Pension and Postretirement Benefit Costs

3 Months Ended

Mar. 31, 2017

Retirement Benefits [Abstract]

Pension and Postretirement Benefit Costs [Text Block]

 Pension and Postretirement Benefit Costs

Net periodic pension cost included the following components:

	Three Months Ended
	March 31,
	2017			2016
	(Dollars in millions)
Service cost for benefits earned	$	0.6		$	0.6
Interest cost on projected benefit obligation	9.7			10.4
Expected return on plan assets	(11.0		)	(11.3		)
Amortization of prior service cost and net actuarial loss	6.4			6.2
Net periodic pension cost	$	5.7		$	5.9

Annual contributions to the qualified plans are made in accordance with minimum funding standards and the Company's agreement with the Pension Benefit Guaranty Corporation (PBGC). Funding decisions also consider certain funded status thresholds defined by the Pension Protection Act of 2006 (generally 80%). As of March 31, 2017, the Company's qualified plans were expected to be at or above the Pension Protection Act thresholds. However, while the Company remained in bankruptcy proceedings during 2017, certain forms of payment (generally lump sum payments) from the plans were restricted. On November 2, 2015, the Bipartisan Budget Act of 2015 (BBA15) was signed into law, which extends pension funding stabilization provisions that were part of the Highway and Transportation Funding Act of 2014 (HATFA) and the Moving Ahead for Progress in the 21st Century Act of 2012 (MAP-21). Under BBA15, the pension funding stabilization provisions temporarily increased the interest rates used to determine pension liabilities for purposes of minimum funding requirements through 2020. Similar to MAP-21, BBA15 is not expected to change the Company's total required cash contributions over the long term, but is expected to reduce the Company's required contributions through 2020 if current interest rate levels persist. Based upon minimum funding requirements in accordance with HATFA and BBA15, the Company expects to contribute approximately $5.9 million to its pension plans to meet minimum funding requirements for its qualified plans in 2017. Contributions to non-qualified pension plans ceased subsequent to April 13, 2016 as a result of filing the Bankruptcy Petitions.

Net periodic postretirement benefit cost included the following components:

	Three Months Ended
	March 31,
	2017		2016
	(Dollars in millions)
Service cost for benefits earned	$	2.3	$	2.6
Interest cost on accumulated postretirement benefit obligation	8.4		8.8
Amortization of prior service cost and net actuarial loss	3.2		2.4
Net periodic postretirement benefit cost	$	13.9	$	13.8