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Employee Benefits (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Compensation and Retirement Disclosure [Abstract] |
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| Reconciliation of the beginning and ending balances of projected benefit obligation and fair value of plan assets [Table Text Block] |
The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2013 and 2012, and the funded status at December 31, 2013 and 2012, is as follows:
| | | | | | | | (in millions) | 2013 | 2012 | Change in benefit obligation: | | | Benefit obligation at beginning of year | $ | 1,345.7 |
| $ | 1,166.2 |
| Service cost | 4.3 |
| 3.9 |
| Interest cost | 56.2 |
| 59.3 |
| Benefits paid | (76.5 | ) | (63.1 | ) | Actuarial (gain) loss | (131.6 | ) | 192.1 |
| Expenses paid from assets | (9.6 | ) | (12.7 | ) | Other | 0.3 |
| — |
| Benefit obligation at year end | $ | 1,188.8 |
| $ | 1,345.7 |
| Change in plan assets: |
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| Fair value of plan assets at prior year end | $ | 799.4 |
| $ | 727.7 |
| Actual return on plan assets | 31.9 |
| 72.2 |
| Employer contributions | 62.9 |
| 75.3 |
| Benefits paid | (76.5 | ) | (63.1 | ) | Expenses paid from assets | (9.6 | ) | (12.7 | ) | Other | 0.3 |
| — |
| Fair value of plan assets at year end | $ | 808.4 |
| $ | 799.4 |
| Funded status at year end | $ | (380.4 | ) | $ | (546.3 | ) |
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| Amounts recognized for pension [Table Text Block] |
Amounts recognized in the consolidated balance sheets for pension benefits at December 31 are as follows:
| | | | | | | | (in millions) | 2013 | 2012 | Noncurrent assets | $ | 1.7 |
| $ | — |
| Current liabilities | 0.6 |
| 0.6 |
| Noncurrent liabilities | 381.5 |
| 545.7 |
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| Amounts recognized in accumulated other comprehensive loss [Table Text Block] |
Amounts recognized in accumulated other comprehensive loss at December 31 consist of:
| | | | | | | | (in millions) | 2013 | 2012 | Net actuarial loss | $ | 389.2 |
| $ | 511.8 |
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| Information for penison plans with ABO in excess of plan assets [Table Text Block] |
Information for pension plans with an ABO in excess of plan assets at December 31, 2013 is as follows:
| | | | | | | | | | | | (in millions) | | ABO Exceeds Assets | Assets Exceed ABO | Total | Projected benefit obligation | | $ | 1,182.1 |
| $ | 5.3 |
| $ | 1,187.4 |
| Accumulated benefit obligation | | 1,182.1 |
| 6.7 |
| 1,188.8 |
| Fair value of plan assets | | 799.9 |
| 8.5 |
| 808.4 |
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| Schedule of assumptions used [Table Text Block] |
Weighted average actuarial assumptions used to determine benefit obligations at December 31:
| | | | | | | 2013 | 2012 | Discount rate | 5.23 | % | 4.28 | % |
Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31:
| | | | | | | | | 2013 | 2012 | 2011 | Discount rate | 4.28 | % | 5.23 | % | 5.79 | % | Expected rate of return on assets | 7.0 | % | 7.0 | % | 7.0 | % | Mortality table | RP-2000
Projected to 2013 |
| RP-2000
Projected to 2012 |
| RP-2000 Projected to 2011 |
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| Schedule of expected benefit payments [Table Text Block] |
Expected benefit payments from our qualified and non-qualified defined benefit pension plans for each of the next five years and the total payments for the following five years ended December 31 are as follows:
| | | | | | | | | | | | | | | | | | | | (in millions) | 2014 |
| 2015 |
| 2016 |
| 2017 |
| 2018 |
| 2019-2023 |
| Expected benefit payments | $ | 70.5 |
| $ | 71.7 |
| $ | 71.7 |
| $ | 72.0 |
| $ | 74.0 |
| $ | 384.6 |
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| Components of net periodic pension cost recognized in other comprehensive income [Table Text Block] |
The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2013 and 2012, and the funded status at December 31, 2013 and 2012, is as follows:
