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EMPLOYEE RETIREMENT PLANS (Tables)
 12 Months Ended
Dec. 31, 2013
EMPLOYEE RETIREMENT PLANS  
Reconciliation of the beginning and ending balances of the projected benefit obligation for defined benefit plans

 

 
   Pension Benefits   OPEB  
 
   As of December 31,  
(In millions)
   2013   2012   2013  

Change in Benefit Obligation

                    

Benefit obligation, beginning of year

   $ 168.5   $ 147.3   $ -  

Acquisitions

     576.1     -     182.9  

Service Costs

     6.6     -     2.0  

Interest cost

     28.0     7.2     6.4  

Actuarial loss (gain)

     (57.0 )   19.1     (4.2 )

Foreign currency translation adjustment

     (0.8 )   -     (0.1 )

Plan participants' contributions

     -     -     3.4  

Gross benefits paid

     (32.5 )   (5.1 )   (9.8 )

Plan amendments

     -     -     (82.7 )

Curtailments

     (15.5 )   -     -  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Benefit obligation, end of year

   $ 673.4   $ 168.5   $ 97.9  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Accumulated benefit obligation, end of year

   $ 670.7   $ 168.5     NA  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Summary and reconciliation of the beginning and ending balances of the fair value of the plans' assets

 

 
   Pension Benefits   OPEB  
 
   As of December 31,  
(In millions)
   2013   2012   2013  

Change in Plan Assets

                    

Fair value of plan assets, beginning of year

   $ 115.8   $ 107.7   $ -  

Acquisitions

     506.7     -     -  

Actual return on plan assets

     68.2     12.8     -  

Foreign currency translation adjustment

     (0.7 )   -     -  

Employer contribution

     1.9     0.4     6.4  

Plan participants' contributions

     -     -     3.4  

Gross benefits paid

     (32.5 )   (5.1 )   (9.8 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair value of plan assets, end of year

   $ 659.4   $ 115.8   $ -  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Summary of the Plan's investments measured at fair value and the target and current allocation, by level within the fair value hierarchy

 

Asset Category
  Target
Allocation
2014		   Percentage of
Plan Assets,
December 31,
2013		   Total   Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		   Significant
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		  
(In millions, except percentages)
   
    
    
    
    
  

Short-term investment fund

     - %   1 % $ 5.7   $ -   $ 5.7   $ -  

Receivables

                 86.7     -     -     86.7  

US Equity securities:

                                      

Consumer discretionary sector

                 6.6     6.6     -     -  

Consumer staples sector

                 9.2     9.2     -     -  

Energy sector

                 1.3     1.3     -     -  

Finance sector

                 3.8     3.8     -     -  

Health care sector

                 8.4     8.4     -     -  

Index funds

                 93.6     -     93.6     -  

Industrials sector

                 2.8     2.8     -     -  

Information technology sector

                 7.3     7.3     -     -  

Capital appreciation mutual fund

                 13.1     13.1     -     -  

Small cap growth mutual fund

                 7.4     7.4     -     -  

Pooled equity fund

                 47.8     -     47.8     -  

Other

                 1.4     1.4     -     -  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total US equity securities:

     43 %   46 %   202.7     61.3     141.4     -  

International equity securities:

                                      

Euro Pacific Growth fund

                 29.1     29.1     -     -  

Emerging market index funds

     5 %   4 %   62.8     5.1     57.7     -  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total International equity securities

     20 %   22 %   91.9     34.2     57.7     -  

Fixed income securities:

                                      

Pimco total return, institutional

                 199.4     199.4     -     -  

Other fixed income securities

                 65.2     2.8     62.4     -  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities:

     20 %   17 %   264.6     202.2     62.4     -  

Long-biased hedge fund

     10 %   9 %   6.7     -     -     6.7  

Real estate partnership

     2 %   1 %   1.1     -     -     1.1  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

               $ 659.4   $ 297.7   $ 267.2   $ 94.5  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               


 

Asset Category
  Target
Allocation
2013		   Percentage of
Plan Assets,
December 31,
2012		   Total   Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		   Significant
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		  
(In millions, except percentages)
   
    
    
    
    
  

Short-term investment fund

           2 % $ 2.2   $ -   $ 2.2   $ -  

US. Equity Securities:

                                      

Consumer discretionary sector

                 1.7     1.7     -     -  

Consumer staples sector

                 4.1     4.1     -     -  

Energy sector

                 1.2     1.2     -     -  

Finance sector

                 0.6     0.6     -     -  

Health care sector

                 3.0     3.0     -     -  

Industrials sector

                 1.1     1.1     -     -  

Information technology sector

                 4.4     4.4     -     -  

Capital appreciation mutual fund

                 6.4     6.4     -     -  

Small cap growth mutual fund

                 5.1     5.1     -     -  

Pooled equity fund

                 19.2     -     19.2     -  

Other

                 0.8     0.8     -     -  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total US equity securities:

     43 %   41 %   47.6     28.4     19.2     -  

International equity securities:

                                      

Euro Pacific Growth fund

                 25.0     25.0     -     -  

Consumer staples sector

                 0.4     0.4     -     -  

Emerging markets fund

     5 %   5 %   5.3     5.3     -     -  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total International equity securities

