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Defined Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2013
Obligations and Funded Status |
(In millions) |  | Pension Benefits |  |  | Postretirement Benefits |
Obligations and Funded Status at December 31 |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Change in the Projected Benefit Obligation (PBO): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 722.5 |  |  | $ | 639.5 |  |  | $ | 73.3 |  |  | $ | 93.9 |
Service cost |  |  | 11.4 |  |  |  | 12.1 |  |  |  | 0.3 |  |  |  | 0.5 |
Interest cost |  |  | 30.1 |  |  |  | 30.7 |  |  |  | 1.7 |  |  |  | 3.9 |
Plan amendments |  |  | — |  |  |  | 0.4 |  |  |  | (34.7 | ) |  |  | (29.8 | )
Actuarial (gain) loss |  |  | (73.0 | ) |  |  | 66.0 |  |  |  | (0.3 | ) |  |  | 9.9 |
Participants’ contributions |  |  | — |  |  |  | — |  |  |  | 0.5 |  |  |  | 0.8 |
Benefits paid |  |  | (28.7 | ) |  |  | (26.2 | ) |  |  | (7.0 | ) |  |  | (6.4 | )
Medicare Part D reimbursement |  |  | — |  |  |  | — |  |  |  | 0.4 |  |  |  | 0.5 |
Projected benefit obligation at end of year |  | $ | 662.3 |  |  | $ | 722.5 |  |  | $ | 34.2 |  |  | $ | 73.3 |
Accumulated benefit obligation at end of year (excludes the impact of future compensation increases) |  | $ | 648.5 |  |  | $ | 703.3 |  |  |  |  |  |  |  |  |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 536.8 |  |  | $ | 477.9 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  |  | 74.6 |  |  |  | 63.7 |  |  |  | — |  |  |  | — |
Employer contributions |  |  | 1.1 |  |  |  | 21.4 |  |  |  | 6.1 |  |  |  | 5.1 |
Participants’ contributions |  |  | — |  |  |  | — |  |  |  | 0.5 |  |  |  | 0.8 |
Medicare Part D reimbursement |  |  | — |  |  |  | — |  |  |  | 0.4 |  |  |  | 0.5 |
Benefits paid |  |  | (28.7 | ) |  |  | (26.2 | ) |  |  | (7.0 | ) |  |  | (6.4 | )
Fair value of plan assets at end of year |  | $ | 583.8 |  |  | $ | 536.8 |  |  | $ | — |  |  | $ | — |
Funded status (Fair value of plan assets less PBO) |  | $ | (78.5 | ) |  | $ | (185.7 | ) |  | $ | (34.2 | ) |  | $ | (73.3 | )
Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the consolidated balance sheets consist of:
|  | Pension Benefits |  |  | Postretirement Benefits |
(In millions) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Current benefit payment liability |  | $ | (0.8 | ) |  | $ | (0.8 | ) |  | $ | (3.5 | ) |  | $ | (5.5 | )
Accrued benefit liability |  |  | (77.7 | ) |  |  | (184.9 | ) |  |  | (30.7 | ) |  |  | (67.8 | )
Net amount recognized |  | $ | (78.5 | ) |  | $ | (185.7 | ) |  | $ | (34.2 | ) |  | $ | (73.3 | )
Amounts in Accumulated Other Comprehensive Income that have not yet been Recognized as Components of Net Periodic Benefit Cost | The amounts in accumulated other comprehensive income on the consolidated balance sheets that have not yet been recognized as components of net periodic benefit cost were as follows:
(In millions) |  | Pension Benefits |  |  | Postretirement Benefits |
Net actuarial loss at December 31, 2011 |  |  | 63.5 |  |  |  | 6.0 |
Recognition of actuarial loss |  |  | (30.6 | ) |  |  | (11.6 | )
Current year actuarial loss |  |  | 39.3 |  |  |  | 9.9 |
Net actuarial loss at December 31, 2012 |  | $ | 72.2 |  |  | $ | 4.3 |
