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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Schedule of Assumptions Used for Benefit Obligation
Assumptions used to determine benefit obligations as of the periods presented were as follows:
 
 
Canadian Pension Plan
 
Salaried VEBA
 
 
December 31, 2016
 
December 31, 2015
 
December 31, 2016
 
December 31, 2015
Discount rate
 
3.80
%
 
4.10
%
 
3.60
%
 
3.90
%
Rate of compensation increase
 
3.00
%
 
3.00
%
 
—

 
—
Schedule of Assumptions Used to Determine Net Periodic Benefit Cost (Income)
Assumptions used to determine net periodic benefit cost (income) for the years ended December 31 were:
 
 
Canadian Pension Plan
 
VEBAs
 
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
 
 
 
 
 
 
 
Salaried
VEBA
 
Salaried
VEBA
 
Salaried
VEBA
 
Union
VEBA
Discount rate
 
4.10
%
 
4.00
%
 
4.90
%
 
3.90
%
 
3.60
%
 
4.20
%
 
4.70
%
Expected long-term return on plan assets1
 
4.45
%
 
5.10
%
 
4.75
%
 
7.75
%
 
7.75
%
 
7.75
%
 
6.75
%
Rate of compensation increase
 
3.00
%
 
3.00
%
 
3.00
%
 
—

 
—

 
—

 
—

Initial medical trend rate
 
—

 
—

 
—

 
—

 
—

 
—

 
7.50
%
Ultimate medical trend rate
 
—

 
—

 
—

 
—

 
—

 
—

 
5.00
%
_____________________
1. 
The expected long-term rate of return assumption is based on the targeted investment portfolios provided to us by the trustee of the applicable VEBA.
Schedule of Changes in Benefit Obligations
The following table presents the benefit obligations and funded status of our Canadian pension and the VEBAs as of December 31, 2016 and December 31, 2015 and the corresponding amounts that are included in our Consolidated Balance Sheets (in millions of dollars):
 
 
Canadian Pension Plan
 
VEBAs
 
 
2016
 
2015
 
2016
 
2015
Change in benefit obligation:
 
 
 
 
 
 
 
 
Obligation at beginning of year
 
$
6.1

 
$
7.0

 
$
77.9

 
$
470.9

Removal of Union VEBA
 
—

 
—

 
—

 
(391.5
)
Foreign currency translation adjustment
 
0.2

 
(1.0
)
 
—

 
—

Service cost
 
0.3

 
0.2

 
—

 
—

Interest cost
 
0.3

 
0.2

 
2.9

 
2.7

Prior service cost1
 
—

 
—

 
8.4

 
13.2

Actuarial loss (gain)2
 
0.3

 
(0.1
)
 
4.1

 
(11.2
)
Benefits paid by Company
 
(0.2
)
 
(0.2
)
 
—

 
—

Benefits paid by VEBAs
 
—

 
—

 
(6.5
)
 
(6.2
)
Obligation at end of year3
 
7.0

 
6.1

 
86.8

 
77.9

 
 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
 
Fair market value of plan assets at beginning of year
 
5.7

 
6.3

 
58.9

 
793.8

Removal of Union VEBA4
 
—

 
—

 
—

 
(778.3
)
Foreign currency translation adjustment
 
0.2

 
(1.0
)
 
—

 
—

Actual return on assets
 
0.1

 
0.3

 
2.9

 
0.1

Employer/Company contributions4,5
 
0.3

 
0.3

 
2.9

 
49.5

Benefits paid by Company
 
(0.2
)
 
(0.2
)
 
—

 
—

Benefits paid by VEBAs
 
—

 
—

 
(6.5
)
 
(6.2
)
Fair market value of plan assets at end of year
 
6.1

 
5.7

 
58.2

 
58.9

Net funded status6
 
$
(0.9
)
 
$
(0.4
)
 
$
(28.6
)
 
$
(19.0
)

