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Pension and Post-employment Benefits (Tables)

12 Months Ended

Dec. 31, 2017

German Plan [Member]

Movements in PBO and Fair Value of Plan Assets

Movements in PBO of the German plan are as follows:

(in millions)		2017				2016
Change in PBO:
Opening balance		$	10.1			$	9.2
Service cost			0.2				0.2
Interest cost			0.2				0.2
Benefits paid			(0.2	)			(0.2	)
Actuarial losses/(gains)			0.2				1.0
Exchange effect			1.3				(0.3	)
Closing balance		$	11.8			$	10.1

Unfunded Defined Benefit Pension Plan

(in millions)		2017				2016				2015
Plan net pension charge:
Service cost		$	0.2			$	0.2			$	0.2
Interest cost on PBO			0.2				0.2				0.2
Amortization of actuarial net loss			0.4				0.2				0.3
		$	0.8			$	0.6			$	0.7
Plan assumptions at December 31, (%):
Discount rate			1.70				1.80				2.40
Inflation rate			1.75				1.75				1.75
Rate of increase in compensation levels			2.75				2.75				2.75

United Kingdom Plan [Member]

Defined Benefit Pension Plan

(in millions)		2017				2016				2015
Plan net pension (credit)/charge:
Service cost		$	0.9			$	1.0			$	1.5
Interest cost on PBO			15.2				20.7				27.7
Expected return on plan assets			(24.5	)			(29.9	)			(33.4	)
Amortization of prior service credit			(1.0	)			(1.1	)			(1.2	)
Amortization of actuarial net losses			5.0				2.6				5.2
		$	(4.4	)		$	(6.7	)		$	(0.2	)
Plan assumptions at December 31, (%):
Discount rate			2.56				2.48				3.69
Inflation rate			2.20				2.25				2.15
Rate of return on plan assets – overall on bid-value			2.75				3.20				4.20
Plan asset allocation by category (%):
Equity securities			38				25				34
Debt securities			53				66				62
Cash			9				9				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)		2017				2016
Change in PBO:
Opening balance		$	710.2			$	739.7
Interest cost			15.2				20.7
Service cost			0.9				1.0
Benefits paid			(37.8	)			(39.7	)
Actuarial losses/(gains)			(32.7	)			119.8
Exchange effect			65.6				(131.3	)
Closing balance		$	721.4			$	710.2
Fair value of plan assets:
Opening balance		$	758.2			$	795.2
Actual benefits paid			(37.8	)			(39.7	)
Actual contributions by employer			1.0				1.1
Actual return on assets			43.0				142.2
Exchange effect			73.0				(140.6	)
Closing balance		$	837.4			$	758.2

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, 2017
Fixed income securities:
Debt securities issued by non-U.S. governments and government agencies		$	86.0			$				$				$	86.0
Corporate debt securities			194.5				232.3								426.8
Other asset-backed securities
Equity securities:
Equity securities held for proprietary investment purposes			0.1												0.1
Real estate			34.4												34.4
Insurance contracts											162.8				162.8
Investments measured at net asset value (1)															52.3
Total assets at fair value			315.0				232.3				162.8				762.4
Cash			75.0												75.0
Total plan assets		$	390.0			$	232.3			$	162.8			$	837.4
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

(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, 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
Realized/unrealized gains/(losses):
Relating to assets still held at the reporting date			2.8
Relating to assets sold during the period			0.0
Purchases, issuances and settlements			(7.4	)
Exchange effect			14.5
Balance at December 31, 2017		$	162.8

Plan Net Pension Credit

The following will be recognized in other income and expense:

(in millions)
Interest cost on PBO		$	15.1
Expected return on plan assets			(22.4	)
Amortization of prior service credit			(1.1	)
Amortization of actuarial net losses			2.0
		$	(6.4	)

Expected Benefit Payments

The following benefit payments are expected to be made:

(in millions)
2018		$	37.9
2019		$	38.7
2020		$	38.4
2021		$	37.9
2022		$	37.5
2023-2027		$	181.7

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