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Benefit Plans
6 Months Ended
Jun. 30, 2015
Compensation And Retirement Disclosure [Abstract]  
Benefit Plans

15.

Benefit Plans

The following tables provide information regarding the net periodic benefit costs for the Company’s international pension plans and domestic and international nonpension postretirement plans:

 

 

Pension Costs

 

 

Pension Costs

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Components of Net Periodic Benefit Cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

0.1

 

 

$

0.2

 

 

$

0.1

 

 

$

0.4

 

Interest cost

 

0.8

 

 

 

1.1

 

 

 

1.6

 

 

 

2.2

 

Expected return on plan assets

 

(1.3

)

 

 

(1.5

)

 

 

(2.7

)

 

 

(3.0

)

Settlement loss

 

8.9

 

 

 

0.0

 

 

 

8.9

 

 

 

0.0

 

Amortization of prior service cost

 

0.0

 

 

 

0.1

 

 

 

0.2

 

 

 

0.2

 

Net periodic benefit cost (income)

$

8.5

 

 

$

(0.1

)

 

$

8.1

 

 

$

(0.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonpension

 

 

Nonpension

 

 

Postretirement Costs

 

 

Postretirement Costs

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Components of Net Periodic Benefit Cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

0.1

 

 

$

0.0

 

 

$

0.1

 

 

$

0.1

 

Interest cost

 

0.2

 

 

 

0.3

 

 

 

0.5

 

 

 

0.5

 

Amortization of prior service cost

 

(0.3

)

 

 

(0.3

)

 

 

(0.6

)

 

 

(0.7

)

Net periodic benefit cost (income)

$

0.0

 

 

$

0.0

 

 

$

0.0

 

 

$

(0.1

)

 

On December 31, 2014, the Company terminated an international defined benefit pension plan under which approximately 270 participants, including approximately 90 active employees have accrued benefits.  The Company completed the termination of this plan in the second quarter of 2015 after regulatory approvals were obtained.  The Company made a cash contribution of $0.5 to provide for final accrued benefits and recorded a one-time expense of $8.9 ($6.7 after tax) in the Consumer International segment when the plan settlement was completed.  This expense is primarily attributable to pension settlement accounting rules which require accelerated recognition of actuarial losses that were to be amortized over the expected benefit lives of participants.

  The Company made cash contributions of approximately $1.7 to its pension plans during the first six months of 2015, of which $0.5 was required to fund the settlement of the international pension plan.  The Company estimates it will be required to make additional cash contributions to its pension plans of approximately $1.1 in the remainder of 2015 to offset 2015 benefit payments and administrative costs in excess of investment returns.