Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans (Tables)

12 Months Ended

Dec. 31, 2012

Other Postretirement Benefit Plans Legacy Diversey [Member]

Funded Status for Pension Plans

The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:

	Year Ended December 31,
	2012			2011
Change in benefit obligations:
Benefit obligation at beginning of period	$	71.1		$	—
Service cost		1.0			0.3
Interest cost		3.3			0.8
Plan participants’ contributions		—			—
Actuarial loss		9.2			3.9
Benefits paid		(4.4	)		(1.2	)
Loss due to exchange rate movements		0.1			0.1
Acquisition of Diversey		—			81.2
Plan amendments		(0.4	)		(14.0	)
Benefit obligation at end of period	$	79.9		$	71.1
Change in plan assets:
Fair value of plan assets at beginning of period	$	—		$	—
Employer contribution		4.4			1.2
Plan participants’ contribution		—			—
Benefits paid		(4.4	)		(1.2	)
Fair value of plan assets at end of period	$	—		$	—
Net amount recognized:
Underfunded status	$	(79.9	)	$	(71.1	)
Net amount recognized in consolidated balance sheets consists of:
Current liability		(5.2	)		(4.7	)
Noncurrent liability		(74.7	)		(66.4	)
Net amount recognized	$	(79.9	)	$	(71.1	)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss		13.2			3.9
Prior service credit		(13.4	)		(13.9	)
Total	$	(0.2	)	$	(10.0	)

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost for the two years ended December 31, 2012:

	2012			2011
Service cost	$	1.0		$	0.3
Interest cost		3.3			0.8
Amortization of net loss		—			—
Amortization of prior service credit		(0.9	)		(0.1	)
Curtailments, settlements and special termination benefits		—			—
Net periodic benefit cost	$	3.4		$	1.0

Estimated Future Benefit Payments

Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows:

Year	Amount
2013	$	5.3
2014		5.3
2015		5.2
2016		5.1
2017		5.1
Thereafter		25.6
Total	$	51.6

U.S. pension plans [Member]

Funded Status for Pension Plans

The measurement date for the defined benefit pension plans presented below is December 31 of each period.

	2012			2011
Change in benefit obligation:
Projected benefit obligation at beginning of period	$	212.1		$	54.8
Service cost		1.2			1.1
Interest cost		9.3			4.8
Actuarial loss		6.4			10.2
Benefits paid		(8.2	)		(9.3	)
Settlement/curtailment		(10.7	)		—
Acquisition of Diversey		—			150.5
Projected benefit obligation at end of period	$	210.1		$	212.1
Change in plan assets:
Fair value of plan assets at beginning of period	$	171.2		$	40.8
Actual gain on plan assets		22.0			7.5
Employer contributions		3.3			4.4
Benefits paid		(8.2	)		(9.3	)
Settlement/curtailment		(10.7	)		—
Acquisition of Diversey		—			127.8
Fair value of plan assets at end of period		177.6			171.2
Underfunded status at end of year	$	(32.5	)	$	(40.9	)

Components of Net Periodic Benefit Cost

The following table shows the components of our net periodic benefit cost for the three years ended December 31, 2012, for our U.S. pension plans charged to operations:

	2012			2011			2010
Components of net periodic benefit cost:
Service cost	$	1.2		$	1.1		$	1.0
Interest cost		9.3			4.8			2.8
Expected return on plan assets		(11.2	)		(5.1	)		(2.7	)
Amortization of net prior service cost		0.2			0.2			0.3
Amortization of net actuarial loss		1.8			1.3			1.2
Net periodic benefit cost	$	1.3		$	2.3		$	2.6

Amounts in Accumulated Other Comprehensive Loss, Net of Taxes, Not Yet Recognized

The amounts in accumulated other comprehensive loss, net of taxes, that have not yet been recognized as components of net periodic benefit cost at December 31, 2012, are:

Unrecognized prior service costs	$	0.3
Unrecognized net actuarial loss		18.5
Total	$	18.8

Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss

Changes in plan assets and benefit obligations recognized in other comprehensive loss in 2012 were as follows:

