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Pension and Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Change in Benefit Obligation
A reconciliation of the change in benefit obligation and the change in plan assets for the years ended December 31, 2014 and 2013, is shown below (in millions):
 
Pension
 
 
Other Postretirement
 
December 31, 2014
 
December 31, 2013
 
 
December 31, 2014
 
December 31, 2013
 
U.S.
 
Foreign
 
U.S.
 
Foreign
 
 
U.S.
 
Foreign
 
U.S.
 
Foreign
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of period
$
586.7

 
$
459.5

 
$
656.3

 
$
509.2

 
 
$
91.6

 
$
42.4

 
$
102.0

 
$
73.8

Service cost
3.7

 
8.8

 
2.9

 
10.2

 
 
0.2

 
0.9

 
0.1

 
1.1

Interest cost
28.5

 
20.4

 
26.2

 
20.7

 
 
4.0

 
2.0

 
3.6

 
2.0

Amendments and settlements
—

 
—

 
—

 
(13.8
)
 
 
—

 
—

 
—

 
(25.5
)
Actuarial (gain) loss
119.8

 
66.5

 
(79.9
)
 
(24.3
)
 
 
(8.0
)
 
6.9

 
(8.4
)
 
(2.5
)
Benefits paid
(20.9
)
 
(22.4
)
 
(18.8
)
 
(22.8
)
 
 
(4.5
)
 
(2.6
)
 
(5.7
)
 
(2.4
)
Special termination benefits
—

 
—

 
—

 
0.1

 
 
—

 
0.8

 
—

 
0.8

Translation adjustment
—

 
(39.8
)
 
—

 
(19.8
)
 
 
—

 
(3.6
)
 
—

 
(4.9
)
Benefit obligation at end of period
$
717.8

 
$
493.0

 
$
586.7

 
$
459.5

 
 
$
83.3

 
$
46.8

 
$
91.6

 
$
42.4
Change in Plan Assets
 
Pension
 
 
Other Postretirement
 
December 31, 2014
 
December 31, 2013
 
 
December 31, 2014
 
December 31, 2013
 
U.S.
 
Foreign
 
U.S.
 
Foreign
 
 
U.S.
 
Foreign
 
U.S.
 
Foreign
Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of period
$
503.5

 
$
417.0

 
$
417.6

 
$
390.6

 
 
$
—

 
$
—

 
$
—

 
$
—

Actual return on plan assets
34.2

 
40.7

 
79.1

 
57.6

 
 
—

 
—

 
—

 
—

Employer contributions
2.4

 
15.2

 
25.6

 
27.4

 
 
4.5

 
2.6

 
5.7

 
2.4

Benefits paid
(20.9
)
 
(22.4
)
 
(18.8
)
 
(22.8
)
 
 
(4.5
)
 
(2.6
)
 
(5.7
)
 
(2.4
)
Settlements
—

 
—

 
—

 
(13.8
)
 
 
—

 
—

 
—

 
—

Translation adjustment
—

 
(35.4
)
 
—

 
(22.0
)
 
 
—

 
—

 
—

 
—

Fair value of plan assets at end of period
$
519.2

 
$
415.1

 
$
503.5

 
$
417.0

 
 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funded status
$
(198.6
)
 
$
(77.9
)
 
$
(83.2
)
 
$
(42.5
)
 
 
$
(83.3
)
 
$
(46.8
)
 
$
(91.6
)
 
$
(42.4
)
Amounts Recognized in Consolidated Balance Sheet
 
Pension
 
 
Other Postretirement
 
December 31, 2014
 
December 31, 2013
 
 
December 31, 2014
 
December 31, 2013
 
U.S.
 
Foreign
 
U.S.
 
Foreign
 
 
U.S.
 
Foreign
 
U.S.
 
Foreign
Amounts recognized in the consolidated balance sheet:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other long-term assets
$
—

 
$
45.5

 
$
0.3

 
$
62.7

 
 
$
—

 
$
—

 
$
—

 
$
—

Accrued liabilities
(2.5
)
 
(3.0
)
 
(2.3
)
 
(3.5
)
 
 
(5.1
)
 
(2.0
)
 
(6.9
)
 
(2.3
)
Other long-term liabilities
(196.1
)
 
(120.4
)
 
(81.2
)
 
(101.7
)
 
 
(78.2
)
 
(44.8
)
 
(84.7
)
 
(40.1
)
Amounts Recognized in Comprehensive Income (Loss)
Pretax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2014 and 2013, are shown below (in millions):
 
 
Pension
 
 
Other Postretirement
 
December 31, 2014
 
December 31, 2013
 
 
December 31, 2014
 
December 31, 2013
 
U.S.
 
