Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

Reconciliations of Benefit Obligations, Plan Assets of Pension Plans and Funded Status of Plans

The following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans and other post-retirement plans as of and for the years ended December 31, 2013 and 2012:

	U.S. pension plans						Non-U.S. pension plans						Other post-retirement plans
In millions	2013			2012			2013			2012			2013			2012
Change in benefit obligations
Benefit obligation beginning of year	$	394.3		$	572.1		$	460.8		$	89.5		$	59.3		$	35.1
Service cost	15.6			12.9			8.4			3.3			0.3			0.2
Interest cost	14.3			28.2			17.9			7.5			1.9			1.9
Amendments	—			0.4			—			—			—			—
Benefit obligations assumed in Merger	—			10.8			—			338.6			—			16.7
Actuarial (gain) loss	(56.9		)	128.8			(16.6		)	26.6			(15.9		)	8.2
Translation loss	—			—			9.7			1.5			—			—
Benefits paid	(20.4		)	(358.9		)	(18.2		)	(6.2		)	(3.2		)	(2.8		)
Benefit obligation end of year	$	346.9		$	394.3		$	462.0		$	460.8		$	42.4		$	59.3
Change in plan assets
Fair value of plan assets beginning of year	$	326.2		$	408.8		$	249.0		$	10.9		$	—		$	—
Actual return on plan assets	(28.9		)	43.9			28.6			6.4			—			—
Plan assets acquired in Merger	—			7.6			—			227.3			—			—
Company contributions	8.9			224.8			21.9			10.4			3.2			2.8
Translation gain	—			—			5.2			0.2			—			—
Benefits paid	(20.4		)	(358.9		)	(18.2		)	(6.2		)	(3.2		)	(2.8		)
Fair value of plan assets end of year	$	285.8		$	326.2		$	286.5		$	249.0		$	—		$	—
Funded status
Benefit obligations in excess of the fair value of plan assets	$	(61.1	)	$	(68.1	)	$	(175.5	)	$	(211.9	)	$	(42.4	)	$	(59.3	)

Amounts Recognized in Consolidated Balance Sheets

Amounts recorded in the Consolidated Balance Sheets were as follows:

	U.S. pension plans						Non-U.S. pension plans						Other post- retirement plans
In millions	2013			2012			2013			2012			2013			2012
Other non-current assets	$	0.7		$	—		$	3.7		$	—		$	—		$	—
Current liabilities	(3.9		)	(3.5		)	(4.7		)	(4.9		)	(3.7		)	(4.5		)
Non-current liabilities	(57.9		)	(64.6		)	(174.5		)	(207.0		)	(38.7		)	(54.8		)
Benefit obligations in excess of the fair value of plan assets	$	(61.1	)	$	(68.1	)	$	(175.5	)	$	(211.9	)	$	(42.4	)	$	(59.3	)

Pension Plans with an Accumulated Benefit Obligation or Projected Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation or projected benefit obligation in excess of plan assets as of December 31 are as follows:

	Projected benefit obligation exceeds the fair value of plan assets				Accumulated benefit  obligation exceeds the fair value of plan assets
In millions	2013		2012		2013		2012
U.S. pension plans
Projected benefit obligation	$	76.3	$	158.1	$	76.3	$	87.1
Fair value of plan assets	14.5		85.3		14.5		15.5
Accumulated benefit obligation	N/A		N/A		73.1		77.2
Non-U.S. pension plans
Projected benefit obligation	$	438.2	$	436.7	$	420.4	$	431.3
Fair value of plan assets	259.0		222.4		244.5		217.2
Accumulated benefit obligation	N/A		N/A		411.5		420.0

Assumed Health Care Cost Trend Rates

The assumed healthcare cost trend rates for other post-retirement plans as of December 31 were as follows:

	2013		2012
Healthcare cost trend rate assumed for following year	7.0	%	7.4	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.5	%	4.5	%
Year the cost trend rate reaches the ultimate trend rate	2027		2027

Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

A one-percentage-point change in the assumed healthcare cost trend rates would have the following effects as of and for the year ended December 31, 2013:

	One Percentage Point
In millions	Increase		Decrease
Increase (decrease) in annual service and interest cost	$	0.1	$	(0.1	)
Increase (decrease) in other post-retirement benefit obligations	1.2		(1.0		)

Actual Overall Asset Allocation for U.S. And Non-U.S. Plans as Compared to Investment Policy Goals

Our actual overall asset allocation for our U.S. and non-U.S. pension plans as compared to our investment policy goals as of December 31 was as follows:

	U.S. pension plans
	Actual				Target
Percentages	2013		2012		2013		2012
Equity securities	—	%	32	%	—		—
Fixed income	92	%	56	%	100	%	100	%
Alternative	7	%	7	%	—		—
Cash	1	%	5	%	—		—

	Non-U.S. pension plans
	Actual				Target
Percentages	2013		2012		2013		2012
Equity securities	54	%	51	%	56	%	55	%
Fixed income	41	%	42	%	44	%	45	%
Alternative	3	%	3	%	—		—
Cash	2	%	4	%	—		—

Plan Assets Using Fair Value Hierarchy

The fair values of our pension plan assets and their respective levels in the fair value hierarchy as of December 31, 2013 and December 31, 2012 were as follows:

