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Retirement Plans and Other Post-Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Schedule of Change in Benefit Obligation and Plan Assets

Claims are paid as reported.

		Pension Benefits								Other Benefits
In millions		2014				2013				2014				2013
Change in Benefit Obligation
Balance at beginning of year		$	487.7			$	528.4			$	54.8			$	63.0
Service cost			10.4				11.6				1.5				2.9
Interest cost			24.8				21.8				2.5				2.1
Plan amendments			3.6				–				–				–
Participant contributions			–				–				1.3				1.4
Actuarial (gain)/loss			83.9				(44.0	)			4.5				(10.5	)
Benefits paid			(31.5	)			(30.5	)			(4.8	)			(4.1	)
Effect of currency rate changes			(1.3	)			0.4				–				–
Balance at end of year		$	577.6			$	487.7			$	59.8			$	54.8
Change in Plan Assets
Fair value of plan assets at beginning of year		$	601.2			$	545.7			$	–			$	–
Actual return on plan assets			66.3				84.2				–				–
Total contributions			2.0				1.8				4.8				4.1
Benefits paid			(31.5	)			(30.5	)			(4.8	)			(4.1	)
Fair value of plan assets at end of year			638.0				601.2				–				–
Funded status at end of year		$	60.4			$	113.5			$	(59.8	)		$	(54.8	)

Summary of Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets consist of the following as of December 31:

		Pension Benefits								Other Benefits
In millions		2014				2013				2014				2013
Other long-term assets		$	102.0			$	148.9			$	–			$	–
Current liabilities			(2.0	)			(2.3	)			(3.7	)			(4.0	)
Other long-term liabilities			(39.6	)			(33.1	)			(56.1	)			(50.8	)
Net amount recognized		$	60.4			$	113.5			$	(59.8	)		$	(54.8	)

Components of Amounts Recognized as Accumulated Other Comprehensive Income on Pre-Tax Basis

The components of amounts recognized as “Accumulated other comprehensive income” consist of the following on a pre-tax basis:

		Pension Benefits								Other Benefits
In millions		2014				2013				2014				2013
Prior service cost/(credit)		$	15.1			$	14.8			$	(1.1	)		$	(1.4	)
Net actuarial loss			181.3				131.9				5.5				1.4

Weighted-Average Assumptions Used in Computing Benefit Obligations

The weighted-average assumptions used in computing the benefit obligations above were as follows:

		Pension Benefits								Other Benefits
		2014				2013				2014				2013
Discount rate – benefit obligation			4.21	%			5.20	%			3.89	%			4.52	%
Future compensation growth rate			4.00				4.00				–				–

Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows:

In millions			2014				2013
Projected benefit obligation		$	41.7			$	35.4
Accumulated benefit obligation			36.1				31.6
Fair value of plan assets			–				–

Schedule of Net Periodic Benefit Cost of Pension and Other Benefits

Net periodic benefit cost includes the following components:

		Year Ended December 31
In millions			2014				2013				2012
Pension Benefits
Service cost		$	10.4			$	11.6			$	11.3
Interest cost			24.8				21.8				23.0
Expected return on plan assets			(43.9	)			(43.4	)			(42.2	)
Amortization of prior service cost			3.3				3.1				2.5
Amortization of actuarial loss			12.1				21.1				17.0
Total net periodic benefit cost		$	6.7			$	14.2			$	11.6
Other Benefits
Service cost		$	1.5			$	2.9			$	2.8
Interest cost			2.5				2.1				2.4
Expected return on plan assets			–				–				(0.5	)
Amortization of prior service cost/(credit)			(0.3	)			(0.5	)			(0.9	)
Amortization of actuarial loss			0.4				0.6				0.7
Total net periodic benefit cost		$	4.1			$	5.1			$	4.5

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:

