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Pension Plans (Tables) | 12 Months Ended
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Jan. 02, 2016
Summary of Change in Benefit Obligation |
(Amounts in millions) |  | 2015 |  |  | 2014 |
Change in projected benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 1,325.9 |  |  | $ | 1,152.3 |
Service cost |  |  | 20.0 |  |  |  | 18.0 |
Interest cost |  |  | 53.2 |  |  |  | 57.3 |
Plan participant contributions |  |  | 1.1 |  |  |  | 1.2 |
Benefits paid |  |  | (62.4) |  |  |  | (59.2) |
Actuarial loss (gain) |  |  | (40.8) |  |  |  | 177.9 |
Foreign currency impact |  |  | (17.6) |  |  |  | (21.6) |
Benefit obligation at end of year |  | $ | 1,279.4 |  |  | $ | 1,325.9 |
Summary of Change in Fair Value of Plan Assets |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 1,103.4 |  |  | $ | 1,015.4 |
Actual return (loss) on plan assets |  |  | (17.8) |  |  |  | 112.9 |
Plan participant contributions |  |  | 1.1 |  |  |  | 1.2 |
Employer contributions |  |  | 39.2 |  |  |  | 44.8 |
Benefits paid |  |  | (62.4) |  |  |  | (59.2) |
Foreign currency impact |  |  | (14.3) |  |  |  | (11.7) |
Fair value of plan assets at end of year |  | $ | 1,049.2 |  |  | $ | 1,103.4 |
Unfunded status at end of year |  | $ | (230.2) |  |  | $ | (222.5) |
Summary of Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets as of 2015 and 2014 year end are as follows:
(Amounts in millions) |  | 2015 |  |  | 2014 |
Other assets |  | $ | 2.1 |  |  | $ | – |
Accrued benefits |  |  | (4.5) |  |  |  | (4.6) |
Pension liabilities |  |  | (227.8) |  |  |  | (217.9) |
Net liability |  | $ | (230.2) |  |  | $ | (222.5) |
Summary of Amounts Included in Accumulated Other Comprehensive Income (Loss) | Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2015 and 2014 year end are as follows:
(Amounts in millions) |  | 2015 |  |  | 2014 |
Net loss, net of tax of $141.4 million and $134.9 million, respectively |  | $ | (253.7) |  |  | $ | (247.4) |
Prior service credit, net of tax of $1.7 million and $2.0 million, respectively |  |  | 2.8 |  |  |  | 3.5 |
|  | $ | (250.9) |  |  | $ | (243.9) |
Summary of Benefit Obligations in Excess of Fair Value of Plan Assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for Snap-on’s pension plans in which the accumulated benefit obligation exceeds the fair value of plan assets as of 2015 and 2014 year end are as follows:
(Amounts in millions) |  | 2015 |  |  | 2014 |
Projected benefit obligation |  | $ | 1,128.4 |  |  | $ | 1,167.3 |
Accumulated benefit obligation |  |  | 1,097.6 |  |  |  | 1,134.3 |
Fair value of plan assets |  |  | 906.5 |  |  |  | 956.2 |
Summary of Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Loss) | The components of net periodic benefit cost and changes recognized in “Other comprehensive income (loss)” (“OCI”) are as follows:
(Amounts in millions) |  | 2015 |  |  | 2014 |  |  | 2013 |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 20.0 |  |  | $ | 18.0 |  |  | $ | 20.3 |
Interest cost |  |  | 53.2 |  |  |  | 57.3 |  |  |  | 51.4 |
Expected return on plan assets |  |  | (79.0) |  |  |  | (73.3) |  |  |  | (70.5) |
Amortization of unrecognized loss |  |  | 38.6 |  |  |  | 22.8 |  |  |  | 41.4 |
Amortization of prior service credit |  |  | (0.9) |  |  |  | (0.8) |  |  |  | (0.7) |
Net periodic benefit cost |  | $ | 31.9 |  |  | $ | 24.0 |  |  | $ | 41.9 |
Changes in benefit obligations recognized in OCI, net of tax: |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) |  | $ | 6.3 |  |  | $ | 72.0 |  |  | $ | (85.0) |
Prior service cost |  |  | 0.7 |  |  |  | 0.5 |  |  |  | – |
Total recognized in OCI |  | $ | 7.0 |  |  | $ | 72.5 |  |  | $ | (85.0) |
Summary of Amounts in Accumulated OCI to be Amortized Over Next Fiscal Year | Amounts in Accumulated OCI that are expected to be amortized as net expense into net periodic benefit cost during 2016 are as follows:
(Amounts in millions) |  | Amount |
Amortization of unrecognized loss |  | $ | 29.0 |
Amortization of prior service credit |  |  | (1.1) |
