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Employee Benefit Plan Obligations
 12 Months Ended
Feb. 28, 2014
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plan Obligations
EMPLOYEE BENEFIT PLAN OBLIGATIONS
Employee Benefit Plan Obligations
February 28,
2014
February 22,
2013
Defined contribution retirement plans
$
15.0

 
$
13.3

 
Post-retirement medical benefits
69.1

 
77.3

 
Defined benefit pension plans
48.5

 
51.5

 
Deferred compensation plans and agreements
42.7

 
39.5

 
 
175.3

 
181.6

 
Current portion
26.1

 
23.8

 
Long-term portion
$
149.2

 
$
157.8

 

 
Defined Contribution Retirement Plans
Substantially all of our U.S. employees are eligible to participate in defined contribution retirement plans, primarily the Steelcase Inc. Retirement Plan (the “Retirement Plan”). Company contributions, including discretionary profit sharing and 401(k) matching contributions, and employee 401(k) pre-tax contributions fund the Retirement Plan. All contributions are made to a trust which is held for the sole benefit of participants. Company contributions for this plan are discretionary and can be declared by the Compensation Committee of our Board of Directors any time during each fiscal year. Our other defined contribution retirement plans provide for matching contributions and/or discretionary contributions declared by management.
Total expense under all defined contribution retirement plans was $22.6 for 2014, $19.0 for 2013 and $16.3 for 2012. We expect to fund approximately $24.6 related to our defined contribution plans in 2015, including funding related to our discretionary profit sharing contributions.
Post-Retirement Medical Benefits
We maintain post-retirement benefit plans that provide medical and life insurance benefits to certain North American-based retirees and eligible dependents. The plans were frozen to new participants in 2003. We accrue the cost of post-retirement benefits during the service periods of employees based on actuarial calculations for each plan. These plans are unfunded, but our investments in COLI policies are intended to be utilized as a long-term funding source for these benefit obligations. See Note 9 for additional information. While we do not expect the timing of cash flows to closely match, we intend to hold the policies until maturity, and we expect the policies will generate insufficient cash to cover the obligation payments over the next several years and generate excess cash in later years.
In Q4 2012, we changed the model of the post-retirement benefit plan and cost-sharing provisions for the post-65 retiree population. This change resulted in a company-provided fixed subsidy towards post-retirement healthcare benefits for eligible retirees. This amendment resulted in a decrease in the accumulated post-retirement projected benefit obligation of $20.9. In Q4 2013, due to a change in the participation assumption resulting from actual participation rates during the year, the accumulated post-retirement projected benefit obligation was reduced by $12.4.
The Medicare Prescription Drug Improvement and Modernization Act of 2003 (the “Medicare Act”) entitles employers who provide certain prescription drug benefits for retirees to receive a federal subsidy, thereby creating the potential for benefit cost savings. We provide retiree drug benefits through our U.S. post-retirement benefit plans that exceed the value of the benefits that will be provided by Medicare Part D. We are not eligible to receive a tax deduction for the portion of prescription drug expenses reimbursed under the Medicare Part D subsidy.
 
Defined Benefit Pension Plans
Our defined benefit pension plans include various qualified domestic and foreign retirement plans as well as non-qualified supplemental retirement plans that are limited to a select group of management approved by the Compensation Committee. The benefit plan obligations for the non-qualified supplemental retirement plans are primarily related to the Steelcase Inc. Executive Supplemental Retirement Plan. This plan is unfunded, but our investments in COLI policies are intended to be utilized as a long-term funding source for these benefit obligations. See Note 9 for additional information. The funded status of our defined benefit pension plans (excluding our investments in COLI policies) is as follows:
Defined Benefit Pension
Plan Obligations
February 28, 2014
February 22, 2013
Qualified Plans
Non-qualified
Supplemental
Retirement Plans
Qualified Plans
Non-qualified
Supplemental
Retirement Plans
Domestic
Foreign
Domestic
Foreign
Plan assets
$
8.8

 
$
46.2

 
$
—

 
$
8.7

 
$
41.5

 
$
—

 
Projected benefit plan obligations
9.3

 
61.3

 
32.9

 
9.9

 
58.1

 
33.7

 
Funded status
$
(0.5
)
 
