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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]  
Schedule of Assumptions Used to Determine Benefit Obligations
Assumptions used to determine benefit obligations as of the periods presented were as follows:
 
 
Canadian Pension Benefits
 
VEBA Benefits
 
 
December 31, 2014
 
December 31, 2013
 
December 31, 2014
 
December 31, 2013
 
 
 
 
 
 
Union
VEBA
 
Salaried
VEBA
 
Union
VEBA
 
Salaried
VEBA
Discount rate
 
4.00
%
 
4.90
%
 
3.80
%
 
3.60
%
 
4.70
%
 
4.20
%
Rate of compensation increase
 
3.00
%
 
3.00
%
 
—

 
—

 
—

 
—

Initial medical trend rate 1
 
—

 
—

 
7.00
%
 
—

 
7.50
%
 
—

Ultimate medical trend rate 1
 
—

 
—

 
5.00
%
 
—

 
5.00
%
 
—

_____________________
1 
The medical trend rate assumptions used for the Union VEBA were provided by the Union VEBA and certain industry data were provided by the Company's actuaries. The trend rate is assumed to decline to 5% by 2019 at each of December 31, 2014 and December 31, 2013. A one-percentage-point increase in the assumed medical trend rates would increase the accumulated postretirement benefit obligation of the Union VEBA by $37.7 and $27.8 at December 31, 2014 and December 31, 2013, respectively. A one-percentage-point decrease in the assumed medical trend rates would decrease the accumulated postretirement benefit obligation of the Union VEBA by $29.9 and $22.7 at December 31, 2014 and December 31, 2013, respectively.
Schedule of Assumptions Used to Determine Net Periodic Benefit Cost (Income)
Assumptions used to determine net periodic benefit cost (income) for the years ended December 31 were:
 
 
Canadian Pension Benefits
 
VEBA Benefits
 
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
Union
VEBA
 
Salaried
VEBA
 
Union
VEBA
 
Salaried
VEBA
 
Union
VEBA
 
Salaried
VEBA
Discount rate
 
4.90
%
 
4.40
%
 
5.60
%
 
4.70
%
 
4.20
%
 
4.00
%
 
3.40
%
 
4.20
%
 
3.75
%
Expected long-term return on plan assets 1
 
4.75
%
 
4.50
%
 
4.60
%
 
6.75
%
 
7.75
%
 
6.25
%
 
7.25
%
 
7.25
%
 
7.25
%
Rate of compensation increase
 
3.00
%
 
3.00
%
 
3.00
%
 
—

 
—

 
—

 
—

 
—

 
—

Initial medical trend rate2
 
—

 
—

 
—

 
7.50
%
 
—

 
8.00
%
 
—

 
8.50
%
 
—

Ultimate medical trend rate2
 
—

 
—

 
—

 
5.00
%
 
—

 
5.00
%
 
—

 
5.00
%
 
—

_____________________
1 
The expected long-term rate of return assumption is based on the targeted investment portfolios provided to the Company by the VEBAs’ trustees.
2 
The medical trend rate assumptions used for the Union VEBA, which is currently paying certain prescription drug benefits, were provided by the Union VEBA and certain industry data were provided by the Company's actuaries. The trend rate is assumed to decline to 5% by 2019 for each of 2014, 2013 and 2012. A one-percentage-point increase in the assumed medical trend rates would increase the aggregate of the service and interest cost components of net periodic benefit costs by $2.6, $2.0 and $2.5 for 2014, 2013 and 2012, respectively. A one-percentage-point decrease in the assumed medical trend rates would decrease the aggregate of the service and interest cost components of net periodic benefit costs by $2.0, $1.5 and $2.0 for 2014, 2013 and 2012, respectively.
Schedule of Changes in Benefit Obligations
The following table presents the benefit obligations and funded status of the Company’s Canadian pension and the VEBAs as of December 31, 2014 and December 31, 2013 and the corresponding amounts that are included in the Company’s Consolidated Balance Sheets:
 
 
Canadian Pension Benefits
 
VEBA Benefits
 
 
2014
 
2013
 
2014
 
2013
 
2013
 
 
 
