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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
Employee Benefit Plans  
Schedule of funded status of the defined benefit plans and amounts recognized in the consolidated balance sheets

                                                                                                                                                                                    

 

 

December 31,

 

 

 

2015

 

2014

 

 

 

(in millions)

 

Change in projected benefit obligation

 

 

 

 

 

 

 

Balance at beginning of the year

 

$

158.9

 

$

126.3

 

Service cost

 

 

1.3

 

 

0.7

 

Administration costs paid

 

 

(1.8

)

 

(1.5

)

Interest cost

 

 

4.0

 

 

5.9

 

Actuarial (gain) loss

 

 

(5.0

)

 

32.6

 

Benefits paid

 

 

(3.8

)

 

(5.1

)

Settlement

 

 

(153.6

)

 

 

​  

​  

​  

​  

Balance at end of year

 

 

 

$

158.9

 

​  

​  

​  

​  

Change in fair value of plan assets

 

 

 

 

 

 

 

Balance at beginning of the year

 

$

118.9

 

$

103.7

 

Actual (loss) gain on assets

 

 

(3.5

)

 

21.1

 

Employer contributions

 

 

43.8

 

 

0.7

 

Administration costs paid

 

 

(1.8

)

 

(1.5

)

Benefits paid

 

 

(3.8

)

 

(5.1

)

Settlement

 

 

(153.6

)

 

 

​  

​  

​  

​  

Fair value of plan assets at end of the year

 

 

 

$

118.9

 

​  

​  

​  

​  

Funded status at end of year

 

 

 

$

(40.0

)

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of amounts recognized in accumulated other comprehensive income

                                                                                                                                                                                    

 

 

December 31,

 

 

 

2015

 

2014

 

 

 

(in millions)

 

Net actuarial loss recognized

 

$

(58.9

)

$

58.9

 

​  

​  

​  

​  

​  

​  

​  

​  

 

Information for pension plans with an accumulated benefit obligation in excess of plan assets

                                                                                                                                                                                    

 

 

December 31,

 

 

 

2015

 

2014

 

 

 

(in millions)

 

Projected benefit obligation

 

 

 

$

158.9 

 

Accumulated benefit obligation

 

 

 

$

158.9 

 

Fair value of plan assets

 

 

 

$

118.9 

 

 

Schedule of the components of net periodic benefit cost

                                                                                                                                                                                    

 

 

Years Ended
December 31,

 

 

 

2015

 

2014

 

2013

 

 

 

(in millions)

 

Service cost—benefits earned

 

$

1.3

 

$

0.7

 

$

0.5

 

Interest costs on benefits obligation

 

 

4.0

 

 

5.9

 

 

5.4

 

Expected return on assets

 

 

(3.4

)

 

(6.3

)

 

(6.8

)

Net actuarial loss amortization

 

 

1.1

 

 

1.2

 

 

1.0

 

Settlement charge

 

 

59.7

 

 

1.2

 

 

1.0

 

​  

​  

​  

​  

​  

​  

Net periodic benefit cost

 

$

62.7

 

$

1.5

 

$

0.1

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of weighted average assumptions used to determine benefit obligations

 

                                                                                                                                                                                    

 

 

December 31,

 

 

 

2015

 

2014

 

Discount rate

 

 

N/A

 

 

3.5 

%

 

Schedule of weighted-average assumptions used to determine net periodic benefit costs

                                                                                                                                                                                    

 

 

Years Ended
December 31,

 

 

 

2015

 

2014

 

2013

 

Discount rate

 

 

N/A

 

 

4.9 

%

 

4.0 

%

Long-term rate of return on assets

 

 

4.0 

%

 

6.0 

%

 

6.0 

%

 

Schedule of the weighted average asset allocations by asset category

 

        There were no plan assets outstanding as of December 31, 2015. The weighted average asset allocations by asset category as of December 31, 2014 were as follows:

                                                                                                                                                                                    

Asset Category

 

 

 

Equity securities

 

 

4.2 

%

Debt securities

 

 

94.0 

 

Other

 

 

1.8 

 

​  

​  

Total

 

 

100.0 

%

​  

​  

​  

​  

 

Schedule of the investments in the pension plan measured at fair value

                                                                                                                                                                                    

 

 

December 31, 2014

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Money market funds

 

$

2.0 

 

$

 

$

 

$

2.0 

 

Equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. equity securities(a)

 

 

3.2 

 

 

 

 

 

 

3.2 

 

Non-U.S. equity securities(a)

 

 

1.2 

 

 

 

 

 

 

1.2 

 

Other equity securities(b)

 

 

0.5 

 

 

 

 

 

 

0.5 

 

Debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government

 

 

 

 

 

 

 

 

 

U.S. and non-U.S. corporate(c)

 

 

 

 

110.7 

 

 

 

 

110.7 

 

Other investments(d)

 

 

1.3 

 

 

 

 

 

 

1.3 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total investments

 

$

8.2 

 

$

110.7 

 

$

 

$

118.9 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  


 

 

 

(a)          

Included investments in common stock from diverse industries

(b)          

Included investments in index and exchange-traded funds

(c)          

Includes investment grade bonds from diverse industries

(d)          

Included investments in real estate investment funds, exchange- traded funds, commodity mutual funds and accrued interest

 

Information related to the company's pension funds cash flow

                                                                                                                                                                                    

 

 

December 31,

 

 

 

2015

 

2014

 

 

 

(in millions)

 

Employer Contributions

 

$

43.8 

 

$

0.7 

 

Benefit Payments

 

$

3.8 

 

$

5.1