_____________________________
1. 
The prior service cost relating to the Salaried VEBA in both 2016 and 2015 resulted from increases in the annual healthcare reimbursement benefit starting in 2017 and 2016, respectively, for plan participants.
2. 
The actuarial loss relating to the Salaried VEBA in 2016 was comprised of: (i) a $2.3 million loss due to changes in census information; (ii) a $2.2 million loss due to a reduction in the discount rate; offset by (iii) a $0.4 million gain due to a change in the projected utilization rate.
The actuarial gain relating to the Salaried VEBA in 2015 was comprised of: (i) a $5.5 million gain due to projected lower benefit utilization; (ii) a $2.0 million gain due to an increase in the discount rate; and (iii) a $3.7 million gain due to updated actuarial mortality rates.
3. 
For the Canadian pension plan, the benefit obligation is the projected benefit obligation. For the Salaried VEBA, the benefit obligation is the accumulated postretirement benefit obligation.
4. 
Removal of Union VEBA and Employer/Company contributions in 2015 each included $46.7 million of accrued variable cash contribution, of which: (i) $16.8 million related to the Union VEBA accrual for the variable contributions for 2015, of which $16.7 million was paid in the first quarter of 2016; (ii) $17.1 million, reported within Other accrued liabilities as of December 31, 2016, related to the Union VEBA accrual for the variable contributions for 2016 (all of which will be paid in 2017); and (iii) $12.8 million, reported within Long-term liabilities as of December 31, 2016, related to the Union VEBA accrual for the variable contributions for 2017 (to be paid in 2018).
5. 
In addition to the $46.7 million discussed above, Employer/Company contributions included $2.8 million of accrued variable cash contribution related to the Salaried VEBA for the 2015 year, which was paid during the first quarter of 2016.
6. 
Net funded status of $28.6 million and $19.0 million relating to the Salaried VEBA at December 31, 2016 and December 31, 2015, respectively, was presented as Net liabilities of Salaried VEBA on the Consolidated Balance Sheet.
Schedule of Changes in Plan Assets
The following table presents the benefit obligations and funded status of our Canadian pension and the VEBAs as of December 31, 2016 and December 31, 2015 and the corresponding amounts that are included in our Consolidated Balance Sheets (in millions of dollars):
 
 
Canadian Pension Plan
 
VEBAs
 
 
2016
 
2015
 
2016
 
2015
Change in benefit obligation:
 
 
 
 
 
 
 
 
Obligation at beginning of year
 
$
6.1

 
$
7.0

 
$
77.9

 
$
470.9

Removal of Union VEBA
 
—

 
—

 
—

 
(391.5
)
Foreign currency translation adjustment
 
0.2

 
(1.0
)
 
—

 
—

Service cost
 
0.3

 
0.2

 
—

 
—

Interest cost
 
0.3

 
0.2

 
2.9

 
2.7

Prior service cost1
 
—

 
—

 
8.4

 
13.2

Actuarial loss (gain)2
 
0.3

 
(0.1
)
 
4.1

 
(11.2
)
Benefits paid by Company
 
(0.2
)
 
(0.2
)
 
—

 
—

Benefits paid by VEBAs
 
—

 
—

 
(6.5
)
 
(6.2
)
Obligation at end of year3
 
7.0

 
6.1

 
86.8

 
77.9

 
 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
 
Fair market value of plan assets at beginning of year
 
5.7

 
6.3

 
58.9

 
793.8

Removal of Union VEBA4
 
—

 
—

 
—

 
(778.3
)
Foreign currency translation adjustment
 
0.2

 
(1.0
)
 
—

 
—

Actual return on assets
 
0.1

 
0.3

 
2.9

 
0.1

Employer/Company contributions4,5
 
0.3

 
0.3

 
2.9

 
49.5

Benefits paid by Company
 
(0.2
)
 
(0.2
)
 
—

 
—

Benefits paid by VEBAs
 
—

 
—

 
(6.5
)
 
(6.2
)
Fair market value of plan assets at end of year
 
6.1

 
5.7

 
58.2

 
58.9

Net funded status6
 
$
(0.9
)
 
$
(0.4
)
 
$
(28.6
)
 
$
(19.0
)

_____________________________
1. 
The prior service cost relating to the Salaried VEBA in both 2016 and 2015 resulted from increases in the annual healthcare reimbursement benefit starting in 2017 and 2016, respectively, for plan participants.
2. 
The actuarial loss relating to the Salaried VEBA in 2016 was comprised of: (i) a $2.3 million loss due to changes in census information; (ii) a $2.2 million loss due to a reduction in the discount rate; offset by (iii) a $0.4 million gain due to a change in the projected utilization rate.
The actuarial gain relating to the Salaried VEBA in 2015 was comprised of: (i) a $5.5 million gain due to projected lower benefit utilization; (ii) a $2.0 million gain due to an increase in the discount rate; and (iii) a $3.7 million gain due to updated actuarial mortality rates.
3. 
For the Canadian pension plan, the benefit obligation is the projected benefit obligation. For the Salaried VEBA, the benefit obligation is the accumulated postretirement benefit obligation.
4. 
Removal of Union VEBA and Employer/Company contributions in 2015 each included $46.7 million of accrued variable cash contribution, of which: (i) $16.8 million related to the Union VEBA accrual for the variable contributions for 2015, of which $16.7 million was paid in the first quarter of 2016; (ii) $17.1 million, reported within Other accrued liabilities as of December 31, 2016, related to the Union VEBA accrual for the variable contributions for 2016 (all of which will be paid in 2017); and (iii) $12.8 million, reported within Long-term liabilities as of December 31, 2016, related to the Union VEBA accrual for the variable contributions for 2017 (to be paid in 2018).
5. 
In addition to the $46.7 million discussed above, Employer/Company contributions included $2.8 million of accrued variable cash contribution related to the Salaried VEBA for the 2015 year, which was paid during the first quarter of 2016.
6. 
Net funded status of $28.6 million and $19.0 million relating to the Salaried VEBA at December 31, 2016 and December 31, 2015, respectively, was presented as Net liabilities of Salaried VEBA on the Consolidated Balance Sheet.
Schedule of Expected Benefit Payments
As of December 31, 2016, the net benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in millions of dollars):
 
