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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Plan Obligations and Funded Status | The following tables summarize the balance sheet impact, including the benefit obligations, assets and funded status associated with the Company's four defined benefit plans for non-U.S. participants at December 31, 2015 and 2014. None of these plans are individually significant (in millions).
| December 31,
| 2015 |  | 2014
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 58.3 |  |  | $ | 59.8 |
Benefits earned during the year | 0.3 |  |  | 0.5 |
Interest cost | 2.0 |  |  | 2.5 |
Benefits paid | (2.5 | ) |  | (2.0 | )
Actuarial (loss) gain | (1.4 | ) |  | 6.3 |
Settlement and curtailment gains | (2.0 | ) |  | (4.7 | )
Currency translation and other | (2.6 | ) |  | (4.1 | )
Benefit obligation at end of year | 52.1 |  |  | 58.3 |
Change in plan assets: |  |  |  |  |
Fair value of plan assets at beginning of year | 45.9 |  |  | 45.8 |
Actual return on plan assets | 0.7 |  |  | 4.0 |
Company contributions | 5.0 |  |  | 5.8 |
Benefits paid | (2.5 | ) |  | (2.0 | )
Settlements and curtailments | (2.0 | ) |  | (4.7 | )
Currency translation and other | (2.0 | ) |  | (3.0 | )
Fair value of plan assets at end of year | 45.1 |  |  | 45.9 |
Funded status | $ | (7.0 | ) |  | $ | (12.4 | )
Amounts recognized in the balance sheets consist of: |  |  |  |  |
Other assets and deferred charges | $ | 0.4 |  |  | $ | — |
Accrued compensation and employee benefits | (0.2 | ) |  | (1.8 | )
Other liabilities | (7.2 | ) |  | (10.6 | )
Funded status | $ | (7.0 | ) |  | $ | (12.4 | )
Accumulated Other Comprehensive Loss: |  |  |
Net actuarial losses | $ | 14.8 |  |  | $ | 14.7 |
Deferred taxes | (3.6 | ) |  | (3.6 | )
Total Accumulated Other Comprehensive Loss, net of tax | 11.2 |  |  | 11.1 |
Net amount recognized at December 31, | $ | 4.2 |  |  | $ | (1.3 | )
Accumulated benefit obligations | $ | 50.5 |  |  | $ | 56.2 |
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | Pension plans with accumulated benefit obligations in excess of plan assets consisted of the following at December 31, 2015 and 2014 (in millions):
| December 31,
| 2015 |  | 2014
Projected benefit obligation | $ | 32.4 |  |  | $ | 58.3 |
Accumulated benefit obligation | 31.0 |  |  | 56.2 |
Fair value of plan assets | 25.0 |  |  | 45.9 |
Schedule of Net Periodic Benefit Costs | Components of the net periodic benefit cost were as follows (in millions):
| Non-U.S. Plans
| Years Ended December 31,
| 2015 |  | 2014 |  | 2013
Service cost | $ | 0.3 |  |  | $ | 0.5 |  |  | $ | 0.6 |
Interest cost | 2.0 |  |  | 2.5 |  |  | 2.4 |
Expected return on plan assets | (2.9 | ) |  | (2.8 | ) |  | (2.4 | )
Amortization of recognized actuarial loss | 0.4 |  |  | 0.2 |  |  | 0.2 |
Settlement and curtailment loss | 0.3 |  |  | 0.8 |  |  | 0.4 |
Total net periodic benefit cost | $ | 0.1 |  |  | $ | 1.2 |  |  | $ | 1.2 |
Schedule of Assumptions Used | The assumptions used in determining the benefit obligations were as follows:
| Non-U.S. Plans
| December 31,
| 2015 |  | 2014
Discount rate |  |  |
