XML 51 R43.htm IDEA: XBRL DOCUMENT v2.4.0.8
Pension and Other Postretirement Benefits (Tables)
12 Months Ended
Jun. 30, 2014
Pension and Other Postretirement Benefits  
Schedule of reconciliation of benefit obligations, plan assets and funded status of the plans

 

 

 

 

 

Other

 

 

 

Pension Plans

 

Postretirement Plans

 

($ in millions)

 

2014

 

2013

 

2014

 

2013

 

Change in projected benefit obligation:

 

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

1,186.7

 

$

1,218.1

 

$

259.8

 

$

282.2

 

Service cost

 

32.1

 

32.5

 

4.0

 

4.4

 

Interest cost

 

57.5

 

53.0

 

12.5

 

12.2

 

Benefits paid

 

(81.0

)

(70.6

)

(13.5

)

(13.1

)

Actuarial loss (gain)

 

53.2

 

(45.7

)

22.4

 

(25.9

)

Plan settlements

 

(0.2

)

(0.6

)

 

 

Plan amendments

 

(1.3

)

 

 

 

Projected benefit obligation at end of year

 

$

1,247.0

 

$

1,186.7

 

$

285.2

 

$

259.8

 

 

 

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

930.2

 

$

770.9

 

$

93.2

 

$

85.3

 

Actual return

 

165.7

 

82.3

 

13.7

 

8.2

 

Benefits paid

 

(81.0

)

(70.6

)

(13.5

)

(13.1

)

Contributions

 

9.8

 

148.2

 

13.1

 

12.8

 

Plan settlements

 

(0.3

)

(0.6

)

 

 

Fair value of plan assets at end of year

 

$

1,024.4

 

$

930.2

 

$

106.5

 

$

93.2

 

 

 

 

 

 

 

 

 

 

 

Funded status of the plans

 

$

(222.6

)

$

(256.5

)

$

(178.7

)

$

(166.6

)

 

 

Schedule of amounts recognized in the consolidated balance sheets

 

 

 

 

 

 

 

 

 

Amounts recognized in the consolidated balance sheets:

 

 

 

 

 

 

 

 

 

Other assets - noncurrent

 

$

0.1

 

$

0.1

 

$

 

$

 

Accrued liabilities - current

 

(19.3

)

(9.7

)

(15.5

)

(15.4

)

Accrued pension liabilities - noncurrent

 

(203.4

)

(246.9

)

 

 

Accrued postretirement benefits

 

 

 

(163.2

)

(151.2

)

 

 

$

(222.6

)

$

(256.5

)

$

(178.7

)

$

(166.6

)

Schedule of amounts recognized in the accumulated other comprehensive loss

 

 

 

 

 

 

Other

 

 

 

Pension Plans

 

Postretirement Plans

 

($ in millions)

 

2014

 

2013

 

2014

 

2013

 

Amounts recognized in accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

 

Net actuarial loss

 

$

341.2

 

$

412.4

 

$

50.8

 

$

36.9

 

Prior service cost (credit)

 

1.0

 

2.9

 

 

(0.1

)

 

 

 

 

 

 

 

 

 

 

Total

 

$

342.2

 

$

415.3

 

$

50.8

 

$

36.8

 

 

 

 

 

 

 

 

 

 

 

Additional information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated benefit obligation for all pension plans

 

$

1,154.0

 

$

1,072.3

 

N/A

 

N/A

 

Schedule of projected benefit obligations in excess of plan assets

 

 

 

 

Pension Plans

 

Other Postretirement Plans

 

($ in millions)

 

2014

 

2013

 

2014

 

2013

 

Projected benefit obligation

 

$

1,246.9

 

$

1,186.6

 

$

285.2

 

$

259.8

 

Fair value of plan assets

 

$

1,024.2

 

$

930.0

 

$

106.5

 

$

93.2

 

Schedule of accumulated benefit obligations in excess of plan assets

 

 

 

Pension Plans

 

Other Postretirement Plans

 

($ in millions)

 

2014

 

2013

 

2014

 

2013

 

Accumulated benefit obligation

 

$

1,153.9

 

$

1,072.2

 

$

285.2

 

$

259.8

 

Fair value of plan assets

 

$

1,024.2

 

$

930.0

 

$

106.5

 

$

93.2

 

Schedule of components of the net periodic benefit cost

 

 

 

Pension Plans

 

Other Postretirement Plans

 

($ in millions)

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

 

Service cost

 

$

32.1

 

$

32.5

 

$

23.0

 

$

4.0

 

$

4.4

 

$

3.7

 

Interest cost

 

57.5

 

53.0

 

51.3

 

12.5

 

12.2

 

11.8

 

Expected return on plan assets

 

(62.9

)

(54.8

)

(54.2

)

(6.5

)

(6.4

)

(6.4

)

Amortization of net loss

 

21.8

 

28.1

 

17.5

 

1.2

 

3.2

 

2.6

 

Amortization of prior service cost (benefit)

 

0.5

 

0.7

 

0.7

 

(0.1

)

(4.1

)

