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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of Assumptions Used for Benefit Obligation [Table Text Block]
Assumptions used to determine benefit obligations as of the periods presented were as follows:
 
 
Canadian Pension Plan
 
VEBAs
 
 
December 31, 2015
 
December 31, 2014
 
December 31, 2015
 
December 31, 2014
 
 
 
 
 
 
Salaried
VEBA
 
Union
VEBA
 
Salaried
VEBA
Discount rate
 
4.10
%
 
4.00
%
 
3.90
%
 
3.80
%
 
3.60
%
Rate of compensation increase
 
3.00
%
 
3.00
%
 
—

 
—

 
—

Initial medical trend rate 1
 
—

 
—

 
—

 
7.00
%
 
—

Ultimate medical trend rate 1
 
—

 
—

 
—

 
5.00
%
 
—

_____________________
1. 
The medical trend rate assumptions used for the Union VEBA at December 31, 2014 were provided by the Union VEBA and certain industry data were provided by our actuaries. The trend rate was assumed to decline to 5% by 2019.
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 Plan
 
VEBAs
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
Salaried
VEBA
 
Union
VEBA
 
Salaried
VEBA
 
Union
VEBA
 
Salaried
VEBA
Discount rate
 
4.00
%
 
4.90
%
 
4.40
%
 
3.60
%
 
4.70
%
 
4.20
%
 
4.00
%
 
3.40
%
Expected long-term return on plan assets1
 
5.10
%
 
4.75
%
 
4.50
%
 
7.75
%
 
6.75
%
 
7.75
%
 
6.25
%
 
7.25
%
Rate of compensation increase
 
3.00
%
 
3.00
%
 
3.00
%
 
—

 
—

 
—

 
—

 
—

Initial medical trend rate2
 
—

 
—

 
—

 
—

 
7.50
%
 
—

 
8.00
%
 
—

Ultimate medical trend rate2
 
—

 
—

 
—

 
—

 
5.00
%
 
—

 
5.00
%
 
—

_____________________
1. 
The expected long-term rate of return assumption is based on the targeted investment portfolios provided to us by the VEBAs’ trustees.
2. 
The medical trend rate was assumed to decline to 5% by 2019 for each of 2014 and 2013.
Schedule of Changes in Benefit Obligations
The following table presents the benefit obligations and funded status of our Canadian pension and the VEBAs as of December 31, 2015 and December 31, 2014 and the corresponding amounts that are included in our Consolidated Balance Sheets (in millions of dollars):
 
 
Canadian Pension Plan
 
VEBAs
 
 
2015
 
2014
 
2015
 
2014
Change in benefit obligation:
 
 
 
 
 
 
 
 
Obligation at beginning of year
 
$
7.0

 
$
6.6

 
$
470.9

 
$
374.7

Removal of Union VEBA
 
—

 
—

 
(391.5
)
 
—

Foreign currency translation adjustment
 
(1.0
)
 
(0.5
)
 
—

 
—

Service cost
 
0.2

 
0.2

 
—

 
2.2

Interest cost
 
0.2

 
0.3

 
2.7

 
16.7

Prior service cost1
 
—

 
—

 
13.2

 
90.4

Actuarial loss (gain)2
 
(0.1
)
 
0.7

 
(11.2
)
 
10.2

Benefits paid by Company
 
(0.2
)
 
(0.3
)
 
—

 
—

Benefits paid by VEBAs
 
—

 
—

 
(6.2
)
 
(24.7
)
Reimbursement from retiree drug subsidy3
 
—

 
—

 
—

 
1.4

Obligation at end of year
 
6.1

 
7.0

 
77.9

 
470.9

 
 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
 
Fair market value of plan assets at beginning of year
 
6.3

 
6.2

 
793.8

 
780.7

Removal of Union VEBA4
 
—

 
—

 
(778.3
)
 
—

Foreign currency translation adjustment
 
(1.0
)
 
(0.5
)
 
—

 
—

Actual return on assets
 
0.3

 
0.6

 
0.1

 
22.7

Employer/Company contributions4,5
 
0.3

 
0.3

 
49.5

 
13.7

Benefits paid by Company
 
(0.2
)
 
(0.3
)
 
—

 
—

Benefits paid by VEBAs
 
—

 
—

 
(6.2
)
 
