Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Weighted-Average and Target Asset Allocations

The Company’s weighted-average asset allocations at December 31, 2014 and 2013, and 2014 year-end target allocation, by asset category, were as follows:



	Target		2014		2013
Domestic equity securities	28	%	32	%	29	%
International equity securities	15	%	15	%	16	%
Debt securities	46	%	44	%	44	%
Alternatives and other	11	%	6	%	8	%
Cash	—	%	3	%	3	%
Total	100	%	100	%	100	%

Fair Value of Pension Plan Assets

The fair values of the Company’s pension plan assets at December 31, 2014 and 2013, by asset category, are as follows (in millions):



	Fair Value Measurements as of
	December 31, 2014
	Total		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset Category
Cash	$	3.5	$	3.5	$	—	$	—
Equity securities:
Domestic	18.2		18.2		—		—
Domestic exchange-traded funds	33.0		33.0		—		—
International	9.8		9.7		0.1		—
International and emerging markets exchange-traded funds	14.9		14.9		—		—
Fixed income securities:
U.S. Treasury obligations	24.7		24.7		—		—
Domestic corporate bonds and notes	40.9		—		40.9		—
Foreign corporate bonds	5.4		—		5.4		—
Other types of investments:
Limited partnership interest in private equity fund	0.3		—		—		0.3
Exchange-traded global real estate fund	5.1		5.1		—		—
Insurance contracts	1.4		—		—		1.4
Exchange-traded commodity fund	2.8		2.8		—		—
Other receivables	0.8		0.8		—		—
Total	$	160.8	$	112.7	$	46.4	$	1.7



	Fair Value Measurements as of
	December 31, 2013
	Total		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset Category
Cash	$	5.2	$	5.2	$	—	$	—
Equity securities:
Domestic	44.8		44.8		—		—
International	24.4		24.4		—		—
Fixed income securities:
Exchange traded funds - U.S. Treasuries	16.3		16.3		—		—
Exchange traded funds - Investment grade U.S. corporate bonds	45.0		45.0		—		—
Limited partnership investment in high-yield U.S. corporate bonds	6.4		—		—		6.4
Other types of investments:
Real estate partnership interests	7.5		—		—		7.5
Limited partnership interest in private equity fund	0.3		—		—		0.3
Exchange-traded commodity fund	2.5		2.5		—		—
Insurance contracts	1.0		—		—		1.0
Total	$	153.4	$	138.2	$	—	$	15.2

Reconciliations of Pension Plan Investments Measured at Fair Value on Recurring Basis

The table below presents a reconciliation of all pension plan investments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2014 and 2013 (in millions):



	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Real Estate			Private Equity			Insurance		Limited Partnership			Total
Beginning balance, January 1, 2013	$	7.8		$	0.7		$	0.9	$	—		$	9.4
Actual return on plan assets:
Assets held at the reporting date	1.1			(0.2		)	0.1		0.3			1.3
Assets sold during the period	0.3			0.1			—		—			0.4
Purchases, sales and settlements	(1.7		)	(0.3		)	—		6.1			4.1
Ending balance, December 31, 2013	7.5			0.3			1.0		6.4			15.2
Actual return on plan assets:
Assets held at the reporting date	—			—			0.4		—			0.4
Assets sold during the period	—			—			—		—			—
Purchases, sales and settlements	(7.5		)	—			—		(6.4		)	(13.9		)
Ending balance, December 31, 2014	$	—		$	0.3		$	1.4	$	—		$	1.7

Benefit Obligation, Plan Assets, and Funded Status

The status of the funded defined benefit pension plan and the unfunded accumulated post-retirement benefit plans at December 31, 2014 and 2013 are shown below (in millions):



	Pension Benefits						Other Post-retirement Benefits
	2014			2013			2014			2013
Change in Benefit Obligation
Benefit obligation at beginning of year	$	175.4		$	189.7		$	12.9		$	10.9
Service cost	2.6			2.6			0.1			0.1
Interest cost	8.3			7.6			0.6			0.4
Plan participants’ contributions	—			—			0.8			0.9
Actuarial (gain) loss	29.7			(13.2		)	(0.7		)	3.0
Benefits paid	(11.6		)	(11.1		)	(1.7		)	(1.8		)
Special or contractual termination benefits	—			—			—			—
Curtailment	—			(0.2		)	—			(0.6		)
Benefit obligation at end of year	$	204.4		$	175.4		$	12.0		$	12.9
Change in Plan Assets
Fair value of plan assets at beginning of year	153.4			142.3			—			—
Actual return on plan assets	13.3			22.1			—			—
Employer contributions	5.7			0.1			—			—
Benefits paid	(11.6		)	(11.1		)	—			—
Fair value of plan assets at end of year	$	160.8		$	153.4		$	—		$	—

Funded Status and Recognized Liability	$	(43.6	)	$	(22.0	)	$	(12.0	)	$	(12.9	)

Amounts Recognized on the Consolidated Balance Sheets and in Accumulated Other Comprehensive Loss

Amounts recognized on the consolidated balance sheets and in accumulated other comprehensive loss at December 31, 2014 and 2013 were as follows (in millions):



	Pension Benefits						Other Post-retirement Benefits
	2014			2013			2014			2013
Non-current assets	$	—		$	3.3		$	—		$	—
Current liabilities	—			—			(0.8		)	(0.9		)
Non-current liabilities	(43.6		)	(25.3		)	(11.2		)	(12.0		)
Total	$	(43.6	)	$	(22.0	)	$	(12.0	)	$	(12.9	)