Total to be recognized in net periodic benefit cost |  | $ | 27.9 |
Summary of Weighted-Average Assumption Used to Determine Full-Year Pension Costs | The worldwide weighted-average assumptions used to determine Snap-on’s full-year pension costs are as follows:
|  | 2015 |  | 2014 |  | 2013
Discount rate |  | 4.1% |  | 5.1% |  | 4.3%
Expected long-term rate of return on plan assets |  | 7.4% |  | 7.4% |  | 7.6%
Rate of compensation increase |  | 3.6% |  | 3.6% |  | 3.6%
Summary of Weighted-Average Assumptions Used to Determine Projected Benefit Obligation | The worldwide weighted-average assumptions used to determine Snap-on’s projected benefit obligation as of 2015 and 2014 year end are as follows:
|  | 2015 |  | 2014
Discount rate |  | 4.5% |  | 4.1%
Rate of compensation increase |  | 3.6% |  | 3.6%
Summary of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid as follows:
(Amounts in millions) |  | Amount |
Year: |  |  |  |
2016 |  | $ | 70.4 |
2017 |  |  | 73.1 |
2018 |  |  | 74.9 |
2019 |  |  | 77.1 |
2020 |  |  | 78.7 |
2021 –2025 |  |  | 416.9 |
Domestic Pension Plans [Member] |
Summary of Target Allocation and Weighted-Average Asset Allocation by Asset Category and Fair Value | Snap-on’s domestic pension plans’ target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2015 and 2014 year end are as follows:
|  | Target |  |  | 2015 |  |  | 2014 |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  | 50% |  |  |  | 49% |  |  |  | 48% |
Debt securities and cash and cash equivalents |  |  | 35% |  |  |  | 39% |  |  |  | 39% |
Real estate and other real assets |  |  | 5% |  |  |  | 2% |  |  |  | 3% |
Hedge funds |  |  | 10% |  |  |  | 10% |  |  |  | 10% |
Total |  |  | 100% |  |  |  | 100% |  |  |  | 100% |
Fair value of plan assets (Amounts in millions) |  |  |  |  |  | $ | 892.3 |  |  | $ | 939.4 |
Summary of Fair Value by Asset Category and Level Within Fair Value Hierarchy | The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s domestic pension plans’ assets as of 2015 year end:
|  | Quoted Prices for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  |  |
(Amounts in millions) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 21.3 |  |  | $ | – |  |  | $ | – |  |  | $ | 21.3 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  |  | 53.9 |  |  |  | – |  |  |  | – |  |  |  | 53.9 |
Foreign |  |  | 61.7 |  |  |  | – |  |  |  | – |  |  |  | 61.7 |
Commingled funds – domestic |  |  | – |  |  |  | 169.3 |  |  |  | – |  |  |  | 169.3 |
Commingled funds – foreign |  |  | – |  |  |  | 110.0 |  |  |  | – |  |  |  | 110.0 |
Private equity partnerships |  |  | – |  |  |  | – |  |  |  | 43.7 |  |  |  | 43.7 |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government |  |  | 133.0 |  |  |  | – |  |  |  | – |  |  |  | 133.0 |
Corporate bonds |  |  | – |  |  |  | 195.8 |  |  |  | – |  |  |  | 195.8 |
Real estate and other real assets |  |  | – |  |  |  | – |  |  |  | 17.4 |  |  |  | 17.4 |
Hedge funds |  |  | – |  |  |  | – |  |  |  | 86.2 |  |  |  | 86.2 |
Total |  | $ | 269.9 |  |  | $ | 475.1 |  |  | $ | 147.3 |  |  | $ | 892.3 |
The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s domestic pension plans’ assets as of 2014 year end:
|  | Quoted Prices for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  |  |
(Amounts in millions) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 26.9 |  |  | $ | – |  |  | $ | – |  |  | $ | 26.9 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  |  | 57.5 |  |  |  | – |  |  |  | – |  |  |  | 57.5 |
Foreign |  |  | 67.5 |  |  |  | – |  |  |  | – |  |  |  | 67.5 |
Commingled funds – domestic |  |  | – |  |  |  | 171.1 |  |  |  | – |  |  |  | 171.1 |
Commingled funds – foreign |  |  | – |  |  |  | 111.5 |  |  |  | – |  |  |  | 111.5 |
Private equity partnerships |  |  | – |  |  |  | – |  |  |  | 47.4 |  |  |  | 47.4 |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government |  |  | 138.2 |  |  |  | – |  |  |  | – |  |  |  | 138.2 |
Corporate bonds |  |  | – |  |  |  | 197.0 |  |  |  | – |  |  |  | 197.0 |
