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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Changes in Projected Benefit Obligations [Table Text Block]
The following tables provide the changes in the benefit obligation and fair value of plan assets and statements of the funded status of the plans.
 
Pension Benefits
 
 
 
 
 
U.S. Plans
 
Non U.S. Plans
 
OPEB
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
(in millions of dollars)
Change in Benefit Obligation
 
 
 
 
 
 
 
 
 
 
 
Benefit Obligation at Beginning of Year
$
1,967.9

 
$
1,579.8

 
$
197.4

 
$
170.4

 
$
198.8

 
$
190.9

Service Cost
59.4

 
48.8

 
4.3

 
4.2

 
0.7

 
1.6

Interest Cost
86.3

 
84.4

 
8.6

 
8.5

 
8.0

 
9.6

Plan Participant Contributions

 

 

 

 
3.9

 
3.5

Actuarial (Gain) Loss
(225.9
)
 
291.4

 
2.6

 
9.4

 
(30.2
)
 
19.1

Benefits and Expenses Paid
(42.2
)
 
(36.5
)
 
(4.1
)
 
(3.9
)
 
(15.9
)
 
(16.7
)
Plan Amendment

 

 

 

 

 
(5.0
)
Curtailment
(126.8
)
 

 
(3.7
)
 

 

 
(4.2
)
Change in Foreign Exchange Rates

 

 
3.6

 
8.8

 

 

Benefit Obligation at End of Year
$
1,718.7

 
$
1,967.9

 
$
208.7

 
$
197.4

 
$
165.3

 
$
198.8

 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Benefit Obligation at December 31
$
1,718.7

 
$
1,822.3

 
$
197.7

 
$
187.3

 
N/A
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
Change in Fair Value of Plan Assets
 
 
 
 
 
 
 
 
 
 
 
Fair Value of Plan Assets at Beginning of Year
$
1,353.6

 
$
1,170.8

 
$
205.6

 
$
188.0

 
$
11.5

 
$
11.7

Actual Return on Plan Assets
224.6

 
161.8

 
15.6

 
8.6

 
0.2

 
0.3

Employer Contributions
54.7

 
57.5

 
4.0

 
4.1

 
11.7

 
12.7

Plan Participant Contributions

 

 

 

 
3.9

 
3.5

Benefits and Expenses Paid
(42.2
)
 
(36.5
)
 
(4.1
)
 
(3.9
)
 
(15.9
)
 
(16.7
)
Change in Foreign Exchange Rates

 

 
4.6

 
8.8

 

 

Fair Value of Plan Assets at End of Year
$
1,590.7

 
$
1,353.6

 
$
225.7

 
$
205.6

 
$
11.4

 
$
11.5

 
 
 
 
 
 
 
 
 
 
 
 
Underfunded (Overfunded) Status
$
128.0

 
$
614.3

 
$
(17.0
)
 
$
(8.2
)
 
$
153.9

 
$
187.3

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]
The amounts recognized in our consolidated balance sheets for our pension and OPEB plans at December 31, 2013 and 2012 are as follows. Certain prior year amounts have been reclassified to conform to current year reporting.
 
 
Pension Benefits
 
 
 
 
 
U.S. Plans
 
Non U.S. Plans
 
OPEB
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
(in millions of dollars)
Current Liability
$
5.2

 
$
4.6

 
$

 
$

 
$
14.6

 
$
15.6

Noncurrent Liability
136.2

 
609.7

 

 

 
139.3

 
171.7

Noncurrent Asset
(13.4
)
 

 
(17.0
)
 
(8.2
)
 

 

Underfunded (Overfunded) Status
$
128.0

 
$
614.3

 
$
(17.0
)
 
$
(8.2
)
 
$
153.9

 
$
187.3

 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized Pension and Postretirement Benefit Costs
 
 
 
 
 
 
 
 
 
 
 
   Net Actuarial Gain (Loss)
$
(342.1
)
 
$
(845.4
)
 
$
(36.9
)
 
$
(37.9
)
 
$
10.3

 
$
(19.3
)
   Prior Service Credit (Cost)

 
(0.6
)
 

 
(0.2
)
 
2.4

 
7.3

 
(342.1
)
 
(846.0
)
 
(36.9
)
 
(38.1
)
 
12.7

 
(12.0
)
   Deferred Income Tax Asset
119.7

 
296.1

 
10.9

 
11.1

 
5.8

 
14.4

Total Included in Accumulated Other Comprehensive Income (Loss)
$
(222.4
)
 
$
(549.9
)
 
$
(26.0
)
 
$
(27.0
)
 
$
18.5

 
$
2.4

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
The following table provides the changes recognized in other comprehensive income for the years ended December 31, 2013 and 2012.
 
