Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Components of Net Periodic Pension and Postretirement Benefit Expense

The components of net periodic pension and postretirement benefit expense for 2015, 2014 and 2013 are as follows:

	Pension Benefits
	2015									2014									2013
(in millions)	Domestic			Foreign			Total			Domestic			Foreign			Total			Domestic			Foreign			Total
Service cost	$	—		$	2.3		$	2.3		$	—		$	2.1		$	2.1		$	—		$	2.2		$	2.2
Interest cost		14.3			1.5			15.8			14.6			2.4			17.0			13.3			2.3			15.6
Expected return on plan assets		(20.1	)		(1.2	)		(21.3	)		(17.5	)		(1.4	)		(18.9	)		(16.9	)		(1.2	)		(18.1	)
Amortization:
Prior service credit		—			—			—			—			(0.9	)		(0.9	)		—			—			—
Net actuarial loss		5.7			1.1			6.8			4.9			0.3			5.2			7.4			0.4			7.8
Net periodic (income) expense		(0.1	)		3.7			3.6			2.0			2.5			4.5			3.8			3.7			7.5
Curtailments and settlements		5.0			0.4			5.4			5.7			0.2			5.9			—			(0.1	)		(0.1	)
Total expense	$	4.9		$	4.1		$	9.0		$	7.7		$	2.7		$	10.4		$	3.8		$	3.6		$	7.4
Assumptions
Weighted average assumption used to calculate net periodic cost:
Discount rate		3.98	%		2.23	%		3.69	%		4.80	%		3.58	%		4.58	%		3.95	%		3.34	%		3.85	%
Expected return on plan assets		7.40	%		3.80	%		7.05	%		7.50	%		4.20	%		7.11	%		7.75	%		3.98	%		7.32	%
Rate of compensation increase		—			2.44	%		2.44	%		—			2.50	%		2.50	%		—			2.56	%		2.56	%

	Postretirement Benefits
(in millions)	2015			2014			2013
Service cost	$	—		$	—		$	—
Interest cost		0.3			0.3			0.3
Amortization:
Prior service credit		(0.1	)		(0.3	)		(0.3	)
Net actuarial gain		(0.2	)		(0.2	)		(0.1	)
Net periodic cost (credit)	$	—		$	(0.2	)	$	(0.1	)
Assumptions
Weighted average assumption used to calculate net periodic cost:
Discount rate		3.84	%		4.70	%		3.90	%

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, 2016 is as follows:

	Pension Benefits
(in millions)	Domestic		Foreign		Total		Postretirement
Net actuarial loss (gain)	$	6.7	$	0.7	$	7.4	$	(0.2	)

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, 2015 and 2014:

	Pension Benefits																		Postretirement Benefits
	2015									2014									2015			2014
(in millions)	Domestic			Foreign			Total			Domestic			Foreign			Total
Change in benefit obligation:
Benefit obligation at beginning of year	$	308.6		$	74.1		$	382.7		$	314.4		$	71.0		$	385.4		$	6.8		$	6.4
Acquisitions		374.9			—			374.9			—			—			—			0.7			—
Service cost		—			2.3			2.3			—			2.1			2.1			—			—
Interest cost		14.3			1.5			15.8			14.6			2.4			17.0			0.3			0.3
Curtailments and settlements		(18.8	)		(1.7	)		(20.5	)		(25.2	)		(0.9	)		(26.1	)		—			—
Amendments		—			—						—			(1.1	)		(1.1	)		—			—
Actuarial loss (gain)		(16.3	)		(4.8	)		(21.1	)		24.2			12.6			36.8			(0.5	)		0.3
Participant contributions		—			—			—			—			—			—			0.2			0.2
Benefits paid		(22.7	)		(2.3	)		(25.0	)		(19.4	)		(3.1	)		(22.5	)		(0.5	)		(0.4	)
Foreign currency translation and other		—			(6.8	)		(6.8	)		—			(8.9	)		(8.9	)		—			—
Benefit obligation at end of year (a)		640.0			62.3			702.3			308.6			74.1			382.7			7.0			6.8
Change in plan assets:
Fair value of plan assets at beginning of year	$	268.5		$	35.0		$	303.5		$	270.0		$	35.7		$	305.7		$	—		$	—
Acquisitions		292.5			—			292.5			—			—			—			—			—
Actual return (loss) on plan assets		(14.2	)		0.5			(13.7	)		27.6			3.0			30.6			—			—
Company contributions		12.2			4.2			16.4			15.5			3.7			19.2			0.3			0.2
Settlements		(18.8	)		(1.7	)		(20.5	)		(25.2	)		(0.9	)		(26.1	)		—			—
Participant contributions		—			—			—			—			—			—			0.2			0.2
Benefits paid		(22.7	)		(2.3	)		(25.0	)		(19.4	)		(3.1	)		(22.5	)		(0.5	)		(0.4	)
Foreign currency translation and other		—			(3.2	)		(3.2	)		—			(3.4	)		(3.4	)		—			—
Fair value of plan assets at end of year		517.5			32.5			550.0			268.5			35.0			303.5			—			—
Net (liability) recognized in the consolidated balance sheet	$	(122.5	)	$	(29.8	)	$	(152.3	)	$	(40.1	)	$	(39.1	)	$	(79.2	)	$	(7.0	)	$	(6.8	)
Assumptions
Weighted average assumption used to calculate benefit obligation:
Discount rate		4.44	%		2.56	%		4.27	%		3.90	%		2.23	%		3.58	%		4.30	%		3.90	%
Rate of compensation increase		—			2.49	%		2.49	%		—			2.44	%		2.44	%		—			—
Healthcare cost trend rate:
Current		—			—			—			—			—			—			6.71	%		6.45	%
Ultimate		—			—			—			—			—			—			4.50	%		4.50	%

