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Pension Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]  
Weighted Average Assumptions Used To Determine Benefit Obligations And Cost
Weighted average assumptions used to determine benefit obligations at date of measurement:
 
 
U.S. Plans
 
Non-U.S. Plans
 
2013
 
2012
 
2013
 
2012
Discount rate
4.80
%
 
3.90
%
 
3.60
%
 
3.45
%
Rate of compensation increase
N/A

 
N/A

 
3.05
%
 
3.00
%
Fair Values Of Pension Plan Assets
The fair values of the Company’s pension plan assets for both the U.S. and non-U.S. plans as of December 31, 2013, by asset category were as follows ($ in millions):
 
 
Quoted Prices in
Active  Market
(Level 1)
 
Significant Other
Observable  Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Cash and equivalents
$
28.3

 

 

 
$
28.3

Equity securities:
 
 
 
 
 
 
 
Common stock
278.5

 
$
25.2

 

 
303.7

Preferred stock
15.9

 

 

 
15.9

Fixed income securities:
 
 
 
 
 
 
 
Corporate bonds

 
152.0

 

 
152.0

Government issued

 
23.5

 

 
23.5

Mutual funds
395.2

 
512.0

 

 
907.2

Common/collective trusts

 
792.7

 

 
792.7

Venture capital, partnerships and other private investments

 

 
$
427.3

 
427.3

Insurance contracts

 
110.6

 

 
110.6

Total
$
717.9

 
$
1,616.0

 
$
427.3

 
$
2,761.2


The fair values of the Company’s pension plan assets for both the U.S. and non-U.S. plans as of December 31, 2012, by asset category were as follows ($ in millions):
 
 
Quoted Prices in
Active Market
(Level 1)
 
Significant Other
Observable  Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Cash and equivalents
$
22.5

 

 

 
$
22.5

Equity securities:
 
 
 
 
 
 
 
Common stock
298.5

 
$
21.4

 

 
319.9

Preferred stock
15.1

 

 

 
15.1

Fixed income securities:
 
 
 
 
 
 
 
Corporate bonds

 
155.9

 

 
155.9

Government issued

 
5.0

 

 
5.0

Mutual funds
540.2

 
414.4

 

 
954.6

Common/collective trusts

 
664.9

 

 
664.9

Venture capital, partnerships and other private investments

 

 
$
314.4

 
314.4

Insurance contracts

 
103.1

 

 
103.1

Total
$
876.3

 
$
1,364.7

 
$
314.4

 
$
2,555.4

Summary Of Changes In Fair Value Of Level 3 Investments
The table below sets forth a summary of changes in the fair value of the Company's level 3 venture capital, partnerships and other private investments for the years ended December 31, 2013 and 2012 ($ in millions):
 
Balance, January 1, 2012
$
315.9

Actual return on plan assets:
 
Relating to assets sold during the period
5.8

Relating to assets still held as of December 31, 2012
16.5

Purchases
15.5

Sales
(39.3
)
Balance, December 31, 2012
$
314.4

Actual return on plan assets:
 
Relating to assets sold during the period
(0.1
)
Relating to assets still held as of December 31, 2013
24.0

Purchases
150.2

Sales
(61.2
)
Balance, December 31, 2013
$
427.3

Pension Benefit Plans
 
Defined Benefit Plan Disclosure [Line Items]  
Funded Status Of Pension Plans
The following sets forth the funded status of the U.S. and non-U.S. plans as of the most recent actuarial valuations using measurement dates of December 31, 2013 and 2012 ($ in millions):
 
 
U.S. Pension Benefits
 
Non-U.S. Pension Benefits
 
2013
 
2012
 
2013
 
2012
Change in pension benefit obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
2,506.2

 
$
2,316.1

 
$
1,228.2

 
$
1,038.5

Service cost
5.5

 
5.6

 
27.4

 
23.9

Interest cost
97.4

 
101.8

 
41.1

 
42.5

Employee contributions

 

 
6.7

 
6.5

Benefits paid and other
(160.7
)
 
(163.6
)
 
(48.3
)
 
(41.5
)
Acquisitions

 

 
30.7

 
37.1

Actuarial (gain) loss
(165.3
)
 
277.8

 
(22.1
)
 
108.3

Amendments, settlements and curtailments
(1.9
)
 
(31.5
)
 
(10.8
)
 
(13.5
)
Foreign exchange rate impact

 

 
19.4

 
26.4

Benefit obligation at end of year
2,281.2

 
2,506.2

 
1,272.3

 
1,228.2

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
1,800.0

 
1,735.4

 
755.4

 
642.9

Actual return on plan assets
284.6

 
202.7

 
56.2

 
53.7

Employer contributions
4.3

 
55.4

 
53.4

 
53.0

Employee contributions

 

 
6.7

 
6.5

Plan settlements
(1.9
)
 
(29.9
)
 
(9.0
)
 
(13.4
)
Benefits paid and other
(160.7
)
 
(163.6
)
 
(48.3
)
 
(41.5
)
Acquisitions

 

 
10.6

 
36.1

Foreign exchange rate impact

 

 
9.9

 
18.1

Fair value of plan assets at end of year
1,926.3

 
1,800.0

 
834.9

 
755.4

Funded status
$
(354.9
)
 
$
(706.2
)
 
$
(437.4
)
 
$
(472.8
)
US and Non US Pension Benefit Plans
 
Defined Benefit Plan Disclosure [Line Items]  
Weighted Average Assumptions Used To Determine Benefit Obligations And Cost
Weighted average assumptions used to determine net periodic pension cost at date of measurement:
 
 
U.S. Plans
 
Non-U.S. Plans
 
2013
 
2012
 
2013
 
2012
Discount rate
3.90
%
 
4.50
%
 
3.45
%
 
4.10
%
Expected long-term return on plan assets
7.50
%
 
7.50
%
 
4.65
%
 
4.95
%
Rate of compensation increase
N/A

 
N/A

 
3.00
%
 
3.00
%
Components of Net Periodic Pension Cost
Components of net periodic pension cost ($ in millions):
 
 
U.S. Pension Benefits
 
Non-U.S. Pension Benefits
 
2013
 
2012
 
2013
 
2012
Service cost
$
5.5

 
$
5.6

 
$
27.4

 
$
23.9

Interest cost
97.4

 
101.8

 
41.1

 
42.5

Expected return on plan assets
(125.1
)
 
(129.9
)
 
(34.3
)
 
(32.8
)
Amortization of prior service credit

 

 
(0.2
)
 
(0.2
)
Amortization of net loss
31.4

 
44.3

 
7.5

 
4.7

Curtailment and settlement losses (gains) recognized

 
0.3

 
(1.2
)
 
1.5

Net periodic pension cost
$
9.2

 
$
22.1

 
$
40.3

 
$
39.6

Benefit Payments That Reflect Expected Future Service
The following table sets forth benefit payments, which reflect expected future service, as appropriate, expected to be paid by the plans in the periods indicated ($ in millions):
 
 
U.S. Pension
Plans
 
Non-U.S. Pension Plans
 
All Pension
Plans
2014
$
145.1

 
$
44.9

 
$
190.0

2015
148.8

 
49.1

 
197.9

2016
151.8

 
49.3

 
201.1

2017
155.3

 
49.2

 
204.5

2018
157.3

 
52.2

 
209.5

2019 – 2023
791.0

 
283.1

 
1,074.1