| | | | | | | | (in millions) | 2013 | 2012 | Change in benefit obligation: | | | Benefit obligation at beginning of year | $ | 1,345.7 |
| $ | 1,166.2 |
| Service cost | 4.3 |
| 3.9 |
| Interest cost | 56.2 |
| 59.3 |
| Benefits paid | (76.5 | ) | (63.1 | ) | Actuarial (gain) loss | (131.6 | ) | 192.1 |
| Expenses paid from assets | (9.6 | ) | (12.7 | ) | Other | 0.3 |
| — |
| Benefit obligation at year end | $ | 1,188.8 |
| $ | 1,345.7 |
| Change in plan assets: |
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| Fair value of plan assets at prior year end | $ | 799.4 |
| $ | 727.7 |
| Actual return on plan assets | 31.9 |
| 72.2 |
| Employer contributions | 62.9 |
| 75.3 |
| Benefits paid | (76.5 | ) | (63.1 | ) | Expenses paid from assets | (9.6 | ) | (12.7 | ) | Other | 0.3 |
| — |
| Fair value of plan assets at year end | $ | 808.4 |
| $ | 799.4 |
| Funded status at year end | $ | (380.4 | ) | $ | (546.3 | ) |
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| Schedule of Costs of Retirement Plans [Table Text Block] |
The components of our net periodic pension cost, other post-retirement costs and other amounts recognized in other comprehensive loss for the years ended December 31, 2013, 2012 and 2011 were as follows:
| | | | | | | | | | | (in millions) | 2013 | 2012 | 2011 | Net periodic benefit cost: |
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| Service cost | $ | 4.3 |
| $ | 3.9 |
| $ | 3.6 |
| Interest cost | 56.2 |
| 59.3 |
| 61.2 |
| Expected return on plan assets | (55.6 | ) | (51.1 | ) | (43.0 | ) | Amortization of prior net loss | 14.8 |
| 9.0 |
| 9.6 |
| Net periodic pension cost | $ | 19.7 |
| $ | 21.1 |
| $ | 31.4 |
| Other changes in plan assets and benefit obligations recognized in other comprehensive loss: |
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| Net actuarial loss (gain) and other adjustments | $ | (107.7 | ) | $ | 170.4 |
| $ | 3.6 |
| Less amortization of prior losses | (14.8 | ) | (9.0 | ) | (9.6 | ) | Total recognized in other comprehensive loss (income) | (122.5 | ) | 161.4 |
| (6.0 | ) | Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (102.8 | ) | $ | 182.5 |
| $ | 25.4 |
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| Pension assets at fair value [Table Text Block] |
The table below details by level, within the fair value hierarchy, the pension assets at fair value as of December 31, 2013: | | | | | | | | | | | | | | | Pension Assets at Fair Value as of December 31, 2013 | (in millions) | Level 1 | Level 2 | Level 3 | Total | Equities | $ | 113.3 |
| $ | 106.4 |
| $ | — |
| $ | 219.7 |
| Private equities | — |
| — |
| 60.3 |
| 60.3 |
| Fixed income: | | | | | Corporate | 4.3 |
| 106.5 |
| 38.6 |
| 149.4 |
| Government | 98.0 |
| 102.8 |
| — |
| 200.8 |
| Other | 10.1 |
| — |
| — |
| 10.1 |
| Absolute return | 6.2 |
| 138.6 |
| — |
| 144.8 |
| Interest bearing | 23.3 |
| — |
| — |
| 23.3 |
| Total investments | $ | 255.2 |
| $ | 454.3 |
| $ | 98.9 |
| $ | 808.4 |
| Other assets, net | | | | — |
| Total plan assets | $ | 255.2 |
| $ | 454.3 |
| $ | 98.9 |
| $ | 808.4 |
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The table below details by level, within the fair value hierarchy, the pension assets at fair value as of December 31, 2012: | | | | | | | | | | | | | | | Pension Assets at Fair Value as of December 31, 2012 | (in millions) | Level 1 | Level 2 | Level 3 | Total | Equities | $ | 79.9 |
| $ | 92.5 |
| — |
| $ | 172.4 |
| Private equities | — |
| — |
| 38.8 |
| 38.8 |
| Fixed income: |
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| Corporate | 15.3 |
| 89.9 |
| 35.5 |
| 140.7 |
| Government | 109.1 |
| 145.2 |
| — |
| 254.3 |
| Absolute return | 0.6 |
| 157.1 |
| — |
| 157.7 |
| Interest bearing | 34.0 |
| — |
| — |
| 34.0 |
| Total investments | $ | 238.9 |
| $ | 484.7 |
| $ | 74.3 |
| $ | 797.9 |
| Other assets, net | | | | 1.5 |
| Total plan assets | $ | 238.9 |
| $ | 484.7 |
| $ | 74.3 |
| $ | 799.4 |
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| Assets measured at fair value on a recurring basis (Level 3) [Table Text Block] |
