Retirement Benefit Plans

3 Months Ended

Mar. 31, 2015

Defined Benefit Plan Disclosure [Line Items]

Retirement Benefit Plans

Note 13 - Retirement Benefit Plans

The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans. The amounts for the three months ended March 31, 2015 are based on calculations prepared by the Company's actuaries during the fourth quarter of 2014. The net periodic benefit cost recorded for the three months ended March 31, 2015 is the Company’s best estimate of each period’s proportionate share of the amounts to be recorded for the year ending December 31, 2015.

	US Plans						International Plans						Total
	Three Months Ended March 31,						Three Months Ended March 31,						Three Months Ended March 31,
	2015			2014			2015			2014			2015			2014
Components of net periodic benefit cost:
Service cost	$	3.9		$	7.3		$	0.7		$	0.6		$	4.6		$	7.9
Interest cost	13.0			32.0			3.1			5.0			16.1			37.0
Expected return on plan assets	(17.9		)	(47.2		)	(4.2		)	(6.4		)	(22.1		)	(53.6		)
Amortization of prior service cost	0.8			1.0			—			—			0.8			1.0
Amortization of net actuarial loss	9.6			17.0			1.3			1.5			10.9			18.5
Pension settlements	213.6			—			—			0.7			213.6			0.7
Less: discontinued operations	—			(4.5		)	—			0.1			—			(4.4		)
Net periodic benefit cost	$	223.0		$	5.6		$	0.9		$	1.5		$	223.9		$	7.1

On January 23, 2015, the Company entered into an agreement pursuant to which the Timken-Latrobe-MPB-Torrington Retirement Plan (the Plan) purchased a group annuity contract from Prudential Insurance Company of America (Prudential) that requires Prudential to pay and administer future pension benefits for approximately 5,000 U.S. Timken retirees. The Company transferred approximately $575 million of the Company's pension obligations and approximately $635 million of pension assets to Prudential in this transaction. In addition to the purchase of the group annuity contract, the Company had lump sum distributions of approximately $11 million to new retirees. As a result of the purchase of the group annuity contract and the lump sum distributions, the Company incurred pension settlement charges of $215.2 million, including professional fees of $1.6 million, for the three months ended March 31, 2015.

The following table sets forth the net periodic benefit cost for the Company’s postretirement benefit plans. The amounts for the three months ended March 31, 2015 are based on calculations prepared by the Company's actuaries during the fourth quarter of 2014. The net periodic benefit cost recorded for the three months ended March 31, 2015 is the Company’s best estimate of each period’s proportionate share of the amounts to be recorded for the year ending December 31, 2015.

	Three Months Ended March 31,
	2015			2014
Components of net periodic benefit cost:
Service cost	$	0.1		$	0.7
Interest cost	2.7			6.1
Expected return on plan assets	(1.8		)	(2.8		)
Amortization of prior service cost (credit)	0.2			0.1
Less: discontinued operations	—			(1.7		)
Net periodic benefit cost	$	1.2		$	2.4