Benefit Payments Due by Period
 
2017
 
2018
 
2019
 
2020
 
2021
 
2022-2026
Canadian pension plan benefit payments
$
0.2

 
$
0.3

 
$
0.3

 
$
0.3

 
$
0.3

 
$
1.5

Salaried VEBA benefit payments1
7.0

 
7.0

 
6.9

 
6.8

 
6.7

 
30.4

Total net benefits
$
7.2

 
$
7.3

 
$
7.2

 
$
7.1

 
$
7.0

 
$
31.9

__________________________________
1. 
Such amounts are based on benefit amounts and certain key assumptions obtained from the Salaried VEBA.
Schedule of Net Periodic Benefit Cost Not yet Recognized
The amount of loss included in the Consolidated Balance Sheets (within Accumulated other comprehensive loss) associated with our Canadian defined benefit pension plan and the VEBAs (before tax) that had not yet been reflected in net periodic benefit cost (income) was as follows at December 31 (in millions of dollars):
 
 
Canadian Pension Plan
 
Salaried VEBA
 
 
2016
 
2015
 
2016
 
2015
Accumulated net actuarial loss
 
$
(1.5
)
 
$
(1.0
)
 
$
(18.3
)
 
$
(13.6
)
Transition assets
 
0.1

 
0.1

 
—

 
—

Prior service cost
 
—

 
—

 
(40.2
)
 
(35.9
)
Cumulative loss reflected in Accumulated other comprehensive loss
 
$
(1.4
)
 
$
(0.9
)
 
$
(58.5
)
 
$
(49.5
)
Schedule of Defined Benefit Plans Disclosures [Table Text Block]
fair value of plan assets, classified under the appropriate level of the fair value hierarchy, as of each period presented (in millions of dollars):
 
Level 1
 
Level 2
 
Level 3
 
Total
As of December 31, 2016:
 
 
 
 
 
 
 
Plan Assets in the Fair Value Hierarchy:
 
 
 
 
 
 
 
Salaried VEBA –
 
 
 
 
 
 
 
Fixed income investment funds in registered investment companies1
$
—

 
$
17.9

 
$
—

 
$
17.9

Cash and money market investments2
3.3

 
—

 
—

 
3.3

Diversified investment funds in registered investment companies3
12.8

 
—

 
—

 
12.8

Total Salaried VEBA assets in the fair value hierarchy
$
16.1

 
$
17.9

 
$
—

 
$
34.0

Deferred compensation program – Diversified investment funds in registered investment companies3
—

 
8.2

 
—

 
8.2

Total plan assets in the fair value hierarchy
$
16.1

 
$
26.1

 
$
—

 
$
42.2

 
 
 
 
 
 
 
 
Plan Assets Measured at NAV 4:
 
 
 
 
 
 
 
Salaried VEBA – Equity investment funds in registered investment companies5
 
 
 
 
 
 
21.3

Canadian pension plan – Diversified investment funds in registered investment companies3
 
 
 
 
 
 
6.1

Total plan assets at fair value


 


 


 
$
69.6

 
 
 
 
 
 
 
 
As of December 31, 2015:
 
 
 
 
 
 
 
Plan Assets in the Fair Value Hierarchy:
 
 
 
 
 
 
 
Salaried VEBA –
 
 
 
 
 
 
 
Fixed income investment funds in registered investment companies1
$
—

 
$
15.7

 
$
—

 
$
15.7

Cash and money market investments2
1.9

 
—

 
—

 
1.9

Diversified investment funds in registered investment companies3
14.7

 
—

 
—

 
14.7

Total Salaried VEBA assets in the fair value hierarchy
$
16.6

 
$
15.7

 
$
—

 
$
32.3

Deferred compensation program – Diversified investment funds in registered investment companies3
—

 
7.3

 
—

 
7.3

Total plan assets in the fair value hierarchy
$
16.6

 
$
23.0

 
$
—

 
$
39.6

 
 
 
 
 
 
 
 
Plan Assets Measured at NAV 4:
 
 
 
 
 
 
 
Salaried VEBA – Equity investment funds in registered investment companies5
 
 
 
 
 
 
23.8

Canadian pension plan – Diversified investment funds in registered investment companies3
 
 
 
 
 
 
5.7

Total plan assets at fair value
 
 
 
