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Retirement Plans and Other Post-Retirement Benefits (Tables)
 12 Months Ended
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