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Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2014
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, 2014 and 2013:
| U.S. pension plans |  | Non-U.S. pension plans |  | Other post-retirement plans
In millions | 2014 | 2013 |  | 2014 | 2013 |  | 2014 | 2013
Change in benefit obligations |  |  |  |  |  |  |  |
Benefit obligation beginning of year | $ | 346.9 |  | $ | 394.3 |  |  | $ | 462.0 |  | $ | 460.8 |  |  | $ | 42.4 |  | $ | 59.3 |
Service cost | 13.1 |  | 15.6 |  |  | 7.4 |  | 8.4 |  |  | 0.2 |  | 0.3 |
Interest cost | 15.4 |  | 14.3 |  |  | 17.3 |  | 17.9 |  |  | 1.7 |  | 1.9 |
Actuarial loss (gain) | 50.1 |  | (56.9 | ) |  | 73.0 |  | (16.6 | ) |  | 0.3 |  | (15.9 | )
Translation loss (gain) | — |  | — |  |  | (36.6 | ) | 9.7 |  |  | — |  | — |
Benefits paid | (9.3 | ) | (20.4 | ) |  | (17.9 | ) | (18.2 | ) |  | (3.1 | ) | (3.2 | )
Benefit obligation end of year | $ | 416.2 |  | $ | 346.9 |  |  | $ | 505.2 |  | $ | 462.0 |  |  | $ | 41.5 |  | $ | 42.4 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets beginning of year | $ | 285.8 |  | $ | 326.2 |  |  | $ | 286.5 |  | $ | 249.0 |  |  | $ | — |  | $ | — |
Actual return on plan assets | 63.7 |  | (28.9 | ) |  | 35.2 |  | 28.6 |  |  | — |  | — |
Company contributions | 3.7 |  | 8.9 |  |  | 20.9 |  | 21.9 |  |  | 3.1 |  | 3.2 |
Translation gain (loss) | — |  | — |  |  | (15.0 | ) | 5.2 |  |  | — |  | — |
Benefits paid | (9.3 | ) | (20.4 | ) |  | (17.9 | ) | (18.2 | ) |  | (3.1 | ) | (3.2 | )
Fair value of plan assets end of year | $ | 343.9 |  | $ | 285.8 |  |  | $ | 309.7 |  | $ | 286.5 |  |  | $ | — |  | $ | — |
Funded status |  |  |  |  |  |  |  |
Benefit obligations in excess of the fair value of plan assets | $ | (72.3 | ) | $ | (61.1 | ) |  | $ | (195.5 | ) | $ | (175.5 | ) |  | $ | (41.5 | ) | $ | (42.4 | )
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 | 2014 | 2013 |  | 2014 | 2013 |  | 2014 | 2013
Other non-current assets | $ | 2.7 |  | $ | 0.7 |  |  | $ | 6.5 |  | $ | 3.7 |  |  | $ | — |  | $ | — |
Current liabilities | (4.0 | ) | (3.9 | ) |  | (4.7 | ) | (4.7 | ) |  | (3.4 | ) | (3.7 | )
Non-current liabilities | (71.0 | ) | (57.9 | ) |  | (197.3 | ) | (174.5 | ) |  | (38.1 | ) | (38.7 | )
Benefit obligations in excess of the fair value of plan assets | $ | (72.3 | ) | $ | (61.1 | ) |  | $ | (195.5 | ) | $ | (175.5 | ) |  | $ | (41.5 | ) | $ | (42.4 | )
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 was as follows:
| Projected benefit obligation exceeds the fair value of plan assets |  | Accumulated benefit obligation exceeds the fair value of plan assets
In millions | 2014 | 2013 |  | 2014 | 2013
U.S. pension plans |  |  |  |  |
Projected benefit obligation | $ | 92.5 |  | $ | 76.3 |  |  | $ | 92.5 |  | $ | 76.3 |
Fair value of plan assets | 17.5 |  | 14.5 |  |  | 17.5 |  | 14.5 |
Accumulated benefit obligation | N/A |  | N/A |  |  | 85.1 |  | 73.1 |
Non-U.S. pension plans |  |  |  |  |
Projected benefit obligation | $ | 460.0 |  | $ | 438.2 |  |  | $ | 453.2 |  | $ | 420.4 |
Fair value of plan assets | 258.1 |  | 259.0 |  |  | 252.3 |  | 244.5 |
Accumulated benefit obligation | N/A |  | N/A |  |  | 440.9 |  | 411.5 |
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 | 2014 | 2013 | 2012 |  | 2014 | 2013 | 2012 |  | 2014 | 2013 | 2012
Discount rate | 4.51 | % | 3.67 | % | 5.05 | % |  | 4.13 | % | 3.85 | % | 4.82 | % |  | 4.35 | % | 3.40 | % | 5.05 | %
Expected long-term return on plan assets | 4.56 | % | 3.75 | % | 7.50 | % |  | 5.95 | % | 5.98 | % | 4.09 | % |  | — | — | —
Rate of compensation increase | 4.00 | % | 4.37 | % | 4.21 | % |  | 3.02 | % | 3.02 | % | 2.98 | % |  | — | — | —
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 | 2014 | 2013 | 2012 |  | 2014 | 2013 | 2012 |  | 2014 | 2013 | 2012
