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Pension and Other Retiree Benefits (Tables)
 12 Months Ended
Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Amounts Recognized in Balance Sheet Net Funded Status
The following table sets forth our defined benefit pension and post-retirement plans funded status and the amounts recognized in our Consolidated Balance Sheets:
 
Pension Benefits
 
Post-retirement
 
U.S.
 
International
 
 
(in millions of dollars)
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Change in projected benefit obligation (PBO)
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation at beginning of year
$
177.4

 
$
191.7

 
$
371.4

 
$
361.0

 
$
13.3

 
$
16.0

Service cost
2.1

 
2.0

 
0.8

 
1.6

 
0.2

 
0.2

Interest cost
8.6

 
7.9

 
15.7

 
14.7

 
0.5

 
0.6

Actuarial loss (gain)
34.2

 
(19.0
)
 
48.3

 
1.9

 
(0.3
)
 
(2.8
)
Participants’ contributions
—

 
—

 
0.2

 
0.3

 
0.1

 
0.1

Benefits paid
(9.4
)
 
(8.9
)
 
(16.6
)
 
(13.9
)
 
(0.8
)
 
(0.7
)
Curtailment gain
—

 
—

 
—

 
(1.0
)
 
—

 
—

Plan amendments
—

 
3.7

 
(0.2
)
 
—

 
(0.4
)
 
—

Foreign exchange rate changes
—

 
—

 
(27.8
)
 
6.8

 
(0.4
)
 
(0.1
)
Projected benefit obligation at end of year
212.9

 
177.4

 
391.8

 
371.4

 
12.2

 
13.3

Change in plan assets
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
156.3

 
135.4

 
342.8

 
311.9

 
—

 
—

Actual return on plan assets
10.8

 
21.7

 
43.8

 
32.2

 
—

 
—

Employer contributions
6.2

 
8.1

 
5.5

 
6.0

 
0.7

 
0.6

Participants’ contributions
—

 
—

 
0.2

 
0.3

 
0.1

 
0.1

Benefits paid
(9.4
)
 
(8.9
)
 
(16.6
)
 
(13.9
)
 
(0.8
)
 
(0.7
)
Foreign exchange rate changes
—

 
—

 
(24.5
)
 
6.3

 
—

 
—

Fair value of plan assets at end of year
163.9

 
156.3

 
351.2

 
342.8

 
—

 
—

Funded status (Fair value of plan assets less PBO)
$
(49.0
)
 
$
(21.1
)
 
$
(40.6
)
 
$
(28.6
)
 
$
(12.2
)
 
$
(13.3
)
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
 
 
 
 
 
 
 
 
Other non-current assets
$
—

 
$
—

 
$
—

 
$
0.3

 
$
—

 
$
—

Other current liabilities
—

 
—

 
0.5

 
0.6

 
0.8

 
1.0

Pension and post-retirement benefit obligations(1)
49.0

 
21.1

 
40.1

 
28.3

 
11.4

 
12.3

Components of accumulated other comprehensive income, net of tax:
 
 
 
 
 
 
 
 
 
 
 
Unrecognized actuarial loss (gain)
51.9

 
33.3

 
78.1

 
63.6

 
(1.1
)
 
(2.9
)
Unrecognized prior service cost (credit)
2.4

 
2.7

 
(0.4
)
 
(0.3
)
 
(1.5
)
 
(0.1
)
(1)
Pension and post-retirement obligations of $100.5 million as of December 31, 2014, increased from $61.7 million as of December 31, 2013, due to lower discount rates compared to prior year assumptions and the adoption of new mortality tables for the U.S. and Canadian plans.
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
Of the amounts included within accumulated other comprehensive income (loss), we expect to recognize the following pre-tax amounts as components of net periodic benefit cost (income) for the year ended December 31, 2015:
 
Pension Benefits
 
Post-retirement
(in millions of dollars)
U.S.
 
International
 
Actuarial loss (gain)
$
2.1

 
$
2.5

 
$
(0.2
)
Prior service cost (credit)
0.4

 
—

 
(0.2
)
 
$
2.5

 
$
2.5

 
$
(0.4
)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following table sets out information for pension plans with an accumulated benefit obligation in excess of plan assets:
 
U.S.
 
International
(in millions of dollars)
2014
 
2013
 
2014
 
2013
Projected benefit obligation
$
212.9

 
$
177.4

 
$
371.0

 
$
331.2

Accumulated benefit obligation
209.1

 
173.0

 
360.9

 
321.7

Fair value of plan assets
163.9

 
156.3

 
331.1

 
302.8
Components of Net Periodic Benefit Cost for Pension and Post-Retirement Plans
The components of net periodic benefit cost (income) for pension and post-retirement plans for the years ended December 31, 2014, 2013, and 2012, respectively, were as follows:
 
Pension Benefits
 
Post-retirement
 
U.S.
 
