XML 81 R56.htm IDEA: XBRL DOCUMENT v3.3.1.900
Pension and Savings Plans (Tables) - Pension Plans, Defined Benefit [Member]
12 Months Ended
Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Net periodic pension cost
Net periodic pension cost included the following components:
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
(Dollars in millions)
Service cost for benefits earned
$
2.7

 
$
2.1

 
$
2.2

Interest cost on projected benefit obligation
40.4

 
45.4

 
42.2

Expected return on plan assets
(48.2
)
 
(54.3
)
 
(59.5
)
Amortization of prior service cost
1.0

 
1.3

 
1.0

Amortization of net actuarial losses
39.6

 
30.2

 
65.7

Settlement charge

 
8.7

 

Total net periodic pension cost
$
35.5

 
$
33.4

 
$
51.6

Amounts recognized in accumulated other comprehensive loss
The following includes pre-tax amounts recorded in "Accumulated other comprehensive loss":
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
(Dollars in millions)
Net actuarial loss (gain) arising during year
$
30.6

 
$
79.2

 
$
(133.8
)
Prior service cost arising during year

 

 
2.2

Amortization:
 

 
 

 
 

Net actuarial loss
(39.6
)
 
(30.2
)
 
(65.7
)
Prior service cost
(1.0
)
 
(1.3
)
 
(1.0
)
Settlement charge

 
(8.7
)
 

Total recorded in other comprehensive (income) loss
$
(10.0
)
 
$
39.0

 
$
(198.3
)
Summary of change in benefit obligation, change in plan assets and funded status
The following summarizes the change in benefit obligation, change in plan assets and funded status of the Plans:
 
December 31,
 
2015
 
2014
 
(Dollars in millions)
Change in benefit obligation:
 

 
 

Projected benefit obligation at beginning of period
$
1,002.5

 
$
947.3

Service cost
2.7

 
2.1

Interest cost
40.4

 
45.4

Benefits paid
(62.6
)
 
(57.2
)
Actuarial (gain) loss (1)
(43.7
)
 
106.6

Settlement

 
(41.7
)
Projected benefit obligation at end of period
939.3

 
1,002.5

Change in plan assets:
 

 
 

Fair value of plan assets at beginning of period
839.8

 
851.4

Actual (loss) return on plan assets
(26.1
)
 
81.7

Employer contributions
6.2

 
5.6

Benefits paid
(62.6
)
 
(57.2
)
Settlement

 
(41.7
)
Fair value of plan assets at end of period
757.3

 
839.8

Funded status at end of year
$
(182.0
)
 
$
(162.7
)
Amounts recognized in the consolidated balance sheets:
 

 
 

Current obligation (included in "Accounts payable and accrued expenses")
$
(1.6
)
 
$
(1.7
)
Noncurrent obligation (included in "Other noncurrent liabilities")
(180.4
)
 
(161.0
)
Net amount recognized
$
(182.0
)
 
$
(162.7
)

(1) During 2014, the Company reviewed its demographic assumptions (such as mortality, retirements and terminations) in conjunction with the recently-issued mortality tables published by the Society of Actuaries, to select assumptions that are aligned with the Company’s experience. The updated demographic assumptions increased the December 31, 2014 benefit obligation by approximately $36 million.
Weighted-average assumptions used to determine benefit obligations
The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows:
 
December 31,
 
2015
 
2014
Discount rate
4.55
%
 
4.15
%
Measurement date
December 31, 2015

 
December 31, 2014

Weighted-average assumptions used to determine net periodic benefit cost
The weighted-average assumptions used to determine net periodic benefit cost during each year were as follows:
 
Year Ended December 31,
 
2015
 
2014
 
2013
Discount rate
4.15
%
 
4.95
%
 
4.10
%
Expected long-term return on plan assets
6.25
%
 
6.85
%
 
7.75
%
Measurement date
December 31, 2014

 
December 31, 2013

 
December 31, 2012

Fair value of assets in the Master Trust by category and by fair value valuation hierarchy
The following tables present the fair value of assets in the Master Trust by asset category and by fair value hierarchy:
 
December 31, 2015
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(Dollars in millions)
U.S. equity securities
$
107.1

 
$
40.2

 
$

 
$
147.3

International equity securities

 
57.1

 

 
57.1

U.S. debt securities
26.8

 
26.6

 

 
53.4

International debt securities

 
15.0

 

 
15.0

Corporate debt securities

 
443.1

 

 
443.1

Short-term investments
18.2

 
0.2

 

 
18.4

Interests in real estate

 

 
23.0

 
23.0

Total assets at fair value
$
152.1

 
$
582.2

 
$
23.0

 
$
757.3

 
December 31, 2014
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(Dollars in millions)
U.S. equity securities
$
141.7

 
$
48.6

 
$

 
$
190.3

International equity securities

 
69.8

 

 
69.8

U.S. debt securities
25.3

 
29.1

 

 
54.4

International debt securities

 
23.5

 

 
23.5

Corporate debt securities

 
447.8

 

 
447.8

Short-term investments
17.5

 
6.3

 

 
23.8

Interests in real estate

 

 
30.2

 
30.2

Total assets at fair value
$
184.5

 
$
625.1

 
$
30.2

 
$
839.8


Summary of changes in the fair value of the Master Trust's Level 3 investments
The table below sets forth a summary of changes in the fair value of the Master Trust’s Level 3 investments:
 
Year Ended December 31,
 
2015
 
2014
 
(Dollars in millions)
Balance, beginning of year
$
30.2

 
$
29.9

Realized gains
3.2

 
0.2

Unrealized gains relating to investments still held at the reporting date
0.2

 
4.9

  Purchases, sales and settlements, net
(10.6
)
 
(4.8
)
Balance, end of year
$
23.0

 
$
30.2

Summary of estimated future benefit payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in connection with the Company's benefit obligation:
 
Pension Benefits
 
(Dollars in millions)
2016
$
62.8

2017
63.4

2018
64.0

2019
64.0

2020
65.6

Years 2021-2025
325.2