Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

Components of Net Periodic Pension and Postretirement Benefit Expense

The components of net periodic pension and postretirement benefit expense for 2013, 2012 and 2011 are as follows:

	Pension Benefits
	2013									2012									2011
(in millions)	Domestic			Foreign			Total			Domestic			Foreign			Total			Domestic			Foreign			Total
Service cost	$	—		$	2.2		$	2.2		$	0.2		$	1.9		$	2.1		$	0.2		$	1.9		$	2.1
Interest cost		13.3			2.3			15.6			14.5			2.6			17.1			15.9			2.8			18.7
Expected return on plan assets		(16.9	)		(1.2	)		(18.1	)		(16.3	)		(1.4	)		(17.7	)		(15.6	)		(1.4	)		(17.0	)
Amortization:
Net actuarial loss		7.4			0.4			7.8			7.1			0.2			7.3			3.2			—			3.2
Net periodic cost		3.8			3.7			7.5			5.5			3.3			8.8			3.7			3.3			7.0
Curtailments and settlements		—			(0.1	)		(0.1	)		—			—			—			1.6			—			1.6
Total expense	$	3.8		$	3.6		$	7.4		$	5.5		$	3.3		$	8.8		$	5.3		$	3.3		$	8.6
Assumptions
Weighted average assumption used to calculate net periodic cost:
Discount rate		3.95	%		3.34	%		3.85	%		4.50	%		4.30	%		4.47	%		5.25	%		4.78	%		5.18	%
Expected return on plan assets		7.75	%		3.98	%		7.32	%		8.00	%		4.53	%		7.60	%		8.00	%		4.83	%		7.63	%
Rate of compensation increase		—			2.56	%		2.56	%		—			2.51	%		2.51	%		—			2.98	%		2.98	%

	Postretirement Benefits
(in millions)	2013			2012			2011
Service cost	$	—		$	0.1		$	0.3
Interest cost		0.3			0.3			0.7
Amortization:
Prior service benefit		(0.3	)		(0.4	)		(0.8	)
Net actuarial gain		(0.1	)		(0.1	)		(0.1	)
Net periodic cost (credit)		(0.1	)		(0.1	)		0.1
Curtailments and settlements		—			—			(7.3	)
Total expense (credit)	$	(0.1	)	$	(0.1	)	$	(7.2	)
Assumptions
Weighted average assumption used to calculate net periodic cost:
Discount rate		3.90	%		4.40	%		5.50	%

Amount of Accumulated Other Comprehensive Income Expected To Be Recognized In Net Periodic Benefit Cost

The amount of AOCI expected to be recognized in net periodic benefit cost for the year ending December 31, 2014 is as follows:

	Pension Benefits
(in millions)	Domestic		Foreign		Total		Postretirement
Prior service cost (credit)	$	—	$	0.1	$	0.1	$	(0.3	)
Net actuarial loss (gain)		5.0		0.3		5.3		(0.2	)
	$	5.0	$	0.4	$	5.4	$	(0.5	)

Reconciliation of Benefit Obligation Plan Assets and Funded Status of Pension and Postretirement Plans

The following table provides a reconciliation of the benefit obligation, plan assets and the funded status of the pension and postretirement plans as of December 31, 2013 and 2012:

	Pension Benefits																		Postretirement Benefits
	2013									2012									2013			2012
(in millions)	Domestic			Foreign			Total			Domestic			Foreign			Total
Change in benefit obligation:
Benefit obligation at beginning of year	$	348.4		$	71.6		$	420.0		$	334.3		$	60.9		$	395.2		$	7.6		$	7.8
Service cost		—			2.2			2.2			0.2			1.9			2.1			—			0.1
Interest cost		13.3			2.3			15.6			14.5			2.6			17.1			0.3			0.3
Curtailments and settlements		—			(1.6	)		(1.6	)		—			(0.7	)		(0.7	)		—			—
Amendments		—			—			—			—			0.3			0.3			—			—
Actuarial loss (gain)		(26.1	)		(1.5	)		(27.6	)		21.1			8.6			29.7			(1.1	)		(0.3	)
Participant contributions		—			—			—			—			—			—			0.2			0.3
Benefits paid		(21.2	)		(2.7	)		(23.9	)		(21.7	)		(2.9	)		(24.6	)		(0.6	)		(0.6	)
Foreign currency translation and other		—			0.7			0.7			—			0.9			0.9			—			—
Benefit obligation at end of year (a)		314.4			71.0			385.4			348.4			71.6			420.0			6.4			7.6
Change in plan assets:
Fair value of plan assets at beginning of year	$	256.5		$	33.5		$	290.0		$	234.6		$	30.2		$	264.8		$	—		$	—
Actual return on plan assets		19.2			1.5			20.7			27.7			1.5			29.2			—			—
Company contributions		15.5			4.3			19.8			15.9			4.3			20.2			0.4			0.3
Settlements		—			(1.6	)		(1.6	)		—			(0.7	)		(0.7	)		—			—
Participant contributions		—			—			—			—			—			—			0.2			0.3
Benefits paid		(21.2	)		(2.7	)		(23.9	)		(21.7	)		(2.9	)		(24.6	)		(0.6	)		(0.6	)
Foreign currency translation and other		—			0.7			0.7			—			1.1			1.1			—			—
Fair value of plan assets at end of year		270.0			35.7			305.7			256.5			33.5			290.0			—			—
Net (liability) recognized in the consolidated balance sheet	$	(44.4	)	$	(35.3	)	$	(79.7	)	$	(91.9	)	$	(38.1	)	$	(130.0	)	$	(6.4	)	$	(7.6	)
Assumptions
Weighted average assumption used to calculate benefit obligation:
Discount rate		4.8	%		3.58	%		4.58	%		3.95	%		3.34	%		3.85	%		4.70	%		3.90	%
Rate of compensation increase		—			2.50	%		2.50	%		—			2.56	%		2.56	%		—			—
Healthcare cost trend rate:
Current		—			—			—			—			—			—			6.60	%		6.75	%
Ultimate		—			—			—			—			—			—			4.50	%		4.50	%

