Pension Plans and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Pension Plans and Other Postretirement Benefits

Pension Plans and Other Postretirement Benefits

The Company has defined benefit pension plans or defined contribution plans covering substantially all employees. Benefits under the defined benefit pension plans are generally based on years of service and/or final average pay. The Company funds the U.S. pension plans in accordance with the Employee Retirement Income Security Act of 1974, as amended, and the Internal Revenue Code.

The Company also sponsors several postretirement plans covering certain salaried and hourly employees. The plans provide health care and life insurance benefits for eligible retirees. In most plans, Company contributions towards premiums are capped based on the cost as of a certain date, thereby creating a defined contribution. For the non-collectively bargained plans, the Company maintains the right to amend or terminate the plans at its discretion.

For the three month periods ended June 30, 2015 and 2014, the components of pension expense and components of other postretirement benefit expense for the Company’s defined benefit plans included the following (in millions):

	Pension Benefits						Other Postretirement Benefits
	Three months ended June 30,						Three months ended June 30,
	2015			2014			2015		2014
Service cost - benefits earned during the year	$	5.7		$	7.3		$	0.7	$	0.7
Interest cost on benefits earned in prior years	30.2			33.4			4.5		6.0
Expected return on plan assets	(42.0		)	(46.0		)	—		(0.1		)
Amortization of prior service cost (credit)	0.3			0.6			1.2		(0.7		)
Amortization of net actuarial loss	15.1			18.5			3.6		3.5
Termination benefits	—			0.3			—		—
Total retirement benefit expense	$	9.3		$	14.1		$	10.0	$	9.4

For the six month periods ended June 30, 2015 and 2014, the components of pension expense and components of other postretirement benefit expense for the Company’s defined benefit plans included the following (in millions):

	Pension Benefits						Other Postretirement Benefits
	Six months ended June 30,						Six months ended June 30,
	2015			2014			2015		2014
Service cost - benefits earned during the year	$	11.4		$	14.7		$	1.4	$	1.4
Interest cost on benefits earned in prior years	60.5			66.8			9.0		12.0
Expected return on plan assets	(84.1		)	(92.1		)	—		(0.1		)
Amortization of prior service cost (credit)	0.6			1.2			2.4		(1.5		)
Amortization of net actuarial loss	30.2			37.0			7.2		7.0
Termination benefits	—			0.3			—		—
Total retirement benefit expense	$	18.6		$	27.9		$	20.0	$	18.8

Other postretirement benefit costs for a defined contribution plan were $0.6 million and $1.3 million for the three and six months ended June 30, 2014, respectively.