Discount rate | 3.63 | % | 4.51 | % | 3.67 | % |  | 3.04 | % | 4.13 | % | 3.85 | % |  | 3.60 | % | 4.35 | % | 3.40 | %
Rate of compensation increase | 4.00 | % | 4.00 | % | 4.37 | % |  | 2.95 | % | 3.02 | % | 3.02 | % |  | — | — | —
Assumed Health Care Cost Trend Rates | The assumed healthcare cost trend rates for other post-retirement plans as of December 31 were as follows:
| 2014 | 2013
Healthcare cost trend rate assumed for following year | 6.8 | % | 7.0 | %
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, 2014:
| 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 | 1.0 |  | (0.9 | )
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 | 2014 | 2013 |  | 2014 | 2013
Fixed income | 97 | % | 92 | % |  | 100 | % | 100 | %
Alternative | 3 | % | 7 | % |  | — |  | — |
Cash | — | % | 1 | % |  | — |  | — |
| Non-U.S. pension plans
| Actual |  | Target
Percentages | 2014 | 2013 |  | 2014 | 2013
Equity securities | 40 | % | 54 | % |  | 45 | % | 56 | %
Fixed income | 53 | % | 41 | % |  | 55 | % | 44 | %
Alternative | 5 | % | 3 | % |  | — |  | — |
Cash | 2 | % | 2 | % |  | — |  | — |
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, 2014 and December 31, 2013 were as follows:
| December 31, 2014
In millions | Level 1 | Level 2 | Level 3 | Total
Cash and cash equivalents | $ | 3.1 |  | $ | 4.5 |  | $ | — |  | $ | 7.6 |
Fixed income: |  |  |  |
Corporate and non U.S. government | — |  | 373.6 |  | — |  | 373.6 |
U.S. treasuries | — |  | 70.7 |  | — |  | 70.7 |
Mortgage-backed securities | — |  | 8.3 |  | — |  | 8.3 |
Other | — |  | 45.5 |  | — |  | 45.5 |
Global equity securities: |  |  |  |
Mid cap equity | — |  | 3.1 |  | — |  | 3.1 |
Large cap equity | — |  | 43.7 |  | — |  | 43.7 |
International equity | — |  | 77.0 |  | — |  | 77.0 |
Other investments | — |  | 17.4 |  | 6.7 |  | 24.1 |
Total fair value of plan assets | $ | 3.1 |  | $ | 643.8 |  | $ | 6.7 |  | $ | 653.6 |
| 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 |
Reconciliation of Level 3 Assets | The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2014 and 2013, respectively:
In millions | January 1, 2014 | Net realized and unrealized gains (losses) | Net issuances and settlements | Net transfers into (out of) level 3 | December 31, 2014
Other investments | $ | 19.0 |  | $ | 0.7 |  | $ | (11.8 | ) | $ | (1.2 | ) | $ | 6.7 |
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 |
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
2015 | $ | 10.0 |  | $ | 15.0 |  | $ | 3.4 |
2016 | 12.2 |  | 15.9 |  | 3.3 |
2017 | 13.7 |  | 17.1 |  | 3.2 |
2018 | 16.2 |  | 18.1 |  | 3.1 |
2019 | 18.7 |  | 18.9 |  | 3.1 |
Thereafter | 109.7 |  | 108.4 |  | 13.8 |
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 | 2014 | 2013 | 2012 |  | 2014 | 2013 | 2012
Service cost | $ | 13.1 |  | $ | 15.6 |  | $ | 12.9 |  |  | $ | 7.4 |  | $ | 8.4 |  | $ | 3.3 |
Interest cost | 15.4 |  | 14.3 |  | 28.2 |  |  | 17.3 |  | 17.9 |  | 7.5 |
Expected return on plan assets | (10.5 | ) | (9.7 | ) | (29.4 | ) |  | (15.9 | ) | (15.2 | ) | (3.9 | )
Amortization of prior year service cost (benefit) | — |  | 0.4 |  | — |  |  | — |  | (0.2 | ) | — |
Net actuarial (gain) loss | (3.1 | ) | (18.3 | ) | 114.3 |  |  | 50.3 |  | (30.0 | ) | 24.2 |
Net periodic benefit expense (income) | $ | 14.9 |  | $ | 2.3 |  | $ | 126.0 |  |  | $ | 59.1 |  | $ | (19.1 | ) | $ | 31.1 |
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 | 2014 | 2013 | 2012
Service cost | $ | 0.2 |  | $ | 0.3 |  | $ | 0.2 |
Interest cost | 1.7 |  | 1.9 |  | 1.9 |
Amortization of prior year service benefit | — |  | (0.8 | ) | — |
Net actuarial loss (gain) | 0.3 |  | (15.9 | ) | 8.1 |
Net periodic benefit expense (income) | $ | 2.2 |  | $ | (14.5 | ) | $ | 10.2 |

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