		Year Ended December 31
In millions		2014				2013
Pension Benefits
Actuarial (gain) loss		$	61.5			$	(84.7	)
Plan amendments			3.6				–
Amortization of prior service cost			(3.3	)			(3.1	)
Amortization of actuarial losses			(12.1	)			(21.1	)
Total recognized in other comprehensive (income) loss			49.7				(108.9	)
Total recognized in net periodic benefit cost and other comprehensive (income) loss		$	56.4			$	(94.7	)
Other Benefits
Actuarial (gain) loss		$	4.5			$	(10.5	)
Amortization of prior service cost			0.3				0.5
Amortization of actuarial losses			(0.4	)			(0.6	)
Total recognized in other comprehensive (income) loss			4.4				(10.6	)
Total recognized in net periodic benefit cost and other comprehensive (income) loss		$	8.5			$	(5.5	)

Schedule of Defined Benefit Plan Weighted-Average Assumptions Used in Computing Net Periodic Benefit Cost

The weighted-average assumptions used in computing the net periodic benefit cost information above were as follows:

		Year Ended December 31
		2014				2013				2012
Pension Benefits
Discount rate – benefit expense			5.20	%			4.28	%			5.09	%
Future compensation growth rate			4.00				4.00				4.00
Expected long-term rate of return on plan assets			8.00				8.50				8.50
Other Benefits
Discount rate – benefit expense			4.52	%			3.58	%			4.45	%
Expected long-term rate of return on plan assets			–				–				8.50

Schedule of Health Care Cost Trend Rates Used in Calculating Benefit Obligations

Assumed health care cost trend rates used to determine benefit obligations at December 31 were as follows:

		2014				2013
Health care cost trend rate assumed for next year			7.46	%			7.46	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)			4.50				4.50
Year that the rate reaches the ultimate rate			2028				2028

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A one percentage-point change in assumed health care cost trend rates would have the following effects:

		One Percentage Point
In millions		Increase				Decrease
Effect on:
Post-retirement benefit obligation		$	5.3			$	4.7
Total of service and interest cost components			0.4				0.4

Schedule of Target Allocation for Plan Assets

Risk is minimized by diversification by asset class, by style of each manager and by sector and industry limits when applicable. The target allocation for the Plan assets are:

Domestic Equity
Large cap			35	%
Small and mid cap			12
International equity			13
Real Estate Investment
Trusts (REIT)			5
Fixed income, cash and cash equivalents			35

Schedule of Fair Value of Benefit Plan Assets

The table below presents the fair values of our benefit plan assets by level within the fair value hierarchy, as described in Note 2:

		December 31, 2014
In millions			Total				Level 1				Level 2				Level 3
Domestic Equity
Large cap		$	187.6			$	187.6			$	–			$	–
Small and mid cap			61.1				61.1				–				–
International equity			104.5				65.1				39.4				–
REIT			31.6				31.6				–				–
Fixed income			235.0				27.3				207.7				–
Cash and equivalents			18.2				–				18.2				–
Total		$	638.0			$	372.7			$	265.3			$	–
		December 31, 2013
In millions			Total				Level 1				Level 2				Level 3
Domestic Equity
Large cap			$204.6				$204.6			$	–			$	–
Small and mid cap			68.1				68.1				–				–
International equity			114.3				73.7				40.6				–
REIT			25.9				25.9				–				–
Fixed income			171.6				40.4				131.2				–
Cash and equivalents			16.7				–				16.7				–
Total		$	601.2			$	412.7			$	188.5			$	–

Benefit Payments Expected to be Made under Non-Qualified Pension Plans and Other Benefit Plans

Benefit payments expected to be made in 2015 under our non-qualified pension plans and other benefit plans are summarized below:

In thousands
Nonqualified pension plans		$	2,108
Other benefit plans			3,769

Summary of Benefit Expected to be Paid Out

The following benefit payments under all pension and other benefit plans, and giving effect to expected future service, as appropriate, are expected to be paid:

In thousands			Pension Benefits				Other Benefits
2015		$	36,012			$	3,769
2016			35,826				3,987
2017			36,061				4,450
2018			35,751				4,808
2019			35,919				5,202
2020 through 2024			186,858				40,001

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