(7.9

)

Net periodic benefit costs

 

$

49.0

 

$

59.5

 

$

38.3

 

$

11.1

 

$

9.3

 

$

3.8

 

Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit cost

 

 

 

Pension Plans

 

Other Postretirement Plans

 

 

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

 

Weighted-average assumptions used to determine benefit obligations at fiscal year end

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

4.47

%

5.00

%

4.50

%

4.27

%

5.00

%

4.50

%

Rate of compensation increase

 

3.57

%

3.66

%

3.67

%

N/A

 

N/A

 

N/A

 

 

 

 

Pension Plans

 

Other Postretirement Plans

 

 

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

 

Weighted-average assumptions used to determine net periodic benefit cost for the fiscal year

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

5.00

%

4.50

%

5.50

%

4.95

%

4.50

%

5.50

%

Expected long-term rate of return on plan assets

 

7.00

%

7.00

%

7.50

%

7.00

%

7.50

%

8.00

%

Long-term rate of compensation increase

 

3.57

%

3.67

%

3.66

%

N/A

 

N/A

 

N/A

 

Schedule of expected health care cost trend rates

 

 

 

June 30,

 

 

 

2014

 

2013

 

Assumed health care cost trend rate

 

7.50

%

7.50

%

Rate to which the cost trend rate is assumed to decline and remain (the ultimate trend rate)

 

5.00

%

5.00

%

Year that the rate reaches the ultimate trend rate

 

2020

 

2020

 

Schedule of amounts in other comprehensive loss that are expected to be recognized as components of net periodic benefit cost

 

 

 

 

 

Other

 

 

 

 

 

Pension

 

Postretirement

 

 

 

($ in millions)

 

Plans

 

Plans

 

Total

 

Amortization of prior service cost

 

$

0.3

 

$

 

$

0.3

 

Amortization of net actuarial loss

 

16.7

 

2.0

 

18.7

 

Amortization of accumulated other comprehensive loss

 

$

17.0

 

$

2.0

 

$

19.0

 

Schedule of weighted-average asset allocations by asset category

 

 

 

2014

 

2013

 

Equity securities

 

55.1

%

63.5

%

Fixed income securities

 

44.2

 

34.3

 

Cash and cash equivalents

 

0.7

 

2.2

 

Total

 

100.0

%

100.0

%

Schedule of fair values of pension plan by assets category

 

 

 

June 30, 2014

 

June 30, 2013

 

 

 

Fair Value
Measurements Using
Input Type

 

 

 

Fair Value
Measurements Using
Input Type

 

 

 

($ in millions)

 

Level 1

 

Level 2

 

Total

 

Level 1

 

Level 2

 

Total

 

Short-term investments

 

$

 

$

15.3

 

$

15.3

 

$

 

$

13.7

 

$

13.7

 

Domestic and international equities

 

142.1

 

 

142.1

 

281.8

 

 

281.8

 

Commingled funds

 

64.7

 

341.4

 

406.1

 

52.1

 

164.4

 

216.5

 

Limited partnerships

 

 

52.0

 

52.0

 

 

137.9

 

137.9

 

Government agency bonds

 

4.8

 

129.8

 

134.6

 

7.9

 

101.9

 

109.8

 

Corporate bonds

 

 

248.1

 

248.1

 

 

149.8

 

149.8

 

Mutual funds

 

2.9

 

 

2.9

 

2.5

 

 

2.5

 

Mortgage/asset backed securities and other

 

 

23.3

 

23.3

 

 

18.2

 

18.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

214.5

 

$

809.9

 

$

1,024.4

 

$

344.3

 

$

585.9

 

$

930.2

 

Schedule of fair values of other postretirement benefit plans by asset category

 

 

 

June 30, 2014

 

June 30, 2013

 

 

 

Fair Value
Measurements Using
Input Type

 

 

 

Fair Value
Measurements Using
Input Type

 

 

 

($ in millions)

 

Level 1

 

Level 2

 

Total

 

Level 1

 

Level 2

 

Total

 

Commingled fund

 

$

 

$

61.2

 

$

61.2

 

$

 

$

51.4

 

$

51.4

 

Short-term investments

 

 

17.2

 

17.2

 

 

14.2

 

14.2

 

Government agency bonds

 

 

18.6

 

18.6

 

 

15.9

 

15.9

 

Corporate bonds and other

 

 

6.8

 

6.8

 

 

7.5

 

7.5

 

Mortgage backed securities

 

 

2.7

 

2.7

 

 

4.2

 

4.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

$

106.5

 

$

106.5

 

$

 

$

93.2

 

$

93.2

 

Schedule of estimated future benefit payments

 

 

Pension

 

Other

 

($ in millions)

 

Benefits

 

Benefits

 

2015

 

$

77.0

 

$

15.4

 

2016

 

$

77.6

 

$

16.4

 

2017

 

$

78.6

 

$

17.2

 

2018

 

$

80.7

 

$

17.9

 

2019

 

$

82.3

 

$

18.4

 

2020-2024

 

$

439.5

 

$

95.9