Retirement Plans

3 Months Ended

Mar. 31, 2013

Retirement Plans

Retirement Plans

Note 16—Retirement Plans

Defined Benefit Plans

The Company maintains defined benefit retirement plans for certain employees. Benefits are based primarily on years of service and earnings of the employee. The Company recognizes the funded status of its defined benefit pension plans in the condensed consolidated balance sheets. The funded status is the difference between the retirement plans’ projected benefit obligation and the fair value of the retirement plans’ assets as of the measurement date.

Post-retirement Welfare Plans

The Company also has a limited number of unfunded post-retirement welfare programs. The Company’s liability for post-retirement medical benefits is limited to a maximum obligation; therefore, the Company’s liability is not materially affected by an assumed health care cost trend rate.

Components of net periodic benefit cost were as follows:

	Pension Benefits						Post-retirement Benefits
	Three Months Ended						Three Months Ended
	March 31,						March 31,
(in millions)	2013			2012			2013		2012
Service cost	$	1.3		$	1.2		$	—	$	—
Interest cost	1.9			2.5			—		0.1
Expected return on plan assets	(3.0		)	(3.5		)	—		—
Amortization of unrecognized loss	1.4			1.3			0.1		—
Net periodic benefit cost	$	1.6		$	1.5		$	0.1	$	0.1

The Company made no contributions to the pension plans during the three months ended March 31, 2013.  No minimum contributions to the pension plans are required in 2013.  However, during 2013 the Company expects to pay approximately $1.1 million in participant benefits under the executive supplemental and director plans.  The Company expects to make discretionary contributions between $0 and $4.0 million to its other pension plans in 2013.

Defined Contribution Plans

The Company maintains defined contribution plans covering a significant portion of its employees. Expenses for the plans were approximately $3.6 million and $3.4 million in the three months ended March 31, 2013 and 2012, respectively. Full year contributions in 2013 are expected to approximate $12.0 million.

ESOP Plan

The Company sponsors an employee stock ownership plan (“ESOP”) as part of one of its existing defined contribution plans. Costs for the ESOP are included in the previously discussed expenses. The ESOP is available to eligible domestic employees and includes a match of contributions made by plan participants to the savings plan up to a maximum of 4.0% of a participant’s eligible compensation, divided between cash and an employee-directed election of the Company’s common stock, not to exceed 50% of the total match, for non-union employees. Union employees’ match may vary and is based on negotiated union agreements. Participants are not allowed to direct savings plan contributions to an investment in the Company’s common stock. Total shares held by the ESOP were 1.7 million and 1.8 million at March 31, 2013 and December 31, 2012, respectively.