XML 36 R46.htm IDEA: XBRL DOCUMENT v2.4.1.9
Other Post-Employment Benefits and Other Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2014
Funded Status for Pension Plans

The measurement date used by us to determine the projected benefit obligation and plan assets is December 31 for all material plans (November 30 for non-material plans):

 

 

 

December 31,

 

 

December 31,

 

 

 

2014

 

 

2013

 

(In millions)

 

U.S.

 

 

International

 

 

Total

 

 

U.S.

 

 

International

 

 

Total

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of

   Period

 

$

192.2

 

 

$

1,070.4

 

 

$

1,262.6

 

 

$

210.1

 

 

$

1,011.8

 

 

$

1,221.9

 

Service cost

 

 

1.1

 

 

 

8.9

 

 

 

10.0

 

 

 

1.3

 

 

 

11.0

 

 

 

12.3

 

Interest cost

 

 

8.7

 

 

 

39.3

 

 

 

48.0

 

 

 

7.9

 

 

 

35.5

 

 

 

43.4

 

Actuarial loss (gain)

 

 

31.4

 

 

 

186.5

 

 

 

217.9

 

 

 

(11.3

)

 

 

34.0

 

 

 

22.7

 

Settlement/curtailment

 

 

 

 

 

(9.6

)

 

 

(9.6

)

 

 

(7.1

)

 

 

(5.6

)

 

 

(12.7

)

Benefits paid

 

 

(12.0

)

 

 

(36.6

)

 

 

(48.6

)

 

 

(8.7

)

 

 

(32.3

)

 

 

(41.0

)

Employee contributions

 

 

 

 

 

3.4

 

 

 

3.4

 

 

 

 

 

 

3.6

 

 

 

3.6

 

Other

 

 

 

 

 

0.2

 

 

 

0.2

 

 

 

 

 

 

0.4

 

 

 

0.4

 

Foreign exchange impact

 

 

 

 

 

(115.6

)

 

 

(115.6

)

 

 

 

 

 

12.0

 

 

 

12.0

 

Projected benefit obligation at end of period

 

 

221.4

 

 

 

1,146.9

 

 

 

1,368.3

 

 

 

192.2

 

 

 

1,070.4

 

 

 

1,262.6

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

177.4

 

 

 

845.8

 

 

 

1,023.2

 

 

 

177.6

 

 

 

784.0

 

 

 

961.6

 

Actual gain on plan assets

 

 

14.4

 

 

 

106.8

 

 

 

121.2

 

 

 

14.7

 

 

 

56.3

 

 

 

71.0

 

Employer contributions

 

 

2.6

 

 

 

33.5

 

 

 

36.1

 

 

 

0.2

 

 

 

34.1

 

 

 

34.3

 

Employee contributions

 

 

 

 

 

3.4

 

 

 

3.4

 

 

 

 

 

 

3.6

 

 

 

3.6

 

Benefits paid

 

 

(12.0

)

 

 

(36.6

)

 

 

(48.6

)

 

 

(8.7

)

 

 

(32.3

)

 

 

(41.0

)

Settlement/curtailment

 

 

 

 

 

(9.6

)

 

 

(9.6

)

 

 

(7.1

)

 

 

(5.5

)

 

 

(12.6

)

Other

 

 

(0.9

)

 

 

2.6

 

 

 

1.7

 

 

 

0.7

 

 

 

(1.1

)

 

 

(0.4

)

Foreign exchange impact

 

 

 

 

 

(82.4

)

 

 

(82.4

)

 

 

 

 

 

6.7

 

 

 

6.7

 

Fair value of plan assets at end of period

 

 

181.5

 

 

 

863.5

 

 

 

1,045.0

 

 

 

177.4

 

 

 

845.8

 

 

 

1,023.2

 

Underfunded status at end of year

 

$

(39.9

)

 

$

(283.4

)

 

$

(323.3

)

 

$

(14.8

)

 

$

(224.6

)

 

$

(239.4

)

 

Components of Net Periodic Benefit Cost (Income)

The following table shows the components of our net periodic benefit cost (income) for the three years ended December 31, for our pension plans charged to operations:

 

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2014

 

 

2013

 

 

2012

 

(In millions)

 

U.S.

 

 

International

 

 

Total

 

 

U.S.

 

 

International

 

 

Total

 

 

U.S.

 

 

International

 

 

Total

 

Components of net periodic

   benefit cost or (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

1.1

 

 

$

8.9

 

 

$

10.0

 

 

$

1.3

 

 

$

11.0

 

 

$

12.3

 

 

$

1.2

 

 

$

14.9

 

 

$

16.1

 

Interest cost

 

 

8.7

 

 

 

39.3

 

 

 

48.0

 

 

 

7.9

 

 

 

35.5

 

 

 

43.4

 

 

 

9.3

 

 

 

37.3

 

 

 

46.6

 

Expected return on plan assets

 

 

(11.2

)

 

 

(42.9

)

 

 

(54.1

)

 

 

(11.1

)

 

 

(38.1

)

 

 

(49.2

)

 

 

(11.2

)

 

 

(41.6

)

 

 

(52.8

)

Amortization of net prior service cost

 

 

 

 

 

0.1

 

 

 

0.1

 

 

 

0.2

 

 

 

0.2

 

 

 

0.4

 

 

 

0.2

 

 

 

0.1

 

 

 

0.3

 

