Employee Benefit Plans

Defined Benefit Pension and Other Postretirement Benefit Plans

We sponsor several defined benefit pension and other postretirement benefit (OPEB) plans for our employees, including non-qualified pension plans. We maintain a separate defined benefit plan for eligible employees in our U.K. operation (the U.K. plan). During the second quarter of 2013, we amended our U.S. defined benefit pension plans to close the plans to new entrants and to freeze participation and benefit accruals for existing participants effective December 31, 2013. As a result of these plan amendments, we recognized a curtailment loss in the second quarter of 2013, with a corresponding reduction in the prior service cost included in accumulated other comprehensive income. The U.K. plan was closed to new entrants effective December 31, 2002 and was amended in the third quarter of 2013 to freeze participation for existing participants effective June 30, 2014. As a result of the U.K. plan amendment, we recognized a curtailment gain in the third quarter of 2013, with a corresponding reduction in the prior service credit included in accumulated other comprehensive income.

In September 2014, we amended our U.S. qualified defined benefit pension plan to allow a limited-time offer of benefit payouts to eligible former employees with a vested right to a pension benefit who are not yet retirement age eligible. The offer provides eligible former employees, regardless of age, with an option to elect to receive a lump-sum settlement of his or her entire accrued pension benefit in December 2014 or to elect receipt of monthly pension benefits commencing on December 1, 2014. For those electing to receive lump-sum settlements, we expect to make the distributions from plan assets by December 31, 2014. Upon distribution of the lump-sum payouts, we will account for the payouts as settlements and will recognize in income the applicable portion of the unrecognized actuarial loss pertaining to the settled benefit obligation and currently included in accumulated other comprehensive income. While we cannot yet determine either the payout or the associated unrecognized actuarial loss since we are still within the offer period, we estimate that the unrecognized actuarial loss that will be recognized in income during the fourth quarter of 2014 will be within the range of $55 million to $85 million, before applicable income tax, based on current projections of offer election rates and discount rates. The ultimate payout amount and the associated loss is subject to the participant election rate and certain economic factors such as the expected discount rate and the long-term rate of return on plan assets at the time of settlement.

The following table provides the components of the net periodic benefit cost for the defined benefit pension and OPEB plans.



	Three Months Ended September 30
	Pension Benefits
	U.S. Plans						Non U.S. Plans						OPEB
	2014			2013			2014			2013			2014			2013
	(in millions of dollars)
Service Cost	$	0.9		$	14.8		$	—		$	1.0		$	0.1		$	0.2
Interest Cost	22.5			21.3			2.3			2.1			2.0			2.0
Expected Return on Plan Assets	(29.5		)	(27.2		)	(3.4		)	(3.1		)	(0.2		)	(0.2		)
Amortization of:
Net Actuarial Loss	1.3			2.3			0.1			0.4			—			—
Prior Service Cost (Credit)	—			0.1			—			—			(0.4		)	(1.2		)
Curtailment Gain	—			—			—			(3.7		)	—			—
Total	$	(4.8	)	$	11.3		$	(1.0	)	$	(3.3	)	$	1.5		$	0.8



	Nine Months Ended September 30
	Pension Benefits
	U.S. Plans						Non U.S. Plans						OPEB
	2014			2013			2014			2013			2014			2013
	(in millions of dollars)
Service Cost	$	2.8		$	44.6		$	2.3		$	3.2		$	0.2		$	0.6
Interest Cost	67.4			65.0			6.9			6.3			5.9			6.0
Expected Return on Plan Assets	(88.4		)	(78.5		)	(10.3		)	(9.1		)	(0.5		)	(0.5		)
Amortization of:
Net Actuarial Loss	3.9			29.4			0.3			1.1			—			—
Prior Service Cost (Credit)	—			0.1			—			—			(1.2		)	(3.7		)
Curtailment Loss (Gain)	—			0.7			—			(3.7		)	—			—
Total	$	(14.3	)	$	61.3		$	(0.8	)	$	(2.2	)	$	4.4		$	2.4