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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Schedule of components of net periodic cost for employees
Components of net periodic pension cost for employees included in the accompanying Consolidated Statements of Income were as follows:
(in millions)
2013
Service cost
$
0.9

Interest cost
1.3

Expected return on assets
(1.5
)
Amortization of unrecognized net loss
—

Net periodic pension cost
$
0.7
Schedule of other changes in plan assets and benefit obligations recognized in accumulated other comprehensive income
The other changes in plan assets and benefit obligations recognized in accumulated other comprehensive income were:
(in millions)
2013
Net gain
$
(6.2
)
Amortization of prior service cost
1.0

Total recognized in other comprehensive income
$
(5.2
)
Schedule of weighted-average assumptions used in calculating net periodic benefit costs
The following assumptions, calculated on a weighted‑average basis, were used to determine pension costs for the Company’s pension plans:
 
2013
Discount rate (a)
4.23
%
Expected long term return on plan assets
6.92
%
Weighted average rate of increase in future compensation levels
—
%
(a)
Due to current economic differences in the interest rates in the jurisdictions of the retirement plans, the discount rates used in 2013 to determine the expenses for the United States retirement plan and Canadian retirement plan were 4.25% and 4.00%, respectively.
Schedule of funded status of the pension plans
The measurement date for all of the Company’s pension plans is December 31, 2013. The funded status of the pension plans as of December 31, 2013 was as follows:
(in millions)
2013
Change in Benefit Obligation:
 
Projected benefit obligation at beginning of year
$
39.9

Service cost
0.9

Interest cost
1.3

Plan changes
0.5

Actuarial (gains)
(4.8
)
Benefits paid
(0.5
)
Expenses paid
(0.3
)
Foreign currency exchange rate changes
(0.6
)
Projected benefit obligation at end of year
$
36.4

Change in Plan Assets:
 
Fair value of plan assets at beginning of year
$
26.2

Actual return on assets
2.9

Employer contribution
2.8

Plan Settlements
(0.4
)
Benefits paid
(0.5
)
Expenses paid
(0.3
)
Foreign currency exchange rate changes
(0.2
)
Fair value of plan assets at end of year
$
30.5

Funded status
$
(5.9
)
Schedule of amounts recognized in the consolidated balance sheet and the accumulated benefit obligation and fair value of assets
(in millions)
2013
Amounts recognized in the Consolidated Balance Sheets:
 
Non-current portion of benefit liability
$
6.7

Non-current benefit asset
0.8

Accumulated other comprehensive income
(5.2
)
Accumulated benefit obligation
$
(36.4
)
Schedule of amounts recognized in accumulated other comprehensive income
(in millions)
2013
Amounts recognized in accumulated other comprehensive income:
 
Net (gain)
$
(6.2
)
Prior service credit
1.0

Net amount recognized as of year end
$
(5.2
)
Schedule of weighted-average assumptions used in calculating benefit obligations
The following assumptions, calculated on a weighted‑average basis, was used to determine benefit obligations for the Company’s pension plans as of December 31, 2013:
 
2013
Discount rate(a)
5.00
%
Weighted average rate of increase in future compensation levels
—
%
(a)
The discount rates used in 2013 to determine the benefit obligations for the United States retirement plan and Canadian retirement plan were both 5.00%.
Schedule of amounts in accumulated other comprehensive income/(loss) expected to be recognized during the next fiscal year
The amounts in accumulated other comprehensive income/(loss) that are expected to be recognized as components of net income during 2014 are as follows:
(in millions)
 
Amortization of net gain
$
0.2

Amortization of prior service cost
—
Schedule of estimated future benefit payments
The following table presents estimated future benefit payments:
(in millions)
 
Fiscal 2014
$
0.7

Fiscal 2015
0.8

Fiscal 2016
0.9

Fiscal 2017
1.0

Fiscal 2018
1.2

Fiscal 2018 ‑ Fiscal 2022
8.1
Schedule of target and actual asset allocations
Target and actual asset allocations are as follows:
 
2013
Target
 
2013
Actual
Allocation of plan assets:
 
 
 
Equity securities
60.00
%
 
62.09
%
Debt securities
40.00
%
 
34.91
%
Other
—
%
 
3.00
%
Total plan assets
100.00
%
 
100.00
%
Schedule of fair value of pension plan assets by asset category
The fair value of the Company’s pension benefit plan assets at December 31, 2013 by asset category was as follows:
(in millions)
December 31, 2013
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
 
Significant Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Asset Category
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
 
Mutual funds—U.S. companies
$
13.1

 
$
13.1

 
$
—

 
$
—

Mutual funds—International companies
5.9

 
5.9

 
—

 
—

Total equity funds
19.0

 
19.0

 
—

 
—

Mutual funds—fixed income
10.5

 
10.5

 
—

 
—

Money market funds
1.0

 
1.0

 
—

 
—

Total
$
30.5

 
$
30.5

 
$
—

 
$
—
Schedule of expenses related to the multi-employer benefit plans
The expense recognized by the Company for such contributions was as follows:
(in millions)
2013
Multi‑employer retirement plan expense
$
3.9

Multi‑employer health and welfare plan expense
2.2
Schedule of information regarding multi-employer pension plans
The following table presents information regarding the multi‑employer pension plans that are significant to the Company:
(in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Fund
 
EIN/Pension Plan Number
 
Pension Protection Act
Zone Status(1) 2013
 
FIP/RP Status
Pending/Implemented(2)
 
Contributions of the Company 2013
 
Surcharge Imposed(3)
 
Expiration Date
of Collective
Bargaining Agreement
 
Year Contributions to Plan Exceeded More than 5 Percent of Total Contributions
 
United Furniture Workers Pension Fund A(4)
 
13-5511877-001
 
Red
 
Implemented
 
$
0.7

 
Yes, 10.0%
 
2014 and 2016
 
2013
Pension Plan of the National Retirement Fund(4)
 
13-6130178-001
 
Red
 
Implemented
 
$
0.7

 
Yes, 10.0%
 
2014
 
N/A
(1)
The Pension Protection Act of 2006 ranks the funded status of multi-employer pension plans depending upon a plan’s current and projected funding. A plan is in the Red Zone (Critical) if it has a current funded percentage less than 65.0%. A plan is in the Yellow Zone (Endangered) if it has a current funded percentage of less than 80.0%, or projects a credit balance deficit within seven years. A plan is in the Green Zone (Healthy) if it has a current funded percentage greater than 80.0% and does not have a projected credit balance deficit within seven years. The zone status is based on the plan’s year end rather than the Company’s. The zone status listed above is based on information that the Company received from the plan and is certified by the plan’s actuary for the most recent year available.
(2)
Funding Improvement Plan or Rehabilitation Plan as defined in the Employment Retirement Security Act of 1974 has been implemented or is pending.
(3)
Indicates whether the Company paid a surcharge to the plan in the most current year due to funding shortfalls and the amount of the surcharge.
(4)
Sealy represented more than 5.0% of the total contributions for the most recent plan year available.