	December 31, 2013
In millions	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	1.8	$	5.9	$	—	$	7.7
Fixed income:
Corporate and non U.S. government	—		262.2		—		262.2
U.S. treasuries	—		75.5		—		75.5
Mortgage-backed securities	—		8.7		—		8.7
Other	—		34.1		—		34.1
Global equity securities:
Mid cap equity	—		7.3		—		7.3
Large cap equity	—		43.5		—		43.5
International equity	—		101.9		—		101.9
Long/short equity	—		0.6		—		0.6
Other investments	—		11.8		19.0		30.8
Total fair value of plan assets	$	1.8	$	551.5	$	19.0	$	572.3

	December 31, 2012
In millions	Level 1		Level 2		Level 3		Total
Cash equivalents	$	6.2	$	21.2	$	—	$	27.4
Fixed income:
Corporate and non U.S. government	—		164.3		—		164.3
U.S. treasuries	—		69.4		—		69.4
Mortgage-backed securities	—		23.4		—		23.4
Other	—		28.1		—		28.1
Global equity securities:
Mid cap equity	—		6.7		—		6.7
Large cap equity	—		89.0		—		89.0
International equity	—		89.8		—		89.8
Long/short equity	—		47.6		—		47.6
Other investments	—		11.2		18.3		29.5
Total fair value of plan assets	$	6.2	$	550.7	$	18.3	$	575.2

Reconciliation of Level 3 Assets

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2013 and 2012, respectively:

In millions	January 1, 2013		Net realized and unrealized gains (losses)		Net issuances and settlements			Net transfers into (out of) level 3		December 31, 2013
Other investments	$	18.3	$	1.9	$	(1.2	)	$	—	$	19.0
Total	$	18.3	$	1.9	$	(1.2	)	$	—	$	19.0

In millions	January 1, 2012		Net realized and unrealized gains (losses)		Net issuances and settlements			Net transfers into (out of) level 3		December 31, 2012
Other investments	$	19.0	$	1.1	$	(1.8	)	$	—	$	18.3
Fixed income investments	1.0		—		(1.0		)	—		—
Total	$	20.0	$	1.1	$	(2.8	)	$	—	$	18.3

Expected Future Service to Be Paid by Plans

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans for the years ended December 31 as follows:

In millions	U.S. pension plans		Non-U.S. pension plans		Other post- retirement plans
2014	$	8.6	$	18.6	$	3.7
2015	9.8		16.2		3.5
2016	12.3		17.2		3.4
2017	13.7		18.5		3.4
2018	16.2		19.8		3.3
2019-2023	103.8		113.1		14.9

Pension benefits

Components of Net Periodic Benefit Cost

Components of net periodic benefit expense (income) for our pension plans for the years ended December 31 were as follows:

	U. S. pension plans									Non-U.S. pension plans
In millions	2013			2012			2011			2013			2012			2011
Service cost	$	15.6		$	12.9		$	10.3		$	8.4		$	3.3		$	2.2
Interest cost	14.3			28.2			28.6			17.9			7.5			4.1
Expected return on plan assets	(9.7		)	(29.4		)	(27.9		)	(15.2		)	(3.9		)	(0.5		)
Amortization of prior year service cost (benefit)	0.4			—			—			(0.2		)	—			—
Net actuarial (gain) loss	(18.3		)	114.3			59.0			(30.0		)	24.2			4.2
Net periodic benefit expense (income)	$	2.3		$	126.0		$	70.0		$	(19.1	)	$	31.1		$	10.0

Post-retirement

Components of Net Periodic Benefit Cost

Components of net periodic benefit expense (income) for our other post-retirement plans for the years ended December 31 were as follows:

	Other post-retirement plans
In millions	2013			2012		2011
Service cost	$	0.3		$	0.2	$	0.2
Interest cost	1.9			1.9		1.9
Amortization of prior year service benefit	(0.8		)	—		—
Net actuarial (gain) loss	(15.9		)	8.1		2.4
Net periodic benefit (income) expense	$	(14.5	)	$	10.2	$	4.5

Benefit Obligations

Weighted-Average Assumptions used to Determine Domestic Benefit Obligations and Domestic Net Periodic Benefit Cost

Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows:

	U.S. pension plans						Non-U.S. pension plans						Other post-retirement plans
Percentages	2013		2012		2011		2013		2012		2011		2013		2012		2011
Discount rate	4.51	%	3.67	%	5.05	%	4.13	%	3.85	%	4.82	%	4.35	%	3.40	%	5.05	%
Rate of compensation increase	4.00	%	4.37	%	4.00	%	3.02	%	3.02	%	2.98	%	—		—		—

Net Periodic Benefit Cost

Weighted-Average Assumptions used to Determine Domestic Benefit Obligations and Domestic Net Periodic Benefit Cost

Weighted-average assumptions used to determine net periodic benefit expense (income) for years ended December 31 were as follows:

	U.S. pension plans						Non-U.S. pension plans						Other post-retirement plans
Percentages	2013		2012		2011		2013		2012		2011		2013		2012		2011
Discount rate	3.67	%	5.05	%	5.90	%	3.85	%	4.82	%	5.13	%	3.40	%	5.05	%	5.90	%
Expected long-term return on plan assets	3.75	%	7.50	%	8.00	%	5.98	%	4.09	%	4.50	%	—		—		—
Rate of compensation increase	4.37	%	4.21	%	4.00	%	3.02	%	2.98	%	2.98	%	—		—		—