PENSION AND OTHER RETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Changes in Benefit Obligations and Fair Value of Plan Assets for Post-Retirement Plans

Following is a summary of changes in benefit obligations and fair value of plan assets for the Retirement Plans for the years ended December 31:


	Pension Plans						Other Retirement Plans

	2012			2011			2012			2011
Change in benefit obligation:
Benefit obligation, beginning of the period	$	(298.8	)		(242.5	)	$	(20.2	)		(15.6	)
Service cost		(18.9	)		(15.1	)		(1.5	)		(1.1	)
Interest cost		(13.1	)		(13.1	)		(0.7	)		(0.8	)
Plan participants’ contributions		—			—			(0.3	)		(0.2	)
Benefits paid		5.7			13.6			1.0			0.8
Actuarial gain (loss)		(11.0	)		(4.9	)		1.1			(0.9	)
Assumption changes		(20.2	)		(36.8	)		(1.2	)		(2.4	)

Benefit obligation, end of the period		(356.3	)		(298.8	)		(21.8	)		(20.2	)

Change in plan assets:
Fair value of plan assets, beginning of the period		133.0			120.4			—			—
Actual return on plan assets		19.0			0.8			—			—
Benefits paid		(5.7	)		(13.6	)		(1.0	)		(0.8	)
Employer contributions		21.3			25.4			0.7			0.6
Plan participants’ contributions		—			—			0.3			0.2

Fair value of plan assets, end of period		167.6			133.0			—			—

Funded status of the plans		(188.7	)		(165.8	)		(21.8	)		(20.2	)

Amounts recorded on the consolidated balance sheets:
Pension and retirement benefits liability-current		(3.6	)		(3.0	)		(0.8	)		(0.8	)
Pension and retirement benefits liability-non current		(185.1	)		(162.8	)		(21.0	)		(19.4	)

Net amount recognized	$	(188.7	)		(165.8	)	$	(21.8	)		(20.2	)

Accumulated benefit obligation, end of the period	$	(298.4	)		(256.1	)

Accumulated Benefit Obligation in Excess of Plan Assets

The following information is for those pension plans with an accumulated benefit obligation in excess of plan assets:


	December 31,

	2012		2011
Aggregate projected benefit obligation	$	356.3	$	298.8
Aggregate accumulated benefit obligation	$	298.4	$	256.1
Aggregate fair value of plan assets	$	167.6	$	133.0

Summary of Pre-Tax Net Actuarial Losses and Prior Service Cost Recognized in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the pre-tax net actuarial losses and prior service cost recognized in AOCI for the Company’s Retirement Plans as of December 31:


	Pension Plans						Other Retirement Plans

	2012			2011			2012			2011
Net actuarial losses	$	(142.7	)	$	(127.1	)	$	(6.0	)	$	(6.1	)
Net prior service costs		(4.0	)		(4.7	)		—			—

Total recognized in AOCI- pretax	$	(146.7	)	$	(131.8	)	$	(6.0	)	$	(6.1	)

Summary of Post-Retirement Plans to Amortize from Accumulated Other Comprehensive Income (Loss) as Net Periodic Expense

The following table summarizes the estimated pre-tax net actuarial losses and prior service cost for the Company’s Retirement Plans that will be amortized from AOCI and recognized as components of net periodic expense during the next fiscal year:


	Pension Plans		Other Retirement Plans
Net actuarial losses	$	11.1	$	0.4
Net prior service costs		0.6		—

Total to be recognized as components of net periodic expense	$	11.7	$	0.4

Net Periodic Benefit Expenses Recognized for Post-Retirement Plans

Net periodic benefit expenses recognized for the Retirement Plans for years ended December 31:


	Pension Plans									Other Retirement Plans

	2012			2011			2010			2012		2011		2010
Components of net periodic expense
Service cost	$	18.9		$	15.1		$	13.5		$	1.5	$	1.1	$	0.9
Interest cost		13.1			13.1			12.0			0.7		0.8		0.8
Expected return on plan assets		(12.5	)		(11.9	)		(10.5	)		—		—		—
Amortization of net actuarial loss from earlier periods		9.1			5.0			2.8			0.3		0.3		0.1
Amortization of net prior service costs from earlier periods		0.7			0.6			0.7			—		—		—
Settlement charges		—			1.6			1.3			—		—		—

Net periodic expense	$	29.3		$	23.5		$	19.8		$	2.5	$	2.2	$	1.8

Summary of Pre-Tax Amounts Recorded in Other Comprehensive Income

The following table summarizes the pre-tax amounts recorded in OCI related to the Company’s Retirement Plans for the years ended December 31:


	Pension Plans						Other Retirement Plans

	2012			2011			2012			2011
Amortization of net actuarial losses	$	9.1		$	5.0		$	0.3		$	0.3
Amortization of prior service costs		0.7			0.6			—			—
Accelerated recognition of actuarial loss due to settlement		—			1.6			—			—
Net actuarial loss arising during the period		(24.7	)		(52.8	)		(0.2	)		(3.3	)

Total recognized in OCI – pre-tax	$	(14.9	)	$	(45.6	)	$	0.1		$	(3.0	)