Net loss (net of taxes)	$	47.3		$	33.2		$	0.5		$	1.1
Unrecognized prior service credit (net of taxes)	(3.4		)	(3.9		)	—			—
Total	$	43.9		$	29.3		$	0.5		$	1.1

Accumulated Benefit Obligation in Excess of Plan Assets

The information for qualified pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2014 and 2013 is shown below (in millions):



	2014		2013
Projected benefit obligation	$	204.4	$	167.7
Accumulated benefit obligation	$	203.2	$	166.0
Fair value of plan assets	$	160.8	$	142.4

Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss

Components of the net periodic benefit cost and other amounts recognized in other comprehensive loss for the defined benefit pension plans and the post-retirement health care and life insurance benefit plans during 2014, 2013, and 2012, are shown below (in millions):



	Pension Benefits									Other Post-retirement Benefits
	2014			2013			2012			2014			2013			2012
Components of Net Periodic Benefit Cost
Service cost	$	2.6		$	2.6		$	2.4		$	0.1		$	0.1		$	0.1
Interest cost	8.3			7.6			8.2			0.6			0.4			0.5
Expected return on plan assets	(10.7		)	(10.9		)	(10.5		)	—			—			—
Amortization of net loss	4.0			7.7			7.9			0.3			(0.2		)	(0.2		)
Amortization of prior service cost	(0.8		)	(0.8		)	(0.8		)	—			—			—
Curtailment gain	—			—			—			—			(0.5		)	—
Recognition of loss on special termination benefit	—			—			0.1			—			—			—
Net periodic benefit cost	3.4			6.2			7.3			1.0			(0.2		)	0.4

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net loss (gain)	$	27.1		$	(24.7	)	$	7.0		$	(0.6	)	$	3.0		$	(0.4	)
Amortization of unrecognized gain (loss)	(4.0		)	(7.7		)	(7.9		)	(0.3		)	0.2			0.3
Amortization of prior service cost	0.8			0.8			0.8			—			—			—
Total recognized in other comprehensive income	23.9			(31.6		)	(0.1		)	(0.9		)	3.2			(0.1		)
Total recognized in net periodic benefit cost and other comprehensive income	$	27.3		$	(25.4	)	$	7.2		$	0.1		$	3.0		$	0.3

Weighted Average Assumptions Used to Determine Benefit Information

The weighted average assumptions used to determine benefit information during 2014, 2013 and 2012 were as follows:



	Pension Benefits						Other Post-retirement Benefits
	2014		2013		2012		2014		2013		2012
Weighted Average Assumptions:
Discount rate	4.00	%	4.90	%	4.10	%	4.10	%	4.90	%	4.10	%
Expected return on plan assets	7.10	%	8.00	%	8.25	%	—	%	—	%	—	%
Rate of compensation increase	0.5%-3%		3.00	%	3.00	%	3.00	%	3.00	%	3.00	%
Initial health care cost trend rate							7.30	%	7.50	%	8.00	%
Ultimate rate							4.50	%	4.50	%	4.50	%
Year ultimate rate is reached							2028		2028		2020

Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

If the assumed health care cost trend rate were increased or decreased by one percentage point, the accumulated post-retirement benefit obligation, as of December 31, 2014, 2013 and 2012 and the net periodic post-retirement benefit cost for 2014, 2013 and 2012, would have increased or decreased as follows (in millions):



	Other Post-retirement Benefits
	One Percentage Point
	Increase						Decrease
	2014		2013		2012		2014			2013			2012
Effect on total of service and interest cost components	$	0.1	$	—	$	—	$	(0.1	)	$	—		$	—
Effect on post-retirement benefit obligation	$	1.1	$	1.2	$	0.6	$	(0.9	)	$	(1.0	)	$	(0.5	)

Estimated Future Benefit Payments for the Next Ten Years

The estimated future benefit payments for the next ten years are as follows (in millions):



	Pension		Non-qualified		Post-retirement
Year	Benefits		Plan Benefits		Benefits
2015	$	10.9	$	0.7	$	0.9
2016	$	11.2	$	3.6	$	0.9
2017	$	11.4	$	0.1	$	0.8
2018	$	11.6	$	1.0	$	0.8
2019	$	11.8	$	0.1	$	0.8
2020-2024	$	62.5	$	0.7	$	3.4

Schedule of Multiemployer Plans

There were no plans where the Company contributed more than 5 percent of the total contributions.

Pension Protection Act Zone Status

FIP/RP Status

Contribution by Entity

Surcharge Imposed

Expiration Date

Current Plan Year End

EIN Plan No.

2014 and 2013

Pending/Implemented

Jan. 1 - Dec. 31, 2014

Oct. 1 - Dec. 31, 2013

Fund

Operating Engineers

94-6090764; 001

Red

Yes

4.3

1.0

9/2/19*

12/31/14

Laborers National

52-6074345; 001

Red

Yes

0.1

—

8/31/15

12/31/14

Hawaii Laborers

99-6012128; 001

Green

0.5

0.1

8/31/15

2/28/14

Hawaii Laborers

99-6012128; 001

Green

0.1

—

9/30/19

2/28/14

5.0

1.1

* The Company has reached an agreement in principle with the IUOE, which contemplates a contractual expiration date on September 2, 2019.