Retirement Plans

6 Months Ended

Jun. 30, 2015

Retirement Plans

9 Retirement Plans

The Company has contributory and non-contributory defined benefit pension plans covering employees at most operations in the United States and in certain other countries. The main plan is the U.S. plan for which the benefits are based on an average of the employee’s earnings in the years preceding retirement and on credited service. Certain supplemental funded and unfunded plan arrangements also provide retirement benefits to specified groups of participants.

The Company has frozen participation in the U.S. pension plans to include only those employees hired as of December 31, 2003. The U.K. defined benefit plan is the most significant individual non-U.S. pension plan and the Company has frozen participation to include only those employees hired as of April 30, 2003.

The Net Periodic Benefit Costs related to Other Post-retirement Benefits were not significant to the condensed consolidated financial statements of the Company for the three and six month periods ended June 30, 2015 and June 30, 2014 and are not included in the table below.

For further information on Pension Plans and Other Post-retirement Benefits, see Note 18 to the Consolidated Financial Statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on February 19, 2015.

The components of total Net Periodic Benefit Cost associated with the Company’s defined benefit retirement plans are as follows:

	Three months ended						Six months ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Service cost	$	5.8		$	5.2		$	11.6		$	10.5
Interest cost		5.2			5.4			10.5			10.7
Expected return on plan assets		(5.4	)		(5.0	)		(10.7	)		(10.0	)
Amortization prior service credit		(0.1	)		(0.2	)		(0.3	)		(0.4	)
Amortization of actuarial loss		2.5			0.8			5.0			1.5
Net Periodic Benefit Cost	$	8.0		$	6.2		$	16.1		$	12.3