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Pension Plans (Tables)

12 Months Ended

Dec. 31, 2014

United Kingdom Plan [Member]

Defined Benefit Pension Plan

(in millions)		2014				2013				2012
Plan net pension charge/(credit):
Service cost		$	1.7			$	1.6			$	1.6
Interest cost on PBO			34.7				31.3				32.2
Expected return on plan assets			(37.2	)			(35.5	)			(34.1	)
Amortization of prior service credit			(1.3	)			(1.3	)			(1.3	)
Amortization of actuarial net losses			5.4				6.2				3.2
		$	3.3			$	2.3			$	1.6
Plan assumptions at December 31, (%):
Discount rate			3.55				4.40				4.15
Inflation rate			2.15				2.55				2.20
Rate of return on plan assets – overall on bid-value			4.05				4.85				4.90
Rate of return on plan assets – equity securities			6.50				7.50				7.25
Rate of return on plan assets – debt securities			2.75				3.40				3.65

Plan asset allocation by category (%):
Equity securities			32				35				33
Debt securities			63				61				61
Cash			5				4				6
			100				100				100

Movements in PBO and Fair Value of Plan Assets

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

(in millions)		2014				2013
Change in PBO:
Opening balance		$	819.8			$	805.3
Interest cost			34.7				31.3
Service cost			1.7				1.6
Benefits paid			(47.6	)			(39.4	)
Actuarial losses/(gains)			59.3				5.9
Exchange effect			(50.8	)			15.1
Closing balance		$	817.1			$	819.8
Fair value of plan assets:
Opening balance		$	790.3			$	768.6
Actual benefits paid			(47.6	)			(39.4	)
Actual contributions by employer			11.4				10.8
Actual return on assets			161.7				35.5
Exchange effect			(53.5	)			14.8
Closing balance		$	862.3			$	790.3

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, 2014
Fixed income securities:
Debt securities issued by U.S. government and government agencies		$	1.1			$				$				$	1.1
Debt securities issued by non-U.S. governments and government agencies			324.3												324.3
Corporate debt securities			211.4												211.4
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			134.1												134.1
Real estate			65.6												65.6
Other assets							32.7				44.1				76.8
Total assets at fair value			739.8				32.7				44.1				816.6
Cash			45.7												45.7
Total plan assets		$	785.5			$	32.7			$	44.1			$	862.3
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

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, 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
Realized/unrealized gains/(losses):
Relating to assets still held at the reporting date			7.3
Relating to assets sold during the period			0.0
Purchases, issuances and settlements			0.7
Exchange effect			(2.2	)
Balance at December 31, 2014		$	44.1

Plan Net Pension Credit

The projected net pension credit for the year ending December 31, 2015 is as follows:

(in millions)
Service cost		$	1.6
Interest cost on PBO			28.2
Expected return on plan assets			(34.0	)
Amortization of prior service credit			(1.3	)
Amortization of actuarial net losses			5.3
		$	(0.2	)

Expected Benefit Payments

The following benefit payments are expected to be made:

(in millions)
2015		$	44.9
2016		$	44.1
2017		$	44.7
2018		$	45.2
2019		$	45.8
2020 – 2024		$	238.2

German Plan [Member]

Movements in PBO and Fair Value of Plan Assets

Movements in PBO of the German plan are as follows:

(in millions)		2014				2013
Change in PBO:
Opening balance		$	9.6			$	9.3
Service cost			0.2				0.2
Interest cost			0.3				0.3
Amortization of prior service cost/(credit)			0.0				(0.1	)
Benefits paid			(0.2	)			(0.2	)
Actuarial losses/(gains)			1.8				(0.4	)
Exchange effect			(1.3	)			0.5
Closing balance		$	10.4			$	9.6

Unfunded Defined Benefit Pension Plan

(in millions)		2014				2013				2012
German plan net pension charge:
Service cost		$	0.2			$	0.2			$	0.1
Interest cost on PBO			0.3				0.3				0.3
Amortization of prior service cost/(credit)			0.0				(0.1	)			0.0
Amortization of actuarial net loss/(gain)			0.1				0.2				0.0
		$	0.6			$	0.6			$	0.4
German plan assumptions at December 31, (%):
Discount rate			2.10				3.50				3.25
Inflation rate			1.75				2.00				2.00
Rate of increase in compensation levels			2.75				2.75				2.75

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