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Pension Plans (Tables) | 12 Months Ended
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Dec. 31, 2016
United Kingdom Plan [Member] |
Defined Benefit Pension Plan |
(in millions) |  | 2016 |  |  | 2015 |  |  | 2014 |
Plan net pension (credit)/charge: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 1.0 |  |  | $ | 1.5 |  |  | $ | 1.7 |
Interest cost on PBO |  |  | 20.7 |  |  |  | 27.7 |  |  |  | 34.7 |
Expected return on plan assets |  |  | (29.9 | ) |  |  | (33.4 | ) |  |  | (37.2 | )
Amortization of prior service credit |  |  | (1.1 | ) |  |  | (1.2 | ) |  |  | (1.3 | )
Amortization of actuarial net losses |  |  | 2.6 |  |  |  | 5.2 |  |  |  | 5.4 |
|  | $ | (6.7 | ) |  | $ | (0.2 | ) |  | $ | 3.3 |
Plan assumptions at December 31, (%): |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 2.48 |  |  |  | 3.69 |  |  |  | 3.55 |
Inflation rate |  |  | 2.25 |  |  |  | 2.15 |  |  |  | 2.15 |
Rate of return on plan assets – overall on bid-value |  |  | 3.20 |  |  |  | 4.20 |  |  |  | 4.05 |
Rate of return on plan assets – equity securities |  |  | 5.80 |  |  |  | 6.65 |  |  |  | 6.50 |
Rate of return on plan assets – debt securities |  |  | 2.05 |  |  |  | 2.85 |  |  |  | 2.75 |
Plan asset allocation by category (%): |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  | 25 |  |  |  | 34 |  |  |  | 32 |
Debt securities |  |  | 66 |  |  |  | 62 |  |  |  | 63 |
Cash |  |  | 9 |  |  |  | 4 |  |  |  | 5 |
|  |  | 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) |  | 2016 |  |  | 2015 |
Change in PBO: |  |  |  |  |  |  |  |
Opening balance |  | $ | 739.7 |  |  | $ | 817.1 |
Interest cost |  |  | 20.7 |  |  |  | 27.7 |
Service cost |  |  | 1.0 |  |  |  | 1.5 |
Benefits paid |  |  | (39.7 | ) |  |  | (42.9 | )
Actuarial losses/(gains) |  |  | 119.8 |  |  |  | (21.8 | )
Exchange effect |  |  | (131.3 | ) |  |  | (41.9 | )
Closing balance |  | $ | 710.2 |  |  | $ | 739.7 |
Fair value of plan assets: |  |  |  |  |  |  |  |
Opening balance |  | $ | 795.2 |  |  | $ | 862.3 |
Actual benefits paid |  |  | (39.7 | ) |  |  | (42.9 | )
Actual contributions by employer |  |  | 1.1 |  |  |  | 9.0 |
Actual return on assets |  |  | 142.2 |  |  |  | 11.5 |
Exchange effect |  |  | (140.6 | ) |  |  | (44.7 | )
Closing balance |  | $ | 758.2 |  |  | $ | 795.2 |
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, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities issued by U.S. government and government agencies |  | $ | 0.2 |  |  | $ |  |  |  | $ |  |  |  | $ | 0.2 |
Debt securities issued by non-U.S. governments and government agencies |  |  | 139.3 |  |  |  |  |  |  |  |  |  |  |  | 139.3 |
Corporate debt securities |  |  | 180.8 |  |  |  |  |  |  |  |  |  |  |  | 180.8 |
Other asset-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities held for proprietary investment purposes |  |  | 84.2 |  |  |  |  |  |  |  |  |  |  |  | 84.2 |
Real estate |  |  | 57.1 |  |  |  |  |  |  |  |  |  |  |  | 57.1 |
Insurance contracts |  |  |  |  |  |  |  |  |  |  | 152.9 |  |  |  | 152.9 |
Investments measured at net asset value (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51.7 |
Other assets |  |  |  |  |  |  | 26.2 |  |  |  |  |  |  |  | 26.2 |
Total assets at fair value |  |  | 461.6 |  |  |  | 26.2 |  |  |  | 152.9 |  |  |  | 692.4 |
Cash |  |  | 65.8 |  |  |  |  |  |  |  |  |  |  |  | 65.8 |
Total plan assets |  | $ | 527.4 |  |  | $ | 26.2 |  |  | $ | 152.9 |  |  | $ | 758.2 |
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 |
(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 Using Significant Unobservable Inputs | The reconciliation of the fair value of the Plan assets measured using significant unobservable inputs was as follows:
(in millions) |  | Other Assets |
Balance at December 31, 2014 |  | $ | 0.0 |
Realized/unrealized gains/(losses): |  |  |  |
Relating to assets still held at the reporting date |  |  | 0.0 |
Relating to assets sold during the period |  |  | 0.0 |
Purchases, issuances and settlements |  |  | 171.9 |
Exchange effect |  |  | 0.0 |
Balance at December 31, 2015 |  |  | 171.9 |
Realized/unrealized gains/(losses): |  |  |  |
Relating to assets still held at the reporting date |  |  | 16.8 |
Relating to assets sold during the period |  |  | 0.0 |
Purchases, issuances and settlements |  |  | (6.7 | )
Exchange effect |  |  | (29.1 | )
Balance at December 31, 2016 |  | $ | 152.9 |
Plan Net Pension Credit | The projected net pension credit for the year ending December 31, 2017 is as follows:
(in millions) |  |  |
Service cost |  | $ | 0.9 |
Interest cost on PBO |  |  | 14.6 |
Expected return on plan assets |  |  | (23.4 | )
Amortization of prior service credit |  |  | (1.0 | )
Amortization of actuarial net losses |  |  | 4.8 |
|  | $ | (4.1 | )
Expected Benefit Payments | The following benefit payments are expected to be made:
(in millions) |  |  |
2017 |  | $ | 34.9 |
2018 |  | $ | 35.4 |
2019 |  | $ | 35.9 |
2020 |  | $ | 36.4 |
2021 |  | $ | 36.9 |
2022-2026 |  | $ | 192.1 |
German Plan [Member] |
Movements in PBO and Fair Value of Plan Assets | Movements in PBO of the German plan are as follows:
(in millions) |  | 2016 |  |  | 2015 |
Change in PBO: |  |  |  |  |  |  |  |
Opening balance |  | $ | 9.2 |  |  | $ | 10.4 |
Service cost |  |  | 0.2 |  |  |  | 0.2 |
Interest cost |  |  | 0.2 |  |  |  | 0.2 |
Benefits paid |  |  | (0.2 | ) |  |  | (0.2 | )
Actuarial losses/(gains) |  |  | 1.0 |  |  |  | (0.3 | )
Exchange effect |  |  | (0.3 | ) |  |  | (1.1 | )
Closing balance |  | $ | 10.1 |  |  | $ | 9.2 |
Unfunded Defined Benefit Pension Plan |
(in millions) |  | 2016 |  |  | 2015 |  |  | 2014 |
Plan net pension charge: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.2 |
Interest cost on PBO |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.3 |
Amortization of actuarial net loss |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 0.1 |
|  | $ | 0.6 |  |  | $ | 0.7 |  |  | $ | 0.6 |
Plan assumptions at December 31, (%): |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 1.80 |  |  |  | 2.40 |  |  |  | 2.10 |
Inflation rate |  |  | 1.75 |  |  |  | 1.75 |  |  |  | 1.75 |
Rate of increase in compensation levels |  |  | 2.75 |  |  |  | 2.75 |  |  |  | 2.75 |

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