International
 
 
 
 
 
 
(in millions of dollars)
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Service cost
$
2.1

 
$
2.0

 
$
1.2

 
$
0.8

 
$
1.6

 
$
2.1

 
$
0.2

 
$
0.2

 
$
0.2

Interest cost
8.6

 
7.9

 
8.4

 
15.7

 
14.7

 
14.3

 
0.5

 
0.6

 
0.6

Expected return on plan assets
(12.0
)
 
(10.4
)
 
(10.4
)
 
(22.8
)
 
(20.6
)
 
(16.2
)
 
—

 
—

 
—

Amortization of net loss (gain)
5.1

 
9.6

 
6.2

 
1.9

 
2.4

 
2.2

 
(1.1
)
 
(0.6
)
 
(1.6
)
Amortization of prior service cost (credit)
0.4

 
0.1

 
—

 
—

 
—

 
0.4

 
—

 
—

 
—

Curtailment gain
—

 
—

 
—

 
—

 
(1.0
)
 
—

 
—

 
—

 
—

Settlement loss (gain)
—

 
—

 
0.7

 
—

 
—

 
—

 
(0.1
)
 
—

 
—

Net periodic benefit cost (income)
$
4.2

 
$
9.2

 
$
6.1

 
$
(4.4
)
 
$
(2.9
)
 
$
2.8

 
$
(0.5
)
 
$
0.2

 
$
(0.8
)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
Other changes in plan assets and benefit obligations that were recognized in other comprehensive income (loss) during the years ended December 31, 2014, 2013, and 2012 were as follows:
 
Pension Benefits
 
Post-retirement
 
U.S.
 
International
 
 
 
 
 
 
(in millions of dollars)
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Current year actuarial loss (gain)
$
35.4

 
$
(30.2
)
 
$
9.6

 
$
27.3

 
$
(10.0
)
 
$
11.4

 
$
(0.3
)
 
$
(2.8
)
 
$
0.1

Amortization of actuarial (loss) gain
(5.1
)
 
(9.6
)
 
(6.2
)
 
(1.9
)
 
(2.4
)
 
(2.2
)
 
1.1

 
0.6

 
1.6

Current year prior service cost (credit)
—

 
3.7

 
0.8

 
(0.2
)
 
—

 
(0.3
)
 
(0.3
)
 
—

 
—

Amortization of prior service cost
(0.4
)
 
(0.1
)
 
—

 
—

 
—

 
(0.4
)
 
—

 
—

 
—

Foreign exchange rate changes
—

 
—

 
—

 
(6.8
)
 
2.1

 
4.1

 
0.1

 
—

 
(0.1
)
Total recognized in other comprehensive income (loss)
$
29.9

 
$
(36.2
)
 
$
4.2

 
$
18.4

 
$
(10.3
)
 
$
12.6

 
$
0.6

 
$
(2.2
)
 
$
1.6

Total recognized in net periodic benefit cost (credit) and other comprehensive income (loss)
$
34.1

 
$
(27.0
)
 
$
10.3

 
$
14.0

 
$
(13.2
)
 
$
15.4

 
$
0.1

 
$
(2.0
)
 
$
0.8
Schedule of Assumptions Used
The weighted average assumptions used to determine benefit obligations for the years ended December 31, 2014, 2013, and 2012 were as follows:
 
Pension Benefits
 
Post-retirement
 
U.S.
 
International
 
 
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Discount rate
4.2
%
 
5.0
%
 
4.2
%
 
3.4
%
 
4.3
%
 
4.3
%
 
3.7
%
 
4.4
%
 
4.0
%
Rate of compensation increase
N/A

 
N/A

 
N/A

 
3.0
%
 
3.3
%
 
4.0
%
 
—

 
—

 
—


The weighted average assumptions used to determine net periodic benefit cost (income) for the years ended December 31, 2014, 2013, and 2012 were as follows:
 
Pension Benefits
 
Post-retirement
 
U.S.
 
International
 
 
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Discount rate
5.0
%
 
4.2
%
 
5.0
%
 
4.3
%
 
4.3
%
 
4.7
%
 
4.4
%
 
4.0
%
 
4.5
%
Expected long-term rate of return
8.2
%
 
8.2
%
 
8.2
%
 
6.8
%
 
6.8
%
 
6.2
%
 
—

 
—

 
—

Rate of compensation increase
N/A

 
N/A

 
N/A

 
3.3
%
 
4.0
%
 
3.6
%
 
—

 
—

 
—

The weighted average health care cost trend rates used to determine post-retirement benefit obligations and net periodic benefit cost as of December 31, 2014, 2013, and 2012 were as follows:
 
Post-retirement Benefits
 
2014
 
2013
 
2012
Health care cost trend rate assumed for next year
8
%
 
8
%
 
7
%
Rate that the cost trend rate is assumed to decline (the ultimate trend rate)
5
%
 
5
%
 
5
%
Year that the rate reaches the ultimate trend rate
2023

 
2020

 
2020
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates may have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects:
 
1-Percentage-
 
1-Percentage-
(in millions of dollars)
Point Increase
 
Point Decrease
Increase (decrease) on total of service and interest cost
$
0.2

 
$
(0.1
)
Increase (decrease) on post-retirement benefit obligation
1.3

 
(1.1
)
Schedule of Allocation of Plan Assets
Our pension plan weighted average asset allocations as of December 31, 2014 and 2013 were as follows:
 
 
2014
 
2013
 
 
U.S.
 