Pension Benefits
 
 
 
 
 
U.S. Plans
 
Non U.S. Plans
 
OPEB
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
(in millions of dollars)
Accumulated Other Comprehensive Income (Loss) at Beginning of Year
$
(549.9
)
 
$
(437.6
)
 
$
(27.0
)
 
$
(17.2
)
 
$
2.4

 
$
10.7

Net Actuarial Gain (Loss)
 
 
 
 
 
 
 
 
 
 
 
Amortization
31.7

 
45.9

 
1.2

 
0.5

 

 

Curtailment
126.8

 

 

 

 

 
4.2

All Other Changes
344.8

 
(218.2
)
 
(0.2
)
 
(13.4
)
 
29.6

 
(19.4
)
Prior Service Credit (Cost)
 
 
 
 
 
 
 
 
 
 
 
Amortization
(0.1
)
 
(0.4
)
 

 

 
(4.9
)
 
(2.6
)
Curtailment
0.7

 

 
(3.7
)
 

 

 

Plan Amendment

 

 
3.9

 

 

 
5.0

Change in Deferred Income Tax Asset
(176.4
)
 
60.4

 
(0.2
)
 
3.1

 
(8.6
)
 
4.5

Accumulated Other Comprehensive Income (Loss) at End of Year
$
(222.4
)
 
$
(549.9
)
 
$
(26.0
)
 
$
(27.0
)
 
$
18.5

 
$
2.4

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
Changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows:
 
Year Ended December 31, 2013
 
 
 
Total Realized and
Unrealized Investment
Gains (Losses) Included in
 
 
 
 
 
 
 
 
 
 
 
Beginning
of Year
 
Earnings
 
Other
Comprehensive
Income or Loss
 
Purchases
 
Sales
 
Level 3 Transfers
 
End of
Year
 
Into
 
Out of
 
 
(in millions of dollars)
Fixed Maturity Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
States, Municipalities, and Political Subdivisions
$
128.7

 
$

 
$
(13.1
)
 
$

 
$
(1.0
)
 
$
60.5

 
$

 
$
175.1

Foreign Governments
82.1

 

 
(3.6
)
 

 

 

 

 
78.5

Public Utilities
574.4

 

 
(10.8
)
 

 
(3.1
)
 
151.8

 
(508.8
)
 
203.5

Mortgage/Asset-Backed Securities
0.5

 

 
0.1

 

 
(0.1
)
 

 

 
0.5

All Other Corporate Bonds
1,177.8

 
1.1

 
(147.1
)
 
186.7

 
(122.0
)
 
1,462.0

 
(699.4
)
 
1,859.1

Redeemable Preferred Stocks
24.8

 

 
(1.0
)
 

 

 

 

 
23.8

Total Fixed Maturity Securities
1,988.3

 
1.1

 
(175.5
)
 
186.7

 
(126.2
)
 
1,674.3

 
(1,208.2
)
 
2,340.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Securities
4.3

 

 
0.3

 

 

 

 

 
4.6

Embedded Derivative in Modified Coinsurance Arrangement
(83.9
)
 
30.7

 

 

 

 

 

 
(53.2
)
 
 
Year Ended December 31, 2012
 
 
 
Total Realized and
Unrealized Investment
Gains (Losses) Included in
 
 
 
 
 
 
 
 
 
 
 
Beginning
of Year
 
Earnings
 
Other
Comprehensive
Income or Loss
 
Purchases
 
Sales
 
Level 3 Transfers
 
End of
Year
 
Into
 
Out of
 
 
(in millions of dollars)
Fixed Maturity Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
States, Municipalities, and Political Subdivisions
$
68.1

 
$

 
$
(0.3
)
 
$
18.4

 
$
(0.7
)
 
$
43.2

 
$

 
$
128.7

Foreign Governments

 

 
5.0

 
15.4

 