$
(15.1
)
 
$
(32.9
)
 
$
(1.2
)
 
$
(16.6
)
 
$
(33.7
)
 
Long-term asset
$
—

 
$
1.6

 
$
—

 
$
—

 
$
0.2

 
$
—

 
Current liability
—

 
(0.1
)
 
(3.3
)
 
—

 
(0.1
)
 
(2.8
)
 
Long-term liability
(0.5
)
 
(16.6
)
 
(29.6
)
 
(1.2
)
 
(16.7
)
 
(30.9
)
 
Total benefit plan obligations
$
(0.5
)
 
$
(15.1
)
 
$
(32.9
)
 
$
(1.2
)
 
$
(16.6
)
 
$
(33.7
)
 
Accumulated benefit obligation
$
9.3

 
$
55.9

 
$
30.4

 
$
9.9

 
$
53.5

 
$
31.6

 

 
As of February 28, 2014, we had one qualified foreign plan in an over funded status, as plan assets of $13.8 exceeded projected benefit plan obligations of $12.2 by $1.6.
Summary Disclosures for Defined Benefit Pension and Post-Retirement Plans
The following tables summarize our defined benefit pension and post-retirement plans.
Changes in Assets, Benefit Obligations and Funded Status
Defined Benefit
Pension Plans
Post-Retirement
Plans
February 28,
2014
February 22,
2013
February 28,
2014
February 22,
2013
Change in plan assets:
 
 
 
 
 
 
 
 
Fair value of plan assets, beginning of year
$
50.2

 
$
49.1

 
$
—

 
$
—

 
Actual return on plan assets
5.4

 
4.5

 
—

 
—

 
Employer contributions
3.6

 
3.7

 
5.6

 
5.8

 
Plan participants’ contributions
—

 
—

 
2.9

 
5.9

 
Estimated Medicare subsidies received
—

 
—

 
0.1

 
1.2

 
Currency changes
1.2

 
(1.6
)
 
—

 
—

 
Benefits paid
(5.4
)
 
(5.5
)
 
(8.6
)
 
(12.9
)
 
Fair value of plan assets, end of year
55.0

 
50.2

 
—

 
—

 
Change in benefit obligations:
 
 
 
 
 
 
 
 
Benefit plan obligations, beginning of year
101.7

 
95.0

 
77.3

 
90.9

 
Service cost
3.5

 
3.0

 
0.8

 
0.9

 
Interest cost
3.5

 
3.7

 
2.8

 
3.8

 
Amendments
0.1

 
—

 
—

 
—

 
Net actuarial (gain) loss
(0.8
)
 
6.3

 
(5.7
)
 
(12.4
)
 
Plan participants’ contributions
—

 
—

 
2.9

 
5.9

 
Medicare subsidies received
—

 
—

 
0.1

 
1.2

 
Curtailment
(0.1
)
 
—

 
—

 
—

 
Currency changes
2.2

 
(1.1
)
 
(0.5
)
 
(0.1
)
 
Other adjustments
(1.2
)
 
0.4

 
—

 
—

 
Benefits paid
(5.4
)
 
(5.6
)
 
(8.6
)
 
(12.9
)
 
Benefit plan obligations, end of year
103.5

 
101.7

 
69.1

 
77.3

 
Funded status
$
(48.5
)
 
$
(51.5
)
 
$
(69.1
)
 
$
(77.3
)
 
Amounts recognized on the Consolidated Balance Sheets:
 
 
 
 
 
 
 
 
Prepaid pension costs
$
1.6

 
$
0.2

 
$
—

 
$
—

 
Current liability
(3.4
)
 
(2.9
)
 
(4.7
)
 
(4.6
)
 
Long-term liability
(46.7
)
 
(48.8
)
 
(64.4
)
 
(72.7
)
 
Net amount recognized
$
(48.5
)
 
$
(51.5
)
 
$
(69.1
)
 
$
(77.3
)
 
Amounts recognized in accumulated other comprehensive income—pretax:
 
 
 
 
 
 
 
 
Actuarial loss (gain)
$
19.2

 
$
22.3

 
$
(8.3
)
 
$
(2.4
)
 