(24.7
)
Reimbursement from retiree drug subsidy3
 
—

 
—

 
—

 
1.4

Fair market value of plan assets at end of year
 
5.7

 
6.3

 
58.9

 
793.8

Net funded status6
 
$
(0.4
)
 
$
(0.7
)
 
$
(19.0
)
 
$
322.9


_____________________________
1. 
The prior service cost relating to the Salaried VEBA in 2015 was primarily comprised of a $13.2 million loss due to an increase in the annual healthcare reimbursement benefit starting in 2016 for plan participants.
The prior service cost relating to the VEBAs in 2014 was primarily comprised of: (i) a $60.5 million loss due to an increase in the healthcare premium reimbursement benefit in the Union VEBA; (ii) a $15.9 million loss resulting from the addition of a new death benefit starting in 2015 for plan participants in the Union VEBA; and (iii) a $14.0 million loss due to an increase in the annual healthcare reimbursement benefit starting in 2015 for plan participants in the Salaried VEBA.
2. 
The actuarial gain relating to the Salaried VEBA in 2015 was primarily comprised of: (i) a $5.5 million gain due to projected lower benefit utilization; (ii) a $2.0 million gain due primarily to reductions in the discount rates; and (iii) a $3.7 million gain due primarily to updated actuarial mortality rates.
The actuarial gain relating to the VEBAs in 2014 was primarily comprised of: (i) a gain of $53.6 million due to projected lower benefit utilization; (ii) a gain of $18.0 million 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 million due primarily to a reduction in administrative cost in the Union VEBA. The actuarial gain relating to the VEBAs in 2014 was partially offset by: (i) a loss of $45.0 million due primarily to reductions in the discount rates; and (ii) a loss of $37.2 million due primarily to updated actuarial mortality rates in both VEBAs.
3. 
The Union VEBA was eligible for the retiree drug subsidy of the Medicare Modernization Act that went into effect January 1, 2006. As a result, we measured the Union VEBA’s obligations and costs for the year ended December 31, 2014 to take into account this subsidy.
4. 
Removal of Union VEBA and Employer/Company contributions each include $46.7 million of accrued variable cash contribution, of which: (i) $16.8 million relates to the Union VEBA for the 2015 year, which will be paid during the first quarter of 2016 and (ii) $29.9 million relates to the estimated accrual for the Union VEBA with respect to the variable contributions for 2016 and 2017.
5. 
In addition to the $46.7 million discussed above, Employer/Company contributions included $2.8 million of accrued variable cash contribution related to the Salaried VEBA for the 2015 year, which will be paid during the first quarter of 2016. For the calendar year 2014, we accrued a total (Union and Salaried) liability for a variable cash contribution of $13.7 million, which was paid in the first quarter of 2015.
6. 
Net funded status of $19.0 million relating to the Salaried VEBA at December 31, 2015 was presented as Net liabilities of Salaried VEBA on the Consolidated Balance Sheet. Net funded status of $322.9 million at December 31, 2014 was comprised of $340.1 million presented as Net assets of Union VEBA on the Consolidated Balance Sheet, offset by $17.2 million presented as Net liabilities of Salaried VEBA.
Schedule of Changes in Plan Assets
The following table presents the benefit obligations and funded status of our Canadian pension and the VEBAs as of December 31, 2015 and December 31, 2014 and the corresponding amounts that are included in our Consolidated Balance Sheets (in millions of dollars):
 
 
Canadian Pension Plan
 
VEBAs
 
 
2015
 
2014
 
2015
 
2014
Change in benefit obligation:
 
 
 
 
 
 
 
 
Obligation at beginning of year
 
$
7.0

 
$
6.6

 
$
470.9

 
$
374.7

Removal of Union VEBA
 
—

 
—

 
(391.5
)
 
—

Foreign currency translation adjustment
 
(1.0
)
 
(0.5
)
 
—

 
—

Service cost
 
0.2

 
0.2

 
—

 
2.2

Interest cost
 
0.2

 
0.3

 
2.7

 
16.7

Prior service cost1
 
—

 
—

 
13.2

 
90.4

Actuarial loss (gain)2
 
(0.1
)
 
0.7

 
(11.2
)
 
10.2

Benefits paid by Company
 
(0.2
)
 
(0.3
)
 
