Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Plans

Schedule of breakdown of shares held by ESOP

Common shares held by the contribution savings plan as of December 31 follows:

(in millions)	2017	2016	2015
Common shares held	1.1	1.2	1.3

Defined Benefit Plans

Retirement Plans

Schedule of weighted-average assumptions for benefit obligations

Weighted‑average assumptions for the projected benefit obligation for the years ended December 31 follows:

	2017		2016
Discount rate	3.49	%	3.86	%
Rate of compensation increase	3.81	%	3.82	%

Schedule of weighted-average assumptions for net periodic benefit cost

Weighted‑average assumptions for net periodic benefit cost for the years ended December 31 follows:

	2017		2016		2015
Discount rate	3.91	%	4.35	%	3.87	%
Rate of compensation increase	3.82	%	4.29	%	4.29	%
Expected long-term return on plan assets	6.30	%	6.20	%	6.30	%

Schedule of reconciliation of the beginning and ending balances of the projected pension benefit obligation, the fair value of the plan assets and the ending accumulated benefit obligation

The following table reconciles the change in the projected benefit obligation, the change in plan assets and the funded status for the years ended December 31 follows: 

(in millions)	2017			2016
Funded status
Projected benefit obligation
Beginning of year	$	172.5		$	174.3
Change in benefit obligation:
Service cost	2.6			3.4
Interest cost	5.3			5.4
Plan amendments	0.7			(0.1		)
Actuarial (gain)/loss	15.5			1.2
Benefits paid	(13.8		)	(11.7		)
End of year	$	182.8		$	172.5
Fair value of plan assets
Beginning of year	$	163.2		$	162.7
Change in plan assets:
Actual return on plan assets	14.9			11.2
Company contributions	1.4			1.0
Benefits paid	(13.8		)	(11.7		)
End of year	$	165.7		$	163.2
(Unfunded) status end of year	$	(17.1	)	$	(9.3	)
Accumulated benefit obligation at end of year	$	181.1		$	171.5

Schedule of net asset (liability)

The net pension assets (liabilities) included in the Consolidated Balance Sheets as of December 31 follows:

(in millions)	2017			2016
Long-term assets	$	5.2		$	12.4
Current liabilities	(1.4		)	(1.4		)
Long-term liabilities	(20.9		)	(20.3		)
Net pension asset (liability)	$	(17.1	)	$	(9.3	)

Schedule of amounts included in accumulated other comprehensive loss

The amounts included in accumulated other comprehensive as of December 31 follows:

(in millions)	2017		2016
Unrecognized actuarial losses (gross)	$	48.8	$	40.2
Unrecognized actuarial losses (net of tax)	38.0		25.3
Unrecognized prior service costs (gross)	1.3		0.9
Unrecognized prior service costs (net of tax)	1.1		0.5

Components of net periodic benefit cost

The components of net periodic benefit cost for the years ended December 31 follows: 

(in millions)	2017			2016			2015
Service cost	$	2.6		$	3.4		$	3.7
Interest cost	5.3			5.4			7.1
Expected return on plan assets	(10.2		)	(10.1		)	(10.2		)
Amortization of unrecognized net loss	2.3			2.1			4.1
Amortization of unrecognized prior service credit	0.2			0.2			0.2
Net periodic benefit cost	$	0.2		$	1.0		$	4.9

Schedule of fair value of the plans' assets by asset category

The fair value measurement of the plans’ assets by asset category as of December 31 follows:

	Quoted Prices in Active Markets for Identical Assets (Level 1)
(in millions)	2017		2016
Cash	$	0.6	$	0.6
Mutual funds:
Equity mutual funds (1)	$	19.4	$	20.6
Fixed income mutual funds (2)	145.6		142.0
Total	$	165.6	$	163.2

 

⁽¹⁾  This category is comprised of investments in mutual funds that invest in equity securities such as large publicly traded companies listed in the S&P 500 Index; small to medium sized companies with market capitalization in the range of the Russell 2500 Index; and foreign issuers in emerging markets.

⁽²⁾ 

This category is comprised of investments in mutual funds that invest in U.S. corporate and government fixed income securities, including asset‑backed securities; high yield fixed income securities primarily rated BB, B, CCC, CC, C and D; and US dollar denominated debt securities of government, government related and corporate issuers in emerging market countries.

Summary of estimated future benefits to be paid for the Company's defined benefit pension plans and post-retirement medical plan

A summary of estimated future benefits to be paid for the Company’s defined benefit pension plans as of December 31, 2017, follows:

(in millions)	Estimated Benefit Payments
2018	$	13.7
2019	14.2
2020	14.4
2021	14.1
2022	14.2
2023-2027	69.2