Weighted-Average Assumptions Used to Determine Benefit Obligations

Weighted-average assumptions used to determine benefit obligations at December 31:


	Pension Plans						Other Retirement Plans

	2012			2011			2012			2011
Discount rate		3.82	%		4.25	%		3.55	%		4.05	%
Rate of compensation increase		4.00	%		4.00	%		—			—

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Expense

Weighted-average assumptions used to determine net periodic benefit expense for years ended December 31:


	Pension Plans									Other Retirement Plans

	2012			2011			2010			2012			2011			2010
Discount rate		4.25	%		5.39	%		5.95	%		4.05	%		5.15	%		5.75	%
Expected return on plan assets		7.85	%		8.35	%		8.35	%		—			—			—
Rate of compensation increase		4.00	%		4.00	%		4.00	%		—			—			—

Assumed Healthcare Cost Trend Rates

Assumed Healthcare Cost Trend Rates at December 31:

2012

2011

2010

Pre-age 65

Post-age 65

Pre-age 65

Post-age 65

Pre-age 65

Post-age 65

Healthcare cost trend rate assumed

for the following year

6.9

7.9

7.4

8.4

7.9

8.9

Ultimate rate to which the cost trend

rate is assumed to decline (ultimate

trend rate)

5.0%

5.0%

Year that the rate reaches the ultimate trend rate

2020

2020

Summary of Pension Plan Assets by Category Based on Hierarchy of Fair Value Measurements

Fair value of the assets in the Company’s funded pension plan by asset category at December 31, 2012 and 2011 is determined based on the hierarchy of fair value measurements as defined in Note 2 to these financial statements and is as follows:


	Fair Value Measurement as of December 31, 2012
Asset Category	Balance		Level 1		Level 2		Level 3		% of total assets
Cash and cash equivalent	$	0.2	$	—	$	0.2	$	—		—	%

Emerging markets equity fund		13.3	$	13.3	$	—		—		8	%
Common/collective trust funds – equity securities
U.S. large-cap		32.0		—		32.0		—		19	%
U.S. small and mid-cap		10.7		—		10.7		—		6	%
International		44.1		—		44.1		—		27	%

Total equity investments		100.1		13.3		86.8		—		60	%

Common/collective trust funds – fixed income securities
Long-term government/treasury bonds		13.8		—		13.8		—		8	%
Long-term investment grade corporate bonds		17.5		—		17.5		—		11	%
U.S. Treasury Inflation-Protected Securities (TIPs)		8.5		—		8.5		—		5	%
Emerging markets bonds		5.4		—		5.4		—		3	%
High yield bonds		5.2		—		5.2		—		3	%

Total fixed-income investments		50.4		—		50.4		—		30	%

Common/collective trust funds – convertible securities		4.8		—		4.8		—		3	%
Private real estate fund		12.1		—		—		12.1		7	%

Total other investment		16.9		—		4.8		12.1		10	%

Total Assets	$	167.6	$	13.3	$	142.2	$	12.1		100	%


	Fair Value Measurement as of December 31, 2011
Asset Category	Balance		Level 1		Level 2		Level 3		% of total assets
Cash and cash equivalent	$	0.2	$	—	$	0.2	$	—		—	%

Emerging markets equity fund		7.7	$	7.7	$	—		—		6	%
Common/collective trust funds – equity securities
U.S. large-cap		26.4		—		26.4		—		20	%
U.S. small and mid-cap		9.3		—		9.3		—		7	%
International		30.4		—		30.4		—		23	%

Total equity investments		73.8		7.7		66.1		—		56	%

Common/collective trust funds – fixed income securities
Long-term government/treasury bonds		13.9		—		13.9		—		10	%
Long-term investment grade corporate bonds		14.9		—		14.9		—		11	%
U.S. Treasury Inflation-Protected Securities (TIPs)		7.6		—		7.6		—		6	%
Emerging markets bonds		4.5		—		4.5		—		3	%
High yield bonds		3.6		—		3.6		—		3	%

Total fixed-income investments		44.5		—		44.5		—		33	%

Common/collective trust funds – convertible securities		4.8		—		4.8		—		4	%

Private real estate fund		9.7		—		—		9.7		7	%

Total other investment		14.5		—		4.8		9.7		11	%

Total Assets	$	133.0	$	7.7	$	115.6	$	9.7		100	%

Summary of Changes in Fair Value of Plan's Level Three Assets

The table below is a summary of changes in the fair value of the Plan’s Level 3 assets:


Real estate investment fund:
Balance as of December 31, 2011	$	9.7
Return on plan assets related to assets held as of December 31, 2012		0.8
Return on plan assets related to assets sold during the period		—
Purchases (sales), net		1.6

Balance as of December 31, 2012	$	12.1

Estimated Future Benefits Payments for Retirement Plans

Estimated future benefits payments for the Retirement Plans are as follows at ended December 31, 2012:


Year Ending December 31,	Pension Plans		Other Retirement Plans
2013	$	6.4	$	0.8
2014		7.5		0.9
2015		7.9		1.0
2016		10.5		1.2
2017		11.0		1.3
2018 – 2022	$	108.5	$	8.3