—

 
—

Benefits paid by VEBAs
 
—

 
—

 
(6.2
)
 
(24.7
)
Reimbursement from retiree drug subsidy3
 
—

 
—

 
—

 
1.4

Obligation at end of year
 
6.1

 
7.0

 
77.9

 
470.9

 
 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
 
Fair market value of plan assets at beginning of year
 
6.3

 
6.2

 
793.8

 
780.7

Removal of Union VEBA4
 
—

 
—

 
(778.3
)
 
—

Foreign currency translation adjustment
 
(1.0
)
 
(0.5
)
 
—

 
—

Actual return on assets
 
0.3

 
0.6

 
0.1

 
22.7

Employer/Company contributions4,5
 
0.3

 
0.3

 
49.5

 
13.7

Benefits paid by Company
 
(0.2
)
 
(0.3
)
 
—

 
—

Benefits paid by VEBAs
 
—

 
—

 
(6.2
)
 
(24.7
)
Reimbursement from retiree drug subsidy3
 
—

 
—

 
—

 
1.4

Fair market value of plan assets at end of year
 
5.7

 
6.3

 
58.9

 
793.8

Net funded status6
 
$
(0.4
)
 
$
(0.7
)
 
$
(19.0
)
 
$
322.9


_____________________________
1. 
The prior service cost relating to the Salaried VEBA in 2015 was primarily comprised of a $13.2 million loss due to an increase in the annual healthcare reimbursement benefit starting in 2016 for plan participants.
The prior service cost relating to the VEBAs in 2014 was primarily comprised of: (i) a $60.5 million loss due to an increase in the healthcare premium reimbursement benefit in the Union VEBA; (ii) a $15.9 million loss resulting from the addition of a new death benefit starting in 2015 for plan participants in the Union VEBA; and (iii) a $14.0 million loss due to an increase in the annual healthcare reimbursement benefit starting in 2015 for plan participants in the Salaried VEBA.
2. 
The actuarial gain relating to the Salaried VEBA in 2015 was primarily comprised of: (i) a $5.5 million gain due to projected lower benefit utilization; (ii) a $2.0 million gain due primarily to reductions in the discount rates; and (iii) a $3.7 million gain due primarily to updated actuarial mortality rates.
The actuarial gain relating to the VEBAs in 2014 was primarily comprised of: (i) a gain of $53.6 million due to projected lower benefit utilization; (ii) a gain of $18.0 million 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 million due primarily to a reduction in administrative cost in the Union VEBA. The actuarial gain relating to the VEBAs in 2014 was partially offset by: (i) a loss of $45.0 million due primarily to reductions in the discount rates; and (ii) a loss of $37.2 million due primarily to updated actuarial mortality rates in both VEBAs.
3. 
The Union VEBA was eligible for the retiree drug subsidy of the Medicare Modernization Act that went into effect January 1, 2006. As a result, we measured the Union VEBA’s obligations and costs for the year ended December 31, 2014 to take into account this subsidy.
4. 
Removal of Union VEBA and Employer/Company contributions each include $46.7 million of accrued variable cash contribution, of which: (i) $16.8 million relates to the Union VEBA for the 2015 year, which will be paid during the first quarter of 2016 and (ii) $29.9 million relates to the estimated accrual for the Union VEBA with respect to the variable contributions for 2016 and 2017.
5. 
In addition to the $46.7 million discussed above, Employer/Company contributions included $2.8 million of accrued variable cash contribution related to the Salaried VEBA for the 2015 year, which will be paid during the first quarter of 2016. For the calendar year 2014, we accrued a total (Union and Salaried) liability for a variable cash contribution of $13.7 million, which was paid in the first quarter of 2015.
6. 
Net funded status of $19.0 million relating to the Salaried VEBA at December 31, 2015 was presented as Net liabilities of Salaried VEBA on the Consolidated Balance Sheet. Net funded status of $322.9 million at December 31, 2014 was comprised of $340.1 million presented as Net assets of Union VEBA on the Consolidated Balance Sheet, offset by $17.2 million presented as Net liabilities of Salaried VEBA.
Schedule of Net Funded Status
The following table presents the net assets (liabilities) 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 (in millions of dollars):
 
 
Salaried VEBA
 
Union VEBA
 
 
December 31, 2015
 
December 31, 2014
 
December 31, 2015
 
December 31, 2014
Accumulated plan benefit obligation
 
$
(77.9
)
 
$
(79.4
)
 
$
—

 
$
(391.5
)
Plan assets
 
58.9

 
62.2

 
—

 
731.6

Net funded status
 
$
(19.0
)
 
$
(17.2
)
 
$
—

 
$
340.1
Schedule of Expected Benefit Payments
As of December 31, 2015, 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 (in millions of dollars):
 
Benefit Payments Due by Period
 
2016
 
2017
 
2018
 
2019
 
2020
 
2020-2023
Canadian pension plan benefit payments
$
0.2

 
$
0.2

 
$
0.2

 
$
0.3

 
$
0.3

 
$
1.6

Salaried VEBA benefit payments1
7.6

 
7.3

 
7.0

 
6.7

 
6.4

 
27.2

Total net benefits
$
7.8

 
$
7.5

 
$
7.2

 
$
7.0

 
$
6.7

 
$
28.8

__________________________________
1. 
Such amounts are based on benefit amounts and certain key assumptions obtained from the Salaried VEBA.
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 loss) associated with our 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 (in millions of dollars):
 
 
Canadian Pension Plan
 
Salaried VEBA
 
Union VEBA
 
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Accumulated net actuarial (loss) gain
 
$
(1.0
)
 
$
(1.9
)
 
$
(13.6
)
 
$
(21.5
)
 
$
—

 
$
65.1

Transition assets
 
0.1

 
0.2

 
—

 
—

 
—

 
—

Prior service cost
 
—

 
—

 
(35.9
)
 
(25.7
)
 
—

 
(171.7
)
Loss recognized in Accumulated other comprehensive loss
 
$
(0.9
)
 
$
(1.7
)
 
$
(49.5
)
 
$
(47.2
)
 
$
—

 
$
(106.6
)
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 (in millions of dollars):
 
 
Canadian Pension Plan
 
VEBAs
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Service cost1
 
$
0.3

 
$
0.2

 
$
0.3

 
$
—

 
$
2.2

 
$
2.5

Interest cost
 
0.3

 
0.3

 
0.3

 
2.7

 
16.7

 
14.6

Expected return on plan assets
 
(0.3
)
 
(0.3
)
 
(0.3
)
 
(4.3
)
 
(51.4
)
 
(45.1
)
Amortization of prior service cost2
 
—

 
—

 
—

 
3.0

 
10.6

 
4.2

Amortization of net actuarial loss (gain)
 
0.1

 
0.1

 
0.2

 
1.0

 
(1.8
)
 
1.3

Net periodic benefit cost (income)
 
0.4

 
0.3

 
0.5

 
2.4

 
(23.7
)
 
(22.5
)
__________________________
1. 
The service cost related to the Salaried VEBA was insignificant for all periods presented.
2. 
We amortize 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 charges (income) related to all benefit plans for the periods presented (in millions of dollars):
 
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
Included within Fabricated Products:
 
 
 
 
 
 
Canadian pension plan
 
$
0.4

 
$
0.3

 
$
0.5

Deferred compensation plan
 
0.1

 
0.2

 
0.3

Defined contribution plans
 
7.8

 
7.3

 
7.2

Total Fabricated Products1
 
$
8.3

 
$
7.8

 
$
8.0

 
 
 
 
 
 
 
Included within All Other:
 
 
 
 
 
 
Net periodic postretirement benefit cost (income) relating to VEBAs
 
2.4

 
(23.7
)
 
(22.5
)
Loss on removal of Union VEBA net assets
 
493.4

 
—

 
—

Deferred compensation plan
 
0.3

 
0.7

 
0.9

Defined contribution plans
 
0.8

 
0.8

 
0.7

Total All Other2
 
$
496.9

 
$
(22.2
)
 
$
(20.9
)
 
 
 
 
 
 
 
Total
 
$
505.2

 
$
(14.4
)
 
$
(12.9
)

___________________________
1. 
Substantially all of the Fabricated Products segment’s charges related to employee benefits were in Cost of products sold, excluding depreciation and amortization and other items with the remaining balance in SG&A and R&D.
2. 
Charges (income) related to VEBAs is included within the Statements of Consolidated (Loss) Income as Net periodic postretirement benefit cost (income) relating to VEBAs with the remaining balance in SG&A and R&D.