Current year actuarial loss	$	(3.5	)
Amortization of actuarial loss		(1.8	)
Amortization of prior service cost		(0.2	)
Total recognized in other comprehensive loss	$	(5.5	)

Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized in Next Fiscal Year

The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during 2013 are as follows:

Unrecognized prior service costs	$	0.2
Unrecognized net actuarial loss		2.3
Total	$	2.5

Information for Plans with Accumulated Benefit Obligations in Excess of Plan Assets

Information for plans with accumulated benefit obligations in excess of plan assets as of December 31, 2012 is as follows:

Accumulated benefit obligation	$	205.9
Fair value of plan assets		177.5

Weighted Average Assumptions Used to Determine Benefit Obligations

Weighted average assumptions used to determine benefit obligations at December 31, 2012 and 2011 were as follows:

	2012			2011
Discount rate		3.8	%		4.6	%
Rate of compensation increase		3.5			3.5

Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted average assumptions used to determine net periodic benefit cost for the three years ended December 31, 2012 were as follows:

	2012			2011			2010
Discount rate		4.6	%		4.9	%		5.5	%
Expected long-term rate of return		6.7			6.7			7.3
Rate of compensation increase		3.5			3.5			3.5

Estimated Future Benefit Payments

We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated below:

Year	Amount
2013	$	13.7
2014		11.0
2015		10.5
2016		12.9
2017		12.2
Thereafter		60.5
Total	$	120.8

Fair Values of Pension Plan Assets, by Asset Category and Level of Fair Values

The fair values of our U.S. pension plan assets, by asset category and by the level of fair values at December 31, 2012, are as follows:

	2012								2011
Asset Category	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents(1)	$	2.7	$	—	$	2.7	$	—	$	4.2	$	—	$	4.2	$	—
Fixed income funds (2)		96.2		—		96.2		—		96.4		—		96.4		—
Equity funds (3)		72.2		—		72.2		—		64.8		—		64.8		—
Other (4)		6.5		—		0.2		6.3		5.8		—		0.1		5.7
Total	$	177.6	$	—	$	171.3	$	6.3	$	171.2	$	—	$	165.5	$	5.7

⁽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, 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.

Reconciliation of Plan Asset Measured Using Level 3 Inputs

The following table shows the activity of our plan assets, which are measured at fair value using Level 3 inputs:

Balance at December 31, 2011	$	5.7
Gains on assets sold during year		1.0
Losses on assets still held at end of year		(0.2	)
Purchases, sales, issuance and settlements		(0.2	)
Balance at December 31, 2012	$	6.3

Non-U.S. pension plans [Member]

Funded Status for Pension Plans

The measurement date for the defined benefit pension plans presented below is December 31 of each period:

	2012			2011
Change in benefit obligation:
Projected benefit obligation at beginning of period	$	847.9		$	285.9
Service cost		15.3			8.6
Interest cost		38.2			22.8
Actuarial gain loss		158.0			24.3
Settlement/curtailment		(6.8	)		(6.9	)
Benefits paid		(37.5	)		(19.3	)
Employee contributions		4.2			2.3
Other		(0.7	)		3.0
Foreign exchange impact		18.2			(3.3	)
Acquisition		—			530.5
Projected benefit obligation at end of period	$	1,036.8		$	847.9
Change in plan assets:
Fair value of plan assets at beginning of period	$	719.6		$	218.3
Actual gain on plan assets		70.6			31.7
Employer contributions		41.3			22.1
Employee contributions		4.2			2.3
Benefits paid		(37.5	)		(19.3	)
Settlement/curtailment		(6.5	)		(7.0	)
Other		(1.1	)		4.1
Foreign exchange impact		15.0			(2.2	)
Acquisition/(divestiture)		—			469.6
Fair value of plan assets at end of period		805.6			719.6
Underfunded status at end of year	$	(231.2	)	$	(128.3	)

Components of Net Periodic Benefit Cost

The following table shows the components of our net periodic benefit cost for the three years ended December 31, 2012 for our non-U.S. pension plans charged to operations:

