Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of entity's multiemployer benefit plan

Pension Fund

EIN Pension
Plan Number

Pension
Protection
Act Zone
Status — 2014

Financial
Improvement
Plan /
Rehabilitation
Plan Status
Pending

2014
Contributions

2013
Contributions

Surcharge
Imposed

Expiration Date
of Collective
Bargaining
Agreement

IAM

51-6031295-002

Green

0.1

0.4

August 10, 2017

Pension plans

Employee Benefit Plans

Schedule of the fair value of plan assets by asset class

The fair values of pension plan assets at December 31, 2014, by asset class, were as follows:

	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds(1)	$	178.2	$	15.1	$	163.1	$	—
Corporate bonds		36.5		36.5		—		—
Non-U.S. Government securities		28.5		—		28.5		—
U.S. Government securities		12.0		12.0		—		—
Equity securities:
Global equity common trust funds(2)		162.8		15.0		142.9		4.9
Global equities:
Finance		2.1		2.1		—		—
Capital equipment		1.9		1.9		—		—
Consumer goods		1.7		1.7		—		—
Materials		1.6		1.6		—		—
Services		0.8		0.8		—		—
Energy		0.2		0.2		—		—
Miscellaneous		4.6		4.6		—		—
Alternative investments:
Commingled global fund allocations(3)		36.3		10.5		25.8		—
Other:
Short-term investments(4)		19.7		19.7		—		—
Other(5)		5.5		0.3		—		5.2

Total	$	492.4	$	122.0	$	360.3	$	10.1

The fair values of pension plan assets at December 31, 2013, by asset class, were as follows:

	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds(1)	$	212.2	$	27.8	$	184.4	$	—
Non-U.S. Government securities		42.4		—		42.4		—
Equity securities:
Global equity common trust funds(2)		247.2		37.9		202.5		6.8
Global equities:
Finance		3.4		3.4		—		—
Capital equipment		4.8		4.8		—		—
Consumer goods		3.2		3.2		—		—
Materials		2.9		2.9		—		—
Services		1.4		1.4		—		—
Energy		1.9		1.9		—		—
Miscellaneous		8.9		8.9		—		—
Alternative investments:
Commingled global fund allocations(3)		71.5		20.0		51.5		—
Other:
Short-term investments(4)		163.7		163.7		—		—
Other(5)		6.9		0.5		—		6.4

Total	$	770.4	$	276.4	$	480.8	$	13.2

(1)	This class represents investments in actively managed common trust funds that invest in a variety of fixed income investments, which may include corporate bonds, both U.S. and non-U.S. municipal securities, interest rate swaps, options and futures. The funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. The investments are valued based on yields currently available for comparable securities of issuers with similar credit ratings. The Level of the fund(s) (Level 1, 2 or 3) is determined based on the classification of the significant holdings within the fund.
(2)	This class represents investments in actively managed common trust funds that invest primarily in equity securities, which may include common stocks, options and futures. The funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. The investments are valued based on market values and yields currently available for comparable securities of issuers with similar credit ratings. The Level of the fund(s) (Level 1, 2 or 3) is determined based on the classification of the significant holdings within the fund.
(3)	This class represents investments in actively managed common trust funds with investments in both equity and debt securities. The investments may include common stock, corporate bonds, U.S. and non-U.S. municipal securities, interest rate swaps, options and futures. The funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. The investments are valued based on market values and yields currently available for comparable securities of issuers with similar credit ratings. The Level of the fund(s) (Level 1, 2 or 3) is determined based on the classification of the significant holdings within the fund.
(4)	Short-term investments are valued at $1.00/unit, which approximates fair value. Amounts are generally invested in actively managed common trust funds or interest-bearing accounts.
(5)	This category represents investments in insurance contracts, private equity and publicly traded real estate investment trusts. The insurance contracts and private equity investments are valued using unobservable inputs from the fund manager, primarily based on discounted cash flows models.

Schedule of changes in the fair value of Level 3 assets

	Global Equity Common Trust Funds			Commingled Global Fund Allocations			Fixed Income Common Trust Funds			Other			Total
Balance at December 31, 2012	$	29.0		$	155.6		$	1.4		$	7.4		$	193.4
Transfers from Level 3 to Level 2 assets		—			(105.6	)		—			—			(105.6	)
Realized gains		—			0.9			—			—			0.9
Unrealized gains (losses) relating to instruments still held at period end		0.4			—			—			(0.1	)		0.3
Purchases		3.1			—			—			—			3.1
Sales		(25.7	)		(50.9	)		(1.4	)		(0.9	)		(78.9	)

Balance at December 31, 2013		6.8			—			—			6.4			13.2
Unrealized gains relating to instruments still held at period end		0.2			—			—			—			0.2
Sales		(2.1	)		—			—			(1.2	)		(3.3	)

