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Retirement and Postretirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract] |
Schedule of changes in projected benefit obligations and fair value of plan assets and funded status of plan assets | The following tables set forth the obligations and funded status, assumptions, plan assets and cash flows associated with the Plans as of December 31, 2016 and 2015:
|  | Pension Benefits December 31,
Millions |  | 2016 |  | 2015
Change in projected benefit obligation: |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 109.5 |  |  | $ | 119.7 |
Service cost |  | .2 |  |  | .9 |
Interest cost |  | 1.5 |  |  | 4.6 |
Settlement loss (gain) on projected benefit obligation(1)(2) |  | 1.2 |  |  | (1.8 | )
Assumption changes |  | (.9 | ) |  | (3.5 | )
Actuarial loss |  | .4 |  |  | .9 |
Annuity contract purchases related to termination of Qualified Plan (3) |  | (69.0 | ) |  | — |
Benefits, including lump sum payments, and expenses paid with plan assets(3) |  | (17.0 | ) |  | (13.7 | )
Benefits paid directly by OneBeacon |  | (2.1 | ) |  | (2.2 | )
Remeasurement due to plan termination (4) |  | — |  |  | 4.6 |
Projected benefit obligation at end of year |  | $ | 23.8 |  |  | $ | 109.5 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 139.8 |  |  | $ | 146.0 |
Actual return on plan assets |  | 6.3 |  |  | 7.5 |
Annuity contract purchases related to termination of Qualified Plan(3) |  | (69.0 | ) |  | — |
Transfer of assets to the QRP(5) |  | (47.1 | ) |  | — |
Benefits and expenses paid |  | (17.0 | ) |  | (13.7 | )
Fair value of plan assets at end of year |  | $ | 13.0 |  |  | $ | 139.8 |
(Unfunded) over funded status at end of year |  | $ | (10.8 | ) |  | $ | 30.3 |
(1) During the year ended December 31, 2016, OneBeacon recognized a $1.2 million settlement loss primarily resulting from final settlement of the Qualified Plan. (2) During the fourth quarter of 2015, OneBeacon triggered settlement accounting for the Qualified Plan as the total lump sum payments exceeded the service plus interest costs, resulting in a $1.8 adverse effect on accumulated other comprehensive income. (3) During the year ended December 31, 2016, the Qualified Plan finalized its termination by purchasing group annuity contracts for $69.0 million from Principal and making lump sum distributions, included in the $17.0 million above, to Qualified Plan participants electing such payments. (4) As of December 31, 2015, the projected benefit obligation was valued on a plan termination basis. (5) During the year ended December 31, 2016, OneBeacon transferred excess invested assets from the Qualified Plan after its termination into the trust supporting the QRP.
Schedule of amounts recorded in financial statements | Amounts recognized in the financial statements as of December 31, 2016 and 2015 consist of:
|  | December 31,
Millions |  | 2016 |  | 2015
Net balance sheet asset recorded in other assets |  | $ | 13.0 |  |  | $ | 55.8 |
Net balance sheet liability recorded in other liabilities |  | (23.8 | ) |  | (25.5 | )
Net amount recognized in the financial statements |  | $ | (10.8 | ) |  | $ | 30.3 |
Information for the Non-qualified Plan, which has accumulated benefit obligations in excess of plan assets | Information for the Non-qualified Plan, which had accumulated benefit obligations in excess of plan assets, was as follows:
|  | December 31,
Millions |  | 2016 |  | 2015
Projected benefit obligation |  | $ | 23.8 |  |  | $ | 25.5 |
Accumulated benefit obligation |  | $ | 23.8 |  |  | $ | 25.5 |
Fair value of plan assets |  | $ | — |  |  | $ | — |
Information for the Qualified Plan, which had accumulated benefit obligations less than plan assets | nformation for the Qualified Plan, which had accumulated benefit obligations less than plan assets until its termination, was finalized. Information for the Qualified Plan was as follows:
|  | December 31, |
Millions |  | 2016 |  | 2015 |
Projected benefit obligation |  | $ | — |  |  | $ | 84.0 |  | (1)
Accumulated benefit obligation |  | $ | — |  |  | $ | 84.0 |  | (1)
Fair value of plan net assets |  | $ | 13.0 |  |  | $ | 139.8 |  |
(1) Measured on a plan termination basis
Schedule of amounts recognized in accumulated other comprehensive income (loss) on a pre-tax basis and before noncontrolling interest | The amounts recognized in accumulated other comprehensive loss on a pre-tax basis and before non-controlling interest for the years ended December 31, 2016 and 2015 were as follows:
|  | December 31,
Millions |  | 2016 |  | 2015
Accumulated other comprehensive loss beginning balance |  | $ | (8.0 | ) |  | $ | (8.0 | )
Increase (decrease) in accumulated other comprehensive loss: |  |  |  |  |  |
Amortization of net actuarial gains recognized during the year |  | 1.3 |  |  | 1.3 |
Net actuarial gains (losses) occurring during the year (1) |  | 3.2 |  |  | (1.3 | )
Qualified Plan termination impact (2) |  | (3.0 | ) |  | — |
Accumulated other comprehensive loss ending balance |  | $ | (6.5 | ) |  | $ | (8.0 | )
(1) | Net actuarial gains in 2016 resulted from investment returns and demographic experience different than assumed. The 2015 net actuarial losses reflect the valuation of the Qualified Plan on a termination basis.
