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Postretirement Health Care and Life Insurance Benefits | 12 Months Ended
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Dec. 31, 2017
Postretirement Health Care and LIfe Insurance Benefits [Abstract] |
Postretirement Health Care and Life Insurance Benefits | Postretirement Health Care and Life Insurance Benefits The Company currently provides health care and life insurance benefits to qualifying salaried and hourly retirees of its current and certain former subsidiaries and their dependents from benefit plans established by the Company. Plan coverage for health benefits is provided to future hourly and salaried retirees in accordance with the applicable plan document. Life insurance benefits are provided to future hourly retirees in accordance with the applicable labor agreement. Net periodic postretirement benefit cost included the following components:
| Successor | Predecessor
| April 2 through December 31, 2017 | January 1 through April 1, 2017 |  | Year Ended December 31, 2016 |  | Year Ended December 31, 2015
| (Dollars in millions)
Service cost for benefits earned | $ | 6.9 |  | $ | 2.3 |  |  | $ | 10.4 |  |  | $ | 11.2 |
Interest cost on accumulated postretirement benefit obligation | 24.2 |  | 8.4 |  |  | 34.5 |  |  | 33.8 |
Amortization of prior service credit | — |  | (2.3 | ) |  | (9.2 | ) |  | (6.8 | )
Amortization of actuarial loss | — |  | 5.5 |  |  | 20.4 |  |  | 24.9 |
Net actuarial gain | (22.0 | ) | — |  |  | — |  |  | — |
Net periodic postretirement benefit cost | $ | 9.1 |  | $ | 13.9 |  |  | $ | 56.1 |  |  | $ | 63.1 |
In connection with fresh start reporting, the Company made a policy election to prospectively record amounts attributable to prior service cost and actuarial valuation changes, as applicable, currently in earnings rather than recording such amounts within accumulated other comprehensive income and amortizing to expense over applicable time periods. The following includes pre-tax amounts recorded in “Accumulated other comprehensive income (loss)”:
| Predecessor
| January 1 through April 1, 2017 |  | Year Ended December 31, 2016 |  | Year Ended December 31, 2015
| (Dollars in millions)
Net actuarial loss (gain) arising during year | $ | — |  |  | $ | 32.3 |  |  | $ | (35.1 | )
Amortization: |  |  |  |  |  |  |  |
Actuarial loss | (5.5 | ) |  | (20.4 | ) |  | (24.9 | )
Prior service credit | 2.3 |  |  | 9.2 |  |  | 6.8 |
Settlement related to the Patriot bankruptcy: |  |  |  |  |
Prior service credit (cost) | — |  |  | 7.2 |  |  | (16.6 | )
Total recorded in “Accumulated other comprehensive income (loss)” | $ | (3.2 | ) |  | $ | 28.3 |  |  | $ | (69.8 | )
Prior to April 2, 2017, the Company amortized actuarial gain and loss using a 0% corridor with an amortization period that covered the average future working lifetime of active employees (10.31 years at January 1, 2017). The following table sets forth the plans’ funded status reconciled with the amounts shown in the consolidated balance sheets:
| Successor | Predecessor
| April 2 through December 31, 2017 | January 1 through April 1, 2017 |  | Year Ended December 31, 2016
| (Dollars in millions)
Change in benefit obligation: |  |  |  |  |  |
Accumulated postretirement benefit obligation at beginning of period | $ | 803.1 |  | $ | 812.1 |  |  | $ | 776.1 |
Service cost | 6.9 |  | 2.3 |  |  | 10.4 |
Interest cost | 24.2 |  | 8.4 |  |  | 34.5 |
Participant contributions | 0.4 |  | 0.2 |  |  | 0.6 |
Plan changes | — |  | — |  |  | 7.2 |
Benefits paid | (29.3 | ) | (12.8 | ) |  | (49.0 | )
Actuarial (gain) loss | (22.0 | ) | — |  |  | 32.3 |
Fresh start reporting adjustments | — |  | (7.1 | ) |  | — |
Accumulated postretirement benefit obligation at end of period | 783.3 |  | 803.1 |  |  | 812.1 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of period | — |  | — |  |  | — |
Employer contributions | 28.9 |  | 12.6 |  |  | 48.4 |
