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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Reconciliations of Benefit Obligations, Plan Assets of Pension Plans and Funded Status of Plans
The following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans and other post-retirement plans as of and for the years ended December 31, 2015 and 2014:
 
U.S. pension plans
 
Non-U.S. pension plans
 
Other post-retirement
plans
In millions
2015
2014
 
2015
2014
 
2015
2014
Change in benefit obligations
 
 
 
 
 
 
 
 
Benefit obligation beginning of year
$
416.2

$
346.9

 
$
505.2

$
462.0

 
$
41.5

$
42.4

Service cost
14.0

13.1

 
9.6

7.4

 
0.2

0.2

Interest cost
14.9

15.4

 
14.2

17.3

 
1.5

1.7

Actuarial loss (gain)
(39.1
)
50.1

 
(9.5
)
73.0

 
(0.9
)
0.3

Foreign currency translation
—

—

 
(31.6
)
(36.6
)
 
—

—

Benefits paid
(9.1
)
(9.3
)
 
(17.9
)
(17.9
)
 
(3.5
)
(3.1
)
Benefit obligation end of year
$
396.9

$
416.2

 
$
470.0

$
505.2

 
$
38.8

$
41.5

Change in plan assets
 
 
 
 
 
 
 
 
Fair value of plan assets beginning of year
$
343.9

$
285.8

 
$
309.7

$
286.5

 
$
—

$
—

Actual return on plan assets
(11.1
)
63.7

 
4.2

35.2

 
—

—

Company contributions
4.0

3.7

 
17.2

20.9

 
3.5

3.1

Foreign currency translation
—

—

 
(11.5
)
(15.0
)
 
—

—

Benefits paid
(9.1
)
(9.3
)
 
(17.9
)
(17.9
)
 
(3.5
)
(3.1
)
Fair value of plan assets end of year
$
327.7

$
343.9

 
$
301.7

$
309.7

 
$
—

$
—

Funded status
 
 
 
 
 
 
 
 
Benefit obligations in excess of the fair value of plan assets
$
(69.2
)
$
(72.3
)
 
$
(168.3
)
$
(195.5
)
 
$
(38.8
)
$
(41.5
)
Amounts Recognized in Consolidated Balance Sheets
Amounts recorded in the Consolidated Balance Sheets were as follows:
 
U.S. pension plans
 
Non-U.S. pension plans
 
Other post-retirement
plans
In millions
2015
2014
 
2015
2014
 
2015
2014
Other non-current assets
$
0.5

$
2.7

 
$
6.1

$
6.5

 
$
—

$
—

Current liabilities
(4.1
)
(4.0
)
 
(4.0
)
(4.7
)
 
(3.3
)
(3.4
)
Non-current liabilities
(65.6
)
(71.0
)
 
(170.4
)
(197.3
)
 
(35.5
)
(38.1
)
Benefit obligations in excess of the fair value of plan assets
$
(69.2
)
$
(72.3
)
 
$
(168.3
)
$
(195.5
)
 
$
(38.8
)
$
(41.5
)
Pension Plans with an Accumulated Benefit Obligation or Projected Benefit Obligation in Excess of Plan Assets
Information for pension plans with an accumulated benefit obligation or projected benefit obligation in excess of plan assets as of December 31 was as follows:
 
Projected benefit obligation
exceeds the fair value
of plan assets
 
Accumulated benefit  obligation
exceeds the fair value of
plan assets
In millions
2015
2014
 
2015
2014
U.S. pension plans
 
 
 
 
 
Projected benefit obligation
$
86.4

$
92.5

 
$
86.4

$
92.5

Fair value of plan assets
16.6

17.5

 
16.6

17.5

Accumulated benefit obligation
N/A

N/A

 
82.4

85.1

Non-U.S. pension plans


 


Projected benefit obligation
$
430.4

$
460.0

 
$
422.7

$
453.2

Fair value of plan assets
256.0

258.1

 
248.8

252.3

Accumulated benefit obligation
NA

N/A

 
409.8

440.9
Weighted-Average Assumptions used to Determine Domestic Benefit Obligations and Domestic Net Periodic Benefit Cost
Weighted-average assumptions used to determine net periodic benefit expense (income) for years ended December 31 were as follows:
 
U.S. pension plans
 
Non-U.S. pension plans
 
Other post-retirement
plans
Percentages
2015
2014
2013
 
2015
2014
2013
 
2015
2014
2013
Discount rate
3.63
%
4.51
%
3.67
%
 
3.04
%
4.13
%
3.85
%
 
3.60
%
4.35
%
3.40
%
Expected long-term return on plan assets
3.65
%
4.56
%
3.75
%
 
5.32
%
5.95
%
5.98
%
 
—
—
—
Rate of compensation increase
4.00
%
4.00
%
4.37
%
 
2.95
%
3.02
%
3.02
%
 
—
—
—
Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows:
 
U.S. pension plans
 
Non-U.S. pension plans
 
Other post-retirement
plans
Percentages
2015
2014
2013
 
2015
2014
2013
 
2015
2014
2013
Discount rate
4.21
%
3.63
%
4.51
%
 
3.20
%
3.04
%
4.13
%
 
3.95
%
3.60
%
4.35
%
Rate of compensation increase
4.00
%
4.00
%
4.00
%
 
2.87
%
2.95
%
3.02
%
 
—
—
—
Assumed Health Care Cost Trend Rates
The assumed healthcare cost trend rates for other post-retirement plans as of December 31 were as follows:
 
