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Pensions and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Summary of change in defined benefit and postretirement benefit plans
The following tables set forth the change in benefit obligation, plan assets, funded status and amounts recognized in the consolidated balance sheet for the defined benefit pension and postretirement benefit plans as of December 31, 2013 and 2012:
 
Pension Benefits
 
Postretirement Benefits
 
2013
 
2012
 
2013
 
2012
 
(In millions)
Change in benefit obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
56.4

 
$
52.3

 
$
18.5

 
$
18.6

Service cost
2.6

 
2.2

 
0.1

 
—

Interest cost
2.0

 
2.2

 
0.6

 
0.8

Actuarial (gains) losses
(4.4
)
 
4.2

 
(1.3
)
 
1.1

Benefits and expenses paid, net of contributions
(4.5
)
 
(4.5
)
 
(1.7
)
 
(2.0
)
Benefit obligation at end of year
$
52.1

 
$
56.4

 
$
16.2

 
$
18.5

Change in plan assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
109.4

 
$
101.8

 
$
—

 
$
—

Actual return on plan assets
21.8

 
13.7

 
—

 
—

Company contributions
—

 
—

 
1.7

 
2.0

Cash transfer to fund postretirement benefit payments
(1.3
)
 
(1.6
)
 
—

 
—

Benefits and expenses paid, net of contributions
(4.5
)
 
(4.5
)
 
(1.7
)
 
(2.0
)
Fair value of plan assets at end of year
$
125.4


$
109.4

 
$
—

 
$
—

Funded (underfunded) status of the plans
$
73.3

 
$
53.0

 
$
(16.2
)
 
$
(18.5
)
 
Amounts recognized in the consolidated balance sheets consist of:
 
Pension Benefits
 
Postretirement Benefits
 
2013
 
2012
 
2013
 
2012
 
(In millions)
Noncurrent assets
$
73.3

 
$
53.0

 
$
—

 
$
—

Noncurrent liabilities
—

 
—

 
14.5

 
16.6

Current liabilities
—

 
—

 
1.7

 
1.9

 
$
73.3

 
$
53.0

 
$
16.2

 
$
18.5

Amounts recognized in accumulated other comprehensive loss
 
 
 
 
 
 
 
Net actuarial loss
$
2.1

 
$
20.3

 
$
6.3

 
$
8.2

Net prior service cost (credit)
0.1

 
0.1

 
(0.5
)
 
(0.6
)
Net transition (asset)
—

 
(0.1
)
 
—

 
—

Accumulated other comprehensive loss
$
2.2

 
$
20.3

 
$
5.8

 
$
7.6
Summary of Pension Plan Weighted-Average Asset Allocation
The pension plan weighted-average asset allocation at December 31, 2013 and 2012 and target allocation for 2014 are as follows:
 
 
 
Plan Assets
 
Target 2014
 
2013
 
2012
Asset Category
 
 
 
 
 
Equity securities
45-75%
 
67.2
%
 
64.4
%
Debt securities
  10-40
 
25.4
%
 
27.8
%
Other
    0-20
 
7.4
%
 
7.8
%
 
100%
 
100
%
 
100
%
Schedule of Fair Value Hierarchy of Pension Plans Assets
The following table sets forth, by level within the fair value hierarchy, the pension plans assets:
 
2013
 
2012
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(In millions)
Collective trust and pooled insurance funds:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
$
48.3

 
$
2.5

 
$
—

 
$
50.8

 
$
40.1

 
$
2.5

 
$
—

 
$
42.6

Equity Funds
26.9

 
—

 
—

 
26.9

 
23.9

 
—

 
—

 
23.9

Foreign Stock
5.6

 
—

 
—

 
5.6

 
4.1

 
—

 
—

 
4.1

U.S. Government obligations
5.1

 
—

 
—

 
5.1

 
6.5

 
—

 
—

 
6.5

Fixed income funds
18.8

 
—

 
—

 
18.8

 
17.1

 
—

 
—

 
17.1

Balanced funds
2.1

 
—

 
—

 
2.1

 
—

 
—

 
—

 
—

Corporate Bonds
6.8

 
—

 
—

 
6.8

 
6.8

 
—

 
—

 
6.8

Cash and Cash Equivalents
2.0

 
—

 
—

 
2.0

 
2.0

 
—

 
—

 
2.0

Hedge funds
—

 
—

 
7.3

 
7.3

 
—

 
—

 
6.4

 
6.4

 
$
115.6

 
$
2.5

 
$
7.3

 
$
125.4

 
$
100.5

 
$
2.5

 
$
6.4

 
$
109.4
Summary of Reconciliation of Level 3 Assets Held
The following table presents a reconciliation of Level 3 assets, as defined in Note 1, held during the years ended December 31, 2013 and 2012.
 
