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Employee Benefits
6 Months Ended
Jun. 30, 2017
Compensation And Retirement Disclosure [Abstract]  
Employee Benefits

8. Employee Benefits

The components of the estimated net pension and other postretirement benefits plan income for the three and six months ended June 30, 2017 and 2016 were as follows:

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Pension expense (income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

0.2

 

 

$

0.2

 

 

$

0.4

 

 

$

0.5

 

Interest cost

 

7.9

 

 

 

32.3

 

 

 

15.7

 

 

 

67.4

 

Expected return on plan assets

 

(12.6

)

 

 

(55.3

)

 

 

(24.9

)

 

 

(113.0

)

Amortization, net

 

1.8

 

 

 

8.0

 

 

 

3.5

 

 

 

15.8

 

Settlements and curtailments

 

 

 

 

96.4

 

 

 

 

 

 

96.4

 

Less: expense attributable to discontinued operations

 

 

 

 

(64.7

)

 

 

 

 

 

(53.5

)

Net pension income - continuing operations

$

(2.7

)

 

$

16.9

 

 

$

(5.3

)

 

$

13.6

 

Other postretirement benefits plan expense (income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

0.3

 

 

$

1.0

 

 

$

0.6

 

 

$

2.0

 

Interest cost

 

2.8

 

 

 

3.1

 

 

 

5.6

 

 

 

6.1

 

Expected return on plan assets

 

(3.3

)

 

 

(3.4

)

 

 

(6.7

)

 

 

(6.8

)

Amortization, net

 

(0.8

)

 

 

(4.0

)

 

 

(1.5

)

 

 

(8.0

)

Net other postretirement benefit income - continuing operations

$

(1.0

)

 

$

(3.3

)

 

$

(2.0

)

 

$

(6.7

)

 

The Company expects to make cash contributions of approximately $17.0 million to its pension and other postretirement benefit plans in 2017. During the six months ended June 30, 2017, the Company contributed $9.0 million to its benefit plans.

In the fourth quarter of 2015, the Company communicated to certain former employees the option to receive a lump-sum pension payment or annuity with payments computed in accordance with statutory requirements, beginning in the second quarter of 2016.  Payments to eligible participants who elected to receive a lump-sum pension payment or annuity were funded from existing pension plan assets and liabilities were remeasured as of the payout date. The discount rates and actuarial assumptions used to calculate the payouts were determined in accordance with federal regulations. The company recorded total non-cash settlement charges of $96.4 million, of which $20.4 million is included within selling, general and administrative expenses and $76.0 million is included within income from discontinued operations, net of tax in the Condensed Consolidated Statements of Operations for the three months ended June 30, 2016. These charges resulted from the recognition in earnings of a portion of the actuarial losses recorded in accumulated other comprehensive loss based on the proportion of the obligation settled.