Real estate and other real assets |  |  | – |  |  |  | – |  |  |  | 30.8 |  |  |  | 30.8 |
Hedge funds |  |  | – |  |  |  | – |  |  |  | 91.5 |  |  |  | 91.5 |
Total |  | $ | 290.1 |  |  | $ | 479.6 |  |  | $ | 169.7 |  |  | $ | 939.4 |
Summary of Changes in Fair Value of Assets with Level 3 Inputs | The following is a summary of the 2015 changes in fair value of the domestic plans’ assets with Level 3 inputs:
(Amounts in millions) |  | Hedge Funds |  |  | Private Equity Partnerships |  |  | Real Estate and Other Real Assets |  |  | Total |
Balance as of 2014 year end |  | $ | 91.5 |  |  | $ | 47.4 |  |  | $ | 30.8 |  |  | $ | 169.7 |
Realized gains on assets sold |  |  | 3.5 |  |  |  | 6.6 |  |  |  | 1.0 |  |  |  | 11.1 |
Unrealized gains (losses) attributable to assets held |  |  | (2.8) |  |  |  | 0.2 |  |  |  | (4.9) |  |  |  | (7.5) |
Net purchases and settlements |  |  | (6.0) |  |  |  | (10.5) |  |  |  | (9.5) |  |  |  | (26.0) |
Balance as of 2015 year end |  | $ | 86.2 |  |  | $ | 43.7 |  |  | $ | 17.4 |  |  | $ | 147.3 |
The following is a summary of the 2014 changes in fair value of the domestic plans’ assets with Level 3 inputs:
(Amounts in millions) |  | Hedge Funds |  |  | Private Equity Partnerships |  |  | Real Estate and Other Real Assets |  |  | Total |
Balance as of 2013 year end |  | $ | 90.3 |  |  | $ | 49.4 |  |  | $ | 35.4 |  |  | $ | 175.1 |
Realized gains on assets sold |  |  | 0.6 |  |  |  | 6.0 |  |  |  | 1.6 |  |  |  | 8.2 |
Unrealized gains attributable to assets held |  |  | 3.4 |  |  |  | 1.1 |  |  |  | 3.2 |  |  |  | 7.7 |
Net purchases and settlements |  |  | (2.8) |  |  |  | (9.1) |  |  |  | (9.4) |  |  |  | (21.3) |
Balance as of 2014 year end |  | $ | 91.5 |  |  | $ | 47.4 |  |  | $ | 30.8 |  |  | $ | 169.7 |
Foreign Pension Plans [Member] |
Summary of Target Allocation and Weighted-Average Asset Allocation by Asset Category and Fair Value | Snap-on’s foreign pension plans’ target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2015 and 2014 year end are as follows:
Asset category: |  | Target |  |  | 2015 |  |  | 2014 |
Equity securities* |  |  | 39% |  |  |  | 40% |  |  |  | 39% |
Debt securities* and cash and cash equivalents |  |  | 36% |  |  |  | 36% |  |  |  | 36% |
Insurance contracts and hedge funds |  |  | 25% |  |  |  | 24% |  |  |  | 25% |
Total |  |  | 100% |  |  |  | 100% |  |  |  | 100% |
Fair value of plan assets (Amounts in millions) |  |  |  |  |  | $ | 156.9 |  |  | $ | 164.0 |
* | Includes commingled funds – multi-strategy
Summary of Fair Value by Asset Category and Level Within Fair Value Hierarchy | The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s foreign pension plans’ assets as of 2015 year end:
|  | Quoted Prices for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  |  |
(Amounts in millions) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 0.2 |  |  | $ | – |  |  | $ | – |  |  | $ | 0.2 |
Commingled funds – multi-strategy |  |  | – |  |  |  | 119.0 |  |  |  | – |  |  |  | 119.0 |
Insurance contracts |  |  | – |  |  |  | 19.8 |  |  |  | – |  |  |  | 19.8 |
Hedge funds |  |  | – |  |  |  | – |  |  |  | 17.9 |  |  |  | 17.9 |
Total |  | $ | 0.2 |  |  | $ | 138.8 |  |  | $ | 17.9 |  |  | $ | 156.9 |
The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s foreign pension plans’ assets as of 2014 year end:
|  | Quoted Prices for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  |  |
(Amounts in millions) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 0.8 |  |  | $ | – |  |  | $ | – |  |  | $ | 0.8 |
Commingled funds – multi-strategy |  |  | – |  |  |  | 121.7 |  |  |  | – |  |  |  | 121.7 |
Insurance contracts |  |  | – |  |  |  | 23.4 |  |  |  | – |  |  |  | 23.4 |
Hedge funds |  |  | – |  |  |  | – |  |  |  | 18.1 |  |  |  | 18.1 |
Total |  | $ | 0.8 |  |  | $ | 145.1 |  |  | $ | 18.1 |  |  | $ | 164.0 |
Summary of Changes in Fair Value of Assets with Level 3 Inputs | The following is a summary of the 2015 changes in fair value of the foreign plans’ assets with Level 3 inputs:
