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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Status of Defined Benefit Plans

The following table provides information on the status of the defined benefit plans at December 31:

 

 

 

 

 

 

Nonpension

 

 

 

Pension Plans

 

 

Postretirement  Plans

 

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Change in Benefit Obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

100.6

 

 

$

99.7

 

 

$

21.8

 

 

$

30.0

 

Service cost

 

 

0.9

 

 

 

1.1

 

 

 

0.2

 

 

 

0.4

 

Interest cost

 

 

4.2

 

 

 

4.0

 

 

 

1.0

 

 

 

1.1

 

Plan participants’ contributions

 

 

0.0

 

 

 

0.0

 

 

 

0.3

 

 

 

0.3

 

Actuarial loss (gain)

 

 

10.3

 

 

 

0.7

 

 

 

3.0

 

 

 

(4.9

)

Settlements/curtailments

 

 

(3.1

)

 

 

0.0

 

 

 

0.0

 

 

 

(2.7

)

Effects of exchange rate changes / other

 

 

(7.4

)

 

 

(0.9

)

 

 

(0.5

)

 

 

(0.4

)

Benefits paid

 

 

(4.3

)

 

 

(4.0

)

 

 

(1.3

)

 

 

(2.0

)

Benefit obligation at end of year

 

$

101.2

 

 

$

100.6

 

 

$

24.5

 

 

$

21.8

 

Change in Plan Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

100.2

 

 

$

78.8

 

 

 

0.0

 

 

 

0.0

 

Actual return on plan assets (net of expenses)

 

 

11.1

 

 

 

8.1

 

 

 

0.0

 

 

 

0.0

 

Employer contributions

 

 

3.3

 

 

 

17.5

 

 

 

1.0

 

 

 

1.7

 

Plan participants’ contributions

 

 

0.0

 

 

 

0.0

 

 

 

0.3

 

 

 

0.3

 

Settlements/curtailments

 

 

(1.2

)

 

 

0.0

 

 

 

0.0

 

 

 

0.0

 

Effects of exchange rate changes / other

 

 

(7.3

)

 

 

(0.2

)

 

 

0.0

 

 

 

0.0

 

Benefits paid

 

 

(4.3

)

 

 

(4.0

)

 

 

(1.3

)

 

 

(2.0

)

Fair value of plan assets at end of year

 

$

101.8

 

 

$

100.2

 

 

$

0.0

 

 

$

0.0

 

Funded status at end of year, recorded in Pension and

   Postretirement Benefits

 

$

0.6

 

 

$

(0.4

)

 

$

(24.5

)

 

$

(21.8

)

Amounts Recognized in Accumulated Other

   Comprehensive Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Credit

 

$

0.1

 

 

$

0.1

 

 

$

(0.8

)

 

$

(2.3

)

Actuarial Loss

 

 

19.8

 

 

 

18.5

 

 

 

3.5

 

 

 

0.8

 

Net Loss (Income) Recognized in Accumulated Other

   Comprehensive Income

 

$

19.9

 

 

$

18.6

 

 

$

2.7

 

 

$

(1.5

)

 
Amounts Recognized in Statement of Financial Position

Amounts recognized in the statement of financial position consist of:

 

 

 

 

 

 

 

 

 

 

 

Nonpension

 

 

 

Pension Plans

 

 

Postretirement Plans

 

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Pension and Postretirement Benefits

 

$

(3.4

)

 

$

(3.4

)

 

$

(24.5

)

 

$

(21.8

)

Other Assets

 

 

4.0

 

 

 

3.0

 

 

 

0.0

 

 

 

0.0

 

Accumulated Other Comprehensive Loss (Income)

 

 

19.9

 

 

 

18.6

 

 

 

2.7

 

 

 

(1.5

)

Net amount recognized at end of year

 

$

20.5

 

 

$

18.2

 

 

$

(21.8

)

 

$

(23.3

)

Accumulated benefit obligation

 

$

100.0

 

 

$

95.4

 

 

$

0.0

 

 

$

0.0

 

 
Components of Net Periodic Benefit Cost

Net Pension and Net Postretirement Benefit Costs consisted of the following components:

 

 

 

Pension Costs

 

 

Nonpension Postretirement Costs

 

 

 

2014

 

 

2013

 

 

2012

 

 

2014

 

 

2013

 

 

2012

 

Components of Net Periodic Benefit Cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

0.9

 

 

$

1.1

 

 

$

0.9

 