Prior service cost (credit)
0.6

 
0.7

 
(36.0
)
 
(45.2
)
 
Total amounts recognized in accumulated other comprehensive income—pretax
$
19.8

 
$
23.0

 
$
(44.3
)
 
$
(47.6
)
 
Estimated amounts to be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year:
 
 
 
 
 
 
 
 
Actuarial loss (gain)
$
0.7

 
$
1.2

 
$
(0.5
)
 
$
0.2

 
Prior service cost (credit)
0.1

 
0.1

 
(9.1
)
 
(9.1
)
 
Total amounts recognized in accumulated other comprehensive income—pretax
$
0.8

 
$
1.3

 
$
(9.6
)
 
$
(8.9
)
 


Components of
Expense
Pension Plans
Post-Retirement Plans
Year Ended
Year Ended
February 28,
2014
February 22,
2013
February 24,
2012
February 28,
2014
February 22,
2013
February 24,
2012
Components of expense:
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
3.5

 
$
3.0

 
$
2.1

 
$
0.8

 
$
0.9

 
$
1.0

 
Interest cost
3.5

 
3.7

 
4.2

 
2.8

 
3.8

 
5.6

 
Amortization of net loss
1.2

 
1.1

 
0.5

 
0.2

 
0.2

 
0.1

 
Amortization of prior year service cost (credit)
0.1

 
0.1

 
0.2

 
(9.2
)
 
(9.3
)
 
(8.6
)
 
Expected return on plan assets
(2.9
)
 
(2.6
)
 
(3.2
)
 
—

 
—

 
—

 
Adjustment due to plan curtailment
(0.1
)
 
—

 
—

 
—

 
(0.1
)
 
(2.9
)
 
Adjustment due to plan settlement
0.1

 
0.1

 
—

 
—

 
0.1

 
—

 
Adjustment due to special termination benefits
—

 
—

 
—

 
—

 
—

 
0.1

 
Other
(0.8
)
 
—

 
—

 
—

 
—

 
—

 
Net expense (credit) recognized in Consolidated Statements of Income
4.6

 
5.4

 
3.8

 
(5.4
)
 
(4.4
)
 
(4.7
)
 

Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax):
 
 
 
 
 
 
 
 
 
 
 
 
Net loss (gain)
(3.2
)
 
4.8

 
8.9

 
(5.7
)
 
(12.4
)
 
0.9

 
Prior service cost (credit)
0.1

 
—

 
0.1

 
—

 
—

 
(20.9
)
 
Amortization of gain (loss)
(1.3
)
 
(1.1
)
 
(0.5
)
 
(0.2
)
 
(0.3
)
 
(0.6
)
 
Amortization of prior year service credit (cost)
(0.1
)
 
(0.1
)
 
(0.2
)
 
9.2

 
9.4

 
12.0

 
Other
(0.3
)
 
—

 
—

 
—

 
—

 
—

 
Total recognized in other comprehensive income
(4.8
)
 
3.6

 
8.3

 
3.3

 
(3.3
)
 
(8.6
)
 
Total recognized in net periodic benefit cost and other comprehensive income (pre-tax)
$
(0.2
)
 
$
9.0

 
$
12.1

 
$
(2.1
)
 
$
(7.7
)
 
$
(13.3
)
 

Pension and Other Post-Retirement Liability Adjustments
Before Tax
Amount
Tax (Expense)
Benefit
Net of
Tax Amount
Balance as of February 24, 2012
$
23.4

 
$
(3.7
)
 
$
19.7

 
Amortization of prior service cost (credit) included in net periodic pension cost
(9.3
)
 
3.5

 
(5.8
)
 
   Net prior service (cost) credit during period
(9.3
)
 
3.5

 
(5.8
)
 
Net actuarial gain (loss) arising during period
7.6

 
(3.9
)
 
3.7

 
Amortization of net actuarial (gain) loss included in net periodic pension cost
1.4

 
(0.5
)
 
0.9

 
   Net actuarial gain (loss) during period
9.0

 
(4.4
)
 
4.6

 
Foreign currency translation adjustments
0.3

 
0.1

 
0.4

 
   Current period change
—

 
(0.8
)
 