Austria | 2.10 | % |  | 2.00 | %
Taiwan | 1.10 | % |  | 2.00 | %
United Kingdom | 3.90 | % |  | 3.75 | %
Weighted average | 3.72 | % |  | 3.59 | %
Average wage increase |  |  |
Austria | 3.00 | % |  | N/A |
Taiwan | 4.00 | % |  | 4.00 | %
United Kingdom | 4.25 | % |  | 4.25 | %
Weighted average | 4.16 | % |  | 4.23 | %
The assumptions used in determining the net periodic benefit cost were as follows:
| Years Ended December 31,
| 2015 |  | 2014 |  | 2013
Discount rate |  |  |  |  |
Austria | 2.00 | % |  | 3.25 | % |  | 3.25 | %
Taiwan | 2.00 | % |  | 2.00 | % |  | 1.75 | %
United Kingdom | 3.75 | % |  | 4.50 | % |  | 4.75 | %
Weighted average | 3.59 | % |  | 4.24 | % |  | 4.52 | %
Average wage increase |  |  |  |  |
Austria | N/A |  |  | 3.00 | % |  | 3.00 | %
Taiwan | 4.00 | % |  | 4.00 | % |  | 4.00 | %
United Kingdom | 4.25 | % |  | 4.40 | % |  | 4.00 | %
Weighted average | 4.23 | % |  | 4.05 | % |  | 3.21 | %
Expected return on plan assets |  |  |  |  |
Austria (1) | N/A |  |  | N/A |  |  | N/A |
Taiwan | 1.50 | % |  | 2.00 | % |  | 2.00 | %
United Kingdom | 6.53 | % |  | 6.51 | % |  | 6.50 | %
Weighted average | 6.38 | % |  | 6.35 | % |  | 6.46 | %
(1) This plan is unfunded; therefore, no assumption of an expected return on plan assets is factored into net periodic benefit cost.
Fair Value of Plan Assets by Asset Category | The fair values of plan assets by asset category within the ASC 820 hierarchy were as follows at December 31, 2015 and 2014 (in millions):
| December 31, 2015 |  | December 31, 2014
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income investments | $ | — |  |  | $ | 14.6 |  |  | $ | — |  |  | $ | 14.6 |  |  | $ | — |  |  | $ | 14.6 |  |  | $ | — |  |  | $ | 14.6 |
Common stock funds | — |  |  | 22.7 |  |  | — |  |  | 22.7 |  |  | — |  |  | 24.3 |  |  | — |  |  | 24.3 |
Cash and equivalents | 1.1 |  |  | — |  |  | — |  |  | 1.1 |  |  | 1.1 |  |  | — |  |  | — |  |  | 1.1 |
Other | — |  |  | 6.7 |  |  | — |  |  | 6.7 |  |  | — |  |  | 5.9 |  |  | — |  |  | 5.9 |
Total | $ | 1.1 |  |  | $ | 44.0 |  |  | $ | — |  |  | $ | 45.1 |  |  | $ | 1.1 |  |  | $ | 44.8 |  |  | $ | — |  |  | $ | 45.9 |
Schedule of Expected Benefit Payments | Estimated future benefit payments to retirees, which reflect expected future service, are as follows (in millions):
| Non-U.S. Plans
2016 | $ | 1.8 |
2017 | 1.6 |
2018 | 1.6 |
2019 | 1.8 |
2020 | 1.9 |
2021-2025 | 10.7 |
Non-Qualified Supplemental Retirement Plan |
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Amounts Recognized in Balance Sheet | In connection with the Separation from Dover on February 28, 2014, Dover transferred an unfunded non-qualified supplemental retirement plan liability to Knowles. The net amount recognized on the balance sheet at December 31, 2015 is shown in the table below (in millions).
| December 31, 2015
Accrued compensation and employee benefits | $ | (1.8 | )
Other liabilities | (1.8 | )
Total Accumulated Other Comprehensive Loss, net of tax | 0.3 |
Net amount recognized at December 31, 2015 | $ | (3.3 | )

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