(Amounts in millions) |  | Hedge Funds |
Balance as of 2014 year end |  | $ | 18.1 |
Unrealized losses attributable to assets held |  |  | (0.2) |
Net purchases and settlements |  |  | – |
Balance as of 2015 year end |  | $ | 17.9 |
The following is a summary of the 2014 changes in fair value of the foreign plans’ assets with Level 3 inputs:
(Amounts in millions) |  | Hedge Funds |
Balance as of 2013 year end |  | $ | 24.8 |
Unrealized gains attributable to assets held |  |  | 0.1 |
Net purchases and settlements |  |  | (6.8) |
Balance as of 2014 year end |  | $ | 18.1 |
Other Postretirement Benefit Plans, Defined Benefit [Member] |
Summary of Change in Benefit Obligation | The status of Snap-on’s U.S. postretirement health care plans as of 2015 and 2014 year end is as follows:
(Amounts in millions) |  | 2015 |  |  | 2014 |
Change in accumulated postretirement benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 62.0 |  |  | $ | 61.5 |
Service cost |  |  | 0.1 |  |  |  | 0.1 |
Interest cost |  |  | 2.2 |  |  |  | 2.5 |
Plan participant contributions |  |  | 0.9 |  |  |  | 1.2 |
Benefits paid |  |  | (5.4) |  |  |  | (6.0) |
Actuarial loss (gain) |  |  | (4.2) |  |  |  | 2.7 |
Benefit obligation at end of year |  | $ | 55.6 |  |  | $ | 62.0 |
Summary of Change in Fair Value of Plan Assets |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 14.7 |  |  | $ | 15.0 |
Plan participant contributions |  |  | 0.9 |  |  |  | 1.2 |
Employer contributions |  |  | 3.5 |  |  |  | 3.6 |
Actual return on VEBA plan assets |  |  | – |  |  |  | 0.9 |
Benefits paid |  |  | (5.4) |  |  |  | (6.0) |
Fair value of plan assets at end of year |  | $ | 13.7 |  |  | $ | 14.7 |
Unfunded status at end of year |  | $ | (41.9) |  |  | $ | (47.3) |
Summary of Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets as of 2015 and 2014 year end are as follows:
(Amounts in millions) |  | 2015 |  |  | 2014 |
Accrued benefits |  | $ | (4.0) |  |  | $ | (4.8) |
Retiree health care benefits |  |  | (37.9) |  |  |  | (42.5) |
Net liability |  | $ | (41.9) |  |  | $ | (47.3) |
Summary of Amounts Included in Accumulated Other Comprehensive Income (Loss) | Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2015 and 2014 year end are as follows:
(Amounts in millions) |  | 2015 |  |  | 2014 |
Net gain, net of tax of $2.9 million and $1.5 million, respectively |  | $ | 4.5 |  |  | $ | 2.4 |
Summary of Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Loss) | The components of net periodic benefit cost and changes recognized in OCI are as follows:
(Amounts in millions) |  | 2015 |  |  | 2014 |  |  | 2013 |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost |  |  | 2.2 |  |  |  | 2.5 |  |  |  | 2.2 |
Expected return on plan assets |  |  | (1.0) |  |  |  | (1.1) |  |  |  | (1.1) |
Amortization of unrecognized loss |  |  | 0.3 |  |  |  | – |  |  |  | – |
Net periodic benefit cost |  | $ | 1.6 |  |  | $ | 1.5 |  |  | $ | 1.2 |
Changes in benefit obligations recognized in OCI, net of tax: |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) |  | $ | (2.1) |  |  | $ | 1.8 |  |  | $ | (3.4) |
Summary of Weighted-Average Assumption Used to Determine Full-Year Pension Costs | The weighted-average discount rate used to determine Snap-on’s postretirement health care expense is as follows:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Discount rate |  |  | 3.6% |  |  |  | 4.2% |  |  |  | 3.2% |
Summary of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid as follows:
(Amounts in millions) |  | Amount |
Year: |  |  |  |
2016 |  | $ | 5.1 |
2017 |  |  | 5.3 |
2018 |  |  | 5.5 |
2019 |  |  | 5.7 |
2020 |  |  | 5.8 |
2021 –2025 |  |  | 26.1 |
Summary of Target Allocation and Weighted-Average Asset Allocation by Asset Category and Fair Value | Snap-on’s VEBA plan target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2015 and 2014 year end are as follows:
|  | Target |  |  | 2015 |  |  | 2014 |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |
Debt securities and cash and cash equivalents |  |  | 46% |  |  |  | 44% |  |  |  | 45% |