(0.8
)
 
Balance as of February 22, 2013
$
23.4

 
$
(4.5
)
 
$
18.9

 
Prior service (cost) credit arising during period
(0.1
)
 
—

 
(0.1
)
 
Amortization of prior service cost (credit) included in net periodic pension cost
(9.1
)
 
3.5

 
(5.6
)
 
   Net prior service (cost) credit during period
(9.2
)
 
3.5

 
(5.7
)
 
Net actuarial gain (loss) arising during period
8.9

 
(3.5
)
 
5.4

 
Amortization of net actuarial (gain) loss included in net periodic pension cost
1.5

 
(0.5
)
 
1.0

 
   Net actuarial gain (loss) during period
10.4

 
(4.0
)
 
6.4

 
Other
0.3

 
—

 
0.3

 
Foreign currency translation adjustments
(0.4
)
 
0.1

 
(0.3
)
 
   Current period change
1.1

 
(0.4
)
 
0.7

 
Balance as of February 28, 2014
$
24.5

 
$
(4.9
)
 
$
19.6

 


Weighted-Average
Assumptions
Pension Plans
Post-Retirement Plans
Year Ended
Year Ended
February 28,
2014
February 22,
2013
February 24,
2012
February 28,
2014
February 22,
2013
February 24,
2012
Weighted-average assumptions used to determine benefit obligations:
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.80
%
 
3.60
%
 
4.20
%
 
4.31
%
 
3.82
%
 
4.34
%
 
Rate of salary progression
2.70
%
 
3.00
%
 
2.90
%
 
 
 
 
 
 
 
Weighted-average assumptions used to determine net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.70
%
 
4.20
%
 
5.10
%
 
3.82
%
 
4.31
%
 
5.30
%
 
Expected return on plan assets
4.90
%
 
5.00
%
 
3.10
%
 
 
 
 
 
 
 
Rate of salary progression
3.10
%
 
2.90
%
 
3.00
%
 
 
 
 
 
 
 


The measurement dates for our retiree benefit plans are consistent with our fiscal year-end. Accordingly, we select discount rates to measure our benefit obligations that are consistent with market indices at the end of each year. In evaluating the expected return on plan assets, we considered the expected long-term rate of return on plan assets based on the specific allocation of assets for each plan, an analysis of current market conditions and the views of leading financial advisors and economists.
The assumed healthcare cost trend was 7.04% for pre-age 65 retirees as of February 28, 2014, gradually declining to 4.50% after six years. As of February 22, 2013, the assumed healthcare cost trend was 7.51% for pre-age 65 retirees, gradually declining to 4.50% after seven years. Post-age 65 trend rates are not applicable due to the Company moving to a fixed subsidy for post-age 65 benefits. A one percentage point change in assumed healthcare cost trend rates would have had the following effects as of February 28, 2014:
Health Cost Trend Sensitivity
One percentage
point increase
One percentage
point decrease
Effect on total of service and interest cost components
$
—

 
$
—

 
Effect on post-retirement benefit obligation
$
0.3

 
$
(0.3
)
 

Plan Assets
The investments of the domestic plans are managed by third-party investment managers. The investment strategy for the domestic plans is to maximize returns while taking into consideration the investment horizon and expected volatility to ensure there are sufficient assets to pay benefits as they come due.
The investments of the foreign plans are managed by third-party investment managers. These investment managers follow local regulations; we are not actively involved in the investment strategies. In general, the investment strategy is designed to accumulate a diversified portfolio among markets, asset classes or individual securities in order to reduce market risk and assure that the pension assets are available to pay benefits as they come due.
Our pension plans’ weighted-average investment allocation strategies and weighted-average target asset allocations by asset category as of February 28, 2014 and February 22, 2013 are reflected in the following table. The target allocations are established by the investment committees of each plan in consultation with external advisors after consideration of the associated risk and expected return of the underlying investments.
Asset Category
February 28, 2014
February 22, 2013
Actual
Allocations
Target
Allocations
Actual
Allocations
Target
Allocations
Equity securities
65
%
 