 

$

0.2

 

 

$

0.4

 

 

$

0.4

 

Interest cost

 

 

4.2

 

 

 

4.0

 

 

 

4.2

 

 

 

1.0

 

 

 

1.1

 

 

 

1.2

 

Expected return on plan assets

 

 

(6.1

)

 

 

(4.2

)

 

 

(3.9

)

 

 

0.0

 

 

 

0.0

 

 

 

0.0

 

Amortization of prior service cost

 

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

(1.4

)

 

 

(0.8

)

 

 

(0.1

)

Settlements/curtailments

 

 

0.3

 

 

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

(0.3

)

 

 

0.0

 

Recognized actuarial loss (gain)

 

 

0.4

 

 

 

0.9

 

 

 

0.2

 

 

 

0.0

 

 

 

0.1

 

 

 

0.2

 

Net periodic benefit cost

 

$

(0.3

)

 

$

1.8

 

 

$

1.4

 

 

$

(0.2

)

 

$

0.5

 

 

$

1.7

 

 
Schedule Of Fair Values Of Pension Plan Assets By Asset Category

The fair values of the Company’s defined benefit pension plan assets by asset category are as follows:

 

 

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in Active

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Markets for

 

 

Significant

 

 

Significant

 

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

 

Assets

 

 

Inputs

 

 

Inputs

 

Asset Category

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Cash & Cash Equivalents

 

$

9.0

 

 

$

9.0

 

 

$

0.0

 

 

$

0.0

 

Equity Securities - Mutual Funds (a)

 

 

16.1

 

 

 

1.0

 

 

 

15.1

 

 

 

0.0

 

Money Market Funds

 

 

6.6

 

 

 

0.0

 

 

 

6.6

 

 

 

0.0

 

Bond Funds(b)

 

 

9.3

 

 

 

0.0

 

 

 

9.3

 

 

 

0.0

 

Global Multi-strategy Fund(c)

 

 

37.8

 

 

 

0.0

 

 

 

0.0

 

 

 

37.8

 

Insurance Investment Contract(e)

 

 

5.9

 

 

 

0.0

 

 

 

0.0

 

 

 

5.9

 

Government Fixed Income Securities(f)

 

 

15.3

 

 

 

0.0

 

 

 

15.3

 

 

 

0.0

 

Other (g)

 

 

0.2

 

 

 

0.2

 

 

 

0.0

 

 

 

0.0

 

December 31, 2013

 

$

100.2

 

 

$

10.2

 

 

$

46.3

 

 

$

43.7

 

Cash & Cash Equivalents

 

$

1.9

 

 

1.9

 

 

$

0.0

 

 

$

0.0

 

Equity Securities - Mutual Funds (a)

 

 

35.0

 

 

 

1.1

 

 

 

33.9

 

 

 

0.0

 

Money Market Funds

 

 

1.8

 

 

 

0.0

 

 

 

1.8

 

 

 

0.0

 

Bond Funds(b)

 

 

17.5

 

 

 

0.0

 

 

 

17.5

 

 

 

0.0

 

Global Multi-strategy Fund(d)

 

 

19.5

 

 

 

0.0

 

 

 

19.5

 

 

 

0.0

 

Insurance Investment Contract(e)

 

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

0.0

 

Government Fixed Income Securities(f)

 

 

22.4

 

 

 

0.0

 

 

 

22.4

 

 

 

0.0

 

Other (g)

 

 

3.7

 

 

 

0.2

 

 

 

3.5

 

 

 

0.0

 

December 31, 2014

 

$

101.8

 

 

$

3.2

 

 

$

98.6

 

 

$

0.0

 

 

(a)

The equity securities represent mutual funds held primarily by the pension plans in Canada and the United Kingdom, which include both domestic and international equity securities.  Mutual funds are valued at quoted market prices, which represent the net asset values of shares held by the plans as of December 31, 2013 and December 31, 2014.

(b)

The bond funds constitutes investments primarily for the pension plans in Canada and the fund consists of investments in Canadian government, corporate and municipal or local governments bonds.

(c)

The global multi-strategy fund constitutes an indexed fund for the pension plans in the United Kingdom as of December 31, 2013.  The fund, which was sold during 2014, was a fund of funds invested in a series of diverse international equity funds and fixed income funds.  

(d)

The global multi-strategy fund, which was purchased during 2014 for the pension plans in the United Kingdom, represents a series of multiple asset diversified funds invested in equities, bonds and other investments.  The global multi-strategy fund is valued at the net asset value per unit multiplied by the number of units held as of the measurement date.