Equity securities |  |  | 29% |  |  |  | 27% |  |  |  | 29% |
Hedge funds |  |  | 25% |  |  |  | 29% |  |  |  | 26% |
Total |  |  | 100% |  |  |  | 100% |  |  |  | 100% |
Fair value of plan assets (Amounts in millions) |  |  |  |  |  | $ | 13.7 |  |  | $ | 14.7 |
Summary of Fair Value by Asset Category and Level Within Fair Value Hierarchy | The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of the VEBA assets as of 2015 year end:
(Amounts in millions) |  | Quoted Prices for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  |  |
Asset category: |  |  | (Level 1) |  |  |  | (Level 2) |  |  |  | (Level 3) |  |  |  | Total |
Cash and cash equivalents |  | $ | 0.1 |  |  | $ | – |  |  | $ | – |  |  | $ | 0.1 |
Debt securities |  |  | 6.0 |  |  |  | – |  |  |  | – |  |  |  | 6.0 |
Equity securities |  |  | – |  |  |  | 3.7 |  |  |  | – |  |  |  | 3.7 |
Hedge funds |  |  | – |  |  |  | – |  |  |  | 3.9 |  |  |  | 3.9 |
Total |  | $ | 6.1 |  |  | $ | 3.7 |  |  | $ | 3.9 |  |  | $ | 13.7 |
The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of the VEBA assets as of 2014 year end:
(Amounts in millions) |  | Quoted Prices for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  |  |
Asset category: |  |  | (Level 1) |  |  |  | (Level 2) |  |  |  | (Level 3) |  |  |  | Total |
Cash and cash equivalents |  | $ | 0.1 |  |  | $ | – |  |  | $ | – |  |  | $ | 0.1 |
Debt securities |  |  | 6.5 |  |  |  | – |  |  |  | – |  |  |  | 6.5 |
Equity securities |  |  | – |  |  |  | 4.2 |  |  |  | – |  |  |  | 4.2 |
Hedge funds |  |  | – |  |  |  | – |  |  |  | 3.9 |  |  |  | 3.9 |
Total |  | $ | 6.6 |  |  | $ | 4.2 |  |  | $ | 3.9 |  |  | $ | 14.7 |
Summary of Changes in Fair Value of Assets with Level 3 Inputs | The following is a summary of the 2014 changes in fair value of the VEBA plan assets with Level 3 inputs:
(Amounts in millions) |  | Hedge Funds |
Balance as of 2013 year end |  | $ | 3.6 |
Unrealized gains attributable to assets held |  |  | 0.3 |
Balance as of 2014 year end |  | $ | 3.9 |

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- Definition Schedule of amounts included in accumulated other comprehensive income (loss) [table text block] + References No definition available. + Details
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- Definition Schedule of components of net periodic benefit costs and other amounts recognized in other comprehensive income (loss) [table text block] + References No definition available. + Details
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- Definition Schedule of fair value by asset category and level within fair value hierarchy [table text block] + References No definition available. + Details
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- Definition Schedule of target allocation and weighted-average asset allocation by asset category and fair value of plan assets [table text block] + References No definition available. + Details
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- Definition Schedule of weighted-average assumptions used in calculating net periodic benefit costs [table text block] + References No definition available. + Details
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- Definition Schedule Of Weighted Average Assumptions Used In Calculating Projected Benefit Obligations Table [Text Block] + References No definition available. + Details
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- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (s) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the aggregate benefit obligation and aggregate fair value of plan assets for pension plans and/or other employee benefit plans with benefit obligations in excess of plan assets as of the measurement date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e2417-114920 + Details
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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(4) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
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