 
61.7

 

 
82.1

Public Utilities
338.9

 

 
22.3

 
47.9

 
(4.2
)
 
481.4

 
(311.9
)
 
574.4

Mortgage/Asset-Backed Securities
31.7

 

 

 

 
(0.1
)
 

 
(31.1
)
 
0.5

All Other Corporate Bonds
665.5

 
1.2

 
40.8

 
151.6

 
(67.5
)
 
599.8

 
(213.6
)
 
1,177.8

Redeemable Preferred Stocks
37.2

 
(1.0
)
 
2.9

 

 
(14.3
)
 

 

 
24.8

Total Fixed Maturity Securities
1,141.4

 
0.2

 
70.7

 
233.3

 
(86.8
)
 
1,186.1

 
(556.6
)
 
1,988.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Equity Securities
11.2

 
(0.1
)
 

 

 
(0.1
)
 

 
(6.7
)
 
4.3

Embedded Derivative in Modified Coinsurance Arrangement
(135.7
)
 
51.8

 

 

 

 

 

 
(83.9
)
Realized and unrealized investment gains and losses presented in the preceding tables represent gains and losses only for the time during which the applicable financial instruments were classified as Level 3. The transfers between levels resulted primarily from a change in observability of three inputs used to determine fair values of the securities transferred: (1) transactional data for new issuance and secondary trades, (2) broker/dealer quotes and pricing, primarily related to changes in the level of activity in the market and whether the market was considered orderly, and (3) comparable bond metrics from which to perform an analysis. For fair value measurements of financial instruments that were transferred either into or out of Level 3, we reflect the transfers using the fair value at the beginning of the period. We believe this allows for greater transparency, as all changes in fair value that arise during the reporting period of the transfer are disclosed as a component of our Level 3 reconciliation. Gains for the years ended December 31, 2013 and 2012 which are included in earnings and are attributable to the change in unrealized gains or losses relating to assets or liabilities valued using significant unobservable inputs and still held at each year end were $30.7 million and $51.8 million, respectively. These amounts relate entirely to the changes in fair value of an embedded derivative in a modified coinsurance arrangement which are reported as realized investment gains and losses.
Schedule of Assumptions Used [Table Text Block]
We use a December 31 measurement date for each of our plans. The weighted average assumptions used in the measurement of our benefit obligations as of December 31 and our net periodic benefit costs for the years ended December 31 are as follows:
 
Pension Benefits
 
 
 
 
 
U.S. Plans
 
Non U.S. Plans
 
OPEB
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Benefit Obligations
 
 
 
 
 
 
 
 
 
 
 
   Discount Rate
5.30
%
 
4.50
%
 
4.40
%
 
4.50
%
 
5.00
%
 
4.20
%
   Rate of Compensation Increase
4.00
%
 
4.00
%
 
3.90
%
 
3.75
%
 
%
 
%
 
 
 
 
 
 
 
 
 
 
 
 
Net Periodic Benefit Cost
 
 
 
 
 
 
 
 
 
 
 
   Discount Rate
4.50% / 5.00%*

 
5.40
%
 
4.50% / 4.60%**

 
4.90
%
 
4.20
%
 
5.20
%
   Expected Return on Plan Assets
7.50
%
 
7.50
%
 
6.20% / 6.35%**

 
5.80
%
 
5.75
%
 
5.75
%
   Rate of Compensation Increase
4.00
%
 
4.00
%
 
3.75
%
 
3.85
%
 
%
 
%
Schedule of Net Benefit Costs [Table Text Block]
Net Periodic Benefit Cost

The following table provides the components of the net periodic benefit cost for the plans described above for the years ended December 31.
 