Foreign
 
U.S.
 
Foreign
 
 
U.S.
 
Foreign
 
U.S.
 
Foreign
Actuarial gains (losses) recognized:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclassification adjustments
$
(0.3
)
 
$
1.4

 
$
4.1

 
$
8.9

 
 
$
(0.7
)
 
$
0.1

 
$
(0.1
)
 
$
2.9

Actuarial gain (loss) arising during the period
(123.6
)
 
(53.4
)
 
126.6

 
55.9

 
 
8.0

 
(6.9
)
 
8.4

 
2.5

Prior service cost
recognized:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclassification adjustments
—

 
—

 
—

 
—

 
 
—

 
(0.4
)
 
—

 
(0.4
)
Translation adjustment
—

 
4.5

 
—

 
6.6

 
 
—

 
0.2

 
—

 
0.5

 
$
(123.9
)
 
$
(47.5
)
 
$
130.7

 
$
71.4

 
 
$
7.3

 
$
(7.0
)
 
$
8.3

 
$
5.5
Amounts Recorded in Accumulated Other Comprehensive Loss Not Yet Recognized in Net Periodic Benefit Cost
Pretax amounts recorded in accumulated other comprehensive loss not yet recognized in net periodic benefit cost (credit) as of December 31, 2014 and 2013, are shown below (in millions):
 
Pension
 
 
Other Postretirement
 
December 31, 2014
 
December 31, 2013
 
 
December 31, 2014
 
December 31, 2013
 
U.S.
 
Foreign
 
U.S.
 
Foreign
 
 
U.S.
 
Foreign
 
U.S.
 
Foreign
Net unrecognized actuarial gain (loss)
$
(138.1
)
 
$
(97.6
)
 
$
(14.2
)
 
$
(50.1
)
 
 
$
11.7

 
$
(11.3
)
 
$
4.4

 
$
(4.9
)
Prior service credit
—

 
—

 
—

 
—

 
 
—

 
1.9

 
—

 
2.5

 
$
(138.1
)
 
$
(97.6
)
 
$
(14.2
)
 
$
(50.1
)
 
 
$
11.7

 
$
(9.4
)
 
$
4.4

 
$
(2.4
)
Amounts Recorded in Accumulated Other Comprehensive Loss That Are Expected To Be Recognized As Components of Net Periodic Benefit Cost in Next Fiscal Year
Pretax amounts recorded in accumulated other comprehensive loss as of December 31, 2014, that are expected to be recognized as components of net periodic benefit cost (credit) in the year ending December 31, 2015, are shown below (in millions):
 
Pension
 
 
Other Postretirement
 
U.S.
 
Foreign
 
 
U.S.
 
Foreign
Net unrecognized actuarial gain (loss)
$
(2.6
)
 
$
(3.0
)
 
 
$
1.2

 
$
(0.6
)
Prior service credit
—

 
—

 
 
—

 
0.4

 
$
(2.6
)
 
$
(3.0
)
 
 
$
1.2

 
$
(0.2
)
Pension Plan Assets by Asset Category
With the exception of alternative investments, plan assets are valued at fair value using a market approach and observable inputs, such as quoted market prices in active markets (Level 1 and Level 2
Expected Future Benefit Payments
As of December 31, 2014, the Company’s estimate of expected benefit payments, excluding expected settlements relating to its restructuring actions, in each of the five succeeding years and in the aggregate for the five years thereafter are shown below (in millions):
 
Pension
 
 
Other Postretirement
Year
U.S.
 
Foreign
 
 
U.S.
 
Foreign
2015
$
24.2

 
$
19.0

 
 
$
5.1

 
$
2.0

2016
25.3

 
19.3

 
 
5.2

 
1.3

2017
26.2

 
19.8

 
 
5.3

 
1.4

2018
27.5

 
20.2

 
 
5.4

 
1.5

2019
28.9

 
20.6

 
 
5.5

 
1.5

Five years thereafter
165.0

 
120.6

 
 
26.7

 
10.2
Information Related to Multi-Employer Pension Plans
The Company currently participates in two multi-employer pension plans, the U.A.W. Labor-Management Group Pension Plan and UNITE Here National Retirement Fund, for certain of its employees. Contributions to these plans are based on three collective bargaining agreements. Two of the agreements expire on July 1, 2016, and one expires on April 23, 2015. Detailed information related to these plans is shown below (amounts in millions):
 