	2012			2011			2010
Components of net periodic benefit cost:
Service cost	$	15.3		$	8.6		$	5.5
Interest cost		38.2			22.8			15.5
Expected return on plan assets		(42.3	)		(21.5	)		(13.0	)
Amortization of net prior service cost		0.1			0.1			0.1
Amortization of net actuarial loss		5.0			4.2			7.8
Net periodic benefit cost	$	16.3		$	14.2		$	15.9

Amounts in Accumulated Other Comprehensive Loss, Net of Taxes, Not Yet Recognized

The amounts in accumulated other comprehensive loss, net of taxes, that have not yet been recognized as components of net periodic benefit cost at December 31, 2012 are:

Unrecognized prior service costs	$	0.4
Unrecognized net actuarial loss		188.4
Total	$	188.8

Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss

Changes in plan assets and benefit obligations recognized in other comprehensive loss in 2012 were as follows:

Current year actuarial loss	$	129.5
Amortization of actuarial loss		(5.0	)
Amortization of prior service cost		(0.1	)
Settlement/curtailment loss		(1.7	)
Other		(0.2	)
Effects of changes in foreign currency exchange rates		3.8
Total recognized in other comprehensive loss	$	126.3

Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized in Next Fiscal Year

The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during 2013 are as follows:

Unrecognized prior service costs	$	—
Unrecognized net actuarial loss		8.2
Total	$	8.2

Information for Plans with Accumulated Benefit Obligations in Excess of Plan Assets

Information for plans with accumulated benefit obligations in excess of plan assets as of December 31, 2012 is as follows:

Accumulated benefit obligation	$	575.2
Fair value of plan assets		356.2

Weighted Average Assumptions Used to Determine Benefit Obligations

Weighted average assumptions used to determine benefit obligations at December 31, 2012 and 2011 were as follows:

	2012			2011
Discount rate		3.7	%		4.3	%
Rate of compensation increase		2.8			2.8

Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted average assumptions used to determine net periodic benefit cost for the three years ended December 31, 2012 were as follows:

	2012			2011			2010
Discount rate		4.3	%		4.6	%		5.6	%
Expected long-term rate of return		5.9			5.8			6.8
Rate of compensation increase		2.8			2.9			3.9

Estimated Future Benefit Payments

We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated:

Year	Amount
2013	$	37.2
2014		35.3
2015		40.3
2016		37.9
2017		39.4
Thereafter		224.9
Total	$	415.0

Fair Values of Pension Plan Assets, by Asset Category and Level of Fair Values

The fair values of our non-U.S. pension plan assets, by asset category and by the level of fair values are as follows:

	December 31, 2012								December 31, 2011
Asset Category	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents(1)	$	7.6	$	5.8	$	1.8	$	—	$	14.7	$	8.2	$	6.5	$	—
Fixed income funds(2)		404.2		—		404.2		—		360.8		—		360.8		—
Equity funds(3)		290.0		—		290.0		—		249.0		—		249.0		—
Insurance asset(4)		21.6		—		—		21.6		15.4		—		—		15.4
Other(5)		82.2		—		20.4		61.8		79.7		—		48.8		30.9
Total	$	805.6	$	5.8	$	750.2	$	83.4	$	719.6	$	8.2	$	665.1	$	46.3

⁽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, 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 and other alternative investments.

Reconciliation of Plan Asset Measured Using Level 3 Inputs

The following table shows the activity of our plan assets, which are measured at fair value using Level 3 inputs.

Balance at December 31, 2011	$	46.3
Gains on assets still held at end of year		5.3
Purchases, sales, issuance and settlements		1.3
Transfers into Level 3, net		30.5
Balance at December 31, 2012	$	83.4

Amounts Included in Consolidated Balance Sheets

Amounts included on the consolidated balance sheets consisted of:

	2012			2011
Other assets	$	33.4		$	62.3
Other current liabilities		(4.5	)		(5.1	)
Other liabilities		(260.1	)		(185.5	)
Net amount recognized	$	(231.2	)	$	(128.3	)