Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2017

Reconciliation Of The Benefit Obligation

The reconciliation of the benefit obligation is as follows:



	Pension Benefits						Other Benefits
	2017			2016			2017			2016
Benefit obligation at beginning of year	$	1,824.9		$	1,833.3		$	565.2		$	578.7
Service cost	10.1			11.6			1.4			1.6
Interest cost	66.3			68.5			20.8			22.4
Actuarial loss (gain)	103.7			32.2			(39.2		)	(4.2		)
Benefits paid	(132.6		)	(120.7		)	(24.0		)	(33.3		)
Benefit obligation at end of year	$	1,872.4		$	1,824.9		$	524.2		$	565.2

Changes In The Fair Value Of Plan Assets

The changes in the fair value of plan assets are as follows:



	Pension Benefits						Other Benefits
	2017			2016			2017			2016
Fair value of plan assets at beginning of year	$	1,887.8		$	1,865.2		$	331.8		$	328.4
Actual return on plan assets	253.2			132.2			41.0			21.8
Employer contributions	3.9			11.1			7.5			14.9
Benefits paid	(132.6		)	(120.7		)	(24.0		)	(33.3		)
Fair value of plan assets at end of year	$	2,012.3		$	1,887.8		$	356.3		$	331.8

Net Amount Included In Consolidated Balance Sheets

The net amount included in the consolidated balance sheets is as follows:



	Pension Benefits						Other Benefits
	2017			2016			2017			2016
Noncurrent assets	$	202.0		$	126.7		$	—		$	—
Current liabilities	(5.4		)	(3.7		)	—			—
Noncurrent liabilities	(56.7		)	(60.1		)	(167.9		)	(233.4		)
Net amount at December 31	$	139.9		$	62.9		$	(167.9	)	$	(233.4	)

Net Amounts Included In Accumulated Other Comprehensive Loss (Income) That Have Not Been Recognized As Components Of Net Periodic Benefit Costs

The net amounts included in accumulated other comprehensive loss that have not been recognized as components of net periodic benefit costs are as follows:



	Pension Benefits				Other Benefits
	2017		2016		2017			2016
Net actuarial loss	$	624.7	$	655.8	$	77.5		$	146.6
Prior service cost (credit)	1.0		0.5		(46.1		)	(59.7		)
Net amount before tax at December 31	$	625.7	$	656.3	$	31.4		$	86.9

Schedule Of Assumptions Used In Calculating The Benefit Obligations

The weighted-average assumptions used in calculating the benefit obligations for all plans are as follows:



	Pension Benefits				Other Benefits
	2017		2016		2017		2016
Discount rate	3.44	%	3.77	%	3.42	%	3.82	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%	3.00	%
Expected rate of return on plan assets	7.83	%	7.95	%	7.00	%	7.00	%

Components Of Net Periodic Benefit Cost (Credit)

The components of net periodic (benefit credit) benefit cost included in the consolidated statements of income are as follows:



	2017			2016			2015
Pension Benefits
Service cost	$	10.1		$	11.6		$	13.1
Interest cost	66.3			68.5			68.2
Expected return on assets	(147.6		)	(147.1		)	(143.2		)
Recognized actuarial loss	21.8			19.0			25.7
Amortization of prior service credit	(0.4		)	(0.6		)	(0.6		)
Settlement loss	7.4			7.3			6.5
Net periodic benefit credit	$	(42.4	)	$	(41.3	)	$	(30.3	)

Other Benefits
Service cost	$	1.4		$	1.6		$	2.1
Interest cost	20.8			22.4			23.4
Expected return on assets	(22.6		)	(22.4		)	(23.7		)
Recognized actuarial loss	11.4			12.4			15.3
Amortization of prior service credit	(13.6		)	(13.8		)	(14.4		)
Net periodic (benefit credit) benefit cost	$	(2.6	)	$	0.2		$	2.7

Weighted-Average Assumptions Used In Calculating The Benefit Obligations For All Plans

The weighted-average assumptions used in calculating the net periodic benefit cost for all plans are as follows:



	2017		2016		2015
Pension Benefits
Discount rate	3.77	%	3.92	%	3.66	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%
Expected rate of return on plan assets	7.95	%	7.84	%	7.62	%

Other Benefits
Discount rate	3.82	%	4.01	%	3.74	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%
Expected rate of return on plan assets	7.00	%	7.00	%	7.00	%

Fair Values of Pension Benefit Assets and Other Benefit Assets by Asset Category and Level Inputs

The fair values of our pension benefit assets and other benefit assets by asset category and level inputs at December 31, 2017, excluding cash, investment income receivable and amounts due to/from brokers, resulting in a net asset of $15.1, are as follows (see Note 6, “Fair Value,” for additional information regarding the definition of level inputs):