The table below presents the activity of our assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
| | | | | | | | | | | (in millions) | Private Equities | Fixed income | Total Level 3 | Balance at December 31, 2011 | $ | 29.0 |
| $ | 14.6 |
| $ | 43.6 |
| Purchases | 8.4 |
| 25.6 |
| 34.0 |
| Sales | (2.0 | ) | (5.2 | ) | (7.2 | ) | Unrealized gain (loss) | 3.4 |
| 0.5 |
| 3.9 |
| Balance at December 31, 2012 | $ | 38.8 |
| $ | 35.5 |
| $ | 74.3 |
| Purchases | 6.4 |
| 9.6 |
| 16.0 |
| Sales | (6.4 | ) | (5.3 | ) | (11.7 | ) | Unrealized gain (loss) | 21.5 |
| (1.2 | ) | 20.3 |
| Balance at December 31, 2013 | $ | 60.3 |
| $ | 38.6 |
| $ | 98.9 |
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| Level 3 assets using NAV [Table Text Block] |
The following table sets forth a summary of the Level 3 assets for which the fair value is not readily determinable but a reported NAV is used to estimate the fair value as of December 31, 2013:
| | | | | | | | | | | Fair value estimated using Net Asset Value per Share | (in millions) | Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | Private equities (a) | $ | 60.3 |
| $ | 18.0 |
| Redemptions not permitted | Fixed income (b) | 38.6 |
| 16.0 |
| Redemptions not permitted | Total | $ | 98.9 |
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| | (a) | Consists of five private equity funds investing in renewable solar energy, acquisition of pharmaceutical company interests, Chinese technology and healthcare companies. |
| | (b) | Consists of three fixed income funds which invest in debt securities secured by royalty payments from marketers of pharmaceutical products. |
The following table sets forth a summary of the Level 3 assets for which the fair value is not readily determinable but a reported NAV is used to estimate the fair value as of December 31, 2012: | | | | | | | | | | | Fair value estimated using Net Asset Value per Share | (in millions) | Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | Private equities (a) | $ | 38.8 |
| $ | 14.2 |
| Redemptions not permitted | Fixed income (b) | 35.5 |
| 3.0 |
| Varies (c) | Total | $ | 74.3 |
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| | (a) | Consists of four private equity funds investing in renewable solar energy, acquisition of pharmaceutical company interests and Chinese technology and healthcare companies. |
| | (b) | Consists of three fixed income funds, two of which invest in debt securities secured by royalty payments from top-tier marketers of pharmaceutical products, and one which invests in Indian mezzanine debt. |
| | (c) | Redemptions are not permitted for two of the Level 3 fixed income funds. The third fund has redemption terms of quarterly after the second anniversary and a 90 day redemption notice period. |
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| Schedule of multiemployer plans [Table Text Block] |
We expensed the following amounts related to these plans for the years ended December 31:
| | | | | | | | | | | (in millions) | 2013 | 2012 | 2011 | Health and welfare | $ | 399.5 |
| $ | 387.5 |
| $ | 378.2 |
| Pension | 89.1 |
| 85.6 |
| 48.7 |
| Total | $ | 488.6 |
| $ | 473.1 |
| $ | 426.9 |
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The following table provides additional information related to our participation in individually significant multi-employer pension plans for the year ended December 31, 2013:
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Pension Protection Zone Status (b) | Funding Improvement or Rehabilitation Plan | Employer Surcharge Imposed | Expiration Date of Collective-Bargaining Agreement | Pension Fund (a) | EIN Number | 2013 | 2012 | Central States, Southwest and Southwest Areas Pension Fund | 36-6044243 | Red | Red | Yes | No | 3/31/2019 | Teamsters National 401K Savings Plan (c) | 52-1967784 | N/A | N/A | N/A | No | 3/31/2019 | I.B. of T. Union Local No 710 Pension Fund | 36-2377656 | Green | Green | No | No | 3/31/2019 | Central Pennsylvania Teamsters Defined Benefit Plan | 23-6262789 | Yellow | Green | Yes | No | 3/31/2019 | Road Carriers Local 707 Pension Fund | 51-6106510 | Not Available | Red | Yes | No | 3/31/2019 | Teamsters Local 641 Pension Fund | 22-6220288 | Red | Red | Yes | No | 3/31/2019 |