Pension Benefits
 
 
 
 
 
 
 
U.S. Plans
 
Non U.S. Plans
 
OPEB
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
 
(in millions of dollars)
Service Cost
$
59.4

 
$
48.8

 
$
42.7

 
$
4.3

 
$
4.2

 
$
4.8

 
$
0.7

 
$
1.6

 
$
1.9

Interest Cost
86.3

 
84.4

 
77.6

 
8.6

 
8.5

 
8.8

 
8.0

 
9.6

 
10.0

Expected Return on Plan Assets
(105.5
)
 
(88.8
)
 
(87.6
)
 
(12.5
)
 
(11.1
)
 
(12.2
)
 
(0.6
)
 
(0.7
)
 
(0.7
)
Amortization of:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Actuarial Loss
31.7

 
45.9

 
31.9

 
1.2

 
0.5

 

 

 

 

   Prior Service Credit
(0.1
)
 
(0.4
)
 
(0.5
)
 

 

 

 
(4.9
)
 
(2.6
)
 
(2.6
)
Curtailment
0.7

 

 

 
(3.7
)
 

 

 

 

 

Total
$
72.5

 
$
89.9

 
$
64.1

 
$
(2.1
)
 
$
2.1

 
$
1.4

 
$
3.2

 
$
7.9

 
$
8.6


Schedule of Expected Benefit Payments [Table Text Block]
The following table provides expected benefit payments, which reflect expected future service, as appropriate.
 
Pension Benefits
 
 
 
 
 
 
 
U.S. Plans
 
Non U.S. Plans
 
OPEB
 
(in millions of dollars)
Year
 
 
 
 
Gross
 
Subsidy Payments
 
Net
2014
$
45.1

 
$
5.4

 
$
16.4

 
$
1.8

 
$
14.6

2015
49.3

 
5.8

 
16.4

 
1.9

 
14.5

2016
54.6

 
6.1

 
16.2

 
2.1

 
14.1

2017
59.4

 
6.4

 
15.9

 
2.2

 
13.7

2018
64.7

 
6.7

 
15.6

 
2.4

 
13.2

2019-2023
421.9

 
38.9

 
70.3

 
14.2

 
56.1

Pension Benefits UK Plans
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The categorization of fair value measurements by input level for the assets in our U.K. pension plan is as follows. Certain prior year amounts have been reclassified to conform to current year reporting.
 
December 31, 2013
 
Quoted Prices
in Active Markets
for Identical Assets
or Liabilities
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
 
(in millions of dollars)
Plan Assets
 
 
 
 
 
 
 
Diversified Growth Assets
$

 
$
172.0

 
$

 
$
172.0

Fixed Interest and Index-linked Securities
52.6

 
0.4

 

 
53.0

Cash Equivalents
0.7

 

 

 
0.7

Total Plan Assets
$
53.3

 
$
172.4

 
$

 
$
225.7


 
December 31, 2012
 
Quoted Prices
in Active Markets
for Identical Assets
or Liabilities
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
 
(in millions of dollars)
Plan Assets
 
 
 
 
 
 
 
Diversified Growth Assets
$

 
$
154.7

 
$

 
$
154.7

Fixed Interest and Index-linked Securities
42.6

 
0.9

 

 
43.5

Cash Equivalents
7.4

 

 

 
7.4

Total Plan Assets
$
50.0

 
$
155.6

 
$

 
$
205.6

Other Postretirement Benefit Plans
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The categorization of fair value measurements by input level for the assets in our OPEB plan is as follows:
 
December 31, 2013
 
Quoted Prices
in Active Markets
for Identical Assets
or Liabilities
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
 
(in millions of dollars)
Assets
 
 
 
 
 
 
 
Life Insurance Contracts
$

 
$

 
$
11.4

 
$
11.4

 
December 31, 2012
 
Quoted Prices
in Active Markets
for Identical Assets
or Liabilities
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
 
(in millions of dollars)
Assets
 
 
 
 
 
 
 
Life Insurance Contracts
$

 
$

 
$
11.5

 
$
11.5

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The fair value is represented by the actuarial present value of future cash flows of the contracts.

Changes in our OPEB plan assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2013 and 2012 are as follows:
 
Year Ended December 31, 2013
 
Beginning
of Year
 
Actual Return on Plan Assets
 
Contributions
 
Net Benefits and Expenses Paid
 
End of Year
 
 
(in millions of dollars)
Life Insurance Contracts
$
11.5

 
$
0.2

 
$
15.6

 
$
(15.9
)
 
$
11.4

 
Year Ended December 31, 2012
 
Beginning
of Year
 
Actual Return on Plan Assets
 
Contributions
 
Net Benefits and Expenses Paid
 
End of Year
 
 
(in millions of dollars)
Life Insurance Contracts
$
11.7

 
$
0.3

 
$
16.2

 
$
(16.7
)
 
