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Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans (Tables)
12 Months Ended
Dec. 31, 2011
U.S. pension plans [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
Funded status for pension plans
                 
    2011     2010  

Change in benefit obligation:

               

  Projected benefit obligation at beginning of period

  $ 54.8     $ 55.1  

  Service cost

    1.1       1.0  

  Interest cost

    4.8       2.8  

  Actuarial (gain) loss

    10.2       (1.9

  Benefits paid

    (9.3     (2.2

  Acquisition of Diversey

    150.5        
   

 

 

   

 

 

 

  Projected benefit obligation at end of period

  $ 212.1     $ 54.8  
   

 

 

   

 

 

 

  Change in plan assets:

               

  Fair value of plan assets at beginning of period

  $ 40.8     $ 37.9  

  Actual gain on plan assets

    7.5       3.9  

  Employer contributions

    4.4       1.2  

  Benefits paid

    (9.3     (2.2

  Acquisition of Diversey

    127.8        
   

 

 

   

 

 

 

  Fair value of plan assets at end of period

    171.2       40.8  
   

 

 

   

 

 

 

Underfunded status at end of year

  $ (40.9   $ (14.0
   

 

 

   

 

 

 
Components of net periodic benefit cost
                         
    2011     2010     2009  

Components of net periodic benefit cost:

                       

  Service cost

  $ 1.1     $ 1.0     $ 1.5  

  Interest cost

    4.8       2.8       3.1  

  Expected return on plan assets

    (5.1     (2.7     (2.6

  Amortization of net prior service cost

    0.2       0.3       0.5  

  Amortization of net actuarial loss

    1.3       1.2       1.4  
   

 

 

   

 

 

   

 

 

 

  Net periodic benefit cost

  $       2.3     $       2.6     $       3.9  
   

 

 

   

 

 

   

 

 

 
Amounts in accumulated other comprehensive loss, net of taxes, not yet recognized
         

Unrecognized prior service costs

  $ 0.5  

Unrecognized net actuarial loss

    23.7  
   

 

 

 

 Total

  $         24.2  
   

 

 

 
Changes in plan assets and benefit obligations recognized in other comprehensive loss
         

Current year actuarial gain

  $ 7.8  

Amortization of actuarial loss

    (1.3

Amortization of prior service cost

    (0.2
   

 

 

 

Total recognized in other comprehensive loss

  $            6.3  
   

 

 

 
Amounts in accumulated other comprehensive loss expected to be recognized in next fiscal year
         

Unrecognized prior service costs

  $ 0.2  

Unrecognized net actuarial loss

    2.0  
   

 

 

 

 Total

  $            2.2  
   

 

 

 
Information for plans with accumulated benefit obligations in excess of plan assets
         

Accumulated benefit obligation

  $         207.5  

Fair value of plan assets

    171.2  
Weighted average assumptions used to determine benefit obligations
                 
    2011     2010  

Discount rate

    4.6     5.4

Rate of compensation increase

    3.5       3.5  
Weighted average assumptions used to determine net periodic benefit cost
                         
    2011     2010     2009  

Discount rate

    4.9     5.5     6.0

Expected long-term rate of return

    6.7       7.3       8.0  

Rate of compensation increase

    3.5       3.5       3.5  
Estimated Future Benefit Payments
         

Year

  Amount  

2012

  $   11.4  

2013

    12.8  

2014

    11.7  

2015

    12.4  

2016

    14.7  

2017 — 2021

    71.7  
Fair values of pension plan assets, by asset category and level of fair values
                                 

Asset Category

  Total
Fair Value
    Level 1     Level 2     Level 3  

Cash and cash equivalents(1)

  $ 4.2     $     $ 4.2     $  

Fixed income funds (2)

    96.4             96.4        

Equity funds (3)

    64.8             64.8        

Other (4)

    5.8             0.5       5.3  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 171.2     $     $ 165.9     $ 5.3  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Short-term investment fund that invests in a collective trust that holds short-term highly liquid investments with principal preservation and daily liquidity as its primary objectives. Investments are primarily comprised of certificates of deposit, U.S. government treasuries, commercial paper, and time deposits.

 

(2)

A diversified portfolio of publicly traded government bonds, corporate bonds, and mortgage-backed securities. There are no restrictions on these investments and they are valued at the net asset value of the shares held at year end, which are supported by the value of the underlying securities and by the unit prices of actual purchase and sale transactions occurring as of or close to the financial statement date.

 

(3)

A diversified portfolio of publicly traded domestic and international common stock. There are no restrictions on these investments, and they are valued at the net asset value of the shares held at year end, which are supported by the values of the underlying securities and by the unit prices of actual purchase and sale transactions occurring as of or close to the financial statement date.

 

(4)

More than 90% is invested in real estate funds with less than $0.5 million invested in alternative investments such as private equity funds, hedge funds and commodities. The level 3 amount were from Diversey’s plans.

