Employee Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2017



	Year Ended December 31,
	2017	2016	2015
Assumptions used to determine benefit obligations at the annual measurement date were:
Obligation discount rate	3.79%	4.34%	4.79%
Compensation increase rate	4.00%	4.00%	4.00%
Assumptions used to determine net periodic benefit costs were:
Obligation discount rate	4.34%	4.79%	4.33%
Long-term rate of return on plan assets	6.25%	6.50%	7.00%
Compensation increase rate	4.00%	4.00%	4.00%

Components of net retirement cost



	Year Ended December 31,
	2017			2016			2015
	(in millions)
Expense Components
Service cost	$	0.2		$	0.4		$	0.5
Interest	19.6			20.8			20.0
Expected return on plan assets	(27.2		)	(27.2		)	(30.5		)
Amortization of actuarial loss	4.9			5.1			5.0
Defined benefit expense	(2.5		)	(0.9		)	(5.0		)
Profit sharing	15.5			15.2			18.7
Multiemployer plan	2.1			2.3			2.4
Net expense	$	15.1		$	16.6		$	16.1

Obligations and funded status



	Year Ended December 31,
	2017			2016
	(in millions)
Accumulated Benefit Obligations	$	490.0		$	459.6
Projected Benefit Obligations:
Beginning of year	$	459.6		$	445.3
Service cost	0.2			0.4
Interest	19.6			20.8
Benefits paid	(19.9		)	(18.1		)
Actuarial loss	30.5			11.2
End of year	$	490.0		$	459.6
Plans' Assets:
Beginning of year	$	442.5		$	422.8
Actual return on assets	62.9			33.1
Employer contributions	2.5			4.7
Benefits paid	(19.9		)	(18.1		)
End of year	$	488.0		$	442.5

Consolidated Balance Sheet Components:
Other assets	$	13.1		$	5.1
Accrued liabilities	(15.1		)	(22.2		)
Net funded status	$	(2.0	)	$	(17.1	)
Percent of projected benefit obligations funded	99.6		%	96.3		%

Amounts recognized in other comprehensive income (loss)



	Year Ended December 31,
	2017		2016			2015
	(in millions)
Actuarial gain (loss)	$	5.2	$	(5.3	)	$	(9.4	)
Amortization of actuarial loss	4.9		5.1			5.0
Total before income taxes	10.1		(0.2		)	(4.4		)
Income tax expense (benefit)	3.1		(0.1		)	(1.6		)
Net amount recognized in other comprehensive income (loss)	$	7.0	$	(0.1	)	$	(2.8	)

Estimated fair value of plan assets and target asset allocations

The target and actual allocations of the plans' assets at December 31, 2017 are as follows:



	Target Allocation		December 31, 2017
Cash and cash equivalents	—	%	2	%
Liability hedging portfolio	50	%	44	%
Growth portfolio	50	%	54	%
Total	100	%	100	%

The estimated fair value of the plans' assets at December 31, 2017 and 2016, indicating input levels used to determine fair value are as follows:



	Fair Value Measurement as of December 31, 2017
	(in millions)
	Level 1		Level 2		Level 3		Total

Temporary cash investments	$	7.3	$	—	$	—	$	7.3
Debt common trust funds	—		292.8		—		292.8
Equity common trust funds	—		187.9		—		187.9
	$	7.3	$	480.7	$	—	$	488.0



	Fair Value Measurement as of December 31, 2016
	(in millions)
	Level 1		Level 2		Level 3		Total

Temporary cash investments	$	5.9	$	—	$	—	$	5.9
Debt common trust funds	—		277.2		—		277.2
Equity common trust funds	—		159.4		—		159.4
	$	5.9	$	436.6	$	—	$	442.5

Details of multiemployer plan

Our participation in the multiemployer plan for the year ended December 31, 2017 is outlined in the table below. The Pension Protection Act ("PPA") zone status at December 31, 2017 and 2016 is as of the plan years ended December 31, 2016 and 2015, respectively, and is obtained from the multiemployer plan's regulatory filings available in the public domain and certified by the plan's actuary. Among other factors, plans in the yellow zone are less than 80% funded while plans in the red zone are less than 65% funded. Federal law requires that plans classified in the yellow or red zones adopt a funding improvement plan in order to improve the financial health of the plan. The plan utilized an amortization extension and the funding relief provided under the Internal Revenue Code and under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act in determining the zone status. The Company's contributions to the multiemployer plan were less than 5% of total contributions to the plan. The last column in the table lists the expiration date of the collective bargaining agreement to which the plan is subject.



		PPA Zone Status			Contributions for Year Ended December 31,
Pension Fund	Employer Identification Number	2017	2016	Financial improvement plan status	2017		2016		2015		Surcharge imposed	Expiration date of collective bargaining agreement
					(in millions)
Boilermaker-Blacksmith National Pension Trust	48-6168020	Yellow	Yellow	Implemented	$	1.9	$	2.3	$	2.5	No	July 3, 2019

Benefit payments for defined benefit plans expected to be paid during the next ten years

Benefit payments for the Company's defined benefit plans expected to be paid during the next ten years are as follows:



	Year Ending December 31,
	(in millions)
2018	$	21.6
2019	23.5
2020	24.4
2021	25.3
2022	26.3
2023-2027	141.9