54
%
 
63
%
 
53
%
 
Debt securities
24

 
33

 
25

 
33

 
Real estate
2

 
4

 
2

 
4

 
Other (1)
9

 
9

 
10

 
10

 
Total
100
%
 
100
%
 
100
%
 
100
%
 
________________________
(1)
Represents guaranteed insurance contracts, money market funds and cash.
 
The fair value of the pension plan assets as of February 28, 2014 and February 22, 2013, by asset category are as follows:
Fair Value of Pension Plan Assets
February 28, 2014
Level 1
Level 2
Level 3
Total
Cash and cash equivalents
$
0.1

 
$
—

 
$
—

 
$
0.1

 
Equity securities:
 
 
 
 
 
 
 
 
U.S. large-cap
0.9

 
—

 
—

 
0.9

 
U.S. small-cap
0.9

 
—

 
—

 
0.9

 
U.S. index
1.0

 
—

 
—

 
1.0

 
International
—

 
24.9

 
—

 
24.9

 
Fixed income securities:
 
 
 
 
 
 
 
 
Bond funds
—

 
8.5

 
—

 
8.5

 
Other investments:
 
 
 
 
 
 
 
 
Group annuity contract (1)
—

 
—

 
2.3

 
2.3

 
Insurance products
—

 
13.9

 
—

 
13.9

 
Guaranteed insurance contracts (2)
—

 
—

 
1.6

 
1.6

 
Property funds
0.9

 
—

 
—

 
0.9

 
 
$
3.8

 
$
47.3

 
$
3.9

 
$
55.0

 
 
Fair Value of Pension Plan Assets
February 22, 2013
Level 1
Level 2
Level 3
Total
Cash and cash equivalents
$
0.1

 
$
—

 
$
—

 
$
0.1

 
Equity securities:
 
 
 
 
 
 
 
 
U.S. large-cap
0.9

 
—

 
—

 
0.9

 
U.S. small-cap
0.7

 
—

 
—

 
0.7

 
U.S. index
1.0

 
—

 
—

 
1.0

 
International
—

 
20.9

 
—

 
20.9

 
Fixed income securities:
 
 
 
 
 
 
 
 
Bond funds
—

 
8.0

 
—

 
8.0

 
Other investments:
 
 
 
 
 
 
 
 
Group annuity contract (1)
—

 
—

 
2.4

 
2.4

 
Insurance products
—

 
13.7

 
—

 
13.7

 
Guaranteed insurance contracts (2)
—

 
—

 
1.7

 
1.7

 
Property funds
0.8

 
—

 
—

 
0.8

 
 
$
3.5

 
$
42.6

 
$
4.1

 
$
50.2

 
________________________
(1)
Group annuity contracts are valued utilizing a discounted cash flow model. The term “cash flow” refers to the future principal and interest payments we expect to receive on a given asset in the general account. The model projects future cash flows separately for each investment period and each category of investment.
(2)
Guaranteed insurance contracts are valued at book value, which approximates fair value, and are calculated using the prior year balance plus or minus investment returns and changes in cash flows.
There were no transfers between Level 1 and Level 2 of the fair value hierarchy for any periods presented.
Below is a roll-forward of plan assets measured at estimated fair value using Level 3 inputs for the years ended February 28, 2014 and February 22, 2013:
Roll-forward of Fair Value Using Level 3 Inputs
Group
Annuity
Contract
Guaranteed
Insurance
Contracts
Balance as of February 24, 2012
$
2.4

 
$
2.0

 
Unrealized return on plan assets, including changes in foreign exchange rates
0.2

 
—

 
Purchases, sales, and other, net
(0.2
)
 
(0.3
)
 
Balance as of February 22, 2013
$
2.4

 
$
1.7

 
Unrealized return on plan assets, including changes in foreign exchange rates
0.1

 
0.1

 
Purchases, sales, and other, net
(0.2
)
 
(0.2
)
 
Balance as of February 28, 2014
$
2.3

 
$
1.6

 

We expect to contribute approximately $6 to our pension plans and fund approximately $5 related to our post-retirement plans in 2015. The estimated future benefit payments under our pension and post-retirement plans are as follows:
Year Ending in February
Pension Plans
Post-retirement Plans
Before
Medicare Act
Subsidy
Medicare Act
Subsidy
After Medicare
Act Subsidy
2015
$
6.7