(a) The determination of individually significant multi-employer plans is based on the relative contributions to the plans over the periods presented as well as other factors. (b) The Pension Protection Zone Status is based on information that the Company obtained from the plans' Forms 5500. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available for 2013 and 2012 is for the plan's year-end during calendar years 2012 and 2011, respectively. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. (c) The policies of the Western Conference of Teamsters Pension Trust precluded the Company from reentering the plan on June 1, 2011. The plan did not assess a withdrawal liability and has not done so since June 1, 2011. Contributions related to the employees previously covered by this plan are now being made to the Teamsters National 401(k) Plan. |
| Schedule of multiemployer plans [Table Text Block] |
We expensed the following amounts related to these plans for the years ended December 31:
| | | | | | | | | | | (in millions) | 2013 | 2012 | 2011 | Health and welfare | $ | 399.5 |
| $ | 387.5 |
| $ | 378.2 |
| Pension | 89.1 |
| 85.6 |
| 48.7 |
| Total | $ | 488.6 |
| $ | 473.1 |
| $ | 426.9 |
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The following table provides additional information related to our participation in individually significant multi-employer pension plans for the year ended December 31, 2013:
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Pension Protection Zone Status (b) | Funding Improvement or Rehabilitation Plan | Employer Surcharge Imposed | Expiration Date of Collective-Bargaining Agreement | Pension Fund (a) | EIN Number | 2013 | 2012 | Central States, Southwest and Southwest Areas Pension Fund | 36-6044243 | Red | Red | Yes | No | 3/31/2019 | Teamsters National 401K Savings Plan (c) | 52-1967784 | N/A | N/A | N/A | No | 3/31/2019 | I.B. of T. Union Local No 710 Pension Fund | 36-2377656 | Green | Green | No | No | 3/31/2019 | Central Pennsylvania Teamsters Defined Benefit Plan | 23-6262789 | Yellow | Green | Yes | No | 3/31/2019 | Road Carriers Local 707 Pension Fund | 51-6106510 | Not Available | Red | Yes | No | 3/31/2019 | Teamsters Local 641 Pension Fund | 22-6220288 | Red | Red | Yes | No | 3/31/2019 |
(a) The determination of individually significant multi-employer plans is based on the relative contributions to the plans over the periods presented as well as other factors. (b) The Pension Protection Zone Status is based on information that the Company obtained from the plans' Forms 5500. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available for 2013 and 2012 is for the plan's year-end during calendar years 2012 and 2011, respectively. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. (c) The policies of the Western Conference of Teamsters Pension Trust precluded the Company from reentering the plan on June 1, 2011. The plan did not assess a withdrawal liability and has not done so since June 1, 2011. Contributions related to the employees previously covered by this plan are now being made to the Teamsters National 401(k) Plan. |
| Pension amounts contributed by fund [Table Text Block] |
The following table provides the pension amounts contributed by fund for those funds that are considered to be individually significant:
| | | | | | | | | | | (in millions) | 2013 | 2012 | 2011 | Central States, Southeast and Southwest Areas Pension Plan | $ | 52.1 |
| $ | 51.9 |
| $ | 27.6 |
| Teamsters National 401K Savings Plan | 11.2 |
| 11.0 |
| 5.8 |
| I.B. of T. Union Local No 710 Pension Fund | 4.4 |
| 4.1 |
| 2.2 |
| Central Pennsylvania Teamsters Defined Benefit Plan | 4.5 |
| 4.5 |
| 2.3 |
| Road Carriers Local 707 Pension Fund | 2.3 |
| 2.5 |
| 1.2 |
| Teamsters Local 641 Pension Fund | 1.6 |
| 1.6 |
| 0.8 |
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