XML 25 R15.htm IDEA: XBRL DOCUMENT v3.6.0.2
Pension and Other Postretirement Benefits
 6 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits
 
The components of the net periodic benefit cost related to the Company’s pension and other postretirement benefits for the three and six months ended December 31, 2016 and 2015 were as follows:
 
Three months ended December 31,
 
Pension Plans
 
Other Postretirement Plans
($ in millions)
 
2016
 
2015
 
2016
 
2015
Service cost
 
$
7.7

 
$
7.8

 
$
0.9

 
$
0.8

Interest cost
 
12.4

 
14.4

 
2.3

 
2.5

Expected return on plan assets
 
(16.6
)
 
(16.4
)
 
(1.7
)
 
(1.7
)
Amortization of net loss
 
9.5

 
6.8

 
0.8

 
0.7

Amortization of prior service cost (benefit)
 
0.5

 
0.1

 
(1.6
)
 
(1.6
)
    Net periodic benefit costs
 
$
13.5

 
$
12.7

 
$
0.7

 
$
0.7


Six months ended December 31,
 
Pension Plans
 
Other Postretirement Plans
($ in millions)
 
2016
 
2015
 
2016
 
2015
Service cost
 
$
16.0

 
$
15.6

 
$
1.8

 
$
1.7

Interest cost
 
25.3

 
28.8

 
4.6

 
5.2

Expected return on plan assets
 
(31.9
)
 
(32.9
)
 
(3.4
)
 
(3.5
)
Amortization of net loss
 
18.9

 
13.7

 
1.6

 
1.4

Amortization of prior service cost (benefit)
 
0.8

 
0.2

 
(3.2
)
 
(3.3
)
Curtailment charge
 
0.5

 
—

 
—

 
—

    Net periodic benefit costs
 
$
29.6

 
$
25.4

 
$
1.4

 
$
1.5


In September 2016, the Company announced changes to retirement plans it offers to certain employees. The Company has frozen benefits accrued to eligible participants of its largest qualified defined benefit pension plan and certain non-qualified benefit plans effective December 31, 2016.  The Company recognized the plan freeze in the three months ended September 30, 2016 as a curtailment, since it eliminates the accrual of defined benefits for future services for a significant number of participants. The impact of the curtailment includes a one-time accelerated recognition of outstanding unamortized prior service costs of $0.5 million. The curtailment event triggered a re-measurement for the affected benefit plans as of August 31, 2016 using a weighted average discount rate of 3.57 percent. The re-measurement resulted in a reduction of accrued pension liabilities of $18.7 million.
In October 2016, the Company made a voluntary pension contribution of $100.0 million to its largest qualified defined benefit pension plan.  The Company currently expects to make no contributions to its qualified defined benefit pension plans during the remainder of fiscal year 2017.