.5
2019	67.0		7.0		14.6		2.7		11.9
2020-2024	409.6		39.4		65.4		15.5		49.9

Funding Policy

The funding policy for our U.S. qualified defined benefit plan is to contribute annually an amount at least equal to the minimum annual contribution required under ERISA and other applicable laws, but generally not greater than the maximum amount that can be deducted for federal income tax purposes. We had no regulatory contribution requirements for our U.S. qualified defined benefit plan in 2014 and made no voluntary contributions during 2014. We do not expect to make any contributions in 2015. The funding policy for our U.S. non-qualified defined benefit pension plan is to contribute the amount of the benefit payments made during the year. Our expected return on plan assets and discount rate will not affect the cash contributions we are required to make to our U.S. pension and OPEB plans because we have met all minimum funding requirements required under ERISA.

We made required contributions to our U.K. plan of $2.3 million, or approximately £1.4 million, during 2014. Effective October 1, 2013, we increased contributions to our U.K. plan from 24.8 percent to 30.0 percent of pensionable earnings for plan participants. We do not expect to make any contributions in 2015, either voluntary or those required to meet the minimum funding requirements under U.K. legislation.

Our OPEB plan represents a non-vested, non-guaranteed obligation, and current regulations do not require specific funding levels for these benefits, which are comprised of retiree life, medical, and dental benefits. It is our practice to use general assets to pay medical and dental claims as they come due in lieu of utilizing plan assets for the medical and dental benefit portions of our OPEB plan.

Defined Contribution Plans

We offer a 401(k) plan to all eligible U.S. employees under which a portion of employee contributions is matched. Effective January 1, 2014, we began matching dollar-for-dollar up to 5.0 percent of base salary and any recognized sales and performance-based incentive compensation for employee contributions into the plan. Also effective January 1, 2014, we began making an additional non-elective contribution of 4.5 percent of earnings for all eligible employees and a separate transition contribution for eligible employees who met certain age and years of service criteria as of December 31, 2013. Prior to January 1, 2014, we matched dollar-for-dollar up to 3.0 percent of base salary and $0.50 on the dollar for each of the next 2.0 percent of base salary for employee contributions into the plan. The 401(k) plan remains in compliance with ERISA guidelines and continues to qualify for a “safe harbor” from annual discrimination testing.

We also offer a defined contribution plan to all eligible U.K. employees under which a portion of employee contributions is matched. Effective July 1, 2014, we increased benefits under the defined contribution plan wherein we match two pounds for every one pound on the first 1.0 percentof employee contributions into the plan and match additional employee contributions pound-for-pound up to 5.0 percent of base salary. We previously matched pound-for-pound up to 5.0 percent of base salary for employee contributions into the defined contribution plan and made an additional non-elective contribution of 5.0 percent of base salary. Also effective July 1, 2014, we increased the non-elective contribution to 6.0 percent of base salary for all eligible employees, and a separate transition contribution is made for all eligible employees through March 31, 2016.

During the years ended December 31, 2014, 2013, and 2012, we recognized costs of $76.0 million, $18.8 million, and $18.9 million, respectively, for our U.S. defined contribution plan and $5.0 million, $2.9 million, and $2.9 million, respectively, for our U.K. defined contribution plan.