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Defined Benefit Plans
9 Months Ended
Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]  
Defined Benefit Plans
11. Defined Benefit Plans

The components of net periodic benefit cost for pension and postretirement benefits for the nine and three months ended September 30, 2015 and 2014 were as follows:

 

(In millions)    Nine Months Ended September 30,  
     Pension Benefits      Postretirement Benefits  
     2015      2014      2015      2014  

Service cost

   $ 8.7       $ 7.8       $ —         $ —     

Interest cost

     25.2         24.7         0.4         0.5   

Expected return on plan assets

     (30.3      (31.7      —           —     

Recognition of prior service costs (credits)

     0.1         0.1         (10.3      (24.2

Recognition of actuarial losses (gains)

     2.9         1.1         (0.1      0.6   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net periodic benefit cost (income)

   $ 6.6       $ 2.0       $ (10.0    $ (23.1
(In millions)    Three Months Ended September 30,  
     Pension Benefits      Postretirement Benefits  
     2015      2014      2015      2014  

Service cost

   $ 2.3       $ 2.4       $ —         $ —     

Interest cost

     8.3         8.5         0.1         0.1   

Expected return on plan assets

     (9.9      (10.6      —           —     

Recognition of prior service costs (credits)

     0.1         —           (3.3      (6.5

Recognition of actuarial losses (gains)

     2.9         1.1         (0.1      —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Net periodic benefit cost (income)

   $ 3.7       $ 1.4       $ (3.3    $ (6.4

In the third quarter of 2015, we recognized actuarial losses of $6.1 million related to the sale of the Waterloo tool storage business in discontinued operations in addition to the $2.8 million of actuarial losses reflected above.

In the first quarter of 2014, we communicated our decision to amend certain postretirement benefits to reduce health benefits for certain current and retired employees. The impact of these changes was a reduction in accrued retiree benefit plan liabilities of $15.3 million and we recorded actuarial losses of $0.6 million and prior service credits of $3.5 million in the first quarter of 2014. Liability reductions from these plan amendments are recorded as amortization of prior service cost in net income in accordance with accounting requirements. See Note 10, “Accumulated Other Comprehensive Loss,” for information on the impact on accumulated other comprehensive loss.