OTHER EXPENSE, NET

Items included in other expense, net consist of:



	Year Ended December 31,
(millions of dollars)	2015			2014			2013
Restructuring expense	$	65.7		$	90.8		$	39.8
Pension settlement	25.7			3.1			—
Merger and acquisition expense	21.8			—			—
Gain on previously held equity interest	(10.8		)	—			—
Intangible asset impairment	—			10.3			12.5
Program termination agreement	—			—			11.3
Retirement related obligations	—			—			5.9
Other	(1.0		)	(10.4		)	(6.9		)
Other expense, net	$	101.4		$	93.8		$	62.6

During the years ended December 31, 2015, 2014 and 2013, the Company recorded restructuring expense of $65.7 million, $90.8 million and $39.8 million, respectively, primarily related to Drivetrain and Engine segment actions designed to improve future profitability and competitiveness. The restructuring expense also includes amounts related to a global realignment plan intended to enhance treasury management flexibility. See the Restructuring footnote to the Consolidated Financial Statements for further discussion of these expenses.

During the fourth quarter of 2015, the Company settled approximately $48 million of its projected benefit obligation by transferring approximately $48 million in plan assets through a lump-sum pension de-risking disbursement made to an insurance company. This agreement unconditionally and irrevocably guarantees all future payments to certain participants that were receiving payments from the U.S. pension plan. The insurance company assumes all investment risk associated with the assets that were delivered as part of this transaction. As a result, the Company recorded a non-cash settlement loss of $25.7 million related to the accelerated recognition of unamortized losses. Additionally, during the third quarter of 2014, the Company discharged certain U.S. pension plan obligations by making lump-sum payments to former employees of the Company. As a result of this action, the Company recorded a settlement loss of $3.1 million in the U.S. pension plan.

During the fourth quarter of 2015, the Company acquired 100% of the equity interests in Remy. During the year ended December 31, 2015, the Company incurred $21.8 million of merger and acquisition expenses primarily related to this transaction. This amount includes $13.0 million related to investment banker fees and $8.8 million related to other professional fees. See the Recent Transactions footnote to the Consolidated Financial Statements for further discussion of this acquisition.

During the first quarter of 2015, the Company completed the purchase of the remaining 51% of BERU Diesel Start Systems Pvt. Ltd. ("BERU Diesel") by acquiring the shares of its former joint venture partner. As a result of this transaction, the Company recorded a $10.8 million gain on the previously held equity interest in this joint venture. See the Recent Transactions footnote to the Consolidated Financial Statements for further discussion of this acquisition.

During the fourth quarter of 2014, the Company recorded intangible asset impairment losses of $10.3 million related to Engine segment unamortized trade names. Additionally, during the fourth quarter of 2013, the Company recorded intangible asset impairment losses of $12.5 million related to Drivetrain segment customer relationships and an Engine segment unamortized trade name.

During the first quarter of 2013, the Company recorded an $11.3 million expense related to a program termination agreement, which was paid in 2013.

During the fourth quarter of 2012, the Company waived the forfeiture provision associated with future restricted stock grants made to certain retiring Named Executive Officers ("NEOs"). The Company recorded a $5.9 million retirement related obligation primarily related to a first quarter 2013 grant of restricted stock awards to these NEOs.