International
 
U.S.
 
International
Asset category
 
 
 
 
 
 
 
Equity securities
62
%
 
45
%
 
62
%
 
48
%
Fixed income
31

 
38

 
31

 
36

Real estate
—

 
3

 
—

 
3

Other(1)
 
7

 
14

 
7

 
13

Total
100
%
 
100
%
 
100
%
 
100
%

(1)
Insurance contracts, multi-strategy hedge funds and cash and cash equivalents for certain of our plans.
Schedule of Expected Benefit Payments
The following table presents estimated future benefit payments to participants for the next ten fiscal years:

 
Pension
 
Post-retirement
(in millions of dollars)
Benefits
 
Benefits
2015
$
23.7

 
$
0.8

2016
$
24.3

 
$
0.8

2017
$
25.0

 
$
0.8

2018
$
25.9

 
$
0.8

2019
$
26.4

 
$
0.8

Years 2020 — 2024
$
137.5

 
$
3.6
U.S.  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Allocation of Plan Assets
U.S. Pension Plan Assets

The fair value measurements of our U.S. pension plan assets by asset category as of December 31, 2014 were as follows:
(in millions of dollars)
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Fair Value
as of
December 31,
2014
Common stocks
$
8.3

 
$
—

 
$
—

 
$
8.3

Mutual funds
93.2

 
—

 
—

 
93.2

Common collective trust funds
—

 
8.9

 
—

 
8.9

Government debt securities
—

 
2.2

 
—

 
2.2

Corporate debt securities
—

 
16.7

 
—

 
16.7

Asset-backed securities
—

 
9.8

 
—

 
9.8

Multi-strategy hedge funds
—

 
9.5

 
—

 
9.5

Government mortgage-backed securities
—

 
8.0

 
—

 
8.0

Collateralized mortgage obligations, mortgage backed securities, and other
—

 
7.3

 
—

 
7.3

Total
$
101.5

 
$
62.4

 
$
—

 
$
163.9


The fair value measurements of our U.S. pension plan assets by asset category as of December 31, 2013 were as follows:
(in millions of dollars)
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Fair Value
as of
December 31,
2013
Common stocks
$
9.4

 
$
—

 
$
—

 
$
9.4

Mutual funds
87.8

 
—

 
—

 
87.8

Common collective trust funds
—

 
7.5

 
—

 
7.5

Government debt securities
—

 
6.2

 
—

 
6.2

Corporate debt securities
—

 
14.9

 
—

 
14.9

Asset-backed securities
—

 
9.7

 
—

 
9.7

Multi-strategy hedge funds
—

 
7.8

 
—

 
7.8

Government mortgage-backed securities
—

 
7.5

 
—

 
7.5

Collateralized mortgage obligations, mortgage backed securities, and other
—

 
5.5

 
—

 
5.5

Total
$
97.2

 
$
59.1

 
$
—

 
$
156.3
International  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Allocation of Plan Assets
International Pension Plans Assets

The fair value measurements of our international pension plans assets by asset category as of December 31, 2014 were as follows:
(in millions of dollars)
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Fair Value
as of
December 31,
2014
Cash and cash equivalents
$
6.1

 
$
—

 
$
—

 
$
6.1

Equity securities
156.7

 
—

 
—

 
156.7

Corporate debt securities
—

 
118.6

 
—

 
118.6

Multi-strategy hedge funds
—

 
25.1

 
—

 
25.1

Insurance contracts
—

 
18.4

 
—

 
18.4

Other debt securities
—

 
12.1

 
—

 
12.1

Real estate
—

 
9.7

 
0.9

 
10.6

Government debt securities
—

 
3.6

 
—

 
3.6

Total
$
162.8

 
$
187.5

 
$
0.9

 
$
351.2


The fair value measurements of our international pension plans assets by asset category as of December 31, 2013 were as follows:
(in millions of dollars)
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Fair Value
as of
December 31,
2013
Cash and cash equivalents
$
2.2

 
$
—

 
$
—

 
$
2.2

Equity securities
167.7

 
—

 
—

 
167.7

Corporate debt securities
—

 
110.0

 
—

 
110.0

Multi-strategy hedge funds
—

 
25.9

 
—

 
25.9

Insurance contracts
—

 
13.6

 
—

 
13.6

Other debt securities
—

 
10.6

 
—

 
10.6

Real estate
—

 
9.0

 
1.0

 
10.0

Government debt securities
—

 
2.8

 
—

 
2.8

Total
$
169.9

 
$
171.9

 
$
1.0

 
$
342.8