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Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Summary of Company's Plan Assets, Benefit Obligations, and Funded Status
Assets, benefit obligations, and the funded status of the plans were determined at December 31, 2016 and 2015.
 
Pension Benefits 
 
Medical and
Life Insurance
Benefits
 
As of December 31,
 
2016
 
2015 (3)
 
2016
 
2015 (3)
 
(In millions)
Change in fair value of assets:
 
 
 
 
 
 
 
Fair value - beginning of period
$
931.4

 
$
964.1

 
$
—

 
$
—

Gain (loss) on assets
93.7

 
(22.2
)
 
—

 
—

Employer contributions
34.1

 
0.1

 
4.3

 
0.2

Benefits paid (1)
(134.1
)
 
(10.6
)
 
(4.3
)
 
(0.2
)
Fair value - end of period
$
925.1

 
$
931.4

 
$
—

 
$
—

Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation - beginning of period
$
1,531.0

 
$
1,549.5

 
$
50.8

 
$
51.5

Service cost
14.0

 
1.1

 
—

 
—

Interest cost
64.1

 
5.3

 
1.9

 
0.2

Actuarial losses (gains)
17.1

 
(14.3
)
 
(5.8
)
 
(0.7
)
Benefits paid
(134.1
)
 
(10.6
)
 
(4.3
)
 
(0.2
)
Benefit obligation - end of period (2)
$
1,492.1

 
$
1,531.0

 
$
42.6

 
$
50.8

Funded status of the plans
$
(567.0
)
 
$
(599.6
)
 
$
(42.6
)
 
$
(50.8
)
Amounts recognized in the consolidated balance sheets:
 
 
 
 
 
 
 
Postretirement medical and life insurance benefits, current
$
—

 
$
—

 
$
(5.2
)
 
$
(6.0
)
Postretirement medical and life insurance benefits, noncurrent
—

 
—

 
(37.4
)
 
(44.8
)
Pension liability, non-qualified current (component of other current liabilities)
(1.3
)
 
(1.4
)
 
—

 
—

Pension liability, non-qualified (component of other noncurrent liabilities)
(17.5
)
 
(17.6
)
 
—

 
—

Pension benefits, noncurrent
(548.2
)
 
(580.6
)
 
—

 
—

Net liability recognized in the consolidated balance sheets
$
(567.0
)
 
$
(599.6
)
 
$
(42.6
)
 
$
(50.8
)
__________ 
(1)
Benefits paid for medical and life insurance benefits are net of the Medicare Part D Subsidy of $0.1 million and zero received in fiscal 2016 and the one month ended December 31, 2015, respectively.
(2)
Pension benefit obligation includes $18.8 million and $19.0 million as of December 31, 2016 and 2015, respectively, for the non-qualified plan.
(3) Reflects activity for the one month ended December 31, 2015.
Summary of Components of Retirement Benefit Expense (Income)
Components of retirement benefit expense (income) were: 
 
Pension Benefits
 
Medical and
Life Insurance Benefits 
 
Year Ended
 
One month ended
 
Year Ended
 
One month ended
 
December 31,
 
November 30,
 
November 30,
 
December 31,
 
December 31,
 
November 30,
 
November 30,
 
December 31,
 
2016
 
2015
 
2014
 
2015
 
2016
 
2015
 
2014
 
2015
 
(In millions)
Service cost
$
14.0

 
$
10.8

 
$
8.8

 
$
1.1

 
$
—

 
$
—

 
$
0.1

 
$
—

Interest cost on benefit obligation
64.1

 
63.6

 
67.1

 
5.3

 
1.9

 
1.9

 
2.5

 
0.2

Assumed return on assets (1)
(70.1
)
 
(88.1
)
 
(92.6
)
 
(6.0
)
 
—

 
—

 
—

 
—

Amortization of prior service costs (credits)
0.1

 
—

 
—

 
—

 
(1.2
)
 
(1.1
)
 
(0.9
)
 
(0.1
)
Amortization of net losses (gains)
63.7

 
84.0

 
54.4

 
5.4

 
(3.6
)
 
(3.5
)
 
(2.9
)
 
(0.3
)
 
$
71.8

 
$
70.3

 
$
37.7

 
$
5.8

 
$
(2.9
)
 
$
(2.7
)
 
$
(1.2
)
 
