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Pension Plans and Other Postretirement Benefits
9 Months Ended
Sep. 30, 2011
Pension And Other Postretirement Benefits Disclosure [Abstract] 
Pension Plans and Other Postretirement Benefits

Note 8. Pension Plans and Other Postretirement Benefits

 

The Company has defined benefit pension plans and defined contribution plans covering substantially all employees. Benefits under the defined benefit pension plans are generally based on years of service and/or final average pay. The Company funds the U.S. pension plans in accordance with the Employee Retirement Income Security Act of 1974, as amended, and the Internal Revenue Code.

 

The Company also sponsors several postretirement plans covering certain salaried and hourly employees. The plans provide health care and life insurance benefits for eligible retirees. In most plans, Company contributions towards premiums are capped based on the cost as of a certain date, thereby creating a defined contribution. For the non-collectively bargained plans, the Company maintains the right to amend or terminate the plans at its discretion.

 

       For the three month periods ended September 30, 2011 and 2010, the components of pension expense and components of other postretirement benefit expense for the Company's defined benefit plans included the following (in millions):

 Pension Benefits Other Postretirement Benefits
 Three Months Ended Three Months Ended
 September 30, September 30,
 2011 2010 2011 2010
Service cost - benefits earned during the year$ 7.6 $ 7.6 $ 0.9 $ 0.8
Interest cost on benefits earned in prior years  34.6   32.9   6.9   7.2
Expected return on plan assets  (49.1)   (45.4)   (0.2)   (0.3)
Amortization of prior service cost (credit)  2.8   3.4   (4.6)   (4.5)
Amortization of net actuarial loss  17.8   19.3   2.5   1.5
Total retirement benefit expense$ 13.7 $ 17.8 $ 5.5 $ 4.7

For the nine month periods ended September 30, 2011 and 2010, the components of pension expense and components of other postretirement benefit expense for the Company's defined benefit plans included the following (in millions):

 

 Pension Benefits Other Postretirement Benefits
 Nine Months Ended Nine Months Ended
 September 30, September 30,
 2011 2010 2011 2010
Service cost - benefits earned during the year$ 22.5 $ 22.7 $ 2.3 $ 2.3
Interest cost on benefits earned in prior years  100.4   98.9   20.8   21.6
Expected return on plan assets  (142.9)   (136.2)   (0.8)   (1.0)
Amortization of prior service cost (credit)  8.4   10.1   (13.8)   (13.5)
Amortization of net actuarial loss  53.5   58.0   7.5   4.5
Total retirement benefit expense$ 41.9 $ 53.5 $ 16.0 $ 13.9