Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

The change in benefit obligation, change in fair value of plan assets and funded status for the plans are as follows:


	2014			2013
(dollars in millions)
Benefit obligation - beginning	$	476.6		$	485.0
Service cost		27.4			30.4
Interest cost		21.2			18.3
Actuarial loss (gain)		46.2			(20.8	)
Benefits paid		(22.7	)		(39.5	)
Currency/other		(4.7	)		3.2

Benefit obligation - ending	$	544.0		$	476.6

Fair value of plan assets - beginning	$	416.2		$	355.7
Actual return on plan assets		33.5			64.0
Company contributions		32.4			33.4
Benefits paid		(22.7	)		(39.5	)
Currency/other		(3.8	)		2.6

Fair value of plan assets - ending	$	455.6		$	416.2

Funded status of the plans, December 31	$	(88.4	)	$	(60.4	)

Amounts recognized in accumulated other comprehensive loss at December 31 consisted of:

Amounts recognized in the consolidated balance sheets at December 31 consisted of:


	2014			2013
(dollars in millions)
Other assets	$	1.2		$	9.8
Accrued compensation and benefits		(3.6	)		(4.6	)
Other long-term liabilities		(86.0	)		(65.6	)

Net amount recognized	$	(88.4	)	$	(60.4	)

The components of net periodic benefit cost for the following years ended December 31 are:


	2014			2013			2012
(dollars in millions)
Service cost, net of employee contributions	$	26.9		$	29.9		$	27.8
Interest cost		21.2			18.3			19.5
Expected return on plan assets		(27.9	)		(26.0	)		(24.1	)
Amortization of net loss		10.4			14.1			11.0
Amortization of prior service cost		(0.4	)		(0.5	)		(0.4	)

Net periodic pension cost	$	30.2		$	35.8		$	33.8

The weighted average assumptions used in determining pension plan information for the following years ended December 31 are:


	2014			2013			2012
Net Cost
Discount rate		4.58	%		3.89	%		4.73	%
Expected return on plan assets		7.26	%		7.27	%		7.52	%
Rate of compensation increase		3.49	%		3.38	%		3.76	%

Benefit Obligation
Discount rate		3.79	%		4.58	%		3.89	%
Rate of compensation increase		3.42	%		3.49	%		3.38	%

The weighted average target asset allocations for the plans at December 31, are as follows:

The following table summarizes fair value measurements of plan assets at December 31:


	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Total^(B)
	2014		2013		2014		2013		2014		2013
(dollars in millions)
Cash equivalents	$	7.7	$	—	$	1.1	$	6.7	$	8.8	$	6.7
Equity securities:
U.S. large-cap		—		—		132.4		117.8		132.4		117.8
U.S. mid-cap		37.3		35.3		—		—		37.3		35.3
U.S. small-cap		46.7		45.8		—		—		46.7		45.8
Foreign		30.3		30.2		45.7		44.9		76.0		75.1
Fixed income securities:
Diversified bond fund^(A)		—		—		121.4		106.9		121.4		106.9
Foreign government bonds		—		—		12.8		10.6		12.8		10.6
Foreign corporate notes and bonds		—		—		12.9		11.0		12.9		11.0
Guaranteed insurance contracts		—		—		7.3		7.0		7.3		7.0

Total plan assets	$	122.0	$	111.3	$	333.6	$	304.9	$	455.6	$	416.2

^(A)	Diversified bond fund consists of U.S. Treasury bonds, mortgage backed securities, and corporate bonds.

^(B)	There were no plan assets categorized as Level 3 at December 31, 2014 and 2013, respectively.

The total expected benefit payments are as follows: