Employee Retirement Plans (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
| Reconciliation of Beginning and Ending Balances of Projected Benefit Obligation for Defined Benefit Plans |
The reconciliation of the beginning and ending balances of the
projected benefit obligation for defined benefit plans is as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension Benefits |
|
|
OPEB |
|
| |
|
As of December 31, |
|
|
(In millions)
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
Change in benefit obligation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation, beginning of year
|
|
$ |
786.8 |
|
|
$ |
673.4 |
|
|
$ |
111.7 |
|
|
$ |
97.9 |
|
|
Service costs
|
|
|
4.3 |
|
|
|
3.6 |
|
|
|
0.9 |
|
|
|
0.8 |
|
|
Interest cost
|
|
|
30.7 |
|
|
|
31.7 |
|
|
|
3.5 |
|
|
|
4.4 |
|
|
Actuarial loss (gain)
|
|
|
(44.1 |
) |
|
|
141.3 |
|
|
|
(8.7 |
) |
|
|
16.7 |
|
|
Foreign currency translation adjustment
|
|
|
(2.5 |
) |
|
|
(1.5 |
) |
|
|
(0.5 |
) |
|
|
(0.3 |
) |
|
Plan participants’ contributions
|
|
|
— |
|
|
|
— |
|
|
|
1.4 |
|
|
|
1.4 |
|
|
Gross benefits paid
|
|
|
(37.7 |
) |
|
|
(38.2 |
) |
|
|
(9.2 |
) |
|
|
(9.2 |
) |
|
Plan amendments
|
|
|
— |
|
|
|
— |
|
|
|
(29.8 |
) |
|
|
— |
|
|
Settlements
|
|
|
(0.5 |
) |
|
|
(24.0 |
) |
|
|
— |
|
|
|
— |
|
|
Other
|
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation, end of year
|
|
$ |
737.0 |
|
|
$ |
786.8 |
|
|
$ |
69.3 |
|
|
$ |
111.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated benefit obligation, end of year
|
|
$ |
734.6 |
|
|
$ |
784.0 |
|
|
|
NA |
|
|
|
NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary and Reconciliation of Beginning and Ending Balances of Fair Value of Plans' Assets |
The summary and reconciliation of the beginning and ending balances
of the fair value of the plans’ assets were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension Benefits |
|
|
OPEB |
|
| |
|
As of December 31, |
|
|
(In millions)
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
Change in plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets, beginning of year
|
|
$ |
638.2 |
|
|
$ |
659.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Actual return (loss) on plan assets
|
|
|
(5.3 |
) |
|
|
40.1 |
|
|
|
— |
|
|
|
— |
|
|
Foreign currency translation adjustment
|
|
|
(1.9 |
) |
|
|
(1.1 |
) |
|
|
— |
|
|
|
— |
|
|
Employer contribution
|
|
|
2.0 |
|
|
|
2.0 |
|
|
|
7.8 |
|
|
|
7.8 |
|
|
Plan participants’ contributions
|
|
|
— |
|
|
|
— |
|
|
|
1.4 |
|
|
|
1.4 |
|
|
Gross benefits paid
|
|
|
(37.7 |
) |
|
|
(38.2 |
) |
|
|
(9.2 |
) |
|
|
(9.2 |
) |
|
Settlements
|
|
|
(0.5 |
) |
|
|
(24.0 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets, end of year
|
|
$ |
594.8 |
|
|
$ |
638.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Plan's Investments Measured at Fair Value and Target and Current Allocation, by Level Within Fair Value Hierarchy |
Investments are classified based on the lowest level of input that
is significant to the fair value measurement. The following table
sets forth, by level within the fair value hierarchy, a summary of
the investments measured at fair value and the target and current
asset allocations.
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Category
|
|
Target
Allocation
2016 |
|
|
Percentage of
Plan Assets,
December 31,
2015 |
|
|
Total |
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) |
|
|
Significant
Observable
Inputs
(Level 2) |
|
|
(In millions, except percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investment fund
|
|
|
— |
% |
|
|
1 |
% |
|
$ |
8.5 |
|
|
$ |
— |
|
|
$ |
8.5 |
|
|
U.S. equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer discretionary sector
|
|
|
|
|
|
|
|
|
|
|
2.8 |
|
|
|
2.8 |
|
|
|
— |
|
|
Consumer staples sector
|
|
|
|
|
|
|
|
|
|
|
4.3 |
|
|
|
4.3 |
|
|
|
— |
|
|
Energy sector
|
|
|
|
|
|
|
|
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
— |
|
|
Finance sector
|
|
|
|
|
|
|
|
|
|
|
0.4 |
|
|
|
0.4 |
|
|
|
— |
|
|
Health care sector
|
|
|
|
|
|
|
|
|
|
|
4.6 |
|
|
|
4.6 |
|
|
|
— |
|
|
Index funds
|
|
|
|
|
|
|
|
|
|
|
117.8 |
|
|
|
— |
|
|
|
117.8 |
|
|
Industrials sector
|
|
|
|
|
|
|
|
|
|
|
1.3 |
|
|
|
1.3 |
|
|
|
— |
|
|
Information technology sector
|
|
|
|
|
|
|
|
|
|
|
3.5 |
|
|
|
3.5 |
|
|
|
— |
|
|
Capital appreciation mutual fund
|
|
|
|
|
|
|
|
|
|
|
56.1 |
|
|
|
56.1 |
|
|
|
— |
|
|
Small cap growth mutual fund
|
|
|
|
|
|
|
|
|
|
|
7.0 |
|
|
|
7.0 |
|
|
|
— |
|
|
Pooled equity fund
|
|
|
|
|
|
|
|
|
|
|
55.7 |
|
|
|
— |
|
|
|
55.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. equity securities
|
|
|
44 |
% |
|
|
43 |
% |
|
|
253.7 |
|
|
|
80.2 |
|
|
|
173.5 |
|
|
U.S. fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western assets total return funds
|
|
|
|
|
|
|
|
|
|
|
80.6 |
|
|
|
— |
|
|
|
80.6 |
|
|
Blackrock investments, institutional
|
|
|
|
|
|
|
|
|
|
|
68.7 |
|
|
|
— |
|
|
|
68.7 |
|
|
Other fixed income securities
|
|
|
|
|
|
|
|
|
|
|
69.8 |
|
|
|
69.6 |
|
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed income securities
|
|
|
37 |
% |
|
|
37 |
% |
|
|
219.1 |
|
|
|
69.6 |
|
|
|
149.5 |
|
|
International securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities
|
|
|
|
|
|
|
|
|
|
|
53.6 |
|
|
|
6.7 |
|
|
|
46.9 |
|
|
Equity securities measured at net asset value (1)
|
|
|
|
|
|
|
|
|
|
|
3.6 |
|
|
|
— |
|
|
|
— |
|
|
Euro pacific growth fund
|
|
|
|
|
|
|
|
|
|
|
49.8 |
|
|
|
49.8 |
|
|
|
— |
|
|
Fixed income securities
|
|
|
|
|
|
|
|
|
|
|
1.6 |
|
|
|
1.6 |
|
|
|
— |
|
|
Fixed income securities measured at net asset value (1)
|
|
|
|
|
|
|
|
|
|
|
4.8 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total international securities
|
|
|
19 |
% |
|
|
19 |
% |
|
|
113.4 |
|
|
|
58.1 |
|
|
|
46.9 |
|
|
Real estate partnership, measured at net asset value (1)
|
|
|
— |
% |
|
|
— |
% |
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
$ |
594.8 |
|
|
$ |
207.9 |
|
|
$ |
378.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
In accordance with Subtopic 820-10,
certain investments that are measured at fair value using the net
asset value per share (or its equivalent) practical expedient have
not been classified in the fair value hierarchy. The fair value
amounts presented in this table are intended to permit
reconciliation of the fair value hierarchy to the amounts presented
in the statement of financial position. See Note 5 for more
details. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
(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
|
|
|
|
|
|
|
12 |
% |
|
|
76.5 |
|
|
|
8.0 |
|
|
|
68.5 |
|
|
Equity securities measured at net asset value (1)
|
|
|
|
|
|
|
|
|
|
|
5.0 |
|
|
|
— |
|
|
|
— |
|
|
Euro pacific growth fund
|
|
|
|
|
|
|
6 |
% |
|
|
35.4 |
|
|
|
35.4 |
|
|
|
— |
|
|
Fixed income securities
|
|
|
|
|
|
|
|
|
|
|
2.0 |
|
|
|
2.0 |
|
|
|
— |
|
|
Fixed income securities measured at net asset value (1)
|
|
|
|
|
|
|
|
|
|
|
4.2 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total international securities
|
|
|
18 |
% |
|
|
19 |
% |
|
|
123.1 |
|
|
|
45.4 |
|
|
|
68.5 |
|
|
Long-biased hedge fund, measured at net asset value (1)
|
|
|
3 |
% |
|
|
— |
% |
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
Real estate partnership, measured at net asset value (1)
|
|
|
— |
% |
|
|
— |
% |
|
|
1.2 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
$ |
638.2 |
|
|
$ |
124.4 |
|
|
$ |
503.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
In accordance with Subtopic 820-10,
certain investments that are measured at fair value using the net
asset value per share (or its equivalent) practical expedient have
not been classified in the fair value hierarchy. The fair value
amounts presented in this table are intended to permit
reconciliation of the fair value hierarchy to the amounts presented
in the statement of financial position. See Note 5 for more
details. |
|
| Funded Status of Pension and Other OPEB Benefits Reconciled to Amounts Reported on Balance Sheets |
The following table shows the funded status of the pension and
other OPEB benefits, reconciled to the amounts reported on the
consolidated balance sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension Benefits |
|
|
OPEB |
|
| |
|
As of December 31, |
|
|
(In millions)
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
Funded status, end of year:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets
|
|
$ |
594.8 |
|
|
$ |
638.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Benefit obligations
|
|
|
737.0 |
|
|
|
786.8 |
|
|
|
69.3 |
|
|
|
111.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded status
|
|
$ |
(142.2 |
) |
|
$ |
(148.6 |
) |
|
$ |
(69.3 |
) |
|
$ |
(111.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in the balance sheets consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liability
|
|
$ |
(1.5 |
) |
|
$ |
(1.5 |
) |
|
$ |
(7.2 |
) |
|
$ |
(8.7 |
) |
|
Noncurrent liability
|
|
|
(140.7 |
) |
|
|
(147.1 |
) |
|
|
(62.1 |
) |
|
|
(103.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount recognized, end of year
|
|
$ |
(142.2 |
) |
|
$ |
(148.6 |
) |
|
$ |
(69.3 |
) |
|
$ |
(111.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross amounts recognized in accumulated other comprehensive
income (loss) consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial loss
|
|
|
(135.1 |
) |
|
$ |
(131.5 |
) |
|
|
(3.4 |
) |
|
$ |
(12.3 |
) |
|
Prior service credit (cost)
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
90.7 |
|
|
|
71.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount recognized, end of year
|
|
$ |
(135.2 |
) |
|
$ |
(131.6 |
) |
|
$ |
87.3 |
|
|
$ |
58.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Projected Benefit Obligation and Fair Value of Plan Assets for Pension Plans Having Projected Benefit Obligations in Excess of Fair Value of Plan Assets |
For these plans, the projected benefit obligations and the fair
value of plan assets were as follows:
|
|
|
|
|
|
|
|
|
| |
|
Pension Benefits
As of December 31, |
|
|
(In millions)
|
|
2015 |
|
|
2014 |
|
|
Projected benefit obligation, end of year
|
|
$ |
737.0 |
|
|
$ |
786.8 |
|
|
Fair value of plan assets, end of year
|
|
|
594.8 |
|
|
|
638.2 |
|
|
| Schedule of Accumulated Benefit Obligation and Fair Value of Plan Assets for Pension Plans Having Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets |
For these plans, the accumulated benefit obligations and the fair
value of plan assets were as follows:
|
|
|
|
|
|
|
|
|
| |
|
Pension Benefits
As of December 31, |
|
|
(In millions)
|
|
2015 |
|
|
2014 |
|
|
Accumulated benefit obligation, end of year
|
|
$ |
725.2 |
|
|
$ |
784.0 |
|
|
Fair value of plan assets, end of year
|
|
|
585.2 |
|
|
|
638.2 |
|
|
| Summary of Changes in Plan Assets and Benefit Obligations which were Recognized in Other Comprehensive Income (Loss) |
The following table summarizes the changes in plan assets and
benefit obligations which were recognized in other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension Benefits |
|
|
OPEB |
|
| |
|
As of December 31, |
|
|
End of year (in millions):
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
Current year actuarial gain (loss)
|
|
$ |
(6.2 |
) |
|
$ |
(142.5 |
) |
|
$ |
102.2 |
|
|
$ |
8.8 |
|
|
$ |
(16.6 |
) |
|
$ |
4.2 |
|
|
Amortization of actuarial loss (gain)
|
|
|
2.6 |
|
|
|
(0.4 |
) |
|
|
(13.3 |
) |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
— |
|
|
Current year prior service credit
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29.8 |
|
|
|
— |
|
|
|
82.6 |
|
|
Amortization of prior service credit
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10.2 |
) |
|
|
(9.2 |
) |
|
|
(2.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total recognized in other comprehensive income (loss)
|
|
$ |
(3.6 |
) |
|
$ |
(142.9 |
) |
|
$ |
88.9 |
|
|
$ |
28.5 |
|
|
$ |
(25.7 |
) |
|
$ |
84.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total recognized in net periodic benefit cost and other
comprehensive income (loss)
|
|
$ |
4.0 |
|
|
$ |
(137.1 |
) |
|
$ |
106.2 |
|
|
$ |
34.2 |
|
|
$ |
(21.9 |
) |
|
$ |
78.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Estimated Amount that will be Amortized from Accumulated Other Comprehensive Loss into Net Periodic Benefit Cost in Next Fiscal Year |
The following table summarizes the estimated amount that will be
amortized from accumulated other comprehensive income (loss) into
net periodic benefit cost in 2016:
|
|
|
|
|
|
|
|
|
|
(In millions)
|
|
Pension
Benefits |
|
|
OPEB |
|
|
Prior service credit
|
|
$ |
— |
|
|
$ |
12.2 |
|
|
Actuarial loss
|
|
|
(2.8 |
) |
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
(2.8 |
) |
|
$ |
12.1 |
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Components of Net Periodic Benefit Income (Expense) |
Net Periodic Benefit Income (Expense). Net periodic benefit
income (expense) for the years ended December 31, 2015, 2014
and 2013 includes the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension Benefits
Year Ended December 31, |
|
|
OPEB
Year Ended December 31, |
|
|
(In millions)
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
Components of net periodic benefit income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest cost
|
|
$ |
(30.7 |
) |
|
$ |
(31.7 |
) |
|
$ |
(28.0 |
) |
|
$ |
(3.5 |
) |
|
$ |
(4.4 |
) |
|
$ |
(6.4 |
) |
|
Service cost
|
|
|
(4.3 |
) |
|
|
(3.6 |
) |
|
|
(6.6 |
) |
|
|
(0.9 |
) |
|
|
(0.8 |
) |
|
|
(2.0 |
) |
|
Expected return on assets
|
|
|
45.2 |
|
|
|
47.0 |
|
|
|
38.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service credit
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10.2 |
|
|
|
9.2 |
|
|
|
2.3 |
|
|
Actuarial gain (loss)
|
|
|
(2.6 |
) |
|
|
0.4 |
|
|
|
(2.1 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total amortization
|
|
|
(2.6 |
) |
|
|
0.4 |
|
|
|
(2.1 |
) |
|
|
10.1 |
|
|
|
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)
|
|
$ |
7.6 |
|
|
$ |
5.8 |
|
|
$ |
17.3 |
|
|
$ |
5.7 |
|
|
$ |
3.9 |
|
|
$ |
(6.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Expected Benefit Payments for All Pension Plans and Postretirement Welfare Plans |
Expected benefit payments for all pension and OPEB plans are as
follows:
|
|
|
|
|
|
|
|
|
| |
|
Pension |
|
|
OPEB |
|
|
(In millions)
|
|
Benefits |
|
|
(Gross) |
|
|
Expected benefit payments:
|
|
|
|
|
|
|
|
|
|
2016
|
|
$ |
39.2 |
|
|
$ |
7.3 |
|
|
2017
|
|
|
40.3 |
|
|
|
7.0 |
|
|
2018
|
|
|
41.3 |
|
|
|
6.9 |
|
|
2019
|
|
|
42.4 |
|
|
|
6.9 |
|
|
2020
|
|
|
43.8 |
|
|
|
6.9 |
|
|
2021-2025
|
|
|
230.8 |
|
|
|
32.9 |
|
|
| Defined Benefit Obligations [Member] |
|
| Schedule of Weighted Average Assumptions Used to Determine Benefit Obligation |
The weighted average assumptions used for determining our benefit
obligations as of December 31, 2015, 2014 and 2013 are as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension Benefits |
|
|
OPEB |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
Discount rate
|
|
|
4.34 |
% |
|
|
3.98 |
% |
|
|
4.81 |
% |
|
|
3.61 |
% |
|
|
3.90 |
% |
|
|
4.65 |
% |
|
Rate of compensation increase
|
|
|
3.01 |
% |
|
|
3.01 |
% |
|
|
3.00 |
% |
|
|
NA |
|
|
|
NA |
|
|
|
3.00 |
% |
|
Health care cost trend rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– Initial rate
|
|
|
NA |
|
|
|
NA |
|
|
|
NA |
|
|
|
7.47 |
% |
|
|
7.00 |
% |
|
|
7.49 |
% |
|
– Ultimate rate
|
|
|
NA |
|
|
|
NA |
|
|
|
NA |
|
|
|
4.50 |
% |
|
|
4.50 |
% |
|
|
4.50 |
% |
|
– Years to ultimate
|
|
|
NA |
|
|
|
NA |
|
|
|
NA |
|
|
|
12 |
|
|
|
9 |
|
|
|
10 |
|
|
| Net Periodic Costs [Member] |
|
| Schedule of Weighted Average Assumptions Used to Determine Benefit Obligation |
The following weighted average assumptions were used to determine
the net periodic costs for the defined benefit pension and OPEB
plans for the years presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension Benefits |
|
|
OPEB |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
Discount rate
|
|
|
3.97 |
%(1) |
|
|
4.81 |
% |
|
|
4.16 |
% |
|
|
3.60 |
%(1) |
|
|
4.65 |
% |
|
|
4.39 |
% |
|
Expected long-term rate of return on plan assets
|
|
|
7.39 |
% |
|
|
7.42 |
% |
|
|
6.91 |
% |
|
|
NA |
|
|
|
NA |
|
|
|
NA |
|
|
Rate of compensation increase
|
|
|
3.01 |
% |
|
|
3.00 |
% |
|
|
3.14 |
% |
|
|
NA |
|
|
|
NA |
|
|
|
3.11 |
% |
|
Health care cost trend rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– Initial rate
|
|
|
NA |
|
|
|
NA |
|
|
|
NA |
|
|
|
7.00 |
% |
|
|
7.49 |
% |
|
|
6.63 |
% |
|
– Ultimate rate
|
|
|
NA |
|
|
|
NA |
|
|
|
NA |
|
|
|
4.50 |
% |
|
|
4.50 |
% |
|
|
4.50 |
% |
|
– Years to ultimate
|
|
|
NA |
|
|
|
NA |
|
|
|
NA |
|
|
|
9 |
|
|
|
10 |
|
|
|
11 |
|
| (1) |
The weighted average spot rate
selected for pension benefit and OPEB plans, respectively, in
2015. |
|