     20 %   27 %   30.7     30.7     -     -  

Fixed income securities:

                                      

Pimco total return institutional

                 22.9     22.9     -     -  

Financial services sector

                 0.2     -     0.2     -  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities:

     20 %   20 %   23.1     22.9     0.2     -  

Long-biased hedge fund

     10 %   9 %   10.6     -     -     10.6  

Real estate partnership

     2 %   1 %   1.6     -     -     1.6  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

               $ 115.8   $ 82.0   $ 21.6   $ 12.2  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               
Funded status of the pension benefits reconciled to the amounts reported on the balance sheets

 

 
   Pension Benefits   OPEB  
 
   As of December 31,  
(In millions)
   2013   2012   2013  

Funded status, end of year:

                    

Fair value of plan assets

   $ 659.4   $ 115.8   $ -  

Benefit obligations

     673.4     168.5     97.9  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unfunded status

   $ (14.0 ) $ (52.7 ) $ (97.9 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Amounts recognized in the balance sheets consist of:

                    

Noncurrent asset

   $ 26.9   $ -   $ -  

Current liability

     (1.3 )   (0.4 )   (7.7 )

Noncurrent liability

     (39.6 )   (52.3 )   (90.2 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Amount recognized, end of year

   $ (14.0 ) $ (52.7 ) $ (97.9 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Gross amounts recognized in accumulated other comprehensive income (loss) consist of:

                    

Net actuarial gain (loss)

   $ 11.4   $ (77.5 ) $ 4.2  

Prior service credit (cost)

     (0.1 )   (0.1 )   80.4  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Amount recognized, end of year

   $ 11.3   $ (77.6 ) $ 84.6  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Schedule of projected benefit obligation and fair value of plan assets for pension plans having projected benefit obligations in excess of the fair value of plan assets

 

 
   Pensions
As of December 31,		  
(In millions)
   2013   2012  

Projected benefit obligation, end of year

   $ 430.5   $ 168.5  

Fair value of plan assets, end of year

     389.6     115.8  
Schedule of accumulated benefit obligation and fair value of plan assets for pension plans having accumulated benefit obligations in excess of the fair value of plan assets

 

 
   Pensions
As of December 31,		  
(In millions)
   2013   2012  

Accumulated benefit obligaiton, end of year

   $ 417.6   $ 168.5  

Fair value of plan assets, end of year

     378.9     115.8  
Summarizes the changes in plan assets and benefit obligations which were recognized in other comprehensive income (loss)

 

 
   Pensions   OPEB  
 
   As of December 31,  
End of year:
   2013   2012   2011   2013  

Current year actuarial gain (loss)

                          

Current year actuarial gain (loss)

   $ 102.2   $ (15.0 ) $ (22.1 ) $ 4.2  

Amortization of actuarial loss (gain)

     (13.3 )   1.6     1.5     -  

Current year prior service credit

     -     -     -     82.6  

Amortization of prior service credit

     -     -     -     (2.3 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recognized in other comprehensive income (loss)

   $ 88.9   $ (13.4 ) $ (20.6 ) $ 84.5  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Total recognized in net periodic benefit cost and other comprehensive income (loss)

   $ 106.2   $ (13.5 ) $ (20.0 ) $ 78.5  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
Schedule of estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in the next fiscal year

 

(In millions)
   Pensions   OPEB  

Actuarial loss (gain)

   $ (0.4 ) $ 0.1  

Prior service cost (credit)

     -     (9.2 )
           
​ ​ ​ ​ ​ ​ ​ ​

Total

   $ (0.4 ) $ (9.1 )
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of net periodic benefit cost (income)

 

 
   Pensions   OPEB  
 
   Year Ended December 31,  
(In millions)
   2013   2012   2011   2013  

Components of net periodic benefit income(expense):

                          

Service cost

   $ (6.6 ) $ -   $ -   $ (2.0 )

Interest cost

     (28.0 )   (7.2 )   (7.4 )   (6.4 )

Expected return on assets

     38.5     8.7     9.5     -  

Amortization of:

                          

Prior service credit

     -     -     -     2.3  

Amortization of actuarial loss

     (2.1 )   (1.7 )   (1.5 )   -  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total amortization

     (2.1 )   (1.7 )   (1.5 )   2.3  

Curtailment gain

     15.5     -     -     -  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total net periodic benefit income (expense)

   $ 17.3   $ (0.2 ) $ 0.6   $ (6.1 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
Schedule of weighted average assumptions used to determine the benefit obligation

 

 
   Pensions   OPEB
 
   2013   2012   2011   2013

Discount rate

   4.16%   5.00%   5.48%   4.39%

Expected return on assets

   6.91%   8.25%   8.49%   Not Applicable

Rate of compensation increase

   3.14%   Not Applicable   Not Applicable   3.11%
Schedule of expected benefit payments for all pension plans and postretirement welfare plans

 

(In millions)
   Pension
Benefits		   OPEB
(Gross)		  

Expected benefit payments:

              

2014

   $ 36.5   $ 7.8  

2015

     37.4     7.8  

2016

     38.9     7.6  

2017

     40.0     7.5  

2018

     41.4     7.3  

2019-2023

     227.3     33.6