 
$
4.9

 
$
(0.1
)
 
$
4.8

 
2016
5.3

 
4.6

 
(0.1
)
 
4.5

 
2017
5.3

 
4.7

 
(0.1
)
 
4.6

 
2018
5.6

 
4.7

 
(0.1
)
 
4.6

 
2019
7.0

 
4.8

 
(0.1
)
 
4.7

 
2020 - 2024
35.6

 
24.5

 
(0.1
)
 
24.4

 

Multi-Employer Pension Plan
Our subsidiary SC Transport Inc. contributes to the Central States, Southeast and Southwest Areas Pension Fund based on obligations arising from a collective bargaining agreement covering certain SC Transport Inc. employees. This plan provides retirement benefits to participants based on their service to contributing employers. The benefits are paid from assets held in trust for that purpose. Trustees are appointed by employers and unions; however, we are not a trustee. The trustees typically are responsible for determining the level of benefits to be provided to participants as well as for such matters as the investment of the assets and the administration of the plan.
Based on the most recent information available, we believe that the projected benefit obligations in this multi-employer plan significantly exceed the value of the assets held in trust to pay benefits. Because we are one of a number of employers contributing to this plan, it is difficult to ascertain what the exact amount of the under-funding would be, although we anticipate the contribution per participating employee will increase at each contract renegotiation. We believe that funding levels have not changed significantly since year-end.
The risks of participating in a multi-employer plan are different from the risks associated with single-employer plans in the following respects:
•
Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers.
•
If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.
•
If a participating employer chooses to stop participating in a multi-employer plan or otherwise has participation in the plan drop below certain levels, that employer may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.
Our participation in this plan is outlined in the tables below. Expense is recognized at the time our contributions are funded, in accordance with applicable accounting standards. Any adjustment for a withdrawal liability would be recorded at the time the liability is both probable and can be reasonably determined. The most recent estimate of our potential withdrawal liability is $24.7.
Pension Fund
EIN - Pension Plan Number
Plan Month / Day End Date
Pension Protection Act Zone Status (1)
FIP/RP Status Pending / Implemented (2)
Contributions
Surcharges Imposed or Amortization Provisions
2013
2012
2014
2013
2012
Central States, Southeast and Southwest Areas Pension Fund
366044243-001
12/31
Red
Red
Implemented
$0.3
$0.3
$0.5
No
________________________
(1)
The most recent Pension Protection Act Zone Status available in 2013 and 2012 relates to the plan's two most recent fiscal year-ends. The zone status is based on information received from the plan certified by the plan’s actuary. Among other factors, red zone status plans are generally less than 65 percent funded and are considered in critical status.
(2)
The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented by the trustees of the plan.
The following table describes the expiration of the collective bargaining agreement associated with the multi-employer plan in which we participate:
Pension Fund
Total Collective Bargaining Agreements
Expiration Date
% of Associates Under Collective Bargaining Agreement
Over 5% Contribution 2014
Central States, Southeast and Southwest Areas Pension Fund
1
3/31/2018
0.2%
No

At the date the financial statements were issued, the Form 5500 was not available for the plan year ending in 2013.
Deferred Compensation Programs
We maintain four deferred compensation programs. The first deferred compensation program is closed to new entrants. In this program, certain employees elected to defer a portion of their compensation in return for a fixed benefit to be paid in installments beginning when the participant reaches age 70. Under the second plan, certain employees may elect to defer a portion of their compensation. The third plan is intended to restore retirement benefits that would otherwise be paid under the Retirement Plan, but are precluded as a result of the limitations on eligible compensation under Internal Revenue Code Section 401(a)(17). Under the fourth plan, our non-employee directors may elect to defer all or a portion of their board retainer and committee fees. The deferred amounts in the last three plans earn a return based on the investment option selected by the participant.
These deferred compensation obligations are unfunded, but our investments in COLI policies are intended to be utilized as a long-term funding source for these deferred compensation obligations. See Note 9 for additional information.
 
Deferred compensation expense, which represents annual participant earnings on amounts that have been deferred, and restoration retirement benefits were $5.0 for 2014, $4.8 for 2013 and $2.2 for 2012.