Pension Protection Act
Zone Status
 
 
 
 
 
Contributions to Multiemployer Pension Plans
Employer Identification Number
December 31,
2014
Certification
 
December 31,
2013
Certification
 
FIP/RP
Pending or
Implemented
 
Surcharge
 
Year Ended December 31, 2014
 
Year Ended December 31, 2013
 
Year Ended December 31, 2012
516099782-001
Green
 
Green 
 
No
 
No
 
$
0.6

 
$
0.4

 
$
0.5

13-6130178
Red
 
Red
 
Yes
 
Yes
 
0.3

 
0.2

 
0.1
Benefit Obligation  
Weighted Average Actuarial Assumptions Used
The weighted average actuarial assumptions used in determining the benefit obligations are shown below:
 
Pension
 
Other Postretirement
December 31,
2014
 
2013
 
2014
 
2013
Discount rate:
 
 
 
 
 
 
 
Domestic plans
4.1%
 
5.0%
 
3.9%
 
4.5%
Foreign plans
3.6%
 
4.6%
 
4.0%
 
5.0%
Rate of compensation increase:
 
 
 
 
 
 
 
Foreign plans
3.1%
 
4.1%
 
N/A
 
N/A
Net Periodic Benefit Cost  
Weighted Average Actuarial Assumptions Used
The weighted average actuarial assumptions used in determining the net periodic benefit cost (credit) are shown below:
For the year ended December 31,
2014
 
2013
 
2012
Pension
 
 
 
 
 
Discount rate:
 
 
 
 
 
Domestic plans
5.0
%
 
4.1
%
 
4.5
%
Foreign plans
4.7
%
 
4.3
%
 
4.8
%
Expected return on plan assets:
 
 
 
 
 
Domestic plans
7.8
%
 
8.0
%
 
8.0
%
Foreign plans
6.7
%
 
6.7
%
 
6.7
%
Rate of compensation increase:
 
 
 
 
 
Foreign plans
3.4
%
 
4.8
%
 
5.2
%
Other postretirement
 
 
 
 
 
Discount rate:
 
 
 
 
 
Domestic plans
4.5
%
 
3.7
%
 
4.0
%
Foreign plans
5.0
%
 
4.4
%
 
4.5
%
Pension Plans, Defined Benefit  
Components of Net Periodic Benefit Cost
The components of the Company’s net periodic pension benefit cost (credit) are shown below (in millions):
 
Year Ended December 31,
 
2014
 
2013
 
2012
Pension
U.S.
 
Foreign
 
U.S
 
Foreign
 
U.S.
 
Foreign
Service cost
$
3.7

 
$
8.8

 
$
2.9

 
$
10.2

 
$
3.2

 
$
9.6

Interest cost
28.5

 
20.4

 
26.2

 
20.7

 
25.4

 
21.0

Expected return on plan assets
(38.1
)
 
(27.0
)
 
(32.4
)
 
(25.1
)
 
(28.4
)
 
(23.1
)
Amortization of actuarial loss
(0.3
)
 
1.3

 
4.1

 
6.4

 
3.9

 
5.8

Settlement loss
0.1

 
—

 
—

 
2.5

 
0.6

 
—

Net periodic benefit cost (credit)
$
(6.1
)
 
$
3.5

 
$
0.8

 
$
14.7

 
$
4.7

 
$
13.3
Other Postretirement Benefit Plans, Defined Benefit  
Components of Net Periodic Benefit Cost
The components of the Company’s net periodic other postretirement benefit cost (credit) are shown below (in millions):
 
Year Ended December 31,
 
2014
 
2013
 
2012
Other Postretirement
U.S.
 
Foreign
 
U.S
 
Foreign
 
U.S.
 
Foreign
Service cost
$
0.2

 
$
0.9

 
$
0.1

 
$
1.1

 
$
0.5

 
$
1.0

Interest cost
4.0

 
2.0

 
3.6

 
2.0

 
4.4

 
3.2

Amortization of actuarial (gain) loss
(0.7
)
 
0.1

 
(0.1
)
 
0.3

 
0.3

 
0.3

Amortization of prior service credit
—

 
(0.4
)
 
—

 
(0.4
)
 
—

 
(0.2
)
Special termination benefits
—

 
0.8

 
—

 
0.7

 
—

 
0.4

Settlement gain
—

 
—

 
—

 
(5.9
)
 
(5.4
)
 
—

Net periodic benefit cost (credit)
$
3.5

 
$
3.4

 
$
3.6

 
$
(2.2
)
 
$
(0.2
)
 
$
4.7