Non-U.S. pension plans [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
Funded status for pension plans
                 
    2011     2010  

Change in benefit obligation:

               

  Projected benefit obligation at beginning of period

  $   285.9     $   289.7  

  Service cost

    8.6       5.5  

  Interest cost

    23.1       15.5  

  Actuarial (gain) loss

    24.3       (9.0)  

  Settlement/curtailment

    (6.9)       (2.3)  

  Benefits paid

    (20.7)       (13.0)  

  Employee contributions

    2.3       1.4  

  Other

    3.0       (1.3)  

  Foreign exchange impact

    (4.8)       (0.6)  

  Acquisition of Diversey

    614.0        
   

 

 

   

 

 

 

  Projected benefit obligation at end of period

  $ 928.8     $ 285.9  
   

 

 

   

 

 

 

Change in plan assets:

               

  Fair value of plan assets at beginning of period

  $ 218.3     $ 204.0  

  Actual gain on plan assets

    31.9       15.8  

  Employer contributions

    23.5       9.3  

  Employee contributions

    2.3       1.4  

  Benefits paid

    (20.7)       (13.0)  

  Assets transferred to defined contribution plan

           

  Settlement/curtailment

    (7.0)       (0.8)  

  Other

    4.1       (1.9)  

  Foreign exchange impact

    (2.8)       3.5  

  Acquisition of Diversey

    501.2        
   

 

 

   

 

 

 

Fair value of plan assets at end of period

    750.8       218.3  
   

 

 

   

 

 

 

Underfunded status at end of year

  $   (178.0)     $   (67.6)  
   

 

 

   

 

 

 
Amounts included in consolidated balance sheets
                 
    2011     2010  

Other assets

  $   62.3     $   6.1  

Other current liabilities

    (5.1)       (2.6)  

Other liabilities

    (235.2)       (71.1)  
   

 

 

   

 

 

 

Net amount recognized

  $   (178.0)     $   (67.6)  
   

 

 

   

 

 

 
Components of net periodic benefit cost
                         
    2011     2010     2009  

Components of net periodic benefit cost:

                       

Service cost

  $   8.6     $   5.5     $   6.2  

Interest cost

    23.1       15.5       14.4  

Expected return on plan assets

      (21.8     (13.0     (10.9

Amortization of net prior service cost

    0.1       0.1       0.1  

Amortization of net actuarial loss

    4.2       7.8       6.9  
   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

  $ 14.2     $   15.9     $   16.7  
   

 

 

   

 

 

   

 

 

 
Amounts in accumulated other comprehensive loss, net of taxes, not yet recognized
         

Unrecognized prior service costs

  $ 0.5  

Unrecognized net actuarial loss

    62.1  
   

 

 

 

 Total

  $       62.6  
   

 

 

 
Changes in plan assets and benefit obligations recognized in other comprehensive loss
         

Current year actuarial loss

  $       14.2  

Amortization of actuarial loss

    (4.2)  

Amortization of prior service cost

    (0.1)  

Settlement/curtailment loss

    (2.6)  

Other

    (1.1)  

Effects of changes in foreign currency exchange rates

    (0.2)  
   

 

 

 

Total recognized in other comprehensive loss

  $ 6.0  
   

 

 

 
Amounts in accumulated other comprehensive loss expected to be recognized in next fiscal year
         

Unrecognized prior service costs

  $  

Unrecognized net actuarial loss

    4.9  
   

 

 

 

Total

  $       4.9  
   

 

 

 
Information for plans with accumulated benefit obligations in excess of plan assets
         

Accumulated benefit obligation

  $         504.9  

Fair value of plan assets

    299.8  
Weighted average assumptions used to determine benefit obligations
                 
    

2011

    2010  

Discount rate

    4.3%       5.7%  

Rate of compensation increase

    2.8%       3.5%  
Weighted average assumptions used to determine net periodic benefit cost
                         
    2011     2010     2009  

Discount rate

    4.6%       5.6%       6.0%  

Expected long-term rate of return

    5.8          6.8          6.6     

Rate of compensation increase

    2.9          3.9          3.6     
Estimated Future Benefit Payments
         

Year

  Amount  

2012

  $   40.6  

2013

    43.5  

2014

    39.3  

2015

    42.8  

2016

    45.0  

2017 — 2021

  $   230.3  
Fair values of pension plan assets, by asset category and level of fair values
                                 

Asset Category

  Total
Fair Value
    Level 1     Level 2     Level 3  

Cash and cash equivalents(1)

  $ 15.3     $ 8.2     $ 7.1     $  

Fixed income funds(2)

    383.0             383.0        

Equity funds(3)

    257.4             257.4        

Insurance asset(4)

    15.4                   15.4  

Other (5)

    79.7             43.4       36.3  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $     750.8     $       8.2     $       690.9     $   51.7  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Short-term investment fund that invests in a collective trust that holds short-term highly liquid investments with principal preservation and daily liquidity as its primary objectives. Investments are primarily comprised of certificates of deposit, government securities, commercial paper, and time deposits.

 

(2)

Fixed income funds that invest in a diversified portfolio primarily consisting of publicly traded government bonds, corporate bonds and mortgage-backed securities. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end.

 

(3)

Equity funds that invest in a diversified portfolio of publicly traded domestic and international common stock, with an emphasis in European equities. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end.

 

(4)

Represents a guaranteed insurance contract for one of our European plans. This plan asset includes company and employee contributions and accumulated interest income at a guaranteed stated interest rate and provides for benefit payments and plan expenses.

 

(5)

The majority of these assets are invested in real estate funds in Diversey’s plans.

Reconciliation of plan asset measured using Level 3 inputs
         
    Insurance
Asset
 

Balance at December 31, 2010

  $ 14.6  

Employer contributions

    1.0  

Employee contributions

    0.4  

Actual return on asset

    (0.3)  

Benefits and expenses paid

    (0.2)  

Foreign exchange impact

    (0.1)  
   

 

 

 

Balance at December 31, 2011

  $         15.4