 
 
 
 
 
(as reclassified)6
 
(as reported)
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
Obligation at beginning of year
 
$
6.6

 
$
7.0

 
$
374.7

 
$
384.1

 
$
384.1

Foreign currency translation adjustment
 
(0.5
)
 
(0.5
)
 
—

 
—

 
—

Service cost
 
0.2

 
0.3

 
2.2

 
2.5

 
2.5

Interest cost
 
0.3

 
0.3

 
16.7

 
14.6

 
14.6

Prior service cost1
 
—

 
—

 
90.4

 
84.6

 
—

Actuarial loss (gain)2
 
0.7

 
(0.2
)
 
10.2

 
(91.9
)
 
(7.3
)
Plan participant contributions
 
—

 
—

 
—

 
—

 
—

Benefits paid by Company
 
(0.3
)
 
(0.3
)
 
—

 
—

 
—

Benefits paid by VEBAs
 
—

 
—

 
(24.7
)
 
(21.5
)
 
(21.5
)
Reimbursement from retiree drug subsidy3
 
—

 
—

 
1.4

 
2.3

 
2.3

Obligation at end of year
 
7.0

 
6.6

 
470.9

 
374.7

 
374.7
Schedule of Changes in Plan Assets
Change in plan assets:
 
 
 
 
 
 
 
 
 
 
Fair market value of plan assets at beginning of year
 
6.2

 
5.7

 
780.7

 
744.7

 
744.7

Foreign currency translation adjustment
 
(0.5
)
 
(0.4
)
 
—

 
—

 
—

Actual return on assets
 
0.6

 
0.7

 
22.7

 
39.2

 
39.2

Plan participant contributions
 
—

 
—

 
—

 
—

 
—

Sale of Company's common stock by Union VEBA
 
—

 
—

 
—

 
—

 
—

Employer/Company contributions5
 
0.3

 
0.5

 
13.7

 
16.0

 
16.0

Benefits paid by Company
 
(0.3
)
 
(0.3
)
 
—

 
—

 
—

Benefits paid by VEBAs
 
—

 
—

 
(24.7
)
 
(21.5
)
 
(21.5
)
Reimbursement from retiree drug subsidy3
 
—

 
—

 
1.4

 
2.3

 
2.3

Fair market value of plan assets at end of year
 
6.3

 
6.2

 
793.8

 
780.7

 
780.7

Net funded status4
 
$
(0.7
)
 
$
(0.4
)
 
