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Pension and Other Postretirement Benefits
 9 Months Ended
Sep. 30, 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 contributed $181.1 to the master pension trust during 2013.  Of this total, $140.2 was made in the nine months ended September 30, 2013 and the remaining $40.9 was made in October 2013.  In July 2013, the Company made payments to Voluntary Employees Beneficiary Association (“VEBA”) trusts totaling $30.8 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. This included the final payment to the Butler VEBA, and effective January 1, 2015, all future OPEB obligations for these Butler Works retirees will become the responsibility of the Butler VEBA trust.

Net periodic benefit cost (income) for pension and other postretirement benefits were as follows:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
Pension Benefits
 
 
 
 
 
 
 
Service cost
$
0.7

 
$
0.8

 
$
1.9

 
$
2.4

Interest cost
34.7

 
40.1

 
104.1

 
120.2

Expected return on assets
(46.2
)
 
(47.4
)
 
(138.3
)
 
(141.0
)
Amortization of prior service cost
0.9

 
1.1

 
2.7

 
3.0

Amortization of (gain) loss
6.7

 
6.1

 
20.0

 
18.3

Settlement (gain)
(0.8
)
 
—

 
(0.8
)
 
—

Net periodic benefit cost (income)
$
(4.0
)
 
$
0.7

 
$
(10.4
)
 
$
2.9

 
 
 
 
 
 
 
 
Other Postretirement Benefits
 
 
 
 
 
 
 
Service cost
$
1.1

 
$
1.2

 
$
3.5

 
$
3.4

Interest cost
5.3

 
7.9

 
15.8

 
23.7

Amortization of prior service cost (credit)
(20.0
)
 
(19.4
)
 
(60.0
)
 
(58.0
)
Amortization of (gain) loss
0.7

 
—

 
1.8

 
—

Net periodic benefit cost (income)
$
(12.9
)
 
$
(10.3
)
 
$
(38.9
)
 
$
(30.9
)


During the third quarter of 2013, the Company performed a remeasurement of an unfunded supplemental retirement plan and recognized a settlement gain as a result of lump sum benefit payments made to retired participants.