|
EMPLOYEE RETIREMENT PLANS (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Reconciliation of the beginning and ending balances of the projected benefit obligation for defined benefit plans |
|
|
|
Pension Benefits
|
|
OPEB
|
|
|
|
|
As of December 31,
|
|
|
(In millions)
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
Change in Benefit Obligation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation, beginning of year
|
|
$
|
673.4
|
|
$
|
168.5
|
|
$
|
97.9
|
|
$
|
-
|
|
|
Acquisitions
|
|
|
-
|
|
|
576.1
|
|
|
-
|
|
|
182.9
|
|
|
Service costs
|
|
|
3.6
|
|
|
6.6
|
|
|
0.8
|
|
|
2.0
|
|
|
Interest cost
|
|
|
31.7
|
|
|
28.0
|
|
|
4.4
|
|
|
6.4
|
|
|
Actuarial loss (gain)
|
|
|
141.3
|
|
|
(57.0
|
)
|
|
16.7
|
|
|
(4.2
|
)
|
|
Foreign currency translation adjustment
|
|
|
(1.5
|
)
|
|
(0.8
|
)
|
|
(0.3
|
)
|
|
(0.1
|
)
|
|
Plan participants' contributions
|
|
|
-
|
|
|
-
|
|
|
1.4
|
|
|
3.4
|
|
|
Gross benefits paid
|
|
|
(38.2
|
)
|
|
(32.5
|
)
|
|
(9.2
|
)
|
|
(9.8
|
)
|
|
Plan amendments
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(82.7
|
)
|
|
Curtailments
|
|
|
-
|
|
|
(15.5
|
)
|
|
-
|
|
|
-
|
|
|
Settlements
|
|
|
(24.0
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Other
|
|
|
0.5
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation, end of year
|
|
$
|
786.8
|
|
$
|
673.4
|
|
$
|
111.7
|
|
$
|
97.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated benefit obligation, end of year
|
|
$
|
784.0
|
|
$
|
670.7
|
|
|
NA
|
|
|
NA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary and reconciliation of the beginning and ending balances of the fair value of the plans' assets |
|
|
|
Pension Benefits
|
|
OPEB
|
|
|
|
|
As of December 31,
|
|
|
(In millions)
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
Change in Plan Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets, beginning of year
|
|
$
|
659.4
|
|
$
|
115.8
|
|
$
|
-
|
|
$
|
-
|
|
|
Acquisitions
|
|
|
-
|
|
|
506.7
|
|
|
-
|
|
|
-
|
|
|
Actual return on plan assets
|
|
|
40.1
|
|
|
68.2
|
|
|
-
|
|
|
-
|
|
|
Foreign currency translation adjustment
|
|
|
(1.1
|
)
|
|
(0.7
|
)
|
|
-
|
|
|
-
|
|
|
Employer contribution
|
|
|
2.0
|
|
|
1.9
|
|
|
7.8
|
|
|
6.4
|
|
|
Plan participants' contributions
|
|
|
-
|
|
|
-
|
|
|
1.4
|
|
|
3.4
|
|
|
Gross benefits paid
|
|
|
(38.2
|
)
|
|
(32.5
|
)
|
|
(9.2
|
)
|
|
(9.8
|
)
|
|
Settlements
|
|
|
(24.0
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets, end of year
|
|
$
|
638.2
|
|
$
|
659.4
|
|
$
|
-
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of the Plan's investments measured at fair value and the target and current allocation, by level within the fair value hierarchy |
|
Asset Category
|
|
Target Allocation 2015
|
|
Percentage of Plan Assets, December 31, 2014
|
|
Total
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
|
|
(In millions, except percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investment fund
|
|
|
-
|
%
|
|
2
|
%
|
$
|
10.2
|
|
$
|
-
|
|
$
|
10.2
|
|
$
|
-
|
|
|
U.S. equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer discretionary sector
|
|
|
|
|
|
|
|
|
4.3
|
|
|
4.3
|
|
|
-
|
|
|
-
|
|
|
Consumer staples sector
|
|
|
|
|
|
|
|
|
6.1
|
|
|
6.1
|
|
|
-
|
|
|
-
|
|
|
Energy sector
|
|
|
|
|
|
|
|
|
1.3
|
|
|
1.3
|
|
|
-
|
|
|
-
|
|
|
Finance sector
|
|
|
|
|
|
|
|
|
2.3
|
|
|
2.3
|
|
|
-
|
|
|
-
|
|
|
Health care sector
|
|
|
|
|
|
|
|
|
9.9
|
|
|
9.9
|
|
|
-
|
|
|
-
|
|
|
Index funds
|
|
|
|
|
|
|
|
|
141.3
|
|
|
-
|
|
|
141.3
|
|
|
-
|
|
|
Industrials sector
|
|
|
|
|
|
|
|
|
3.5
|
|
|
3.5
|
|
|
-
|
|
|
-
|
|
|
Information technology sector
|
|
|
|
|
|
|
|
|
3.7
|
|
|
3.7
|
|
|
-
|
|
|
-
|
|
|
Capital appreciation mutual fund
|
|
|
|
|
|
|
|
|
39.4
|
|
|
39.4
|
|
|
-
|
|
|
-
|
|
|
Small cap growth mutual fund
|
|
|
|
|
|
|
|
|
7.2
|
|
|
7.2
|
|
|
-
|
|
|
-
|
|
|
Pooled equity fund
|
|
|
|
|
|
|
|
|
55.5
|
|
|
-
|
|
|
55.5
|
|
|
-
|
|
|
Other
|
|
|
|
|
|
|
|
|
1.3
|
|
|
1.3
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. equity securities
|
|
|
41
|
%
|
|
43
|
%
|
|
275.8
|
|
|
79.0
|
|
|
196.8
|
|
|
-
|
|
|
U.S. fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western assets total return funds
|
|
|
|
|
|
|
|
|
85.5
|
|
|
-
|
|
|
85.5
|
|
|
-
|
|
|
Blackrock investments, institutional
|
|
|
|
|
|
|
|
|
70.8
|
|
|
-
|
|
|
70.8
|
|
|
-
|
|
|
Other fixed income securities
|
|
|
|
|
|
|
|
|
71.4
|
|
|
-
|
|
|
71.4
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed income securities
|
|
|
38
|
%
|
|
36
|
%
|
|
227.7
|
|
|
-
|
|
|
227.7
|
|
|
-
|
|
|
International securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities
|
|
|
|
|
|
13
|
%
|
|
81.5
|
|
|
8.0
|
|
|
68.5
|
|
|
5.0
|
|
|
Euro pacific growth fund
|
|
|
|
|
|
6
|
%
|
|
35.4
|
|
|
35.4
|
|
|
-
|
|
|
-
|
|
|
Fixed income securities
|
|
|
|
|
|
|
|
|
6.2
|
|
|
2.0
|
|
|
-
|
|
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total international securities
|
|
|
18
|
%
|
|
19
|
%
|
|
123.1
|
|
|
45.4
|
|
|
68.5
|
|
|
9.2
|
|
|
Long-biased hedge fund
|
|
|
3
|
%
|
|
-
|
%
|
|
0.2
|
|
|
-
|
|
|
-
|
|
|
0.2
|
|
|
Real estate partnership
|
|
|
-
|
%
|
|
-
|
%
|
|
1.2
|
|
|
-
|
|
|
-
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
$
|
638.2
|
|
$
|
124.4
|
|
$
|
503.2
|
|
$
|
10.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Category
|
|
Target Allocation 2014
|
|
Percentage of Plan Assets, December 31, 2013
|
|
Total
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
|
|
(In millions, except percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investment fund
|
|
|
-
|
%
|
|
1
|
%
|
$
|
5.7
|
|
$
|
-
|
|
$
|
5.7
|
|
$
|
-
|
|
|
Receivables
|
|
|
-
|
%
|
|
13
|
%
|
|
86.7
|
|
|
-
|
|
|
-
|
|
|
86.7
|
|
|
U.S. equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer discretionary sector
|
|
|
|
|
|
|
|
|
6.6
|
|
|
6.6
|
|
|
-
|
|
|
-
|
|
|
Consumer staples sector
|
|
|
|
|
|
|
|
|
9.2
|
|
|
9.2
|
|
|
-
|
|
|
-
|
|
|
Energy sector
|
|
|
|
|
|
|
|
|
1.3
|
|
|
1.3
|
|
|
-
|
|
|
-
|
|
|
Finance sector
|
|
|
|
|
|
|
|
|
3.8
|
|
|
3.8
|
|
|
-
|
|
|
-
|
|
|
Health care sector
|
|
|
|
|
|
|
|
|
8.4
|
|
|
8.4
|
|
|
-
|
|
|
-
|
|
|
Index funds
|
|
|
|
|
|
|
|
|
93.6
|
|
|
-
|
|
|
93.6
|
|
|
-
|
|
|
Industrials sector
|
|
|
|
|
|
|
|
|
2.8
|
|
|
2.8
|
|
|
-
|
|
|
-
|
|
|
Information technology sector
|
|
|
|
|
|
|
|
|
7.3
|
|
|
7.3
|
|
|
-
|
|
|
-
|
|
|
Capital appreciation mutual fund
|
|
|
|
|
|
|
|
|
13.1
|
|
|
13.1
|
|
|
-
|
|
|
-
|
|
|
Small cap growth mutual fund
|
|
|
|
|
|
|
|
|
7.4
|
|
|
7.4
|
|
|
-
|
|
|
-
|
|
|
Pooled equity fund
|
|
|
|
|
|
|
|
|
47.8
|
|
|
-
|
|
|
47.8
|
|
|
-
|
|
|
Other
|
|
|
|
|
|
|
|
|
1.4
|
|
|
1.4
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. equity securities
|
|
|
43
|
%
|
|
31
|
%
|
|
202.7
|
|
|
61.3
|
|
|
141.4
|
|
|
-
|
|
|
U.S. fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pimco total return, institutional
|
|
|
|
|
|
|
|
|
199.4
|
|
|
199.4
|
|
|
-
|
|
|
-
|
|
|
Other fixed income securities
|
|
|
|
|
|
|
|
|
65.2
|
|
|
2.8
|
|
|
62.4
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. fixed income securities
|
|
|
20
|
%
|
|
40
|
%
|
|
264.6
|
|
|
202.2
|
|
|
62.4
|
|
|
-
|
|
|
International equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Euro pacific growth fund
|
|
|
|
|
|
|
|
|
29.1
|
|
|
29.1
|
|
|
-
|
|
|
-
|
|
|
Emerging market index funds
|
|
|
5
|
%
|
|
10
|
%
|
|
62.8
|
|
|
5.1
|
|
|
57.7
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total international equity securities
|
|
|
20
|
%
|
|
14
|
%
|
|
91.9
|
|
|
34.2
|
|
|
57.7
|
|
|
-
|
|
|
Long-biased hedge fund
|
|
|
10
|
%
|
|
1
|
%
|
|
6.7
|
|
|
-
|
|
|
-
|
|
|
6.7
|
|
|
Real estate partnership
|
|
|
2
|
%
|
|
-
|
%
|
|
1.1
|
|
|
-
|
|
|
-
|
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
$
|
659.4
|
|
$
|
297.7
|
|
$
|
267.2
|
|
$
|
94.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Roll-forward of the Level 3 investments of pension plan assets |
|
(In millions)
|
|
Receivables
|
|
Long-Biased Hedge Fund
|
|
Real Estate Partnership
|
|
Equity Securities
|
|
Fixed Income Securities
|
|
|
Beginning balance at December 31, 2013
|
|
$
|
86.7
|
|
$
|
6.7
|
|
$
|
1.1
|
|
$
|
-
|
|
$
|
-
|
|
|
Collection of receivables
|
|
|
(86.2
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Purchases or transfers to Level 3
|
|
|
-
|
|
|
0.4
|
|
|
-
|
|
|
5.0
|
|
|
4.2
|
|
|
Foreign currency translation
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Unrealized gain on plan assets
|
|
|
-
|
|
|
-
|
|
|
0.1
|
|
|
-
|
|
|
-
|
|
|
Realized loss on plan assets
|
|
|
(0.5
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Sale of assets or transfers from Level 3
|
|
|
-
|
|
|
(6.9
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at December 31, 2014
|
|
$
|
-
|
|
$
|
0.2
|
|
$
|
1.2
|
|
$
|
5.0
|
|
$
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Funded status of the pension and other OPEB benefits reconciled to the amounts reported on the balance sheets |
|
|
|
Pension Benefits
|
|
OPEB
|
|
|
|
|
As of December 31,
|
|
|
(In millions)
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
Funded status, end of year:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets
|
|
$
|
638.2
|
|
$
|
659.4
|
|
$
|
-
|
|
$
|
-
|
|
|
Benefit obligations
|
|
|
786.8
|
|
|
673.4
|
|
|
111.7
|
|
|
97.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded status
|
|
$
|
(148.6
|
)
|
$
|
(14.0
|
)
|
$
|
(111.7
|
)
|
$
|
(97.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in the balance sheets consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent asset
|
|
$
|
-
|
|
$
|
26.9
|
|
$
|
-
|
|
$
|
-
|
|
|
Current liability
|
|
|
(1.5
|
)
|
|
(1.3
|
)
|
|
(8.7
|
)
|
|
(7.7
|
)
|
|
Noncurrent liability
|
|
|
(147.1
|
)
|
|
(39.6
|
)
|
|
(103.0
|
)
|
|
(90.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount recognized, end of year
|
|
$
|
(148.6
|
)
|
$
|
(14.0
|
)
|
$
|
(111.7
|
)
|
$
|
(97.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross amounts recognized in accumulated other comprehensive income (loss) consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial gain (loss)
|
|
$
|
(131.5
|
)
|
$
|
11.4
|
|
$
|
(12.3
|
)
|
$
|
4.2
|
|
|
Prior service credit (cost)
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
71.2
|
|
|
80.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount recognized, end of year
|
|
$
|
(131.6
|
)
|
$
|
11.3
|
|
$
|
58.9
|
|
$
|
84.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of projected benefit obligation and fair value of plan assets for pension plans having projected benefit obligations in excess of the fair value of plan assets |
|
|
|
Pensions As of December 31,
|
|
|
(In millions)
|
|
2014
|
|
2013
|
|
|
Projected benefit obligation, end of year
|
|
$
|
786.8
|
|
$
|
430.5
|
|
|
Fair value of plan assets, end of year
|
|
|
638.2
|
|
|
389.6
|
|
|
| Schedule of accumulated benefit obligation and fair value of plan assets for pension plans having accumulated benefit obligations in excess of the fair value of plan assets |
|
|
|
Pensions As of December 31,
|
|
|
(In millions)
|
|
2014
|
|
2013
|
|
|
Accumulated benefit obligaiton , end of year
|
|
$
|
784.0
|
|
$
|
417.6
|
|
|
Fair value of plan assets, end of year
|
|
|
638.2
|
|
|
378.9
|
|
|
| Summary of changes in plan assets and benefit obligations which were recognized in other comprehensive income (loss) |
|
|
|
Pensions
|
|
OPEB (1)
|
|
|
|
|
As of December 31,
|
|
|
End of year:
|
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
|
Current year actuarial gain (loss)
|
|
$
|
(142.5
|
)
|
$
|
102.2
|
|
$
|
(15.0
|
)
|
$
|
(16.6
|
)
|
$
|
4.2
|
|
|
Amortization of actuarial loss (gain)
|
|
|
(0.4
|
)
|
|
(13.3
|
)
|
|
1.6
|
|
|
0.1
|
|
|
-
|
|
|
Current year prior service credit
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
82.6
|
|
|
Amortization of prior service credit
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(9.2
|
)
|
|
(2.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total recognized in other comprehensive income (loss)
|
|
$
|
(142.9
|
)
|
$
|
88.9
|
|
$
|
(13.4
|
)
|
$
|
(25.7
|
)
|
$
|
84.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total recognized in net periodic benefit cost and other comprehensive income (loss)
|
|
$
|
(137.1
|
)
|
$
|
106.2
|
|
$
|
(13.6
|
)
|
$
|
(21.8
|
)
|
$
|
78.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
OPEB plans were assumed in the Merger which closed on January 28, 2013.
