XML 25 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Retirement benefits
 6 Months Ended
Jun. 30, 2017
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)
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
—

 
—

 
2.8

 
2.7

 
2.8

 
2.7

Interest cost on projected benefit obligation
8.8

 
9.3

 
4.3

 
3.1

 
13.1

 
12.4

Return on assets – expected
(13.3
)
 
(13.6
)
 
(2.4
)
 
(2.5
)
 
(15.7
)
 
(16.1
)
Amortization of losses
6.1

 
6.2

 
1.3

 
1.2

 
7.4

 
7.4

Amortization of prior service cost
—

 
—

 
0.2

 
0.2

 
0.2

 
0.2

Settlement loss
—

 
—

 
0.5

 
0.6

 
0.5

 
0.6

Net periodic pension cost
$
1.6

 
1.9

 
6.7

 
5.3

 
8.3

 
7.2

 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
—

 
—

 
5.7

 
5.5

 
5.7

 
5.5

Interest cost on projected benefit obligation
17.6

 
18.5

 
9.1

 
6.5

 
26.7

 
25.0

Return on assets – expected
(26.6
)
 
(27.3
)
 
(4.8
)
 
(4.8
)
 
(31.4
)
 
(32.1
)
Amortization of losses
12.4

 
12.3

 
2.6

 
2.4

 
15.0

 
14.7

Amortization of prior service cost
—

 
—

 
0.4

 
0.2

 
0.4

 
0.2

Settlement loss
—

 
—

 
0.8

 
1.4

 
0.8

 
1.4

Net periodic pension cost
$
3.4

 
3.5

 
13.8

 
11.2

 
17.2

 
14.7


We did not make cash contributions to the primary U.S. pension plan in 2016 or the first six months of 2017.  Based on current assumptions, as described in our Annual Report on Form 10-K for the year ended December 31, 2016, we do not expect to make any additional contributions to the primary U.S. pension plan until 2021.

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 United Mine Workers of America 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)
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
—

 
—

 
0.1

 
—

 
0.1

 
—

Interest cost on accumulated postretirement benefit obligations
4.7

 
4.8

 
0.8

 
0.7

 
5.5

 
5.5

Return on assets – expected
(4.1
)
 
(4.3
)
 
—

 
—

 
(4.1
)
 
(4.3
)
Amortization of losses
5.0

 
4.5

 
1.1

 
0.7

 
6.1

 
5.2

Amortization of prior service (credit) cost
(1.2
)
 
(1.2
)
 
0.3

 
0.4

 
(0.9
)
 
(0.8
)
Net periodic postretirement cost
$
4.4

 
3.8

 
2.3

 
1.8

 
6.7

 
5.6

 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
—

 
—

 
0.1

 
—

 
0.1

 
—

Interest cost on accumulated postretirement benefit obligations
9.1

 
9.4

 
1.5

 
1.3

 
10.6

 
10.7

Return on assets – expected
(8.3
)
 
(8.7
)
 
—

 
—

 
(8.3
)
 
(8.7
)
Amortization of losses
9.4

 
8.8

 
2.0

 
1.2

 
11.4

 
10.0

Amortization of prior service (credit) cost
(2.3
)
 
(2.3
)
 
0.8

 
0.9

 
(1.5
)
 
(1.4
)
Net periodic postretirement cost
$
7.9

 
7.2

 
4.4

 
3.4

 
12.3

 
10.6


The components of net periodic pension cost and net periodic postretirement cost other than the service cost component are included in interest and other income (expense) in the condensed consolidated statements of operations.