(2) | During the year ended December 31, 2016, OneBeacon recognized a $3.0 million gain resulting from the final settlement of the Qualified Plan.
Schedule of components of net periodic benefit cost (income) | The components of net periodic benefit cost (income) for the years ended December 31, 2016, 2015 and 2014 were as follows:
|  | Year Ended December 31,
Millions |  | 2016 |  | 2015 |  | 2014
Service cost |  | $ | .2 |  |  | $ | .9 |  |  | $ | .6 |
Interest cost |  | 1.5 |  |  | 4.6 |  |  | 4.7 |
Expected return on plan assets |  | (1.0 | ) |  | (8.7 | ) |  | (8.5 | )
Amortization of net actuarial losses |  | 1.3 |  |  | 1.3 |  |  | .3 |
Net periodic pension (cost) income before special termination benefits |  | 2.0 |  |  | (1.9 | ) |  | (2.9 | )
Settlement gain (1) |  | (3.0 | ) |  | — |  |  | — |
Special termination benefits expense (2) |  | — |  |  | — |  |  | .3 |
Total net periodic benefit income |  | $ | (1.0 | ) |  | $ | (1.9 | ) |  | $ | (2.6 | )
(1) Represents the impact of the termination of the Qualified Plan during the year ended December 31, 2016. (2) Special termination benefits represent additional payments made from the Qualified Plan to certain vested participants when their employment was terminated due to a reduction in force.
Schedule of fair value of the Plan assets and their related inputs | The fair value of the Qualified Plan’s assets and their related inputs as of December 31, 2016 and 2015 by asset category were as follows:
|  | December 31, 2016 |  | December 31, 2015
Millions |  | Fair Value (1) |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Fair Value |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs
Common equity securities |  | $ | 12.8 |  |  | $ | 12.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Fixed maturity investments |  | — |  |  | — |  |  | — |  |  | — |  |  | 132.4 |  |  | 132.4 |  |  | — |  |  | — |
Short-term investments |  | — |  |  | — |  |  | — |  |  | — |  |  | 7.0 |  |  | 7.0 |  |  | — |  |  | — |
Total |  | $ | 12.8 |  |  | $ | 12.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 139.4 |  |  | $ | 139.4 |  |  | $ | — |  |  | $ | — |
(1) Excludes cash and short-term investments There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2016 and 2015. The Qualified Plan’s asset allocations as of December 31, 2016 and 2015, by asset category were as follows:
|  | Plan Assets at December 31,
Asset Category |  | 2016 |  | 2015
Common equity securities |  | 98.5 | % |  | — | %
Fixed maturity investments |  | — |  |  | 95.0 |
Cash and short-term investments |  | 1.5 |  |  | 5.0 |
Total |  | 100.0 | % |  | 100.0 | %
Schedule of expected future benefit payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Millions |  | Expected Benefit Payments
2017 |  | $ | 2.1 |
2018 |  | 2.1 |
2019 |  | 2.0 |
2020 |  | 2.0 |
2021 |  | 1.9 |
2022 - 2026 |  | 8.4 |

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