Amortization of net actuarial loss

 

 

0.8

 

 

 

9.1

 

 

 

9.9

 

 

 

2.2

 

 

 

7.8

 

 

 

10.0

 

 

 

1.8

 

 

 

5.0

 

 

 

6.8

 

Net periodic benefit cost (income)

 

 

(0.6

)

 

 

14.5

 

 

 

13.9

 

 

 

0.5

 

 

 

16.4

 

 

 

16.9

 

 

 

1.3

 

 

 

15.7

 

 

 

17.0

 

Cost (income) of settlement

 

 

 

 

 

2.3

 

 

 

2.3

 

 

 

(0.7

)

 

 

0.8

 

 

 

0.1

 

 

 

(0.9

)

 

 

2.1

 

 

 

1.2

 

Total benefit cost (income)

 

$

(0.6

)

 

$

16.8

 

 

$

16.2

 

 

$

(0.2

)

 

$

17.2

 

 

$

17.0

 

 

$

0.4

 

 

$

17.8

 

 

$

18.2

 

 

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:

 

 

 

Amount

 

(In millions)

 

U.S.

 

 

International

 

 

Total

 

Year

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

$

11.1

 

 

$

34.3

 

 

$

45.4

 

2016

 

 

12.7

 

 

 

33.2

 

 

 

45.9

 

2017

 

 

12.6

 

 

 

35.1

 

 

 

47.7

 

2018

 

 

12.6

 

 

 

36.4

 

 

 

49.0

 

2019

 

 

13.0

 

 

 

37.5

 

 

 

50.5

 

Thereafter

 

 

62.5

 

 

 

216.9

 

 

 

279.4

 

Total

 

$

124.5

 

 

$

393.4

 

 

$

517.9

 

 

Other Post-Employment Benefits and Other Employee Benefit Plans [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

 

 

Year Ended

 

(In millions)

 

2014

 

 

2013

 

Change in benefit obligations:

 

 

 

 

 

 

 

 

Benefit obligation at beginning of period

 

$

73.1

 

 

$

79.9

 

Service cost

 

 

0.8

 

 

 

0.9

 

Interest cost

 

 

3.2

 

 

 

3.0

 

Plan participants’ contributions

 

 

 

 

 

 

Actuarial loss (gain)

 

 

7.2

 

 

 

(6.0

)

Benefits paid

 

 

(4.2

)

 

 

(5.2

)

Loss due to exchange rate movements

 

 

(0.5

)

 

 

(0.1

)

Plan amendments

 

 

0.2

 

 

 

0.6

 

Benefit obligation at end of period

 

$

79.8

 

 

$

73.1

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

$

 

 

$

 

Employer contribution

 

 

4.2

 

 

 

5.2

 

Plan participants’ contribution

 

 

 

 

 

 

Benefits paid

 

 

(4.2

)

 

 

(5.2

)

Fair value of plan assets at end of period

 

$

 

 

$

 

Net amount recognized:

 

 

 

 

 

 

 

 

Underfunded status

 

$

(79.8

)

 

$

(73.1

)

Net amount recognized in consolidated balance sheets

   consists of:

 

 

 

 

 

 

 

 

Current liability

 

$

(5.3

)

 

$

(5.7

)

Noncurrent liability

 

 

(74.5

)

 

 

(67.4

)

Net amount recognized

 

$

(79.8

)

 

$

(73.1

)

Amounts recognized in accumulated other

   comprehensive income consist of:

 

 

 

 

 

 

 

 

Net actuarial loss

 

$

13.8

 

 

$

6.9

 

Prior service credit

 

 

(11.2

)

 

 

(12.1

)

Total

 

$

2.6

 

 

$

(5.2

)

 

Components of Net Periodic Benefit Cost (Income)

The components of net periodic benefit cost for the three years ended December 31 were as follows:

 

(In millions)

 

2014

 

 

2013

 

 

2012

 

Components of net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

0.8

 

 

$

0.9

 

 

$

1.0

 

Interest cost

 

 

3.2

 

 

 

3.0

 

 

 

3.3

 

Amortization of net loss

 

 

0.1

 

 

 

0.4

 

 

 

 

Amortization of prior service credit

 

 

(0.7

)

 

 

(0.7

)

 

 

(0.9

)

Net periodic benefit cost

 

$

3.4

 

 

$

3.6

 

 

$

3.4

 

 

Accumulated Other Comprehensive Loss Expected to be Recognized as Components of Net Periodic Benefit Cost

The amounts in accumulated other comprehensive loss at December 31, 2014 that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows (in millions):

 

Actuarial loss

 

$

0.4

 

Prior service (credit)

 

 

(0.8

)

 

A one percentage point change on assumed healthcare cost trend rates would have the following effect for the year ended December 31, 2014 (in millions):

One Percentage Point Change on Assumed Healthcare Cost

 

 

 

1% Increase

 

 

1% Decrease

 

Effect on total of service and interest cost components

 

$

0.1

 

 

$

(0.1

)

Effect on post-retirement benefit obligation

 

 

2.2

 

 

 

(2.6

)

 

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 (in millions):

 

Year

 

Amount

 

2015

 

$

5.4

 

2016

 

 

5.3

 

2017

 

 

5.3

 

2018

 

 

5.3

 

2019

 

 

5.4

 

Thereafter

 

 

26.0

 

Total

 

$

52.7