$
(0.2
)
__________ 
(1)
The actual return and rate of return on assets was as follows:
 
 
Year Ended
 
One month ended
 
December 31,
 
November 30,
 
November 30,
 
December 31,
 
2016
 
2015
 
2014
 
2015
 
(In millions, except rate of return)
Actual gain (loss) on assets
$
93.7

 
$
(64.2
)
 
$
63.5

 
$
(22.2
)
Actual rate of return on assets
10.8
%
 
(6.1
)%
 
5.1
%
 
(2.3
)%
Schedule of Assumptions Used to Determine Benefit Obligations
The Company used the following assumptions, calculated based on a weighted-average, to determine the benefit obligations:
 
Pension
Benefits
 
Medical and
Life Insurance Benefits
 
As of December 31,
 
As of December 31,
 
2016
 
2015
 
2016
 
2015
Discount rate
4.02
%
 
4.36
%
 
3.68
%
 
3.99
%
Discount rate (non-qualified plan)
4.07
%
 
4.41
%
 
*

 
*

Ultimate healthcare trend rate
*

 
*

 
5.00
%
 
5.00
%
Initial healthcare trend rate (pre 65/post 65)
*

 
*

 
7.00
%
 
7.00
%
Year ultimate rate attained (pre 65/post 65)
*

 
*

 
2021

 
2021

______
*
Not applicable
Schedule of Assumptions Used to Determine Periodic Benefit Expense (Income)
The Company used the following assumptions, calculated based on a weighted-average, to determine the retirement benefit expense (income):
 
Pension Benefits
 
Medical and
Life Insurance Benefits 
 
Year Ended
 
One month ended
 
Year Ended
 
One month ended
 
December 31,
 
November 30,
 
November 30,
 
December 31,
 
December 31,
 
November 30,
 
November 30,
 
December 31,
 
2016
 
2015
 
2014
 
2015
 
2016
 
2015
 
2014
 
2015
Discount rate
4.36
%
 
3.96
%
 
4.54
%
 
4.26
%
 
3.99
%
 
3.54
%
 
3.98
%
 
3.87
%
Discount rate (non-qualified plan)
4.41
%
 
4.01
%
 
4.65
%
 
4.32
%
 
*

 
*

 
*

 
*

Expected long-term rate of return on assets
7.00
%
 
8.00
%
 
8.00
%
 
7.00
%
 
*

 
*

 
*

 
*

Ultimate healthcare trend rate
*

 
*

 
*

 
*

 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
Initial healthcare trend rate (pre 65/post 65)
*

 
*

 
*

 
*

 
7.00
%
 
7.00
%
 
8.50
%
 
7.00
%
Year ultimate rate attained (pre 65/post 65)
*

 
*

 
*

 
*

 
2021

 
2021

 
2021

 
2021

______
*
Not applicable
Schedule of One Percentage Point Change in Assumptions Effects on Projected Benefit Obligations
A one percentage point change in the key assumptions would have the following effects on the projected benefit obligations as of December 31, 2016 and on retirement benefit expense for fiscal 2016:
 
Pension Benefits and
Medical and Life Insurance Benefits Discount Rate
 
Expected Long-term
Rate of Return
 
Assumed Healthcare
Cost Trend Rate
 
Net Periodic
Benefit Expense
 
Projected
Benefit
Obligation
 
Net Periodic Pension
Benefit Expense
 
Net Periodic
Medical and Life
Insurance Benefit Expense
 
Accumulated
Benefit
Obligation
 
(In millions)
1% decrease
$22.8
 
$158.3
 
$10.0
 
$(0.3)
 
$(1.0)
1% increase
(19.5)
 
(133.0)
 
(10.0)
 
0.4
 
1.1
Schedule of Pension Plan's Asset Allocations by Asset Category
The Company’s asset allocations by asset category were as follows:
 
As of December 31,
 
2016
 
2015
Cash and cash equivalents
26
%
 
36
%
Equity securities
43

 
34

Fixed income
15

 
13

Private assets
8

 
6

Hedge funds
8

 
11

Total
100
%
 
100
%
Schedule of Fair Value of Pension Plan Assets and Liabilities by Asset Category and by Level
The fair value by asset category and by level were as follows:
 
Total
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
 
(In millions)
December 31, 2016
 
 
 
 
 
 
 