 
 
 
$
69.1

_________________________
1. 
This category represents investments in various fixed income funds with multiple registered investment companies. Such funds invest in diversified portfolios, including: (i) marketable fixed income securities, such as (a) U.S. Treasury and other government and agency securities, (b) municipal bonds, (c) mortgage-backed securities, (d) asset-backed securities, (e) corporate bonds, notes and debentures in various sectors, (f) preferred and common stock, (g) investments in affiliated and other investment companies, (h) short-term investments and other net assets, and (i) repurchase agreements and reverse repurchase agreements; (ii) other commingled investments; (iii) investment grade debt; (iv) fixed income instruments which may be represented by options, future contracts or swap agreements; and (v) cash and cash equivalents.
2. 
This category represents cash and investments in various money market funds.
3. 
The plan assets are invested in investment funds that hold a diversified portfolio of: (i) U.S and international debt and equity securities; (ii) fixed income securities such as corporate bonds and government bonds; (iii) mortgage-related securities; and (iv) cash and cash equivalents.
4. 
The market value of these funds has not been categorized in the fair value hierarchy and is being presented in the table above to permit a reconciliation of the fair value hierarchy to the Consolidated Balance Sheets. Equity investment funds measured at fair value using the NAV practical expedient are managed by an investment adviser registered with the SEC under the Investment Advisers Act of 1940 and can be redeemed with five business days notice on the 15th (or last business day prior to the 15th) and on the last business day of each month. A business day is every day that the New York Stock Exchange is open. Diversified investment funds measured at fair value using the NAV practical expedient are unitized mutual funds without externally published net asset values, which can be redeemed daily without restriction.
5. 
This category represents investments in equity funds that invest in portfolios comprised of: (i) equity and equity-related securities of U.S. and non-U.S. issuers across all market capitalizations; (ii) common stock in investment trust funds; and (iii) other short-term investments.
Schedule of Net Periodic Benefit Costs (Income)
The following table presents the components of net periodic benefit cost (income) for the years ended December 31 (in millions of dollars):
 
 
Canadian Pension Plan
 
VEBAs
 
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost1
 
$
0.3

 
$
0.3

 
$
0.2

 
$
—

 
$
—

 
$
2.2

Interest cost
 
0.3

 
0.3

 
0.3

 
2.9

 
2.7

 
16.7

Expected return on plan assets
 
(0.3
)
 
(0.3
)
 
(0.3
)
 
(4.1
)
 
(4.3
)
 
(51.4
)
Amortization of prior service cost2
 
—

 
—

 
—

 
4.1

 
3.0

 
10.6

Amortization of net actuarial loss (gain)
 
—

 
0.1

 
0.1

 
0.5

 
1.0

 
(1.8
)
Net periodic benefit cost (income)
 
$
0.3

 
$
0.4

 
$
0.3

 
$
3.4

 
$
2.4

 
$
(23.7
)
__________________________
1. 
The service cost related to the Salaried VEBA was insignificant for all periods presented.
2. 
We amortize prior service cost on a straight-line basis over the average remaining years of service to full eligibility for benefits of the active plan participants.
Schedule of Income (Charges) Related to All Benefit Plans
The following tables present the total charges (income) related to all benefit plans for the periods presented (in millions of dollars):
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
Included within Fabricated Products:
 
 
 
 
 
 
Canadian pension plan
 
$
0.3

 
$
0.4

 
$
0.3

Deferred compensation plan
 
0.2

 
0.1

 
0.2

Defined contribution plans
 
8.1

 
7.8

 
7.3

Multiemployer pension plans1
 
4.7

 
4.4

 
4.0

Total Fabricated Products2
 
$
13.3

 
$
12.7

 
$
11.8

 
 
 
 
 
 
 
Included within All Other:
 
 
 
 
 
 
Net periodic postretirement benefit cost (income) relating to VEBAs
 
3.4

 
2.4

 
(23.7
)
(Gain) loss on removal of Union VEBA net assets
 
(0.1
)
 
493.4

 
—

Deferred compensation plan
 
0.7

 
0.3

 
0.7

Defined contribution plans
 
0.8

 
0.8

 
0.8

Total All Other3
 
$
4.8

 
$
496.9

 
$
(22.2
)
 
 
 
 
 
 
 
Total
 
$
18.1

 
$
509.6

 
$
(10.4
)

___________________________
1. 
See Note 7 for more information on our multiemployer defined benefit pension plans.
2. 
Substantially all of the Fabricated Products segment’s charges related to employee benefits were in Cost of products sold, excluding depreciation and amortization and other items with the remaining balance in SG&A and R&D.
3. 
Charges (income) related to VEBAs is included within the Statements of Consolidated Income (Loss) as Net periodic postretirement benefit cost (income) relating to VEBAs with the remaining balance in SG&A and R&D.