XML 58 R36.htm IDEA: XBRL DOCUMENT v3.6.0.2
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Defined Benefit Plans Disclosures [Table Text Block]
The following table sets forth changes in the benefit obligations and fair value of plan assets for the Company's Pension Plan, SERP and Medical Plan for the years ended December 31, 2016 and 2015, as well as the funded status of the plans and amounts recognized in the financial statements at December 31, 2016 and 2015:
 
Pension Plan and SERP benefits
 
Medical Plan benefits
 
2016
 
2015
 
2016
 
2015
Change in benefit obligation
(in millions)
Benefit obligation at January 1,
$
120.3

 
$
132.6

 
$
5.2

 
$
6.6

Service cost
1.2

 
2.1

 
—

 
—

Interest cost
5.2

 
4.9

 
0.2

 
0.2

Curtailments
—

 
(7.1
)
 
—

 
—

Benefit payments
(7.8
)
 
(7.7
)
 
(0.4
)
 
(0.2
)
Plan amendments
—

 
0.9

 
—

 
—

Actuarial loss (gain)
10.3

 
(5.4
)
 
0.4

 
(1.4
)
Benefit obligation at December 31,
$
129.2

 
$
120.3

 
$
5.4

 
$
5.2

Change in plan assets
 
 
 
 
 
 
 
Fair value of plan assets at January 1,
$
79.3

 
$
81.4

 
$
—

 
$
—

Actual return on plan assets
7.4

 
(1.9
)
 
—

 
—

Company contributions to the plan
7.2

 
7.5

 
0.4

 
0.2

Benefit payments
(7.8
)
 
(7.7
)
 
(0.4
)
 
(0.2
)
Fair value of plan assets at December 31,
86.1

 
79.3

 
—

 
—

Underfunded status (current and long-term)
$
(43.1
)
 
$
(41.0
)
 
$
(5.4
)
 
$
(5.2
)
Amounts recognized in balance sheets
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
(2.5
)
 
$
(2.9
)
 
$
(0.3
)
 
$
(0.3
)
Other long-term liabilities
(40.6
)
 
(38.1
)
 
(5.1
)
 
(4.9
)
Total amount recognized in balance sheet
$
(43.1
)
 
$
(41.0
)
 
$
(5.4
)
 
$
(5.2
)
Amounts recognized in AOCI
 
 
 
 
 
 
 
Net actuarial loss (gain)
$
23.5

 
$
15.8

 
$
(0.4
)
 
$
(0.8
)
Prior service cost
2.9

 
4.1

 
1.0

 
1.2

Total amount recognized in AOCI
$
26.4

 
$
19.9

 
$
0.6

 
$
0.4
Pension and Other Postretirement Benefit Costs
The following table sets forth the Company's Pension Plan, SERP and Medical Plan cost and amounts recognized in other comprehensive income (before tax) for the respective years ended December 31:
 
Pension Plan and SERP benefits
 
Medical Plan benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Components of net periodic benefit cost
(in millions)
Service cost
$
1.2

 
$
2.1

 
$
2.6

 
$
—

 
$
—

 
$
—

Interest cost
5.2

 
4.9

 
5.3

 
0.2

 
0.2

 
0.3

Expected return on plan assets
(5.6
)
 
(5.7
)
 
(5.1
)
 
—

 
—

 
—

Curtailment loss
—

 
11.2

 
9.3

 
—

 
—

 
1.4

Special termination benefits
—

 
—

 
1.9

 
—

 
—

 
—

Settlements
—

 
—

 
0.7

 
—

 
—

 
—

Amortization of prior service costs
1.1

 
1.7

 
4.7

 
0.2

 
0.2

 
0.3

Amortization of actuarial loss
0.8

 
0.5

 
0.8

 
—

 
—

 
—

Periodic expense
$
2.7

 
$
14.7

 
$
20.2


$
0.4

 
$
0.4

 
$
2.0

Components recognized in accumulated other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
Current period prior service cost
$
—

 
$
0.9

 
$
—

 
$
—

 
$
—

 
$
—

Current period actuarial (gain) loss
8.5

 
2.2

 
21.5

 
0.4

 
(1.4
)
 