2015
2014
Healthcare cost trend rate assumed for following year
7.4
%
6.8
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
4.4
%
4.5
%
Year the cost trend rate reaches the ultimate trend rate
2038

2027
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A one-percentage-point change in the assumed healthcare cost trend rates would have the following effects as of and for the year ended December 31, 2015:
 
One Percentage Point
In millions
Increase
Decrease
Increase (decrease) in annual service and interest cost
$
0.1

$
(0.1
)
Increase (decrease) in other post-retirement benefit obligations
0.9

(0.8
)
Actual Overall Asset Allocation for U.S. And Non-U.S. Plans as Compared to Investment Policy Goals
Our actual overall asset allocation for our U.S. and non-U.S. pension plans as compared to our investment policy goals as of December 31 was as follows:
 
U.S. pension plans
 
Actual
 
Target
Percentages
2015
2014
 
2015
2014
Fixed income
98
%
97
%
 
100
%
100
%
Alternative
2
%
3
%
 
—

—

 
 
Non-U.S. pension plans
 
Actual
 
Target
Percentages
2015
2014
 
2015
2014
Equity securities
40
%
40
%
 
46
%
45
%
Fixed income
51
%
53
%
 
54
%
55
%
Alternative
7
%
5
%
 
—

—

Cash
2
%
2
%
 
—

—
Plan Assets Using Fair Value Hierarchy
The fair values of our pension plan assets and their respective levels in the fair value hierarchy as of December 31, 2015 and December 31, 2014 were as follows:
 
December 31, 2015
In millions
Level 1
Level 2
Level 3
Total
Cash and cash equivalents
$
2.9

$
3.4

$
—

$
6.3

Fixed income:




Corporate and non U.S. government
—

381.5

—

381.5

U.S. treasuries
—

52.0

—

52.0

Mortgage-backed securities
—

5.8

—

5.8

Other
—

37.2

—

37.2

Global equity securities:




Mid cap equity
—

3.4

—

3.4

Large cap equity
—

43.2

—

43.2

International equity
—

74.4

—

74.4

Other investments
—

21.5

4.1

25.6

Total fair value of plan assets
$
2.9

$
622.4

$
4.1

$
629.4


 
December 31, 2014
In millions
Level 1
Level 2
Level 3
Total
Cash and cash equivalents
$
3.1

$
4.5

$
—

$
7.6

Fixed income:




Corporate and non U.S. government
—

373.6

—

373.6

U.S. treasuries
—

70.7

—

70.7

Mortgage-backed securities
—

8.3

—

8.3

Other
—

45.5

—

45.5

Global equity securities:




Mid cap equity
—

3.1

—

3.1

Large cap equity
—

43.7

—

43.7

International equity
—

77.0

—

77.0

Other investments
—

17.4

6.7

24.1

Total fair value of plan assets
$
3.1

$
643.8

$
6.7

$
653.6
Reconciliation of Level 3 Assets
The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2015 and 2014, respectively:
In millions
January 1,
2015
Net realized
and unrealized
gains (losses)
Net issuances
and
settlements
Net transfers
into (out of)
level 3
December 31, 2015
Other investments
$
6.7

$
(0.3
)
$
(2.3
)
$
—

$
4.1


In millions
January 1,
2014
Net realized
and unrealized
gains (losses)
Net issuances
and
settlements
Net transfers
into (out of)
level 3
December 31, 2014
Other investments
$
19.0

$
0.7

$
(11.8
)
$
(1.2
)
$
6.7
Expected Future Service to Be Paid by Plans
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans for the years ended December 31 as follows:
In millions
U.S. pension
plans
Non-U.S.
pension plans
Other post-
retirement
plans
2016
$
12.6

$
14.4

$
3.3

2017
13.4

15.8

3.2

2018
16.0

16.8

3.2

2019
18.5

18.3

3.1

2020
19.4

19.7

3.0

Thereafter
112.0

103.2

13.4
Pension benefits  
Components of Net Periodic Benefit Cost
Components of net periodic benefit expense (income) for our pension plans for the years ended December 31 were as follows:
 
U. S. pension plans
 
Non-U.S. pension plans
In millions
2015
2014
2013
 
2015
2014
2013
Service cost
$
14.0

$
13.1

$
15.6

 
$
9.6

$
7.4

$
8.4

Interest cost
14.9

15.4

14.3

 
14.2

17.3

17.9

Expected return on plan assets
(10.0
)
(10.5
)
(9.7
)
 
(15.6
)
(15.9
)
(15.2
)
Amortization of prior year service cost (benefit)
—

—

0.4

 
—

—

(0.2
)
Net actuarial (gain) loss
(18.0
)
(3.1
)
(18.3
)
 
(0.8
)
50.3

(30.0
)
Net periodic benefit expense (income)
$
0.9

$
14.9

$
2.3

 
$
7.4

$
59.1

$
(19.1
)
Post-retirement  
Components of Net Periodic Benefit Cost
Components of net periodic benefit expense (income) for our other post-retirement plans for the years ended December 31 were as follows:
 
Other post-retirement plans
In millions
2015
2014
2013
Service cost
$
0.2

$
0.2

$
0.3

Interest cost
1.5

1.7

1.9

Amortization of prior year service benefit
—

—

(0.8
)
Net actuarial (gain) loss
(0.9
)
0.3

(15.9
)
Net periodic benefit expense (income)
$
0.8

$
2.2

$
(14.5
)