Recognition of actuarial gain |  |  | (0.9 | ) |  |  | (4.5 | )
Current year actuarial gain |  |  | (105.6 | ) |  |  | (0.3 | )
Net actuarial gain at December 31, 2013 |  | $ | (34.3 | ) |  | $ | (0.5 | )
Net prior service cost at December 31, 2011 |  |  | 0.5 |  |  |  | 1.0 |
Prior service cost (credit) recognition due to plan amendments |  |  | 0.4 |  |  |  | (29.8 | )
Amortization |  |  | (0.3 | ) |  |  | 2.6 |
Net prior service cost (credit) at December 31, 2012 |  | $ | 0.6 |  |  | $ | (26.2 | )
Prior service credit recognition due to plan amendments |  |  | — |  |  |  | (34.7 | )
Amortization |  |  | (0.1 | ) |  |  | 27.4 |
Net prior service cost (credit) at December 31, 2013 |  | $ | 0.5 |  |  | $ | (33.5 | )
Total at December 31, 2013 |  | $ | (33.8 | ) |  | $ | (34.0 | )
Components of Net Periodic Benefit Cost for Pension and Postretirement Benefits | Components of net periodic benefit cost were as follows:
Components of Net Periodic Benefit Cost |  | Pension Benefits |  |  | Postretirement Benefits |
(In millions) |  | 2013 |  |  | 2012 |  |  | 2011 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Service cost |  | $ | 11.4 |  |  | $ | 12.1 |  |  | $ | 12.9 |  |  | $ | 0.3 |  |  | $ | 0.5 |  |  | $ | 0.5 |
Interest cost |  |  | 30.1 |  |  |  | 30.7 |  |  |  | 31.0 |  |  |  | 1.7 |  |  |  | 3.9 |  |  |  | 4.4 |
Expected return on plan assets |  |  | (41.8 | ) |  |  | (36.8 | ) |  |  | (41.3 | ) |  |  | — |  |  |  | — |  |  |  | — |
Recognition of actuarial losses |  |  | 0.8 |  |  |  | 30.6 |  |  |  | 80.0 |  |  |  | 4.4 |  |  |  | 11.6 |  |  |  | — |
Amortization of prior service cost (credits) |  |  | 0.1 |  |  |  | 0.3 |  |  |  | 0.3 |  |  |  | (27.4 | ) |  |  | (2.6 | ) |  |  | 0.4 |
Curtailment and settlement losses |  |  | 0.1 |  |  |  | — |  |  |  | 1.8 |  |  |  | 0.1 |  |  |  | — |  |  |  | — |
Net periodic benefit cost |  | $ | 0.7 |  |  | $ | 36.9 |  |  | $ | 84.7 |  |  | $ | (20.9 | ) |  | $ | 13.4 |  |  | $ | 5.3 |
Schedule of Assumptions Used |
Assumptions |  | Pension Benefits |  | Postretirement Benefits
|  | 2013 |  | 2012 |  | 2011 |  | 2013 |  | 2012 |  | 2011
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.0% |  | 4.2% |  |  |  | 4.3% |  | 3.7% |  |
Rate of compensation increase |  | 4.0% |  | 4.0% |  |  |  | — |  | — |  |
Weighted-Average Assumptions Used to Determine Net Cost for Years Ended December 31: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 4.2% |  | 4.9% |  | 5.8% |  | 3.7% |  | 4.6% |  | 5.3%
Expected long-term rate of return on plan assets |  | 7.8% |  | 7.8% |  | 8.5% |  | — |  | — |  | —
Rate of compensation increase |  | 4.0% |  | 4.0% |  | 4.0% |  | — |  | — |  | —
Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations and Net Cost |
|  | Postretirement Benefits |
|  | 2013 |  |  | 2012 |
Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations and Net Cost at December 31: |  |  |  |  |  |  |  |
Health care cost trend rate assumed for next year |  |  | 7.1/7.5 | %(a) |  |  | 7.5/7.0 | %(a)
Rate that the cost trend rate is assumed to decline (the ultimate trend rate) |  |  | 4.5 | % |  |  | 5.0 | %
Year that the rate reaches the ultimate trend rate |  |  | 2022 |  |  |  | 2017 |
(a) | The pre-65 initial health care cost trend rate is shown first / followed by the post-65 rate.