Participant contributions | 0.4 |  | 0.2 |  |  | 0.6 |
Benefits paid and administrative fees (net of Medicare Part D reimbursements) | (29.3 | ) | (12.8 | ) |  | (49.0 | )
Fair value of plan assets at end of period | — |  | — |  |  | — |
Funded status at end of period | (783.3 | ) | (803.1 | ) |  | (812.1 | )
Less: Current portion (included in “Accounts payable and accrued expenses”) | 53.3 |  | 56.1 |  |  | 55.8 |
Noncurrent obligation (included in “Accrued postretirement benefit costs”) | $ | (730.0 | ) | $ | (747.0 | ) |  | $ | (756.3 | )
The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows:
| Successor | Predecessor
| December 31,
| 2017 | 2016
Discount rate | 3.70 | % | 4.15 | %
Measurement date | December 31, 2017 |  | December 31, 2016 |
The weighted-average assumptions used to determine net periodic benefit cost during each period were as follows:
| Successor | Predecessor
| April 2 through December 31, 2017 | January 1 through April 1, 2017 |  | Year Ended December 31, 2016 |  | Year Ended December 31, 2015
Discount rate | 4.10 | % | 4.15 | % |  | 4.50 | % |  | 4.10 | %
Measurement date | April 1, 2017 |  | December 31, 2016 |  |  | December 31, 2015 |  |  | December 31, 2014 |
The following presents information about the assumed health care cost trend rate:
| Successor | Predecessor
| Year Ended December 31, 2017 | Year Ended December 31, 2016
Pre-Medicare: |  |
Health care cost trend rate assumed for next year | 7.00 | % | 6.20 | %
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.75 | % | 4.75 | %
Year that the rate reaches the ultimate trend rate | 2023 |  | 2021 |
Post-Medicare: |  |
Health care cost trend rate assumed for next year | 6.50 | % | 5.60 | %
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.75 | % | 4.75 | %
Year that the rate reaches the ultimate trend rate | 2023 |  | 2021 |
Assumed health care cost trend rates have a significant effect on the expense and liability amounts reported for health care plans. A one-percentage-point change in the assumed health care cost trend would have the following effects for the year ended December 31, 2017:
| One Percentage- Point Increase |  | One Percentage- Point Decrease
| (Dollars in millions)
Effect on total service and interest cost components | $ | 3.2 |  |  | $ | (2.9 | )
Effect on total postretirement benefit obligation | $ | 69.1 |  |  | $ | (60.7 | )
Plan Assets The Company’s postretirement benefit plans are unfunded. Estimated Future Benefit Payments The following benefit payments (net of retiree contributions), which reflect expected future service, as appropriate, are expected to be paid by the Company:
| Postretirement
| Benefits
| (Dollars in millions)
2018 | $ | 52.2 |
2019 | 53.5 |
2020 | 55.9 |
2021 | 57.6 |
2022 | 56.9 |
Years 2023-2027 | 266.4 |

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- Definition Postretirement Health Care and LIfe Insurance Benefits [Abstract] + References No definition available. + Details
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- Definition Disclosure of accounting policy for plans, other than pension plans, that provide postretirement benefits (including both defined benefit and defined contribution plans). This accounting policy may address (1) the types of plans sponsored by the entity, and the benefits provided by each plan (2) groups that participate in (or are covered by) each plan (3) how plan assets, liabilities and expenses are measured, including the use of any actuaries and (4) significant assumptions used by the entity to value plan assets and liabilities and how such assumptions are derived. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -URI http://asc.fasb.org/subtopic&trid=2235144 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -URI http://asc.fasb.org/subtopic&trid=2235116 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -URI http://asc.fasb.org/subtopic&trid=2235172 + Details
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