(a) The accumulated benefit obligation for all defined benefit pension plans was $379 and $414 at December 31, 2013 and 2012, respectively.

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the Company’s consolidated balance sheets at December 31, 2013 and 2012 consist of:

	Pension Benefits						Postretirement Benefits
(in millions)	2013			2012			2013			2012
Other assets	$	4.5		$	2.3		$	—		$	—
Accrued benefit cost		(84.2	)		(132.3	)		(6.4	)		(7.6	)
Net amount recognized	$	(79.7	)	$	(130.0	)	$	(6.4	)	$	(7.6	)

Summary of Under-Funded or Non-Funded Pension Benefit Plans with Projected Benefit Obligation In Excess of Plan Assets

Summary of under-funded or non-funded pension benefit plans with projected benefit obligation in excess of plan assets at December 31, 2013 and 2012:

	Pension Benefits
(in millions)	2013		2012
Projected benefit obligation	$	368.6	$	408.6
Fair value of plan assets		284.4		276.3

Summary of Pension Plans with Accumulated Benefit Obligations In Excess of Plan Assets

Summary of pension plans with accumulated benefit obligations in excess of plan assets at December 31, 2013 and 2012:

	Pension Benefits
(in millions)	2013		2012
Accumulated benefit obligation	$	362.9	$	400.0
Fair value of plan assets		284.1		272.8

Activity for Level Three Pension Plan Assets

The activity for Level 3 pension plan assets for 2013 and 2012 is as follows:

	Level 3 Pension Plan Assets
(in millions)	Domestic Plans			Foreign Plans
Balance, December 31, 2011	$	13.3		$	15.3
Actual return on plan assets:
Relating to assets held at year-end		1.3			0.6
Relating to assets sold during the period		(0.3	)		—
Purchases, sales, settlements and other, net		(0.2	)		0.3
Balance, December 31, 2012	$	14.1		$	16.2
Actual return on plan assets:
Relating to assets held at year-end		(0.2	)		0.5
Purchases, sales, settlements and other, net		(0.1	)		0.6
Balance, December 31, 2013	$	13.8		$	17.3

Expected Benefit Payments for Pension and Postretirement Plans

Information about the expected benefit payments for the Company’s pension and postretirement plans are as follows:

Years Ending December 31,	Pension Plans		Postretirement Plans
	(in millions)
2014	$	26.8	$	0.5
2015		25.5		0.5
2016		25.2		0.5
2017		25.1		0.5
2018		24.9		0.5
Next 5 years		127.4		2.3

Pension Benefits, Domestic

Composition of Pension Plan Assets

The composition of domestic pension plan assets at December 31, 2013 and 2012 is as follows:

	Fair Value Measurements of Plan Assets – Domestic Plans
(in millions)	December 31, 2013
Asset Category	Level 1		Level 2		Level 3		Total
Equity securities and funds:
Domestic	$	39.2	$	—	$	—	$	39.2
International		—		50.2		—		50.2
Fixed income securities and funds		66.8		20.3		—		87.1
Alternative investments		26.2		50.7		12.7		89.6
Cash and other		2.8		—		1.1		3.9
Total	$	135.0	$	121.2	$	13.8	$	270.0
	Fair Value Measurements of Plan Assets – Domestic Plans
(in millions)	December 31, 2012
Asset Category	Level 1		Level 2		Level 3		Total
Equity securities and funds:
Domestic	$	10.5	$	33.7	$	—	$	44.2
International		—		48.6		—		48.6
Fixed income securities and funds		62.4		14.0		—		76.4
Alternative investments		26.0		45.2		12.9		84.1
Cash and other		2.0		—		1.2		3.2
Total	$	100.9	$	141.5	$	14.1	$	256.5

Pension Benefits, Foreign

Composition of Pension Plan Assets

The composition of foreign pension plan assets at December 31, 2013 and 2012 is as follows:

	Fair Value Measurements of Plan Assets – Foreign Plans
(in millions)	December 31, 2013
Asset Category	Level 1		Level 2		Level 3		Total
Equity securities and funds	$	6.0	$	—	$	—	$	6.0
Fixed income securities and funds		10.9		—		—		10.9
Cash and other		1.5		—		17.3		18.8
Total	$	18.4	$	—	$	17.3	$	35.7
	Fair Value Measurements of Plan Assets – Foreign Plans
(in millions)	December 31, 2012
Asset Category	Level 1		Level 2		Level 3		Total
Equity securities and funds	$	5.9	$	—	$	—	$	5.9
Fixed income securities and funds		10.4		—		—		10.4
Cash and other		1.0		—		16.2		17.2
Total	$	17.3	$	—	$	16.2	$	33.5