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects:
(In millions) |  | 1-Percentage- Point Increase |  |  | 1-Percentage- Point Decrease |
Effect on total of service and interest cost |  | $ | 0.1 |  |  | $ | (0.1 | )
Effect on postretirement benefit obligation |  |  | 1.8 |  |  |  | (2.0 | )
Reconciliation of Level Three Measurements | A reconciliation of Level 3 measurements as of December 31, 2013 was as follows:
|  |  |  |  | Commingled Funds |  |  |  |
(In millions) |  | Group annuity/ insurance contracts |  |  | Multi-strategy hedge funds |  |  | Real estate |  |  | Total |
January 1, 2013 |  | $ | 20.6 |  |  | $ | 18.8 |  |  | $ | 24.4 |  |  | $ | 63.8 |
Actual return on assets related to assets still held |  |  | 0.6 |  |  |  | 1.7 |  |  |  | 3.4 |  |  |  | 5.7 |
Purchases, sales and settlements |  |  | — |  |  |  | — |  |  |  | (5.0 | ) |  |  | (5.0 | )
December 31, 2013 |  | $ | 21.2 |  |  | $ | 20.5 |  |  | $ | 22.8 |  |  | $ | 64.5 |
A reconciliation of Level 3 measurements as of December 31, 2012 was as follows:
|  |  |  |  | Commingled Funds |  |  |  |
(In millions) |  | Group annuity/ insurance contracts |  |  | Multi-strategy hedge funds |  |  | Real estate |  |  | Total |
January 1, 2012 |  | $ | 20.0 |  |  | $ | 17.5 |  |  | $ | 21.9 |  |  | $ | 59.4 |
Actual return on assets related to assets still held |  |  | 0.6 |  |  |  | 1.3 |  |  |  | 2.5 |  |  |  | 4.4 |
December 31, 2012 |  | $ | 20.6 |  |  | $ | 18.8 |  |  | $ | 24.4 |  |  | $ | 63.8 |
Pension Assets by Major Category of Plan Assets and Type of Fair Value Measurement | Pension assets by major category of plan assets and the type of fair value measurement as of December 31, 2013 were as follows:
(In millions) |  | Total as of balance sheet date |  |  | Level 2 – Significant other observable inputs |  |  | Level 3 – Significant unobservable inputs |
Group annuity/insurance contracts |  | $ | 21.2 |  |  | $ | — |  |  | $ | 21.2 |
Commingled funds: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 8.1 |  |  |  | 8.1 |  |  |  | — |
Equity |  |  | 278.6 |  |  |  | 278.6 |  |  |  | — |
Fixed income |  |  | 232.6 |  |  |  | 232.6 |  |  |  | — |
Multi-strategy hedge funds |  |  | 20.5 |  |  |  | — |  |  |  | 20.5 |
Real estate |  |  | 22.8 |  |  |  | — |  |  |  | 22.8 |
Total |  | $ | 583.8 |  |  | $ | 519.3 |  |  | $ | 64.5 |
Pension assets by major category of plan assets and the type of fair value measurement as of December 31, 2012 were as follows:
(In millions) |  | Total as of balance sheet date |  |  | Level 2 – Significant other observable inputs |  |  | Level 3 – Significant unobservable inputs |
Group annuity/insurance contracts |  | $ | 20.6 |  |  | $ | — |  |  | $ | 20.6 |
Commingled funds: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 6.3 |  |  |  | 6.3 |  |  |  | — |
Equity |  |  | 331.5 |  |  |  | 331.5 |  |  |  | — |
Fixed income |  |  | 135.2 |  |  |  | 135.2 |  |  |  | — |
Multi-strategy hedge funds |  |  | 18.8 |  |  |  | — |  |  |  | 18.8 |
Real estate |  |  | 24.4 |  |  |  | — |  |  |  | 24.4 |
Total |  | $ | 536.8 |  |  | $ | 473.0 |  |  | $ | 63.8 |
Schedule of Expected Benefit Payments | The following retirement benefit payments are expected to be paid:
(In millions) |  | Pension Benefits |  |  | Postretirement Benefits |
2014 |  | $ | 32.2 |  |  | $ | 3.4 |
2015 |  |  | 34.1 |  |  |  | 3.4 |
2016 |  |  | 36.0 |  |  |  | 3.4 |
2017 |  |  | 37.5 |  |  |  | 2.8 |
2018 |  |  | 39.0 |  |  |  | 2.8 |
Years 2019-2023 |  |  | 215.0 |  |  |  | 12.7 |

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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=28361610&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the assumed health care cost trend rates for the next year used to measure the expected cost of benefits covered by the plans, including the ultimate trend rate(s) and when that rate is expected to be achieved. + 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 (l) -URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920 + Details
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