Pension and Postretirement Benefit Costs

6 Months Ended

Jun. 30, 2017

Retirement Benefits [Abstract]

Pension and Postretirement Benefit Costs

Pension and Postretirement Benefit Costs

Net periodic pension cost included the following components:

	Successor			Predecessor			Successor			Predecessor
	April 2 through June 30, 2017			Three Months Ended June 30, 2016			April 2 through June 30, 2017			January 1 through April 1, 2017			Six Months Ended June 30, 2016
	(Dollars in millions)
Service cost for benefits earned	$	0.6		$	0.7		$	0.6		$	0.6		$	1.3
Interest cost on projected benefit obligation	9.3			10.3			9.3			9.7			20.7
Expected return on plan assets	(11.2		)	(11.3		)	(11.2		)	(11.0		)	(22.6		)
Amortization of prior service cost and net actuarial loss	—			6.3			—			6.4			12.5
Net periodic pension cost	$	(1.3	)	$	6.0		$	(1.3	)	$	5.7		$	11.9

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 June 30, 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. The restrictions have been removed now that the Company has emerged from the Chapter 11 Cases. Prior to emergence from the Chapter 11 Cases, the Company incurred pension costs for two non-qualified pension plans which it no longer sponsors. Minimum funding standards are legislated by ERISA and are modified by pension funding stabilization provisions included in the Moving Ahead for Progress in the 21st Century Act of 2012 (MAP-21), the Highway and Transportation Funding Act of 2014 (HATFA) and the Bipartisan Budget Act of 2015 (BBA15). During the Successor period April 2 through June 30, 2017, the Company contributed $0.8 million to its qualified pension plans. The Company expects to contribute approximately $5.9 million to its pension plans to meet minimum funding requirements for its qualified plans in 2017.

Net periodic postretirement benefit cost included the following components:

	Successor		Predecessor		Successor		Predecessor
	April 2 through June 30, 2017		Three Months Ended June 30, 2016		April 2 through June 30, 2017		January 1 through April 1, 2017		Six Months Ended June 30, 2016
	(Dollars in millions)
Service cost for benefits earned	$	2.3	$	2.6	$	2.3	$	2.3	$	5.2
Interest cost on accumulated postretirement benefit obligation	8.3		8.8		8.3		8.4		17.6
Amortization of prior service cost and net actuarial loss	—		2.3		—		3.2		4.7
Net periodic postretirement benefit cost	$	10.6	$	13.7	$	10.6	$	13.9	$	27.5