0.6

Amortization of prior service cost
(1.1
)
 
(12.9
)
 
(14.0
)
 
(0.2
)
 
(0.2
)
 
(1.7
)
Amortization of actuarial gain (loss)
(0.8
)
 
(0.5
)
 
(0.8
)
 
—

 
—

 
—

Loss on curtailment in current period
—

 
(7.1
)
 
(8.2
)
 
—

 
—

 
(0.2
)
Settlements
—

 
—

 
(0.7
)
 
—

 
—

 
—

Total amount recognized in accumulated other comprehensive income
$
6.6

 
$
(17.4
)
 
$
(2.2
)
 
$
0.2

 
$
(1.6
)
 
$
(1.3
)
Schedule of Assumptions Used [Table Text Block]
Following are the weighted-average assumptions (weighted by the plan level benefit obligation for pension benefits) used by the Company to calculate the Pension Plan, SERP and Medical Plan obligations at December 31, 2016 and 2015:
 
Pension Plan and SERP benefits
 
Medical Plan benefits
 
2016
 
2015
 
2016
 
2015
Discount rate
3.96
%
 
4.24
%
 
4.10
%
 
4.40
%
Rate of increase in compensation(1)
3.50
%
 
4.00
%
 
3.50
%
 
4.00
%
_______________________
(1)  
The Pension Plan was frozen effective January 1, 2016, and as a result, the rate of increase in compensation for participants is no longer considered an assumption used by the Company to calculate the value of the Pension Plan. As such, for the year ended December 31, 2016, the rate of increase in compensation only includes the SERP and Medical Plan.

The discount rate assumptions used by the Company represents an estimate of the interest rate at which the Pension Plan, SERP and Medical Plan obligations could effectively be settled on the measurement date.

Following are the weighted-average assumptions (weighted by the net period benefit cost for pension benefits) used by the Company in determining the net periodic Pension Plan, SERP and Medical Plan cost for the years ended December 31:
 
Pension Plan and SERP benefits
 
Medical Plan benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Discount rate
4.23
%
 
3.94
%
 
4.40
%
 
4.40
%
 
4.00
%
 
5.00
%
Expected long-term return on plan assets
6.50
%
 
6.75
%
 
7.00
%
 
n/a

 
n/a

 
n/a

Rate of increase in compensation(1)
4.00
%
 
4.00
%
 
4.00
%
 
4.00
%
 
4.00
%
 
4.00
%
_______________________
(1)  
The Pension Plan was frozen effective January 1, 2016, and as a result, the rate of increase in compensation for participants is no longer considered an assumption used by the Company to calculate the value of the Pension Plan. As such, for the year ended December 31, 2016, the rate of increase in compensation only includes the SERP and Medical Plan.
Defined Benefit Plan, Actual Plan Asset Allocations [Abstract] (Deprecated 2012-01-31)
The following table summarizes investments for which fair value is measured using the NAV per share practical expedient as of December 31, 2016 and 2015, respectively:
 
December 31, 2016
 
December 31, 2015
 
Total
 
Percentage of total
 
Total
 
Percentage of total
 
(in millions, except percentages)
Cash and short-term investments
$
3.5

 
4
%
 
$
0.4

 
—
%
Equity securities:
 
 
 
 
 
 
 
Domestic
39.3

 
46
%
 
38.5

 
49
%
International
21.6

 
25
%
 
16.8

 
21
%
Fixed income
21.7

 
25
%
 
23.6

 
30
%
Total investments
$
86.1

 
100
%
 
$
79.3

 
100
%
Schedule of Expected Benefit Payments [Table Text Block]
Expected Benefit Payments
As of December 31, 2016, the following future benefit payments are expected to be paid:
 
Pension Plan and SERP benefits
 
Medical Plan benefits
 
(in millions)
2017
$
7.2

 
$
0.3

2018
$
6.6

 
$
0.3

2019
$
8.6

 
$
0.3

2020
$
8.0

 
$
0.3

2021
$
8.9

 
$
0.3

2022 through 2026
$
42.3

 
$
1.4