Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Useful Lives of Property Plant and Equipment

The Company provides for depreciation primarily using the straight-line method in amounts that allocate the cost of property, plant and equipment over the following ranges of useful lives:

Buildings and improvements	5 to 45 years
Machinery, equipment and tooling (includes capitalized software)	3 to 25 years
Furniture and fixtures	3 to 10 years

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes assets and liabilities that are measured at fair value on a recurring basis at December 31, 2014 and 2013:

	2014
	Fair Value Asset (Liability)
(in millions)	Level 1		Level 2			Level 3			Total
Derivatives:
Assets	$	—	$	29.3		$	—		$	29.3
Liabilities		—		(23.5	)		—			(23.5	)
Available-for-sale securities		—		1.5			—			1.5
Contingent consideration		—		—			(32.6	)		(32.6	)
	2013
	Fair Value Asset (Liability)
(in millions)	Level 1		Level 2			Level 3			Total
Derivatives:
Assets	$	—	$	19.5		$	—		$	19.5
Liabilities		—		(19.7	)		—			(19.7	)
Available-for-sale securities		—		12.0			—			12.0
Contingent consideration		—		—			(43.0	)		(43.0	)

Changes in Fair Value of Contingent Consideration Obligations

Changes in the fair value of the contingent consideration obligations for 2014 and 2013 were as follows:

(in millions)	2014			2013
Contingent consideration at January 1,	$	43.0		$	33.5
Acquisitions		1.4			27.5
Payments		(9.2	)		(4.5	)
Adjustments and foreign exchange		(2.6	)		(13.5	)
Contingent consideration at December 31,	$	32.6		$	43.0