Balance at
Beginning of Year
 
Net Unrealized
Gain
 
Purchases
 
Balance at
End of Year
 
(In millions)
Hedge Funds:
 
 
 
 
 
 
 
2013
$
6.4

 
$
0.9

 
$
—

 
$
7.3

2012
$
5.9

 
$
0.5

 
$
—

 
$
6.4
Summary of Assumptions Used in the valuation of pension and postretirement benefit obligations
The following tables summarize the assumptions used in the valuation of pension and postretirement benefit obligations at December 31, and to measure the net periodic benefit cost in the following year.
 
Weighted-Average assumptions as of December 31,
 
Pension Benefits
 
Postretirement Benefits
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Discount rate
4.51
%
 
3.66
%
 
4.50
%
 
4.21
%
 
3.35
%
 
4.50
%
Expected return on plan assets
8.25
%
 
8.25
%
 
8.25
%
 
N/A

 
N/A

 
N/A

Rate of compensation increase
2.00
%
 
2.00
%
 
2.00
%
 
N/A

 
N/A

 
N/A

Medical health care benefits rate increase
N/A

 
N/A

 
N/A

 
6.50
%
 
7.00
%
 
6.50
%
Medical drug benefits rate increase
N/A

 
N/A

 
N/A

 
6.50
%
 
7.25
%
 
8.00
%
Ultimate health care cost trend rate
N/A

 
N/A

 
N/A

 
5.00
%
 
5.00
%
 
5.00
%
Year of ultimate trend rate
N/A

 
N/A

 
N/A

 
2042

 
2042

 
2042
Summary of Components of Net Periodic Benefit Cost
In determining its expected return on plan assets assumption for the year ended December 31, 2013, the Company considered historical experience, its asset allocation, expected future long-term rates of return for each major asset class, and an assumed long-term inflation rate. Based on these factors, the Company derived an expected return on plan assets for the year ended December 31, 2013 of 8.25%. This assumption was supported by the asset return generation model, which projected future asset returns using simulation and asset class correlation.
 
Pension Benefits
 
Postretirement Benefits
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
 
(In millions)
Components of net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
Service costs
$
2.6

 
$
2.2

 
$
1.6

 
$
0.1

 
$
—

 
$
0.1

Interest costs
2.0

 
2.2

 
2.3

 
0.6

 
0.8

 
0.9

Expected return on plan assets
(8.9
)
 
(8.2
)
 
(8.9
)
 
—

 
—

 
—

Amortization of prior service credit
—

 
—

 
—

 
(0.1
)
 
(0.1
)
 
(0.1
)
Recognized net actuarial loss
0.8

 
0.9

 
—

 
0.7

 
0.7

 
0.4

Benefit (income) costs
$
(3.5
)
 
$
(2.9
)
 
$
(5.0
)
 
$
1.3

 
$
1.4

 
$
1.3

Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss
 
 
 
 
 
 
 
 
 
 
 
AOCI at beginning of year
$
20.3

 
$
22.4

 
$
7.7

 
$
7.6

 
$
7.1

 
$
6.1

Net (gain) loss arising during the year
(17.3
)
 
(1.2
)
 
14.7

 
(1.2
)
 
1.1

 
1.3

Recognition of prior service credit
—

 
—

 
—

 
0.1

 
0.1

 
0.1

Recognition of actuarial loss
(0.8
)
 
(0.9
)
 
—

 
(0.7
)
 
(0.7
)
 
(0.4
)
Total recognized in accumulated other comprehensive loss at end of year
$
2.2

 
$
20.3

 
$
22.4

 
$
5.8

 
$
7.6

 
$
7.1
Summary Company's Expected Future Benefit Payments
Below is a table summarizing the Company’s expected future benefit payments and the expected payments due to Medicare subsidy over the next ten years:
 
 
 
Postretirement Benefits
 
Pension Benefits
 
Gross
 
Expected
Medicare Subsidy
 
Net including
Medicare Subsidy
 
(In millions)
2014
$
4.2

 
$
1.9

 
$
0.2

 
$
1.7

2015
4.2

 
1.8

 
0.2

 
1.6

2016
4.1

 
1.7

 
0.2

 
1.5

2017
4.3

 
1.6

 
0.2

 
1.4

2018
4.2

 
1.5

 
0.1

 
1.4

2019 to 2023
21.9

 
6.2

 
0.6

 
5.6
Summary of One-Percentage-Point Change in Assumed Healthcare Cost Trend Rate
A one-percentage-point change in the assumed health care cost trend rate would have the following effects:
 
1-Percentage
Point
Increase
 
1-Percentage
Point
Decrease
 
(In millions)
Effect on total of service and interest cost components in 2013
$
0.1

 
$
—

Effect on postretirement benefit obligation as of December 31, 2013
$
1.3

 
$
(1.1
)