(e)

The insurance investment contract is in the form of an insurance policy that was held by the pension plans in the United Kingdom.  The investment of the underlying assets was in various managed funds.  Insurance contracts are valued at book value, which approximates fair value, and are calculated using the prior year balance adjusted for investment returns and changes in cash flows.

(f)

Government fixed income securities held by pension plans in the United Kingdom are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.

(g)

Other category includes other investments for pension plans in the international subsidiaries.
Schedule Of Fair Value Measurements Using Significant Unobservable Inputs

Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Investments) are as follows:

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

Global Multi-

 

 

Investment

 

 

 

 

 

Investments

 

strategy Fund

 

 

Contract

 

 

Total

 

Balance at December 31, 2012

 

$

31.8

 

 

$

5.3

 

 

$

37.1

 

Net realized and unrealized gains (loss)

 

 

5.3

 

 

 

0.5

 

 

 

5.8

 

Effects of exchange rate changes

 

 

0.7

 

 

 

0.1

 

 

 

0.8

 

Balance at December 31, 2013

 

$

37.8

 

 

$

5.9

 

 

$

43.7

 

Net realized and unrealized gains (loss)

 

 

0.1

 

 

 

0.4

 

 

 

0.5

 

Purchases, sales and distributions

 

 

(38.2

)

 

 

(6.3

)

 

 

(44.5

)

Effects of exchange rate changes

 

 

0.3

 

 

 

0.0

 

 

 

0.3

 

Balance at December 31, 2014

 

$

0.0

 

 

$

0.0

 

 

$

0.0

 

 
Expected Benefit Payments

The following benefit payments are expected to be paid from the defined benefit plans (excluding the benefits to be paid at the completed settlement of the international pension plan):

 

 

 

 

 

 

 

Nonpension

 

 

 

Pension

 

 

Postretirement

 

 

 

Plans

 

 

Plans

 

2015

 

$

2.7

 

 

$

1.5

 

2016

 

 

2.6

 

 

 

1.6

 

2017

 

 

2.6

 

 

 

1.7

 

2018

 

 

2.7

 

 

 

1.8

 

2018

 

 

2.7

 

 

 

1.9

 

2020-2024

 

 

15.7

 

 

 

9.4

 

 
Schedule Of Health Care Cost Trends

The following chart shows the effect of a 1% change in healthcare cost trends:

 

 

 

2014

 

 

2013

 

Effect of 1% increase in health-care cost trend rates on:

 

 

 

 

 

 

 

 

Postretirement benefit obligation

 

$

1.5

 

 

$

0.7

 

Total of service cost and interest cost component

 

 

0.1

 

 

 

0.9

 

Effect of 1% decrease in health-care cost trend rates on:

 

 

 

 

 

 

 

 

Postretirement benefit obligation

 

 

(1.3

)

 

 

(0.6

)

Total of service cost and interest cost component

 

 

(0.1

)

 

 

(0.7

)

 
Benefit Obligation  
Weighted-Average Assumptions Used

Weighted‑average assumptions used to determine benefit obligations as of December 31 are as follows:

 

 

 

 

 

 

 

 

 

 

 

Nonpension

 

 

 

Pension Plans

 

 

Postretirement Plans

 

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Discount Rate

 

 

3.54%

 

 

 

4.48%

 

 

 

3.77%

 

 

 

4.56%

 

Rate of Compensation increase

 

 

3.13%

 

 

 

3.33%

 

 

N/A

 

 

N/A

 

 
Net Periodic Benefit Cost  
Weighted-Average Assumptions Used

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 are as follows:

 

 

 

Pension Costs

 

 

Nonpension Postretirement Costs

 

 

 

2014

 

 

2013

 

 

2012

 

 

2014

 

 

2013

 

 

2012

 

Discount Rate

 

 

4.28%

 

 

 

4.15%

 

 

 

4.75%

 

 

 

4.54%

 

 

 

3.92%

 

 

 

4.31%

 

Rate of Compensation increase

 

 

3.13%

 

 

 

3.33%

 

 

 

3.33%

 

 

N/A

 

 

N/A

 

 

N/A

 

Expected long-term rate of return on plan assets

 

 

6.16%

 

 

 

5.45%

 

 

 

5.35%

 

 

N/A

 

 

N/A

 

 

N/A