XML 67 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Pension and Postretirement Health and Life Benefits (Tables)
12 Months Ended
Dec. 31, 2017
Retirement Benefits, Description [Abstract]  
Schedule of Changes in Projected Benefit Obligations [Table Text Block]
Changes in the projected benefit obligations and plan assets and the funded status of the plans follow:
 
Defined Benefit Pension Plans
 
Postretirement Health
and Life Benefit Plans
($ millions)
Year Ended December 31,
 
Year Ended December 31,
 
2017
 
2016
 
2017
 
2016
Changes in Benefit Obligations:
 
 
 
 
 
 
 
Obligations at beginning of period
$
814.6

 
$
832.8

 
$
192.8

 
$
203.5

Actuarial (gains) losses, net
32.8

 
19.1

 
(24.8
)
 
(9.2
)
Service costs
3.7

 
3.8

 

 

Interest costs
32.2

 
35.4

 
7.2

 
8.2

Benefits paid
(59.3
)
 
(60.9
)
 
(14.5
)
 
(13.3
)
Lump sum benefits paid
(2.9
)
 
(12.2
)
 

 

Plan change

 

 
10.0

 
3.6

Administrative expenses paid
(3.2
)
 
(3.4
)
 

 

Obligations at end of period
817.9

 
814.6

 
170.7

 
192.8

Changes in Plan Assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of period
634.1

 
656.3

 
7.7

 
13.8

Actual return on plan assets
84.4

 
50.2

 
0.1

 
0.5

Company contributions
1.5

 
4.1

 
8.5

 
6.7

Benefits paid
(59.3
)
 
(60.9
)
 
(14.5
)
 
(13.3
)
Lump sum benefits paid
(2.9
)
 
(12.2
)
 

 

Administrative expenses paid
(3.2
)
 
(3.4
)
 

 

Fair value of plan assets at end of period
654.6

 
634.1

 
1.8

 
7.7

Unfunded status at end of period
$
(163.3
)
 
$
(180.5
)
 
$
(168.9
)
 
$
(185.1
)
 
 
 
 
 
 
 
 
Amounts recognized in assets and liabilities:
 
 
 
 
 
 
 
      Current liabilities
$
(1.7
)
 
$
(0.6
)
 
(14.7
)
 
(13.8
)
      Noncurrent liabilities
(161.6
)
 
(179.9
)
 
(154.2
)
 
(171.3
)
 
$
(163.3
)
 
$
(180.5
)
 
$
(168.9
)
 
$
(185.1
)
Amounts in accumulated other comprehensive income (loss), pre-tax:
 
 
 
 
 
 
 
      Prior service cost (credit)
$

 
$

 
$
(2.5
)
 
$
(2.6
)
 
 
 
 
 
 
 
 
Discount rate used to determine benefit obligations at end of period:
3.7
%
 
4.1
%
 
3.6
%
 
3.9
%
Schedule of Net Benefit Costs [Table Text Block]
Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Loss)

Net periodic benefit costs and actuarial gains and losses are allocated to cost of sales for the LEU segment and to selling, general and administrative expense.
 
Defined Benefit Pension Plans
 
Postretirement Health
and Life Benefit Plans
($ millions)
Year Ended December 31,
 
Year Ended December 31,
 
2017
 
2016
 
2017
 
2016
Net Periodic Benefit (Credits) Costs
 
 
 
 
 
 
 
Service costs
$
3.7

 
$
3.8

 
$

 
$

Interest costs
32.2

 
35.4

 
7.2

 
8.2

Expected return on plan assets (gains)
(40.7
)
 
(42.0
)
 

 
(0.3
)
Amortization of prior service costs (credits), net

 

 
(0.1
)
 
(0.3
)
Actuarial (gains) losses, net
(10.9
)
 
10.9

 
(24.9
)
 
(9.5
)
Loss on plan changes resulting from a pending legal settlement

 

 
10.0

 

Net periodic benefit (credits) costs
$
(15.7
)
 
$
8.1

 
$
(7.8
)
 
$
(1.9
)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
Net prior service costs (credits)
$

 
$

 
$

 
3.6

Amortization of prior service (costs) credits, net

 

 
0.1

 
0.3

Total loss recognized in other comprehensive income (loss), pre-tax
$

 
$

 
$
0.1

 
$
3.9

Total recognized in net periodic benefit costs (income) and other comprehensive income (loss), pre-tax
$
(15.7
)
 
$
8.1

 
$
(7.7
)
 
$
2.0

Schedule of Assumptions Used [Table Text Block]
 