(a) The accumulated benefit obligation for all defined benefit pension plans was $690 and $376 at December 31, 2015 and 2014, respectively.

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the Company’s consolidated balance sheets at December 31, 2015 and 2014 consist of:

	Pension Benefits						Postretirement Benefits
(in millions)	2015			2014			2015			2014
Other assets	$	6.4		$	5.4		$	—		$	—
Accrued benefit cost		(158.7	)		(84.6	)		(7.0	)		(6.8	)
Net amount recognized	$	(152.3	)	$	(79.2	)	$	(7.0	)	$	(6.8	)

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, 2015 and 2014:

	Pension Benefits
(in millions)	2015		2014
Projected benefit obligation	$	687.8	$	369.0
Fair value of plan assets		529.1		284.5

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, 2015 and 2014:

	Pension Benefits
(in millions)	2015		2014
Accumulated benefit obligation	$	672.9	$	359.5
Fair value of plan assets		522.0		281.2

Activity for Level Three Pension Plan Assets

The activity for Level 3 pension plan assets for 2015 and 2014 is as follows:

	Level 3 Pension Plan Assets
(in millions)	Domestic Plans			Foreign Plans
Balance, December 31, 2013	$	13.8		$	17.3
Actual return on plan assets:
Relating to assets held at year-end		0.7			0.4
Relating to assets sold during the period		0.2			—
Purchases, sales, settlements and other, net		(3.4	)		(2.2	)
Balance, December 31, 2014	$	11.3		$	15.5
Acquisitions		36.0			—
Actual return (loss) on plan assets:
Relating to assets held at year-end		(1.6	)		0.4
Relating to assets sold during the period		0.1			—
Purchases, sales, settlements and other, net		(6.9	)		(1.7	)
Balance, December 31, 2015	$	38.9		$	14.2

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)
2016	$	45.3	$	0.6
2017		45.2		0.6
2018		45.1		0.6
2019		45.5		0.6
2020		46.5		0.5
Next 5 years		225.5		2.3

Pension Benefits, Domestic

Composition of Pension Plan Assets

The composition of domestic pension plan assets at December 31, 2015 and 2014 is as follows:

	Fair Value Measurements of Plan Assets – Domestic Plans
(in millions)	December 31, 2015
Asset Category	Level 1		Level 2		Level 3		Total
Equity securities and funds:
Domestic	$	115.1	$	4.9	$	—	$	120.0
International		59.3		29.0		—		88.3
Fixed income securities and funds		119.9		28.7		—		148.6
Alternative investments		20.7		95.9		37.8		154.4
Cash and other		5.1		—		1.1		6.2
Total	$	320.1	$	158.5	$	38.9	$	517.5
	Fair Value Measurements of Plan Assets – Domestic Plans
(in millions)	December 31, 2014
Asset Category	Level 1		Level 2		Level 3		Total
Equity securities and funds:
Domestic	$	29.0	$	10.2	$	—	$	39.2
International		—		40.4		—		40.4
Fixed income securities and funds		73.6		30.5		—		104.1
Alternative investments		24.5		48.8		10.2		83.5
Cash and other		0.2		—		1.1		1.3
Total	$	127.3	$	129.9	$	11.3	$	268.5

Pension Benefits, Foreign

Composition of Pension Plan Assets

The composition of foreign pension plan assets at December 31, 2015 and 2014 is as follows:

	Fair Value Measurements of Plan Assets – Foreign Plans
(in millions)	December 31, 2015
Asset Category	Level 1		Level 2		Level 3		Total
Equity securities and funds	$	5.0	$	—	$	—	$	5.0
Fixed income securities and funds		12.4		—		—		12.4
Cash and other		0.9		—		14.2		15.1
Total	$	18.3	$	—	$	14.2	$	32.5
	Fair Value Measurements of Plan Assets – Foreign Plans
(in millions)	December 31, 2014
Asset Category	Level 1		Level 2		Level 3		Total
Equity securities and funds	$	5.8	$	—	$	—	$	5.8
Fixed income securities and funds		12.7		—		—		12.7
Cash and other		1.0		—		15.5		16.5
Total	$	19.5	$	—	$	15.5	$	35.0