	Level I		Level II		Level III		Total
December 31, 2017
Pension Benefit Assets:
Equity securities:
U.S. securities	$	584.4	$	4.8	$	—	$	589.2
Foreign securities	178.7		—		—		178.7
Mutual funds	39.4		—		—		39.4
Fixed maturity securities:
Government securities	226.9		—		—		226.9
Corporate securities	—		376.5		—		376.5
Asset-backed securities	—		139.9		—		139.9
Other types of investments:
Common and collective trusts	—		53.9		—		53.9
Partnership interests	—		—		220.8		220.8
Insurance company contracts	—		—		173.4		173.4
Total pension benefit assets	$	1,029.4	$	575.1	$	394.2	$	1,998.7

Other Benefit Assets:
Equity securities:
U.S. securities	$	10.3	$	0.2	$	—	$	10.5
Foreign securities	3.3		—		—		3.3
Mutual funds	47.8		—		—		47.8
Fixed maturity securities:
Government securities	2.5		—		—		2.5
Corporate securities	—		5.2		—		5.2
Asset-backed securities	—		4.7		—		4.7
Other types of investments:
Common and collective trusts	—		0.5		—		0.5
Partnership interests	—		—		0.4		0.4
Life insurance contracts	—		—		268.5		268.5
Investment in DOL 103-12 trust	—		11.4		—		11.4
Total other benefit assets	$	63.9	$	22.0	$	268.9	$	354.8

The fair values of our pension benefit assets and other benefit assets by asset category and level inputs at December 31, 2016, excluding cash, investment income receivable and amounts due to/from brokers, resulting in a net asset of $2.8, are as follows:



	Level I		Level II		Level III		Total
December 31, 2016
Pension Benefit Assets:
Equity securities:
U.S. securities	$	561.4	$	4.4	$	—	$	565.8
Foreign securities	264.5		—		—		264.5
Mutual funds	36.6		—		—		36.6
Fixed maturity securities:
Government securities	183.9		—		—		183.9
Corporate securities	—		385.9		—		385.9
Asset-backed securities	—		134.7		—		134.7
Other types of investments:
Common and collective trusts	—		27.5		—		27.5
Partnership interests	—		—		112.5		112.5
Insurance company contracts	—		—		173.3		173.3
Treasury futures contracts	0.3		—		—		0.3
Total pension benefit assets	$	1,046.7	$	552.5	$	285.8	$	1,885.0

Other Benefit Assets:
Equity securities:
U.S. securities	$	13.0	$	0.2	$	—	$	13.2
Foreign securities	5.4		—		—		5.4
Mutual funds	47.1		—		—		47.1
Fixed maturity securities:
Government securities	2.7		—		—		2.7
Corporate securities	—		7.9		—		7.9
Asset-backed securities	—		5.8		—		5.8
Other types of investments:
Common and collective trusts	—		1.0		—		1.0
Partnership interests	—		—		1.2		1.2
Life insurance contracts	—		—		237.7		237.7
Investment in DOL 103-12 trust	—		9.8		—		9.8
Total other benefit assets	$	68.2	$	24.7	$	238.9	$	331.8

Reconciliation Of The Beginning And Ending Balances Of Plan Assets Measured At Fair Value Using Level III Inputs

A reconciliation of the beginning and ending balances of plan assets measured at fair value using Level III inputs for the years ended December 31, 2017, 2016 and 2015 is as follows:



	Partnership Interests			Insurance Company Contracts			Life Insurance Contracts			Total
Year ended December 31, 2017
Beginning balance at January 1, 2017	$	113.7		$	173.3		$	237.7		$	524.7
Actual return on plan assets relating to assets still held at the reporting date	20.4			(0.5		)	30.8			50.7
Purchases	126.1			9.7			—			135.8
Sales	(39.0		)	(9.1		)	—			(48.1		)
Ending balance at December 31, 2017	$	221.2		$	173.4		$	268.5		$	663.1

Year ended December 31, 2016
Beginning balance at January 1, 2016	$	118.6		$	174.2		$	229.9		$	522.7
Actual return on plan assets relating to assets still held at the reporting date	(3.5		)	(3.1		)	10.8			4.2
Purchases	17.8			8.9			—			26.7
Sales	(19.2		)	(6.7		)	(3.0		)	(28.9		)
Ending balance at December 31, 2016	$	113.7		$	173.3		$	237.7		$	524.7

Year ended December 31, 2015
Beginning balance at January 1, 2015	$	122.2		$	187.7		$	238.4		$	548.3
Actual return on plan assets relating to assets still held at the reporting date	(5.9		)	(5.7		)	(6.8		)	(18.4		)
Purchases	10.9			7.0			—			17.9
Sales	(8.6		)	(14.8		)	(1.7		)	(25.1		)
Ending balance at December 31, 2015	$	118.6		$	174.2		$	229.9		$	522.7

Estimated Future Payments For Pension Benefits And Postretirement Benefits

Our estimated future payments for pension benefits and postretirement benefits, which reflect expected future service, as appropriate, are as follows:



	Pension Benefits		Other Benefits
2018	$	156.4	$	39.6
2019	152.3		40.0
2020	149.6		39.9
2021	145.8		39.6
2022	144.5		39.3
2023 - 2027	636.9		179.4