Cash and cash equivalents
$
31.3

 
$
31.3

 
$
—

 
$
—

Equity securities:
 
 
 
 
 
 
 
  Domestic equity securities
377.2

 
373.8

 
1.2

 
2.2

  International equity securities
16.2

 
16.2

 
—

 
—

  Derivatives:
 
 
 
 
 
 
 
    Written options
(0.1
)
 
(0.1
)
 
—

 
—

  Short sales
(0.1
)
 
(0.1
)
 
—

 
—

Fixed income:
 
 
 
 
 
 
 
  Corporate debt securities
33.8

 
—

 
27.0

 
6.8

  Asset-backed securities
71.5

 
—

 
71.5

 
—

  Municipal bonds
26.3

 
—

 
26.3

 
—

  Short sales
(0.2
)
 
—

 
(0.2
)
 
—

Real estate investments
0.5

 
—

 
—

 
0.5

Total
556.4

 
$
421.1

 
$
125.8

 
$
9.5

Investment measured at Net Asset Value ("NAV")
 
 
 
 
 
 
 
  Private assets
70.7

 
 
 
 
 
 
  Hedge funds
79.3

 
 
 
 
 
 
  Common/collective trusts ("CCTs")
219.4

 
 
 
 
 
 
Total investments measured at NAV
369.4

 
 
 
 
 
 
Receivables
1.8

 
 
 
 
 
 
Payables
(2.5
)
 
 
 
 
 
 
Total assets
$
925.1

 
 
 
 
 
 
 
Total
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
 
(In millions)
December 31, 2015
 
 
 
 
 
 
 
Cash and cash equivalents
$
101.6

 
$
101.6

 
$
—

 
$
—

Equity securities:
 
 
 
 
 
 
 
  Domestic equity securities
340.2

 
332.7

 
7.0

 
0.5

  International equity securities
32.4

 
31.3

 
1.1

 
—

  Short sales
(58.1
)
 
(58.1
)
 
—

 
—

Fixed income:
 
 
 
 
 
 
 
  Corporate debt securities
29.2

 
—

 
29.2

 
—

  Asset-backed securities
93.9

 
—

 
93.9

 
—

  Short sales
(3.7
)
 
(2.5
)
 
(1.2
)
 
—

Real estate investments
0.7

 
—

 
—

 
0.7

Total
536.2

 
$
405.0

 
$
130.0

 
$
1.2

Investment measured at NAV
 
 
 
 
 
 
 
  Private assets
53.5

 
 
 
 
 
 
  Hedge funds
98.2

 
 
 
 
 
 
  CCTs
246.7

 
 

 
 
 
 
Total investments measured at NAV
398.4

 
 
 
 
 
 
Receivables
7.3

 
 
 
 
 
 
Payables
(10.5
)
 
 
 
 
 
 
Total assets
$
931.4

 
 
 
 
 
 
Schedule of Changes in Fair Value of Level 3 Investments
Changes in the fair value of the Level 3 investments were as follows:
 
November 30, and December 31, 2015 
 
Unrealized
Gains (Losses)
 
Purchases, Issuances, and
Settlements 
 
December 31,
2016 
 
(In millions)
Equity securities:
 
 
 
 
 
 
 
 Domestic equity securities
$
0.5

 
$
0.1

 
$
1.6

 
$
2.2

Fixed income:
 
 
 
 
 
 
 
 Corporate debt securities
—

 
—

 
6.8

 
6.8

Real estate investments
0.7

 
—

 
(0.2
)
 
0.5

Total
$
1.2

 
$
0.1

 
$
8.2

 
$
9.5
Schedule of Estimated Future Benefit Payments
The following table presents estimated future benefit payments:
 
 
Pension
Benefit
Payments
 
Medical and Life Insurance Benefits 
 
Year Ending December 31,
 
Gross Benefit Payments
 
Medicare D
Subsidy 
 
Net Benefit
Payments 
 
(In millions)
2017
$
121.0

 
$
5.4

 
$
0.2

 
$
5.2

2018
118.5

 
5.2

 
0.2

 
5.0

2019
115.6

 
4.8

 
0.2

 
4.6

2020
112.5

 
4.5

 
0.2

 
4.3

2021
109.3

 
4.1

 
0.2

 
3.9

Years 2022 - 2026
495.0

 
15.6

 
0.6

 
15.0