$
322.9

 
$
406.0

 
$
406.0

_____________________________
1 
The prior service cost relating to the VEBAs in 2014 was primarily comprised of (i) a loss of $60.5 due to an increase in the healthcare premium reimbursement benefit in the Union VEBA; (ii) a loss of $15.9 resulting from the addition of a new death benefit starting in 2015 for plan participants in the Union VEBA; and (iii) a loss of $14.0 due to an increase in the annual healthcare reimbursement benefit starting in 2015 for plan participants in the Salaried VEBA.
The prior service cost relating to the VEBAs in 2013 was primarily comprised of a loss of $63.8 due to the addition of a new healthcare premium reimbursement benefit starting in 2014 in the Union VEBA and a loss of $20.8 resulting from an increase in the existing benefits reimbursement rates starting in 2014 for plan participants in both VEBAs.
2 
The actuarial gain relating to the VEBAs in 2014 was primarily comprised of (i) a gain of $53.6 due to projected lower benefit utilization; (ii) a gain of $18.0 due to projected lower drug claim cost in the future because of lower than expected drug claim costs in 2014 in the Union VEBA; (iii) a gain of $0.4 due primarily to a reduction in administrative cost in the Union VEBA; partially offset by (iv) a loss of $45.0 due primarily to reductions in the discount rates; and (v) a loss of $37.2 due primarily to updated actuarial mortality rates in both VEBAs.
The actuarial gain relating to the VEBAs in 2013 was primarily comprised of (i) a gain of $54.9 due to projected lower drug claim cost in the future because of lower than expected drug claim costs in 2013 in the Union VEBA; (ii) a gain of $30.5 due to a decrease in discount rates used to determine benefit obligations for both VEBAs; (iii) a gain of $8.0 due primarily to a higher than expected mortality rate in the Union VEBA; partially offset by (iv) a loss of $2.7 due primarily to an increase in administrative cost in the Union VEBA.
3 
The Union VEBA is eligible for the retiree drug subsidy of the Medicare Modernization Act that went into effect January 1, 2006. As a result, the Company has measured the Union VEBA’s obligations and costs to take into account this subsidy.
4 
Prepaid benefits of $322.9 at December 31, 2014 was comprised of $340.1 presented as Net asset of VEBAs on the Consolidated Balance Sheet related to the Union VEBA, offset by $17.2 presented as Net liability in respect of VEBA related to the Salaried VEBA. Prepaid benefits of $406.0 relating to both VEBAs at December 31, 2013 were presented as Net asset of VEBAs on the Consolidated Balance Sheet.
5 
The Company accrued a liability for a variable cash contribution of $13.7 to the VEBAs with respect to calendar year 2014, which will be paid in the first quarter of 2015. The Company accrued a liability for a variable cash contribution of $16.0 to the VEBAs with respect to calendar year 2013, which was paid in the first quarter of 2014.
6 
The presentation of Change in benefit obligation in the table above has been revised from the prior year presentation to reflect separate amounts for actuarial gains and losses and prior service costs related to plan amendments. This information was presented in a footnote to the table in the prior year. The 2013 balances shown above were adjusted to reflect this reclassification. The impacts to the prospective amortization of Prior service cost and Actuarial loss (gain) were not material.
Schedule of Net Funded Status
The following table presents the net assets of each VEBA as of the periods presented (such information is also included in the tables required under GAAP above which roll forward the assets and obligations):
 
 
December 31, 2014
 
December 31, 2013
 
 
Union VEBA
 
Salaried VEBA
 
Total
 
Union VEBA
 
Salaried VEBA
 
Total
Accumulated plan benefit obligation
 
$
(391.5
)
 
$
(79.4
)
 
$
(470.9
)
 
$
(312.7
)
 
$
(62.0
)
 
$
(374.7
)
Plan assets
 
731.6

 
62.2

 
793.8

 
717.5

 
63.2

 
780.7

Net funded status
 
$
340.1

 
$
(17.2
)
 
$
322.9

 
$
404.8

 
$
1.2

 
$
406.0
Schedule of Expected Benefit Payments
As of December 31, 2014, the net benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter are as follows:
 
Benefit Payments Due by Period
 
2015
 
2016
 
2017
 
2018
 
2019
 
2020-2023
Canadian pension plan benefit payments
$
0.3

 
$
0.3

 
$
0.3

 
$
0.3

 
$
0.3

 
$
1.6

VEBA benefit payments1
30.3

 
30.1

 
29.9

 
29.5

 
29.2

 
137.9

Total net benefits
$
30.6

 
$
30.4

 
$
30.2

 
$
29.8

 
$
29.5

 
$
139.5

__________________________________
1 
Such amounts were obtained from the VEBAs. The Company's only financial obligations to the VEBAs are to pay the variable contributions, which may not exceed $20.0 annually, and certain administrative fees.
Schedule of Net Periodic Benefit Cost Not yet Recognized
The amount of loss which is recognized in the Consolidated Balance Sheets (in Accumulated other comprehensive income (loss)) associated with the Company’s Canadian defined benefit pension plan and the VEBAs (before tax) that have not yet been reflected in net periodic benefit cost (income) were as follows for the years ended December 31:
 
 
Canadian Pension Benefits
 
VEBA Benefits
 
 
2014
 
2013
 
2014
 
2013
 
2013
 
 
 
 
 
 
 
 
(as reclassified)
 
(as reported)
Accumulated net actuarial (losses) gains
 
$
(1.9
)
 
$
(1.8
)
 
$
43.6

 
$
84.3

 
$
(0.5
)
Transition assets
 
0.2

 
0.2

 
—

 
—

 
—

Prior service cost
 
—

 
—

 
(197.4
)
 
(117.5
)
 
