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Pension Plans (Tables)

12 Months Ended

Dec. 31, 2015

German Plan [Member]

Movements in PBO and Fair Value of Plan Assets

Movements in PBO of the German plan are as follows:

(in millions)		2015				2014
Change in PBO:
Opening balance		$	10.4			$	9.6
Service cost			0.2				0.2
Interest cost			0.2				0.3
Benefits paid			(0.2	)			(0.2	)
Actuarial losses/(gains)			(0.3	)			1.8
Exchange effect			(1.1	)			(1.3	)
Closing balance		$	9.2			$	10.4

Unfunded Defined Benefit Pension Plan

(in millions)		2015				2014				2013
Plan net pension charge:
Service cost		$	0.2			$	0.2			$	0.2
Interest cost on PBO			0.2				0.3				0.3
Amortization of prior service cost/(credit)			0.0				0.0				(0.1	)
Amortization of actuarial net loss			0.3				0.1				0.2
		$	0.7			$	0.6			$	0.6
Plan assumptions at December 31, (%):
Discount rate			2.40				2.10				3.50
Inflation rate			1.75				1.75				2.00
Rate of increase in compensation levels			2.75				2.75				2.75

United Kingdom Plan [Member]

Defined Benefit Pension Plan

(in millions)		2015				2014				2013
Plan net pension charge/(credit):
Service cost		$	1.5			$	1.7			$	1.6
Interest cost on PBO			27.7				34.7				31.3
Expected return on plan assets			(33.4	)			(37.2	)			(35.5	)
Amortization of prior service credit			(1.2	)			(1.3	)			(1.3	)
Amortization of actuarial net losses			5.2				5.4				6.2
		$	(0.2	)		$	3.3			$	2.3
Plan assumptions at December 31, (%):
Discount rate			3.69				3.55				4.40
Inflation rate			2.15				2.15				2.55
Rate of return on plan assets – overall on bid-value			4.20				4.05				4.85
Rate of return on plan assets – equity securities			6.65				6.50				7.50
Rate of return on plan assets – debt securities			2.85				2.75				3.40

Plan asset allocation by category (%):
Equity securities			34				32				35
Debt securities			62				63				61
Cash			4				5				4
			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)		2015				2014
Change in PBO:
Opening balance		$	817.1			$	819.8
Interest cost			27.7				34.7
Service cost			1.5				1.7
Benefits paid			(42.9	)			(47.6	)
Actuarial losses/(gains)			(21.8	)			59.3
Exchange effect			(41.9	)			(50.8	)
Closing balance		$	739.7			$	817.1
Fair value of plan assets:
Opening balance		$	862.3			$	790.3
Actual benefits paid			(42.9	)			(47.6	)
Actual contributions by employer			9.0				11.4
Actual return on assets			11.5				161.7
Exchange effect			(44.7	)			(53.5	)
Closing balance		$	795.2			$	862.3

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, 2015
Fixed income securities:
Debt securities issued by U.S. government and government agencies		$	0.4			$				$				$	0.4
Debt securities issued by non-U.S. governments and government agencies			132.1												132.1
Corporate debt securities			189.7												189.7
Other asset-backed securities			0.2												0.2
Equity securities:
Equity securities held for proprietary investment purposes			125.0												125.0
Real estate			64.7												64.7
Insurance contracts											171.9				171.9
Investments measured at net asset value(1)															47.6
Other assets							31.6								31.6
Total assets at fair value			512.1				31.6				171.9				763.2
Cash			32.0												32.0
Total plan assets		$	544.1			$	31.6			$	171.9			$	795.2
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
Investments measured at net asset value (1)															44.1
Other assets							32.7				0.0				32.7
Total assets at fair value			739.8				32.7				0.0				816.6
Cash			45.7												45.7
Total plan assets		$	785.5			$	32.7			$	0.0			$	862.3

(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.

Reconciliation of Fair Value of Plan Assets Measured at Net Asset Value

The reconciliation of the fair value of the Plan assets measured at net asset value was as follows:

(in millions)		Other Assets
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
Realized/unrealized gains/(losses):
Relating to assets still held at the reporting date			4.7
Relating to assets sold during the period			0.0
Purchases, issuances and settlements			6.5
Exchange effect			(7.7	)
Balance at December 31, 2015		$	47.6

Plan Net Pension Credit

The projected net pension credit for the year ending December 31, 2016 is as follows:

(in millions)
Service cost		$	1.0
Interest cost on PBO			22.4
Expected return on plan assets			(32.3	)
Amortization of prior service credit			(1.2	)
Amortization of actuarial net losses			2.8
		$	(7.3	)

Expected Benefit Payments

The following benefit payments are expected to be made:

(in millions)
2016		$	45.2
2017		$	43.1
2018		$	43.7
2019		$	44.3
2020		$	44.9
2021-2025		$	233.1

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