Retirement Benefits

6 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Retirement benefits

Retirement benefits

Pension plans

We have various defined-benefit pension plans covering eligible current and former employees.  Benefits under most plans are based on salary and years of service.

The components of net periodic pension cost for our pension plans were as follows:

	U.S. Plans					Non-U.S. Plans				Total
(In millions)	2015			2014		2015		2014		2015		2014
Three months ended June 30,
Service cost	$	—		—		2.6		3.2		2.6		3.2
Interest cost on projected benefit obligation	9.0			11.3		3.0		4.6		12.0		15.9
Return on assets – expected	(13.6		)	(16.2	)	(2.4	)	(3.8	)	(16.0	)	(20.0	)
Amortization of losses	7.7			7.0		1.2		0.6		8.9		7.6
Amortization of prior service cost	—			—		0.2		0.2		0.2		0.2
Settlement loss	—			—		1.1		1.1		1.1		1.1
Net periodic pension cost	$	3.1		2.1		5.7		5.9		8.8		8.0
Included in:
Continuing operations	$	3.1		2.1		5.7		5.4		8.8		7.5
Discontinued operations	—			—		—		0.5		—		0.5
Net periodic pension cost	$	3.1		2.1		5.7		5.9		8.8		8.0
Six months ended June 30,
Service cost	$	—		—		5.5		6.7		5.5		6.7
Interest cost on projected benefit obligation	18.0			22.7		6.2		10.4		24.2		33.1
Return on assets – expected	(27.3		)	(31.6	)	(4.8	)	(7.6	)	(32.1	)	(39.2	)
Amortization of losses	15.5			14.2		2.5		1.1		18.0		15.3
Amortization of prior service cost	—			—		0.2		0.4		0.2		0.4
Settlement loss	—			—		3.4		1.8		3.4		1.8
Net periodic pension cost	$	6.2		5.3		13.0		12.8		19.2		18.1
Included in:
Continuing operations	$	6.2		5.3		11.9		11.9		18.1		17.2
Discontinued operations	—			—		1.1		0.9		1.1		0.9
Net periodic pension cost	$	6.2		5.3		13.0		12.8		19.2		18.1

We made cash contributions totaling $87.2 million to the primary U.S. pension plan in 2014.  Based on current assumptions, as described in our Annual Report on Form 10-K for the year ended December 31, 2014, we do not expect to make any additional contributions to the primary U.S. pension plan in the future.

Retirement benefits other than pensions

We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees.  Retirement benefits related to our former U.S. coal operation include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for UMWA Represented Employees (the “UMWA plans”) as well as costs related to Black Lung obligations.

The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows:

	UMWA Plans					Black Lung and Other Plans		Total
(In millions)	2015			2014		2015	2014	2015		2014
Three months ended June 30,
Service cost	$	—		—		0.1	0.1	0.1		0.1
Interest cost on accumulated postretirement benefit obligations	4.2			4.4		0.7	0.4	4.9		4.8
Return on assets – expected	(5.1		)	(5.6	)	—	—	(5.1	)	(5.6	)
Amortization of losses	3.7			2.9		0.8	0.1	4.5		3.0
Amortization of prior service (credit) cost	(1.1		)	(1.2	)	0.4	0.5	(0.7	)	(0.7	)
Net periodic postretirement cost	$	1.7		0.5		2.0	1.1	3.7		1.6
Six months ended June 30,
Service cost	$	—		—		0.1	0.1	0.1		0.1
Interest cost on accumulated postretirement benefit obligations	8.7			9.2		1.4	1.0	10.1		10.2
Return on assets – expected	(10.3		)	(11.2	)	—	—	(10.3	)	(11.2	)
Amortization of losses	8.0			6.6		1.5	0.3	9.5		6.9
Amortization of prior service (credit) cost	(2.3		)	(2.3	)	0.9	0.9	(1.4	)	(1.4	)
Net periodic postretirement cost	$	4.1		2.3		3.9	2.3	8.0		4.6