|
|
| Schedule of estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in the next fiscal year |
|
(In millions)
|
|
Pensions
|
|
OPEB
|
|
|
Prior service credit
|
|
$
|
-
|
|
$
|
9.2
|
|
|
Actuarial loss
|
|
|
(2.6
|
)
|
|
(0.1
|
)
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
(2.6
|
)
|
$
|
9.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of components of net periodic benefit income (expense) |
|
|
|
Pensions Year Ended December 31,
|
|
OPEB Benefits Year Ended December 31,
|
|
|
(In millions)
|
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
|
Components of net periodic benefit income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest cost
|
|
$
|
(31.7
|
)
|
$
|
(28.0
|
)
|
$
|
(7.2
|
)
|
$
|
(4.4
|
)
|
$
|
(6.4
|
)
|
|
Service cost
|
|
|
(3.6
|
)
|
|
(6.6
|
)
|
|
-
|
|
|
(0.8
|
)
|
|
(2.0
|
)
|
|
Expected return on assets
|
|
|
47.0
|
|
|
38.5
|
|
|
8.7
|
|
|
-
|
|
|
-
|
|
|
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service credit
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
9.2
|
|
|
2.3
|
|
|
Actuarial gain (loss)
|
|
|
0.4
|
|
|
(2.1
|
)
|
|
(1.7
|
)
|
|
(0.1
|
)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total amotization
|
|
|
0.4
|
|
|
(2.1
|
)
|
|
(1.7
|
)
|
|
9.1
|
|
|
2.3
|
|
|
Settlement loss
|
|
|
(5.8
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Curtailment gain
|
|
|
-
|
|
|
15.5
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Other components of net periodic pension cost
|
|
|
(0.5
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net periodic benefit income (expense)
|
|
$
|
5.8
|
|
$
|
17.3
|
|
$
|
(0.2
|
)
|
$
|
3.9
|
|
$
|
(6.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of expected benefit payments for all pension plans and postretirement welfare plans |
|
(In millions)
|
|
Pension Benefits
|
|
OPEB (Gross)
|
|
|
Expected benefit payments:
|
|
|
|
|
|
|
|
|
2015
|
|
$
|
38.1
|
|
$
|
8.9
|
|
|
2016
|
|
|
39.3
|
|
|
8.3
|
|
|
2017
|
|
|
40.2
|
|
|
7.9
|
|
|
2018
|
|
|
41.5
|
|
|
7.7
|
|
|
2019
|
|
|
42.7
|
|
|
7.4
|
|
|
2020-2024
|
|
|
232.6
|
|
|
33.8
|
|
|
| Defined Benefit Obligations |
|
| Schedule of weighted average assumptions used to determine the benefit obligation |
|
|
|
Pension Benefits
|
|
OPEB
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Discount rate
|
|
3.98%
|
|
4.81%
|
|
3.90%
|
|
4.65%
|
|
Rate of compensation increase
|
|
3.01%
|
|
3.00%
|
|
NA
|
|
3.00%
|
|
Health care cost trend rate
|
|
|
|
|
|
|
|
|
|
—Initial rate
|
|
NA
|
|
NA
|
|
7.00%
|
|
7.49%
|
|
—Ultimate rate
|
|
NA
|
|
NA
|
|
4.50%
|
|
4.50%
|
|
—Years to ultimate
|
|
NA
|
|
NA
|
|
9
|
|
10
|
|
| Net Periodic Costs |
|
| Schedule of weighted average assumptions used to determine the benefit obligation |
|
|
|
Pensions
|
|
OPEB
|
|
|
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
Discount rate
|
|
4.81%
|
|
4.16%
|
|
5.00%
|
|
4.65%
|
|
4.39%
|
|
Expected return on assets
|
|
7.42%
|
|
6.91%
|
|
8.25%
|
|
NA
|
|
NA
|
|
Rate of compensation increase
|
|
3.00%
|
|
3.14%
|
|
NA
|
|
NA
|
|
3.11%
|
|
Health care cost trend rate:
|
|
|
|
|
|
|
|
|
|
|
|
Initial rate
|
|
NA
|
|
NA
|
|
NA
|
|
7.49%
|
|
6.63%
|
|
Ultimate rate
|
|
NA
|
|
NA
|
|
NA
|
|
4.50%
|
|
4.50%
|
|
Years to ultimate rate
|
|
NA
|
|
NA
|
|
NA
|
|
10
|
|
11
|
|