POSTRETIREMENT BENEFITS OTHER THAN PENSIONS

The Company sponsors several defined postretirement benefit plans that cover a majority of salaried and a portion of nonunion hourly employees. These plans provide healthcare benefits and, in some instances, provide life insurance benefits. Postretirement health care plans are contributory, with retiree contributions adjusted annually. Further benefit accruals for all persons entitled to benefits under these plans were frozen as of March 31, 2014. The Company recorded a plan curtailment gain of $3.0 million related to the amendments. Life insurance plans are noncontributory.

Net periodic postretirement benefit costs included the following components for the years ended December 31, 2014, 2013, and 2012:



(in millions)	2014			2013			2012
Service cost - benefits earned during the year	$	0.1		$	0.3		$	0.3
Interest cost on accumulated postretirement benefit obligation	0.3			0.4			0.4
Amortization of prior service credit	(0.2		)	(0.6		)	(0.6		)
Recognized actuarial net gain	(0.3		)	(0.3		)	(0.3		)
Curtailment gain	(3.6		)	—			—
Net periodic postretirement benefit income	$	(3.7	)	$	(0.2	)	$	(0.2	)

Changes in benefit obligation and plan assets, and a reconciliation of the funded status at December 31, 2014 and 2013, are as follows:



(in millions)	2014			2013
Change in Benefit Obligation
Benefit obligation at the beginning of the year	$	7.9		$	9.1
Service cost	0.1			0.3
Interest cost	0.3			0.4
Participant contributions	0.7			0.6
Plan curtailment (gain)	(1.4		)	—
Actuarial loss (gain)	0.7			(1.5		)
Benefits paid	(1.2		)	(1.0		)
Benefit obligation at the end of the year	$	7.1		$	7.9

Change in Plan Assets
Fair value of plan assets at the beginning of the year	$	—		$	—
Participant contributions	0.7			0.6
Employer contribution	0.5			0.4
Benefits paid	(1.2		)	(1.0		)
Fair value of plan assets at the end of the year	$	—		$	—

Unfunded status at year end:	$	(7.1	)	$	(7.9	)



(in millions)	2014			2013
Amount recognized in consolidated balance sheet consists of:
Accrued benefit liability, current	$	(0.5	)	$	(0.6	)
Accrued benefit liability, non-current	(6.6		)	(7.3		)
Sub-total	(7.1		)	(7.9		)
Deferred tax liability	(1.7		)	(3.1		)
Accumulated other comprehensive income	(2.7		)	(4.8		)
Net amount related to postretirement benefit plans	$	(11.5	)	$	(15.8	)

Accumulated other comprehensive income related to other postretirement benefit plans is as follows:



(in millions)	2014			2013
Unrecognized net actuarial gains	$	(4.4	)	$	(5.5	)
Unrecognized net prior service credits	—			(2.4		)
Tax expense	1.7			3.1
Accumulated other comprehensive income, end of year	$	(2.7	)	$	(4.8	)

Estimated amounts in accumulated other comprehensive income expected to be reclassified to net period cost during 2015 are as follows:



(in millions)
Net actuarial gains	$	0.3

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:



(in millions)	Benefit Payments
2015	$	0.5
2016	0.5
2017	0.5
2018	0.5
2019	0.5
Years 2020 - 2024	2.8

The employer contributions for the years ended December 31, 2014 and 2013 were $0.5 million and $0.4 million, respectively. The expected contribution for 2015 is $0.5 million which is expected to satisfy plan funding requirements.

The health care cost trend rate assumption affects the amounts reported. For measurement purposes, the assumed annual rate of increase in the per capita cost of covered health care benefits was 7.5 percent for 2014 and 7.0 percent for 2013; the health care trend was reset from 6.5 percent to 7.5 percent in 2014, remaining at 7.5 percent in 2015, grading to 5 percent in 2025 (reducing 0.25 percent annually), and remains at that level thereafter. A one-percentage point change in assumed health care trends would have a nominal effect on both the total of service and interest cost components for 2014 and the post retirement benefit obligations at December 31, 2014.

The Company’s actuarial valuation date is December 31. The weighted-average discount rates used to determine the actuarial present value of the net postretirement projected benefit obligation for the years ended December 31, 2014 and 2013 were 4.00 percent and 5.00 percent, respectively. The weighted-average discount rates used to determine the net postretirement benefit cost was 4.62 percent, 4.00 percent, and 4.25 percent for the years ended December 31, 2014, 2013, and 2012, respectively.