(32.7
)
Loss recognized in Accumulated other comprehensive income (loss)
 
$
(1.7
)
 
$
(1.6
)
 
$
(153.8
)
 
$
(33.2
)
 
$
(33.2
)
Schedule of Net Periodic Benefit Costs (Income)
The following table presents the components of net periodic benefit cost (income) for the years ended December 31:
 
 
Canadian Pension Benefits
 
VEBA Benefits
 
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Service cost
 
$
0.2

 
$
0.3

 
$
0.2

 
$
2.2

 
$
2.5

 
$
3.4

Interest cost
 
0.3

 
0.3

 
0.3

 
16.7

 
14.6

 
17.9

Expected return on plan assets
 
(0.3
)
 
(0.3
)
 
(0.2
)
 
(51.4
)
 
(45.1
)
 
(40.4
)
Amortization of prior service cost1
 
—

 
—

 
—

 
10.6

 
4.2

 
4.2

Amortization of net actuarial loss (gain)
 
0.1

 
0.2

 
0.1

 
(1.8
)
 
1.3

 
3.0

Net periodic benefit cost (income)
 
$
0.3

 
$
0.5

 
$
0.4

 
$
(23.7
)
 
$
(22.5
)
 
$
(11.9
)
__________________________
1 
The Company amortizes prior service cost on a straight-line basis over the average remaining years of service to full eligibility for benefits of the active plan participants.
Schedule of Income (Charges) Related to All Benefit Plans
The following tables present the total (income) charges related to all benefit plans for the periods presented:
 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
Included within Fabricated Products:
 
 
 
 
 
 
Canadian pension plan
 
$
0.3

 
$
0.5

 
$
0.4

Deferred compensation plan
 
0.2

 
0.3

 
0.2

Defined contribution plans
 
7.3

 
7.2

 
6.8

Total Fabricated Products1
 
$
7.8

 
$
8.0

 
$
7.4

 
 
 
 
 
 
 
Included within All Other:
 
 
 
 
 
 
VEBAs2
 
$
(23.7
)
 
$
(22.5
)
 
$
(11.9
)
Deferred compensation plan
 
0.7

 
0.9

 
0.8

Defined contribution plans
 
0.8

 
0.7

 
0.7

Total All Other
 
$
(22.2
)
 
$
(20.9
)
 
$
(10.4
)
 
 
 
 
 
 
 
Total
 
$
(14.4
)
 
$
(12.9
)
 
$
(3.0
)

___________________________
1 
Substantially all of the Fabricated Products segment’s employee benefits related charges are in Cost of products sold, excluding depreciation and amortization and other items with the remaining balance in Selling, administrative, research and development and general.
2 
Included within the Statements of Consolidated Income as Net periodic pension benefit income relating to VEBAs.
Allocation of Income (Charges) Relating to Retirement Plans
The following tables present the total (income) charges related to all benefit plans for the periods presented:
 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
Included within Fabricated Products:
 
 
 
 
 
 
Canadian pension plan
 
$
0.3

 
$
0.5

 
$
0.4

Deferred compensation plan
 
0.2

 
0.3

 
0.2

Defined contribution plans
 
7.3

 
7.2

 
6.8

Total Fabricated Products1
 
$
7.8

 
$
8.0

 
$
7.4

 
 
 
 
 
 
 
Included within All Other:
 
 
 
 
 
 
VEBAs2
 
$
(23.7
)
 
$
(22.5
)
 
$
(11.9
)
Deferred compensation plan
 
0.7

 
0.9

 
0.8

Defined contribution plans
 
0.8

 
0.7

 
0.7

Total All Other
 
$
(22.2
)
 
$
(20.9
)
 
$
(10.4
)
 
 
 
 
 
 
 
Total
 
$
(14.4
)
 
$
(12.9
)
 
$
(3.0
)

___________________________
1 
Substantially all of the Fabricated Products segment’s employee benefits related charges are in Cost of products sold, excluding depreciation and amortization and other items with the remaining balance in Selling, administrative, research and development and general.
2 
Included within the Statements of Consolidated Income as Net periodic pension benefit income relating to VEBAs