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Pension Benefits (Tables)
12 Months Ended
Dec. 31, 2013
Compensation And Retirement Disclosure [Abstract]  
Schedule of Change in Plan Assets

The assets and liabilities of the plans were measured as of December 31 of the respective years presented.

 

(in millions)    2013     2012  

Change in plan assets

    

Fair value of plan assets at beginning of year

   $ 20.1      $ 19.7   

Actual return on plan assets

     1.9        2.0   

Employer contributions

     0.2        0.2   

Settlements and benefits paid

     (2.0     (1.8
  

 

 

   

 

 

 

Fair value of plan assets at end of year

   $ 20.2      $ 20.1   
  

 

 

   

 

 

 
Schedule of Change in Projected Benefit Obligation
(in millions)    2013     2012  

Change in projected benefit obligation

    

Projected benefit obligation at beginning of year

   $ 24.6      $ 22.7   

Interest cost

     0.8        1.0   

Actuarial (gain) loss

     (0.8     2.7   

Benefits paid

     (2.0     (1.8
  

 

 

   

 

 

 

Projected benefit obligation at end of year

   $ 22.6      $ 24.6   
  

 

 

   

 

 

 

 

Schedule of Assumptions to Determine Benefit Obligations

Assumptions used to determine benefit obligations at December 31 were as follows:

 

     2013     2012  

Weighted average discount rate

     4.42     3.63

Expected rate of increase in future compensation levels

     n/a        n/a   

Schedule of Assumptions to Determine Net Periodic Benefit Cost

Assumptions used to determine net periodic benefit cost for the years ended December 31:

 

     2013     2012     2011  

Weighted average discount rate

     3.63     4.50     4.98

Expected return on plan assets

     6.00     6.00     6.00

Expected rate of increase in future compensation levels

     n/a        n/a        n/a   

Components of Net Periodic Benefit Cost

Components of net periodic benefit cost for the years ended December 31 were as follows:

 

(in millions)    2013     2012     2011  

Interest cost

   $ 0.8      $ 1.0      $ 1.0   

Expected return on plan assets

     (1.0     (1.1     (1.2

Settlement charge

     0.0        0.0        0.2   

Amortization of actuarial loss

     0.3        0.3        0.2   
  

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

   $ 0.1      $ 0.2      $ 0.2   
  

 

 

   

 

 

   

 

 

 

Schedule of Fair Value Measurement

The fair values of the plan assets at December 31, 2013 and 2012 by asset category are as follows:

 

            Fair Value Measurements  
            at Reporting Date Using  
(in millions)    December 31, 2013      Level 1 (a)      Level 2 (b)      Level 3 (c)  

Equity Securities:

           

Mutual Funds:

           

Large cap U.S. equity

   $ 3.2       $ 3.2       $ 0.0       $ 0.0   

Small-mid cap U.S. equity

     1.4         1.4         0.0         0.0   

International equity

     1.5         1.5         0.0         0.0   

Real estate

     0.5         0.5         0.0         0.0   

Convertible bonds and equities

     0.2         0.2         0.0         0.0   

U.S. and global government and corporate fixed maturity

     12.9         12.9         0.0         0.0   

Cash and short-term investments:

           

Short-term investment fund (1)

     0.5         0.0         0.5         0.0   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 20.2       $ 19.7       $ 0.5       $ 0.0   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) 

Quoted prices in active markets for identical assets

(b) 

Significant other observable inputs

(c) 

Significant unobservable inputs

(1) 

Assets invested in one common collective trust composed of high-grade money market money instruments with short maturities.

 

            Fair Value Measurements  
            at Reporting Date Using  
(in millions)    December 31, 2012      Level 1 (a)      Level 2 (b)      Level 3 (c)  

Equity Securities:

           

Mutual Funds:

           

Large cap U.S. equity

   $ 2.6       $ 2.6       $ 0.0       $ 0.0   

Small-mid cap U.S. equity

     1.0         1.0         0.0         0.0   

International equity

     1.3         1.3         0.0         0.0   

Real estate

     0.5         0.5         0.0         0.0   

Convertible bonds and equities

     0.1         0.1         0.0         0.0   

U.S. and global government and corporate fixed maturity

     13.9         13.9         0.0         0.0   

Cash and short-term investments:

           

Short-term investment fund (1)

     0.7         0.0         0.7         0.0   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 20.1       $ 19.4       $ 0.7       $ 0.0   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) 

Quoted prices in active markets for identical assets

(b) 

Significant other observable inputs

(c) 

Significant unobservable inputs

(1) 

Assets invested in one common collective trust composed of high-grade money market money instruments with short maturities.

Schedule of Expected Benefit Payments

We expect to make the following benefit payments:

 

     Pension  
(in millions)    Benefits  

2014

   $ 1.7   

2015

     1.8   

2016

     1.6   

2017

     1.9   

2018

     1.6   

Years 2019 to 2023

     7.6   
  

 

 

 

Total

   $ 16.2