Balance at December 31, 2014	$	4.9		$	—		$	—		$	5.2		$	10.1

Schedule of estimated minimum benefit payments

Estimated future benefit payments:
(Domestic and foreign pension plans)

	Domestic Pension Benefits		Foreign Pension Benefits
2015	$	22.0	$	6.4
2016		78.7		7.6
2017		19.5		8.4
2018		20.1		9.3
2019		21.2		10.4
Subsequent five years		125.7		53.8

Schedule of funded status of the pension plans and amounts recognized in consolidated balance sheets

	Domestic Pension Plans						Foreign Pension Plans
	2014			2013			2014			2013
Change in projected benefit obligation:
Projected benefit obligation — beginning of year	$	568.8		$	1,345.8		$	335.6		$	323.0
Service cost		7.1			7.6			2.6			2.7
Interest cost		19.9			45.6			13.8			13.4
Employee contributions		—			—			0.1			0.2
Actuarial losses (gains)		59.5			(49.8	)		55.3			9.6
Settlements(1)		(160.4	)		(708.8	)		(127.7	)		—
Plan amendment		—			—			(0.2	)		—
Benefits paid		(39.6	)		(71.6	)		(16.0	)		(14.8	)
Foreign exchange and other		—			—			(23.9	)		1.5

Projected benefit obligation — end of year	$	455.3		$	568.8		$	239.6		$	335.6

⁽¹⁾

Settlements in 2013 include $663.7 that the U.S. Plan paid Mass Mutual to irrevocably assume the obligation to make future pension payments to approximately 16,000 retirees of the U.S. Plan beginning in the second quarter of 2014 and other lump sum settlements of $45.1 paid to U.S. Plan participants during 2013.

	Domestic Pension Plans						Foreign Pension Plans
	2014			2013			2014			2013
Change in plan assets:
Fair value of plan assets — beginning of year	$	467.3		$	936.8		$	303.1		$	277.0
Actual return on plan assets		28.1			26.7			32.9			19.1
Contributions (employer and employee)		10.3			284.2			10.8			16.8
Settlements		(160.4	)		(708.8	)		(127.7	)		—
Benefits paid		(39.6	)		(71.6	)		(12.8	)		(11.1	)
Foreign exchange and other		—			—			(19.6	)		1.3

Fair value of plan assets — end of year	$	305.7		$	467.3		$	186.7		$	303.1


Funded status at year-end		(149.6	)		(101.5	)		(52.9	)		(32.5	)
Amounts recognized in the consolidated balance sheets consist of:
Other assets	$	3.3		$	38.2		$	15.6		$	36.2
Accrued expenses		(10.3	)		(8.9	)		(2.4	)		(2.7	)
Other long-term liabilities		(142.6	)		(130.8	)		(66.1	)		(66.0	)

Net amount recognized	$	(149.6	)	$	(101.5	)	$	(52.9	)	$	(32.5	)


Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits	$	(0.2	)	$	(0.1	)	$	(0.2	)	$	(0.1	)

Schedule of accumulated benefit obligations in excess of the fair value of plan assets

	Domestic Pension Plans				Foreign Pension Plans
	2014		2013		2014		2013
Projected benefit obligation	$	153.9	$	140.5	$	118.6	$	117.7
Accumulated benefit obligation		151.0		135.9		115.4		114.3
Fair value of plan assets		1.0		0.9		50.1		49.0

Schedule of actuarial assumptions used in accounting for pension plans

	Year ended December 31,
	2014			2013			2012
Domestic Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate		4.54	%		3.85	%		4.69	%
Rate of increase in compensation levels		3.75	%		3.75	%		3.75	%
Expected long-term rate of return on assets		6.76	%		7.25	%		7.25	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate		3.90	%		4.77	%		3.74	%
Rate of increase in compensation levels		3.75	%		3.75	%		3.75	%
Foreign Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate		4.23	%		4.35	%		5.10	%
Rate of increase in compensation levels		3.92	%		3.91	%		3.92	%
Expected long-term rate of return on assets		5.78	%		6.45	%		6.56	%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate		3.31	%		4.23	%		4.35	%
Rate of increase in compensation levels		3.87	%		3.92	%		3.91	%

Domestic Pension Plans

Employee Benefit Plans

Schedule of actual asset allocation percentages of each class of the entity's plan assets along with targeted asset investment allocation percentages

Domestic Pension Plans

	Actual Allocations						Mid-point of Target Allocation Range
	2014			2013			2014
Fixed income common trust funds		53	%		20	%		49	%
Commingled global fund allocation		12	%		15	%		18	%
Corporate bonds		12	%		0	%		12	%
Global equity common trust funds		11	%		25	%		10	%
Global equities		4	%		6	%		5	%
U.S. Government securities		4	%		0	%		4	%
Short-term investments(1)		3	%		33	%		0	%
Other(2)		1	%		1	%		2	%

Total		100	%		100	%		100	%

(1)	Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.
(2)	Assets included in this class at December 31, 2014 and 2013 are comprised primarily of insurance contracts, private equity and publicly traded real estate trusts.

