XML 36 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Employee Benefits (Tables)
3 Months Ended
Mar. 31, 2018
Retirement Benefits [Abstract]  
Schedule of (Income) Charges Related to Benefit Plans
The following tables present the total expense (income) related to all benefit plans for the periods presented (in millions of dollars):
 
Quarter Ended
 
March 31,
 
2018
 
2017
Included within Fabricated Products:
 
 
 
Deferred compensation plan
$

 
$
0.1

Defined contribution plans
3.8

 
4.1

Multiemployer pension plans
1.2

 
1.1

Total Fabricated Products1
$
5.0

 
$
5.3

 
 
 
 
Included within All Other:
 
 
 
Deferred compensation plan
$
0.1

 
$
0.4

Defined contribution plans
0.5

 
0.5

Net periodic postretirement benefit cost relating to Salaried VEBA
1.5

 
1.1

Gain on removal of Union VEBA net assets

 
(1.3
)
Total All Other2
$
2.1

 
$
0.7

Total
$
7.1

 
$
6.0

____________________
1 
Substantially all of the Fabricated Products segment's employee benefits related charges are in Cost of products sold, excluding depreciation and amortization and other items with the remaining balance in Selling, general, administrative, research and development ("SG&A and R&D").
2 
On January 1, 2018, we retrospectively adopted ASU 2017-07 (see Note 1). As such, the current service cost component of Net periodic postretirement benefit cost related to Salaried VEBA is included within the Statements of Consolidated Income in SG&A and R&D for all periods presented. We reclassified all other components of Net periodic postretirement benefit cost relating to the Salaried VEBA, as well as Gain on removal of Union VEBA net assets that had previously been presented within SG&A and R&D, to Other income, net in the Statements of Consolidated Income.
Schedule of Net Benefit Costs
components of Net periodic postretirement benefit cost relating to Salaried VEBA for the periods presented (in millions of dollars):
 
Quarter Ended
 
March 31,
 
2018
 
2017
Salaried VEBA1:
 
 
 
Interest cost
$
0.7

 
$
0.7

Expected return on plan assets
(0.7
)
 
(1.0
)
Amortization of prior service cost2
1.3

 
1.2

Amortization of net actuarial loss
0.2

 
0.2

Total net periodic postretirement benefit cost relating to Salaried VEBA
$
1.5

 
$
1.1

____________________
1 
The service cost 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.