$
11.5

Pension Benefits, U.S. Plans
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The categorization of fair value measurements by input level for the invested assets in our U.S. pension plans is as follows:
 
December 31, 2013
 
Quoted Prices
in Active Markets
for Identical Assets
or Liabilities
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
 
(in millions of dollars)
Invested Assets
 
 
 
 
 
 
 
Equity Securities:
 
 
 
 
 
 
 
   U.S. Large Cap
$

 
$
343.9

 
$

 
$
343.9

   U.S. Mid Cap

 
139.6

 

 
139.6

   U.S. Small Cap
231.9

 

 

 
231.9

   International
134.5

 
131.7

 

 
266.2

   Emerging Markets

 
76.3

 

 
76.3

Fixed Income Securities:
 
 
 
 
 
 
 
   U.S. Government and Agencies
105.7

 
7.4

 

 
113.1

   Corporate
97.8

 
172.6

 

 
270.4

  State and Municipal Securities

 
12.9

 

 
12.9

Alternative Investments:
 
 
 
 
 
 
 
   Private Equity Direct Investments

 

 
7.2

 
7.2

   Private Equity Funds of Funds

 

 
29.6

 
29.6

   Hedge Funds of Funds

 

 
66.9

 
66.9

Cash Equivalents
28.4

 

 

 
28.4

Total
$
598.3

 
$
884.4

 
$
103.7

 
$
1,586.4


 
December 31, 2012
 
Quoted Prices
in Active Markets
for Identical Assets
or Liabilities
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
 
(in millions of dollars)
Invested Assets
 
 
 
 
 
 
 
Equity Securities:
 
 
 
 
 
 
 
   U.S. Large Cap
$

 
$
269.2

 
$

 
$
269.2

   U.S. Mid Cap

 
111.6

 

 
111.6

   U.S. Small Cap
83.9

 
120.1

 

 
204.0

   International
106.4

 
102.9

 

 
209.3

   Emerging Markets

 
73.9

 

 
73.9

Fixed Income Securities:
 
 
 
 
 
 
 
   U.S. Government and Agencies
138.0

 
8.6

 

 
146.6

   Corporate
84.1

 
141.7

 

 
225.8

  State and Municipal Securities

 
12.7

 

 
12.7

Alternative Investments:
 
 
 
 
 
 
 
   Private Equity Funds of Funds

 

 
28.7

 
28.7

   Hedge Funds of Funds

 

 
56.1

 
56.1

Cash Equivalents
13.1

 

 

 
13.1

Total
$
425.5

 
$
840.7

 
$
84.8

 
$
1,351.0

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
Changes in our U.S. pension plans' assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2013 and 2012 are as follows:
 
Year Ended December 31, 2013
 
Beginning
of Year
 
Actual Return on Plan Assets
 
Purchases
 
Sales
 
Level 3 Transfers
 
End of
Year
 
 
Held at Year End
 
Sold During the Year
 
 
Into
 
Out of
 
 
(in millions of dollars)
Private Equity Direct Investments
$

 
$
0.3

 
$

 
$
8.4

 
$
(1.5
)
 
$

 
$

 
$
7.2

Private Equity Funds of Funds
28.7

 
0.9

 
1.1

 
2.1

 
(3.2
)
 

 

 
29.6

Hedge Funds of Funds
56.1

 
6.3

 

 
4.9

 
(0.4
)
 

 

 
66.9

   Total
$
84.8

 
$
7.5

 
$
1.1

 
$
15.4

 
$
(5.1
)
 
$

 
$

 
$
103.7

 
Year Ended December 31, 2012
 
Beginning
of Year
 
Actual Return on Plan Assets
 
Purchases
 
Sales
 
Level 3 Transfers
 
End of
Year
 
 
Held at Year End
 
Sold During the Year
 
 
Into
 
Out of
 
 
(in millions of dollars)
Private Equity Funds of Funds
$
23.7

 
$
0.5

 
$
1.0

 
$
6.0

 
$
(2.5
)
 
$

 
$

 
$
28.7

Hedge Funds of Funds
44.3

 
3.8

 

 
11.8

 
(3.8
)
 

 

 
56.1

   Total
$
68.0

 
$
4.3

 
$
1.0

 
$
17.8

 
$
(6.3
)
 
$

 
$

 
$
84.8