Schedule of net periodic benefit (income) expense

Domestic Pension Plans

	Year ended December 31,
	2014			2013			2012
Service cost	$	7.1		$	7.6		$	9.8
Interest cost		19.9			45.6			54.4
Expected return on plan assets		(19.5	)		(73.2	)		(61.8	)
Amortization of unrecognized prior service credits		—			—			(0.6	)
Recognized net actuarial losses (gains)(1)		50.9			(3.3	)		121.4

Total net periodic pension benefit expense (income)	$	58.4		$	(23.3	)	$	123.2

(1)	Consists primarily of our reported actuarial losses (gains), the difference between actual and expected returns on plan assets, settlement gains (losses) and, to a lesser extent, curtailments.

Foreign Pension Plans

Employee Benefit Plans

Schedule of actual asset allocation percentages of each class of the entity's plan assets along with targeted asset investment allocation percentages

Foreign Pension Plans

	Actual Allocations						Mid-point of Target Allocation Range
	2014			2013			2014
Global equity common trust funds		69	%		43	%		44	%
Fixed income common trust funds		8	%		40	%		31	%
Non-U.S. Government securities		15	%		14	%		22	%
Short-term investments(1)		6	%		2	%		1	%
Other(2)		2	%		1	%		2	%

Total		100	%		100	%		100	%

(1)	Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.
(2)	Assets included in this class comprised primarily insurance contracts.

Schedule of net periodic benefit (income) expense

Foreign Pension Plans

	Year ended December 31,
	2014			2013			2012
Service cost	$	2.6		$	2.7		$	2.8
Interest cost		13.8			13.4			14.6
Expected return on plan assets		(17.6	)		(17.6	)		(16.6	)
Settlement loss(1)		15.0			—			—
Recognized net actuarial losses(2)		25.0			8.2			23.6

Total net periodic pension benefit expense		38.8			6.7			24.4
Less: Net periodic pension income (expense) of discontinued operations		(3.0	)		2.8			(2.1	)

Net periodic pension benefit expense of continuing operations	$	35.8		$	9.5		$	22.3

(1)	Includes the settlement loss recorded in connection with the transfer of the pension obligation for the retirees of the U.K. Plan to Just Retirement.
(2)	Consists of our reported actuarial losses and the difference between actual and expected returns on plan assets.

Postretirement Plans

Employee Benefit Plans

Schedule of estimated future benefit payments and expected federal subsidies

	Postretirement Payments, net of Subsidies		Postretirement Subsidies
2015	$	12.8	$	0.5
2016		12.3		0.5
2017		11.7		0.5
2018		11.1		0.5
2019		10.6		0.5
Subsequent five years		44.4		2.2

Schedule of funded status of the pension plans and amounts recognized in consolidated balance sheets


	Postretirement Benefits
	2014			2013
Change in accumulated postretirement benefit obligation:
Accumulated postretirement benefit obligation — beginning of year	$	131.5		$	148.7
Service cost		0.4			0.5
Interest cost		5.3			4.8
Actuarial losses (gains)		14.2			(7.8	)
Benefits paid		(13.7	)		(14.7	)
Plan amendment		(7.5	)		—

Accumulated postretirement benefit obligation — end of year	$	130.2		$	131.5


Funded status at year-end	$	(130.2	)	$	(131.5	)
Amounts recognized in the consolidated balance sheets consist of:
Accrued expenses	$	(12.6	)	$	(13.7	)
Other long-term liabilities		(117.6	)		(117.8	)

Net amount recognized	$	(130.2	)	$	(131.5	)


Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits	$	(7.5	)	$	(0.3	)

Schedule of net periodic benefit (income) expense

	Year ended December 31,
	2014			2013			2012
Service cost	$	0.4		$	0.5		$	0.5
Interest cost		5.3			4.8			6.1
Amortization of unrecognized prior service credits		(0.3	)		(1.4	)		(1.4	)
Recognized net actuarial losses (gains)		14.2			(7.8	)		7.3

Net periodic postretirement benefit expense (income)	$	19.6		$	(3.9	)	$	12.5

Schedule of actuarial assumptions used in accounting for plans

	Year ended December 31,
	2014			2013			2012
Assumed health care cost trend rates:
Health care cost trend rate for next year		6.79	%		6.98	%		7.13	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		5.00	%		5.00	%		5.00	%
Year that the rate reaches the ultimate trend rate		2024			2024			2019
Discount rate used in determining net periodic postretirement benefit expense		4.23	%		3.37	%		4.36	%
Discount rate used in determining year-end postretirement benefit obligation		3.55	%		4.23	%		3.37	%