Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2013

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

The Company provides noncontributory pension and various healthcare and life insurance benefits to most employees and retirees. The pension plan is not fully funded. The Company expects to contribute $181.5 to the master pension trust during 2013.  Of this total, $30.0 was made in the first quarter of 2013 and $41.3 was made in April 2013, leaving $110.2 to be made during the second half of 2013.  The Company expects to make payments to Voluntary Employees Beneficiary Association (“VEBA”) trusts of $30.8 in 2013 pursuant to settlements of class actions filed on behalf of certain retirees from the Company’s Butler Works and Zanesville Works relating to the Company’s other postretirement benefit (“OPEB”) obligations to such retirees.

Net periodic benefit cost (income) for pension and other postretirement benefits were as follows:

	Three Months Ended March 31,
	2013			2012
Pension Benefits
Service cost	$	0.6		$	0.8
Interest cost	34.7			40.1
Expected return on assets	(45.9		)	(46.3		)
Amortization of prior service cost	0.9			1.1
Amortization of (gain) loss	6.8			6.1
Net periodic benefit cost (income)	$	(2.9	)	$	1.8
Other Postretirement Benefits
Service cost	$	1.2		$	1.1
Interest cost	5.3			7.9
Amortization of prior service cost (credit)	(20.0		)	(19.3		)
Amortization of (gain) loss	0.5			—
Net periodic benefit cost (income)	$	(13.0	)	$	(10.3	)