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Retirement Plans and Other Post-Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2015
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 |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Change in Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | 577.6 |  |  | $ | 487.7 |  |  | $ | 59.8 |  |  | $ | 54.8 |
Service cost |  |  | 11.6 |  |  |  | 10.4 |  |  |  | 1.4 |  |  |  | 1.5 |
Interest cost |  |  | 23.3 |  |  |  | 24.8 |  |  |  | 2.0 |  |  |  | 2.5 |
Plan amendments |  |  | – |  |  |  | 3.6 |  |  |  | – |  |  |  | – |
Participant contributions |  |  | – |  |  |  | – |  |  |  | 1.2 |  |  |  | 1.3 |
Actuarial (gain)/loss |  |  | (34.8 | ) |  |  | 83.9 |  |  |  | (10.1 | ) |  |  | 4.5 |
Benefits paid |  |  | (34.8 | ) |  |  | (31.5 | ) |  |  | (3.3 | ) |  |  | (4.8 | )
Effect of currency rate changes |  |  | (1.0 | ) |  |  | (1.3 | ) |  |  | – |  |  |  | – |
Balance at end of year |  | $ | 541.9 |  |  | $ | 577.6 |  |  | $ | 51.0 |  |  | $ | 59.8 |
Change in Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 638.0 |  |  | $ | 601.2 |  |  | $ | – |  |  | $ | – |
Actual return on plan assets |  |  | (10.3 | ) |  |  | 66.3 |  |  |  | – |  |  |  | – |
Total contributions |  |  | 2.0 |  |  |  | 2.0 |  |  |  | 3.3 |  |  |  | 4.8 |
Benefits paid |  |  | (34.8 | ) |  |  | (31.5 | ) |  |  | (3.3 | ) |  |  | (4.8 | )
Fair value of plan assets at end of year |  | $ | 594.9 |  |  | $ | 638.0 |  |  |  | – |  |  |  | – |
Funded status at end of year |  | $ | 53.0 |  |  | $ | 60.4 |  |  | $ | (51.0 | ) |  | $ | (59.8 | )
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 |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Other long-term assets |  | $ | 89.1 |  |  | $ | 102.0 |  |  | $ | – |  |  | $ | – |
Current liabilities |  |  | (2.1 | ) |  |  | (2.0 | ) |  |  | (3.2 | ) |  |  | (3.7 | )
Other long-term liabilities |  |  | (34.0 | ) |  |  | (39.6 | ) |  |  | (47.7 | ) |  |  | (56.1 | )
Net amount recognized |  | $ | 53.0 |  |  | $ | 60.4 |  |  | $ | (50.9 | ) |  | $ | (59.8 | )
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 |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Prior service cost/(credit) |  | $ | 12.0 |  |  | $ | 15.1 |  |  | $ | (0.8 | ) |  | $ | (1.1 | )
Net actuarial loss |  |  | 185.0 |  |  |  | 181.3 |  |  |  | (4.8 | ) |  |  | 5.5 |
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 |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Discount rate – benefit obligation |  |  | 4.65 | % |  |  | 4.21 | % |  |  | 4.38 | % |  |  | 3.89 | %
Future compensation growth rate |  |  | 3.50 |  |  |  | 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 |  |  | 2015 |  |  |  | 2014 |
Projected benefit obligation |  | $ | 36.1 |  |  | $ | 41.7 |
Accumulated benefit obligation |  |  | 33.1 |  |  |  | 36.1 |
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 |  |  | 2015 |  |  |  | 2014 |  |  |  | 2013 |
Pension Benefits |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 11.6 |  |  | $ | 10.4 |  |  | $ | 11.6 |
Interest cost |  |  | 23.3 |  |  |  | 24.8 |  |  |  | 21.8 |
Expected return on plan assets |  |  | (46.0 | ) |  |  | (43.9 | ) |  |  | (43.4 | )
Amortization of prior service cost |  |  | 3.1 |  |  |  | 3.3 |  |  |  | 3.1 |
Amortization of actuarial loss |  |  | 17.1 |  |  |  | 12.1 |  |  |  | 21.1 |
Total net periodic benefit cost |  | $ | 9.1 |  |  | $ | 6.7 |  |  | $ | 14.2 |
Other Benefits |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 1.4 |  |  | $ | 1.5 |  |  | $ | 2.9 |
Interest cost |  |  | 2.0 |  |  |  | 2.5 |  |  |  | 2.1 |
Amortization of prior service cost/(credit) |  |  | (0.3 | ) |  |  | (0.3 | ) |  |  | (0.5 | )
