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Pension Plans (Tables)

12 Months Ended

Dec. 31, 2013

United Kingdom Plan [Member]

Defined Benefit Pension Plan

(in millions)		2013				2012				2011
Plan net pension charge/(credit):
Service cost		$	1.6			$	1.6			$	1.6
Interest cost on PBO			31.3				32.2				36.6
Expected return on plan assets			(35.5	)			(34.1	)			(36.7	)
Amortization of prior service credit			(1.3	)			(1.3	)			(1.3	)
Amortization of actuarial net losses			6.2				3.2				2.7
		$	2.3			$	1.6			$	2.9
Plan assumptions at December 31, (%):
Discount rate			4.40				4.15				4.75
Inflation rate			2.55				2.20				2.15
Rate of return on plan assets – overall on bid-value			4.85				4.90				4.85
Rate of return on plan assets – equity securities			7.50				7.25				7.70
Rate of return on plan assets – debt securities			3.40				3.65				3.60
Plan asset allocation by category (%):
Equity securities			35				33				29
Debt securities			61				61				66
Cash			4				6				5
			100				100				100

Movement in PBO and Fair Value of Plan Assets

Movements in PBO and fair value of Plan assets are as follows:

(in millions)		2013				2012
Change in PBO:
Opening balance		$	805.3			$	687.4
Interest cost			31.3				32.2
Service cost			1.6				1.6
Benefits paid			(39.4	)			(43.9	)
Actuarial losses/(gains)			5.9				94.4
Exchange effect			15.1				33.6
Closing balance		$	819.8			$	805.3
Fair value of plan assets:
Opening balance		$	768.6			$	708.8
Actual benefits paid			(39.4	)			(43.9	)
Actual contributions by employer			10.8				9.2
Actual return on assets			35.5				61.2
Exchange effect			14.8				33.3
Closing balance		$	790.3			$	768.6

Fair Value of Pension Assets

The fair values of pension assets by level of input were as follows:

(in millions)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
At December 31, 2013
Fixed income securities:
Debt securities issued by U.S. government and government agencies		$	1.3			$				$				$	1.3
Debt securities issued by non-U.S. governments and government agencies			198.7												198.7
Corporate debt securities			275.5												275.5
Residential mortgage-backed securities			0.2												0.2
Other asset-backed securities			3.8												3.8
Equity securities:
Equity securities held for proprietary investment purposes			156.7												156.7
Real estate			61.4												61.4
Other assets							25.3				38.3				63.6
Total assets at fair value			697.6				25.3				38.3				761.2
Cash			29.1												29.1
Total plan assets		$	726.7			$	25.3			$	38.3			$	790.3
At December 31, 2012
Fixed income securities:
Debt securities issued by U.S. government and government agencies		$	1.6			$				$				$	1.6
Debt securities issued by non-U.S. governments and government agencies			191.3												191.3
Corporate debt securities			284.6												284.6
Residential mortgage-backed securities			0.2												0.2
Other asset-backed securities			3.1												3.1
Equity securities:
Equity securities held for proprietary investment purposes			134.8												134.8
Real estate			33.2												33.2
Other assets							39.0				31.0				70.0
Total assets at fair value			648.8				39.0				31.0				718.8
Cash			49.8												49.8
Total plan assets		$	698.6			$	39.0			$	31.0			$	768.6

Reconciliation of Fair Value of Plan Assets

The reconciliation of the fair value of the Plan assets using significant unobservable inputs (Level 3) was as follows:

(in millions)		Other Assets
Balance at December 31, 2011		$	28.1
Realized/unrealized gains/(losses):
Relating to assets still held at the reporting date			1.3
Relating to assets sold during the period			0.0
Purchases, issuances and settlements			0.5
Exchange effect			1.1
Balance at December 31, 2012			31.0
Realized/unrealized gains/(losses):
Relating to assets still held at the reporting date			3.5
Relating to assets sold during the period			0.0
Purchases, issuances and settlements			3.6
Exchange effect			0.2
Balance at December 31, 2013		$	38.3

Plan Net Pension Charge

The projected net pension charge for the year ending December 31, 2014 is as follows:

(in millions)
Service cost		$	1.7
Interest cost on PBO			34.7
Expected return on plan assets			(37.3	)
Amortization of prior service credit			(1.3	)
Amortization of actuarial net losses			5.5
		$	3.3

Expected Benefit Payments

The following benefit payments are expected to be made:

(in millions)
2014		$	49.7
2015		$	47.0
2016		$	47.9
2017		$	48.5
2018		$	49.2
2019 – 2023		$	258.0

German Plan [Member]

Movement in PBO and Fair Value of Plan Assets

Movements in PBO of the German plan are as follows:

(in millions)		2013				2012
Change in PBO:
Opening balance		$	9.3			$	6.3
Service cost			0.2				0.1
Interest cost			0.3				0.3
Amortization of prior service cost/(credit)			(0.1	)			0.0
Benefits paid			(0.2	)			(0.2	)
Actuarial losses/(gains)			(0.4	)			2.6
Exchange effect			0.5				0.2
Closing balance		$	9.6			$	9.3

Unfunded Defined Benefit Pension Plan

(in millions)		2013				2012				2011
German plan net pension charge:
Service cost		$	0.2			$	0.1			$	0.2
Interest cost on PBO			0.3				0.3				0.3
Amortization of prior service cost/(credit)			(0.1	)			0.0				0.0
Amortization of actuarial net loss/(gain)			0.2				0.0				0.0
		$	0.6			$	0.4			$	0.5
German plan assumptions (%):
Discount rate			3.50				3.25				5.00
Inflation rate			2.00				2.00				2.00
Rate of increase in compensation levels			2.75				2.75				2.75

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