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Postretirement Benefits Other Than Pensions (Other Postretirement Benefit Plan, Defined Benefit [Member]) | 12 Months Ended
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Dec. 31, 2013
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Postemployment Benefits Other Than Pensions | NOTE 17. POSTRETIREMENT BENEFITS OTHER THAN PENSIONS The Company sponsors an other than pension postretirement employee benefit plan (“OPEB”) that provides medical, dental and/or life insurance benefits to approximately 600 retired and 300 active employees (the “OPEB Plan”). The Company generally is self-insured for the benefits under the OPEB Plan. The medical plan generally provides for a limited number of years of medical insurance benefits at retirement based on the participant’s attained age at retirement and number of years of service until specified dates and generally requires participant contributions, with most contributions adjusted annually. Changes in Fair Value of Plan Assets and Changes in Accumulated Postretirement Benefit Obligation for the years ended December 31, 2013 and 2012 were:
DOLLARS IN MILLIONS |  |
2013 |  | 2012
Fair Value of Plan Assets at Beginning of Year |  | $ | — |  |  | $ | — |
Employer Contributions |  | 2.9 |  |  | 3.0 |
Plan Participants’ Contributions |  | 1.2 |  |  | 1.0 |
Benefits Paid |  | (4.1 | ) |  | (4.0 | )
Fair Value of Plan Assets at End of Year |  | — |  |  | — |
Accumulated Postretirement Benefit Obligation at Beginning of Year |  | 42.8 |  |  | 44.7 |
Service Cost |  | 0.2 |  |  | 0.2 |
Interest Cost |  | 1.2 |  |  | 1.6 |
Plan Participants’ Contributions |  | 1.2 |  |  | 1.0 |
Benefits Paid |  | (4.1 | ) |  | (4.0 | )
Medicare Part D Subsidy Received |  | — |  |  | 1.0 |
Actuarial Gains |  | (6.2 | ) |  | (5.5 | )
Obligations Transferred Into Plan |  | — |  |  | 3.8 |
Accumulated Postretirement Benefit Obligation at End of Year |  | 35.1 |  |  | 42.8 |
Funded Status—Accumulated Postretirement Benefit Obligation in Excess of Plan Assets |  | $ | (35.1 | ) |  | $ | (42.8 | )
Actuarial Gain Recognized in Accumulated Other Comprehensive Income |  | $ | 18.4 |  |  | $ | 13.4 |
The measurement dates of the assets and liabilities at end of year in the preceding table under the headings “2013” and “2012” were December 31, 2013 and December 31, 2012, respectively. The weighted-average discount rate and rate of increase in future compensation levels used to develop the components of the Accumulated Postretirement Benefit Obligation at December 31, 2013 and 2012 were:
|  | 2013 |  | 2012
Discount Rate |  | 4.00 | % |  | 3.15 | %
Rate of Increase in Future Compensation Levels |  | 2.10 |  |  | 2.10 |
The assumed health care cost trend rate used in measuring the Accumulated Postretirement Benefit Obligation at December 31, 2013 was 8.5% for 2014, gradually declining to 5.0% in the year 2021 and remaining at that level thereafter for medical benefits and 8.0% for 2014, gradually declining to 5.0% in the year 2022 and remaining at that level thereafter for prescription drug benefits. The assumed health care cost trend rate used in measuring the Accumulated Postretirement Benefit Obligation at December 31, 2012 was 7.0% for 2013, gradually declining to 5.0% in the year 2017 and remaining at that level thereafter for medical benefits and 8.5% for 2013, gradually declining to 5.0% in the year 2020 and remaining at that level thereafter for prescription drug benefits. A one-percentage point increase in the assumed health care cost trend rate for each year would increase the Accumulated Postretirement Benefit Obligation at December 31, 2013 by $2.1 million and 2013 OPEB expense by $0.1 million. A one-percentage point increase in the assumed health care cost trend rate for each year would increase the Accumulated Postretirement Benefit Obligation at December 31, 2012 by $2.8 million and 2012 OPEB expense by $0.1 million. NOTE 17. POSTRETIREMENT BENEFITS OTHER THAN PENSIONS (Continued) The components of Comprehensive OPEB (Income) Expense for the years ended December 31, 2013, 2012 and 2011 were:
DOLLARS IN MILLIONS |  | 2013 |  | 2012 |  | 2011
Service Cost Earned During the Year |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.1 |
Interest Cost on Accumulated Postretirement Benefit Obligation |  | 1.2 |  |  | 1.6 |  |  | 1.9 |
Amortization of Actuarial Gain |  | (1.2 | ) |  | (1.2 | ) |  | (0.6 | )
OPEB Expense Recognized in Consolidated Statements of Income |  | 0.2 |  |  | 0.6 |  |  | 1.4 |
Unrecognized OPEB (Gain) Loss Arising During the Year |  | (6.2 | ) |  | (5.5 | ) |  | 4.4 |
Amortization of Accumulated Unrecognized OPEB Gain |  | 1.2 |  |  | 1.2 |  |  | 0.6 |
Comprehensive OPEB (Income) Expense |  | $ | (4.8 | ) |  | $ | (3.7 | ) |  | $ | 6.4 |
The Company estimates that OPEB Expense for the year ended December 31, 2014 will include income of $1.5 million resulting from the amortization of the related accumulated actuarial gain included in Accumulated Other Comprehensive Income at December 31, 2013. The weighted-average discount rate and rate of increase in future compensation levels used to develop OPEB Expense for the years ended December 31, 2013, 2012 and 2011 were:
|  | 2013 |  | 2012 |  | 2011
Discount Rate |  | 3.15 | % |  | 4.25 | % |  | 4.40 | %
Rate of Increase in Future Compensation Levels |  | 2.10 |  |  | 2.10 |  |  | 1.50 |
The Company expects to contribute $3.7 million, net of the expected Medicare Part D subsidy, to its OPEB Plan to fund benefit payments in 2014. The following benefit payments (net of participant contributions), which consider expected future service, as appropriate, are expected to be paid:
DOLLARS IN MILLIONS |  | Years Ending December 31,
2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019-2023
Benefit Payments: |  |  |  |  |  |  |  |  |  |  |  |
Excluding Medicare Part D Subsidy |  | $ | 4.1 |  |  | $ | 4.2 |  |  | $ | 4.2 |  |  | $ | 4.1 |  |  | $ | 3.9 |  |  | $ | 16.4 |
Expected Medicare Part D Subsidy |  | (0.4 | ) |  | (0.4 | ) |  | (0.4 | ) |  | (0.4 | ) |  | (0.4 | ) |  | (2.0 | )
Net Benefit Payments |  | $ | 3.7 |  |  | $ | 3.8 |  |  | $ | 3.8 |  |  | $ | 3.7 |  |  | $ | 3.5 |  |  | $ | 14.4 |

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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