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Other Expense, Net
 9 Months Ended
Sep. 30, 2015
Other Income and Expenses [Abstract]  
Other Expense, net
Other Expense, net

Items included in other expense, net consist of:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(in millions)
2015
 
2014
 
2015
 
2014
Restructuring expense
$
9.3

 
$
13.1

 
$
41.3

 
$
67.6

Merger and acquisition expense
3.9


—


3.9


—

Gain on previously held equity interest
—


—


(10.8
)

—

Pension settlement
—


2.7

 
—

 
2.7

Other income
(0.1
)
 
(3.5
)
 
(1.0
)
 
(8.2
)
Other expense, net
$
13.1

 
$
12.3

 
$
33.4

 
$
62.1



During the first nine months of 2015 and 2014, the Company recorded restructuring expense of $41.3 million and $67.6 million, respectively. This expense relates to Drivetrain and Engine segment actions designed to improve future profitability and competitiveness, as well as a global realignment plan intended to enhance treasury management flexibility. See the Restructuring footnote to the Condensed Consolidated Financial Statements for further discussion of these expenses.

On July 13, 2015, the Company announced that it had entered into a definitive agreement to acquire Remy International, Inc. ("Remy"). During the third quarter of 2015, the Company incurred $3.9 million of expenses primarily related to this anticipated transaction.

During the first quarter of 2015, the Company completed the purchase of the remaining 51% of BERU Diesel Start Systems Pvt. Ltd. ("BERU Diesel") by acquiring the shares of its former joint venture partner. As a result of this transaction, the Company recorded a $10.8 million gain on the previously held equity interest in this joint venture. See the Recent Transactions footnote to the Condensed Consolidated Financial Statements for further discussion of this acquisition.

In July 2014, the Company discharged certain U.S. pension plan obligations by making lump-sum payments to former employees of the Company. As a result of this action, the Company recorded a settlement loss of $2.7 million in the U.S. pension plan during the third quarter of 2014.