Defined Benefit Pension Plans
 
Postretirement Health
and Life Benefit Plans
 
Year Ended December 31,
 
Year Ended December 31,
 
2017
 
2016
 
2017
 
2016
Discount rate
3.7%
 
4.1%
 
3.6%
 
3.9%
Expected return on plan assets
6.8%
 
6.8%
 
 
5.0%
Schedule of Health Care Cost Trend Rates [Table Text Block]
Healthcare cost trend rates used to measure postretirement health benefit obligations follow:
 
December 31,
 
2017
 
2016
Healthcare cost trend rate for the following year
6.5%
 
7.0%
Long-term rate that the healthcare cost trend rate gradually declines to
5%
 
5%
Year that the healthcare cost trend rate is expected to reach the long-term rate
2021
 
2021
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]
A one-percentage-point change in the assumed healthcare cost trend rates would have an effect on the postretirement health benefit obligation and costs as follows:
(in millions)
One-Percentage Point
 
Increase
 
Decrease
Postretirement health benefit obligation
$
3.7

 
$
(3.4
)
Net periodic benefit costs (service and interest cost components only)
$
0.2

 
$
(0.1
)
Schedule of Allocation of Plan Assets [Table Text Block]
The allocation of plan assets between equity and debt securities and the target allocation range by asset category for the defined benefit pension plans follows:
 
December 31,
 
 
 
2017
 
2016
 
2018 Target
Equity securities
49
%
 
41
%
 
40
-
60%
Debt securities
51

 
59

 
40
-
60
 
100
%
 
100
%
 
 
 
 

Prefunding for the postretirement health and life benefit plans was discontinued in 2012 and the remaining assets are invested in short-term bond funds as of December 31, 2017, and are anticipated to be expended in early 2018. Benefit costs of the postretirement health and life benefit plans are primarily funded as costs are incurred.

Plan assets are measured at fair value. Following are the plan investments as of December 31, 2017 and 2016, categorized by the fair value hierarchy levels described in Note 10, Fair Value Measurements:
 
Defined Benefit Pension Plans
(in millions)
Level 1
 
Level 2
 
Level 3
 
Total
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
U.S. government securities
$

 
$

 
$
34.6

 
$
84.7

 
$

 
$

 
$
34.6

 
$
84.7

Corporate debt

 

 
119.7

 
217.0

 

 

 
119.7

 
217.0

Municipal bonds and non-U.S. government securities

 

 
3.5

 
6.2

 

 

 
3.5

 
6.2

Mortgage and asset backed securities

 

 
0.3

 
5.4

 

 

 
0.3

 
5.4

Fair value of investments by hierarchy level
$

 
$

 
$
158.1

 
$
313.3

 
$

 
$

 
$
158.1

 
$
313.3

Investments measured at NAV (a)
 
 
 
 
 
 
 
 
 
 
 
 
494.7

 
318.3

Accrued interest receivable
 
 
 
 
 
 
 
 
 
 
 
 
1.9

 
3.5

Unsettled transactions
 
 
 
 
 
 
 
 
 
 
 
 
(0.1
)
 
(1.0
)
Plan assets
 
 
 
 
 
 
 
 
 
 
 
 
$
654.6

 
$
634.1


 
Postretirement Health and Life Benefit Plans
(in millions)
Level 1
 
Level 2
 
Level 3
 
Total
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Money market funds
$

 
$
0.2

 
$

 
$

 
$

 
$

 
$

 
$
0.2

Bond mutual funds
1.8

 
7.5

 

 

 

 

 
1.8

 
7.5

Equity mutual funds

 

 

 

 

 

 

 

Fair value of investments by hierarchy level
$
1.8

 
$
7.7

 
$

 
$

 
$

 
$

 
$
1.8

 
$
7.7


(a) Equity, bond and money market investments held in collective trusts are valued based on the net asset value (“NAV”) provided by the administrator of the funds. The NAV for each fund is based on the underlying assets owned by the fund, less any expenses accrued against the fund, divided by the number of fund shares outstanding. While the underlying investments are traded on an exchange, the funds are not. Fair values for the collective trust investments are measured using the NAVs as a practical expedient and are not categorized in the fair value hierarchy.
Schedule of Expected Benefit Payments [Table Text Block]
Estimated future benefit plan payments follow (in millions):
 
Defined Benefit Pension Plans
 
Postretirement Health and Life Benefit Plans
2018
$
59.9

 
$
16.4

2019
58.2

 
15.2

2020
56.1

 
14.2

2021
54.9

 
13.4

2022
53.7

 
12.8

2023 to 2027
251.8

 
53.1