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Defined Benefit Plans
3 Months Ended
Mar. 31, 2014
Defined Benefit Plans
9. Defined Benefit Plans

The components of net periodic benefit cost for pension and postretirement benefits for the three months ended March 31, 2014 and 2013 were as follows:

 

     Three Months Ended March 31,  
     Pension Benefits     Postretirement Benefits  
(In millions)    2014     2013     2014     2013  

Service cost

   $ 2.7      $ 3.2      $ —        $ 0.1   

Interest cost

     8.2        7.5        0.2        0.6   

Expected return on plan assets

     (10.6     (10.3     —          —     

Recognition of prior service credits

     —          —          (10.6     (7.0

Recognition of actuarial losses

     —          —          0.6        4.6   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

   $ 0.3      $ 0.4      $ (9.8   $ (1.7

In the first quarter of 2014, we communicated our decision to amend certain postretirement benefits to reduce health benefits for certain current and retired employees. The impact of these changes was a reduction in accrued retiree benefit plan liabilities of $14.7 million and we recorded actuarial losses of $0.6 million and prior service credits of $3.7 million. In the first quarter of 2013, we communicated our decision to amend certain postretirement benefit plans to reduce health benefits for certain current and retired employees and as a result we recognized actuarial losses of $4.6 million in the first quarter of 2013. Liability reductions from these plan amendments are recorded as amortization of prior service cost in net income in accordance with accounting requirements. See Note 15, “Accumulated Other Comprehensive Income,” for information on the impact on accumulated other comprehensive income.