Amortization of actuarial loss |  |  | 0.2 |  |  |  | 0.4 |  |  |  | 0.6 |
Total net periodic benefit cost |  | $ | 3.3 |  |  | $ | 4.1 |  |  | $ | 5.1 |
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 |  | 2015 |  |  | 2014 |  |  |
Pension Benefits |  |  |  |  |  |  |  |  |  |
Actuarial loss |  | $ | 21.5 |  |  | $ | 61.5 |  |  |
Plan amendments |  |  | – |  |  |  | 3.6 |  |  |
Amortization of prior service cost |  |  | (3.1 | ) |  |  | (3.3 | ) |  |
Amortization of actuarial losses |  |  | (17.1 | ) |  |  | (12.1 | ) |  |
Total recognized in other comprehensive loss |  |  | 1.3 |  |  |  | 49.7 |  |  |
Total recognized in net periodic benefit cost and other comprehensive loss |  | $ | 10.4 |  |  | $ | 56.4 |  |  |
Other Benefits |  |  |  |  |  |  |  |  |  |
Actuarial (gain) loss |  | $ | (10.1 | ) |  | $ | 4.5 |  |  |
Amortization of prior service cost |  |  | 0.3 |  |  |  | 0.3 |  |  |
Amortization of actuarial losses |  |  | (0.2 | ) |  |  | (0.4 | ) |  |
Total recognized in other comprehensive (income) loss |  |  | (10.0 | ) |  |  | 4.4 |  |  |
Total recognized in net periodic benefit cost and other comprehensive (income) loss |  | $ | (6.7 | ) |  | $ | 8.5 |  |  |
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 |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Pension Benefits |  |  |  |  |  |  |  |  |  |  |  |
Discount rate – benefit expense |  |  | 4.21 | % |  |  | 5.20 | % |  |  | 4.28 | %
Future compensation growth rate |  |  | 4.00 |  |  |  | 4.00 |  |  |  | 4.00 |
Expected long-term rate of return on plan assets |  |  | 8.00 |  |  |  | 8.00 |  |  |  | 8.50 |
Other Benefits |  |  |  |  |  |  |  |  |  |  |  |
Discount rate – benefit expense |  |  | 3.89 | % |  |  | 4.52 | % |  |  | 3.58 | %
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:
|  | 2015 |  |  | 2014 |
Health care cost trend rate assumed for next year |  |  | 6.80 | % |  |  | 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 |  |  | 2037 |  |  |  | 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 |  | $ | 4.0 |  |  | $ | 3.6 |
Total of service and interest cost components |  |  | 0.4 |  |  |  | 0.3 |
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, 2015 |
In millions |  |  | Total |  |  |  | Level 1 |  |  |  | Level 2 |  |  |  | Level 3 |
Domestic Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large cap |  | $ | 175.1 |  |  | $ | 58.4 |  |  | $ | 116.7 |  |  | $ | – |
Small and mid cap |  |  | 68.7 |  |  |  | 68.7 |  |  |  | – |  |  |  | – |
International equity |  |  | 79.8 |  |  |  | 42.2 |  |  |  | 37.6 |  |  |  | – |
REIT |  |  | 31.9 |  |  |  | 31.9 |  |  |  | – |  |  |  | – |
Fixed income |  |  | 222.4 |  |  |  | 32.3 |  |  |  | 190.1 |  |  |  | – |
Cash and equivalents |  |  | 17.0 |  |  |  | – |  |  |  | 17.0 |  |  |  | – |
Total |  | $ | 594.9 |  |  | $ | 233.5 |  |  | $ | 361.4 |  |  | $ | – |
|  | 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 |  |  | $ | – |
Benefit Payments Expected to be Made under Non-Qualified Pension Plans and Other Benefit Plans | Benefit payments expected to be made in 2016 under our non-qualified pension plans and other benefit plans are summarized below:
In thousands |  |  |  |
Nonqualified pension plans |  | $ | 2,090 |
Other benefit plans |  |  | 3,301 |
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 |
2016 |  | $ | 36,924 |  |  | $ | 3,301 |
2017 |  |  | 36,340 |  |  |  | 3,801 |
2018 |  |  | 35,799 |  |  |  | 4,154 |
2019 |  |  | 35,955 |  |  |  | 4,559 |
2020 |  |  | 35,841 |  |  |  | 4,834 |
2021 through 2025 |  |  | 185,391 |  |  |  | 22,801 |

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