Pension and Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2014

Pension and Other Postretirement Benefit Plans [Abstract]

Pension and Other Postretirement Benefit Plans

6. Pension and Other Postretirement Benefit Plans

The components of net periodic pension cost for defined benefit pension and other postretirement benefit plans included in the Company’s results of operations are as follows:

	Three Months Ended June 30,
	2014		2013		2014		2013
(in millions)	Pension Plans				Postretirement Plans
Service cost - benefits earned during the period	$	0.3	$	0.5	$	-	$	0.1
Interest cost		8.5		8.0		0.2		0.3
Expected return on plan assets		(9.1)		(8.9)		-		-
Recognized net actuarial loss		2.9		3.6		-		-
Amortization of prior service cost		0.1		-		(0.5)		(1.0)
Net settlement gain		-		-		-		(1.6)
Net periodic pension cost (benefit)	$	2.7	$	3.2	$	(0.3)	$	(2.2)
	Six Months Ended June 30,
	2014		2013		2014		2013
(in millions)	Pension Plans				Postretirement Plans
Service cost - benefits earned during the period	$	0.7	$	0.9	$	-	$	0.1
Interest cost		16.9		15.9		0.4		0.8
Expected return on plan assets		(18.3)		(17.8)		-		-
Recognized net actuarial loss		5.8		7.3		-		0.1
Amortization of prior service cost		0.1		-		(0.9)		(1.9)
Net settlement gain		-		-		-		(1.6)
Net periodic pension cost (benefit)	$	5.2	$	6.3	$	(0.5)	$	(2.5)

In May 2013, the Company settled and defeased the life insurance portion of its postretirement benefits by decreasing the level of death benefits and concurrently fully funding the remaining benefits through the purchase of life insurance policies for the plan beneficiaries from an unaffiliated life insurer, resulting in a net settlement gain.