Retirement and Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2012

Retirement and Other Postretirement Benefit Plans

Retirement and Other Postretirement Benefit Plans

Note 4 — Retirement and Other Postretirement Benefit Plans

We maintain qualified and nonqualified defined benefit retirement plans covering certain current and former U.S. and European employees, retirement savings plans covering eligible U.S. employees and certain postretirement health care and life insurance benefit plans covering eligible U.S. retirees. We also participate in a union sponsored multi-employer pension plan covering certain U.S. employees with union affiliations.

Defined Benefit Retirement Plans

Net Periodic Benefit Costs

Net periodic benefit costs of our defined benefit retirement plans for the quarters and six months ended June 30, 2012 and 2011, were as follows:

	Quarter Ended June 30,				Six Months Ended June 30,
(In millions)	2012		2011		2012		2011
U.S. Nonqualified Defined Benefit Retirement Plans
Service cost	$	0.4	$	0.3	$	0.7	$	0.5
Interest cost	0.2		0.2		0.5		0.5
Net amortization and deferral	0.5		0.3		1.1		0.6
Net periodic benefit cost	$	1.1	$	0.8	$	2.3	$	1.6

	June 30, 2012		December 31, 2011
Amounts recognized on the balance sheet:
Accrued liabilities	$	0.3	$	0.3
Other non-current liabilities	34.3		33.1
Total accrued benefit	$	34.6	$	33.4

	Quarter Ended June 30,						Six Months Ended June 30,
(In millions)	2012			2011			2012			2011
European Defined Benefit Retirement Plans
Service cost	$	0.2		$	0.2		$	0.3		$	0.9
Interest cost	1.6			1.8			3.3			3.6
Expected return on plan assets	(1.8		)	(2.0		)	(3.6		)	(3.9		)
Net amortization and deferral	0.2			0.1			0.4			0.3
Curtailment gain	—			—			—			(5.7		)
Net periodic benefit cost	$	0.2		$	0.1		$	0.4		$	(4.8	)

	June 30, 2012		December 31, 2011
Amounts recognized on the balance sheet:
Accrued liabilities	$	3.1	$	0.4
Other non-current liabilities	25.8		28.6
Total accrued benefit	$	28.9	$	29.0

As discussed in Note 10, effective January 31, 2011 credited service for the participants in our U.K. defined benefit plan was frozen, as the plan was terminated and replaced with a defined contribution plan.  This change reduced the projected plan obligation by $1.6 million and also resulted in recognizing $5.7 million of prior unrecognized service credits as a curtailment gain.

Contributions

We generally fund our U.S. non-qualified defined benefit retirement plans when benefit payments are incurred. Under the provisions of these non-qualified plans, we expect to contribute $0.3 million in 2012 to cover unfunded benefits. We contributed $0.3 million to our U.S. non-qualified defined benefit retirement plans during the 2011 fiscal year.

We contributed $2.6 million and $2.5 million to our European defined benefit retirement plans in the second quarters of 2012 and 2011, respectively.  Contributions were $4.1 million and $3.9 million for the six months ended June 30, 2012 and 2011.  We plan to contribute approximately $7.8 million during 2012 to these European plans.  We contributed $6.2 million to our European plans during the 2011 fiscal year.

Postretirement Health Care and Life Insurance Benefit Plans

Net periodic benefit costs of our postretirement health care and life insurance benefit plans for the quarters and six months ended June 30, 2012 and 2011 were immaterial.

	June 30, 2012		December 31, 2011
Amounts recognized on the balance sheet:
Accrued liabilities	$	0.7	$	0.7
Other non-current liabilities	7.1		7.3
Total accrued benefit	$	7.8	$	8.0

In connection with our postretirement plans, we contributed $0.1 million during each of the six-month periods ended June 30, 2012 and 2011, respectively.  Contributions during the second quarters of 2012 and 2011 were less than $0.1 million.  We periodically fund our postretirement plans to pay covered expenses as they are incurred.  Based on six months of activity, we expect to contribute approximately $0.3 million in 2012 to cover unfunded benefits.  We contributed $0.3 million to our postretirement plans during the 2011 fiscal year.