Employee Benefit Plans (Tables)

12 Months Ended

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	)