Pensions and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2011

Pension and Other Postretirement Benefit Expense [Abstract]

PENSIONS AND OTHER POSTRETIREMENT BENEFITS

PENSIONS AND OTHER POSTRETIREMENT BENEFITS

The Company maintains both defined benefit pension plans and postretirement health care plans that provide medical and life insurance coverage to eligible salaried and hourly retired employees in North America and their dependents. The Company maintains international defined benefit pension plans which are either noncontributory or contributory and are funded in accordance with applicable local laws. Pension or termination benefits are based primarily on years of service and the employees’ compensation.

Currently, the North American defined benefit plans are closed to newly-hired salaried and non-union hourly employees. Effective July 1, 2011, the North American defined benefit plans were frozen for most salaried and non-union hourly employees and replaced with a defined contribution plan. The impact of the freeze recorded in the second quarter of 2011 was a curtailment gain of $0.8 million and a reduction in the liability of $7.8 million, resulting in a net decrease of $7.0 million in Accumulated Other Comprehensive Loss. During the third quarter of 2011, the Company closed its Cincinnati, OH facility and recorded a curtailment loss of $0.2 million, an increase in the liability of $11.3 million, and an increase Accumulated Other Comprehensive Loss of $11.1 million.

The U.K. and Canada defined benefit plans were frozen effective March 31, 2001 and December 31, 2009, respectively, and replaced with defined contribution plans.

Pension and Postretirement Expense

The pension and postretirement expenses related to the Company’s plans consisted of the following:

	Pension Benefits												Postretirement Health Care Benefits
	Three Months Ended						Nine Months Ended						Three Months Ended						Nine Months Ended
	September 30,						September 30,						September 30,						September 30,
In millions	2011			2010			2011			2010			2011			2010			2011			2010
Components of Net Periodic Cost:
Service Cost		$4.9			$5.0			$14.5			$15.0			$0.4			$0.2			$1.0			$0.8
Interest Cost	13.1			12.7			39.2			38.1			0.7			0.7			2.2			2.1
Administrative Expenses	—			—			0.1			—			—			—			—			—
Expected Return on Plan Assets	(14.6		)	(12.7		)	(43.8		)	(38.0		)	—			—			—			—
Curtailment Loss (Gain)	0.2			—			(0.6		)	—			—			—			—			—
Amortization:
Prior Service Cost (Credit)	0.1			0.1			0.3			0.3			—			—			(0.1		)	(0.1		)
Actuarial Loss (Gain)	3.5			2.3			10.1			6.9			(0.2		)	(0.4		)	(0.6		)	(1.2		)
Net Periodic Cost		$7.2			$7.4			$19.8			$22.3			$0.9			$0.5			$2.5			$1.6

Employer Contributions

The Company made contributions of $51.6 million and $36.6 million to its pension plans during the first nine months of 2011 and 2010, respectively. The Company expects to make contributions of $50 million to $60 million for the full year 2011. During 2010, the Company made $47.3 million of contributions to its pension plans.

The Company made postretirement health care benefit payments of $1.4 million and $1.6 million during the first nine months of 2011 and 2010, respectively. The Company estimates its postretirement health care benefit payments for the full year 2011 to be approximately $3 million. During 2010, the Company made postretirement health care benefit payments of $3.2 million.