XML 35 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
Retirement and Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2012
Retirement and Other Postretirement Benefit Plans  
Schedule of net periodic pension expenses

 

(In millions)

 

2012

 

2011

 

2010

 

Defined benefit retirement plans

 

$

5.4

 

$

(0.3

)

$

9.0

 

Union sponsored multi-employer pension plan

 

1.2

 

0.9

 

0.7

 

Retirement savings plans-matching contributions

 

3.3

 

2.9

 

2.5

 

Retirement savings plans-profit sharing contributions

 

7.6

 

8.0

 

6.5

 

Net periodic expense

 

$

17.5

 

$

11.5

 

$

18.7

 
Schedule of net periodic cost of defined benefit retirement and postretirement plans

 

(In millions)

 

U.S. Plans

 

European Plans

 

Defined Benefit Retirement Plans

 

2012

 

2011

 

2010

 

2012

 

2011

 

2010

 

Service cost

 

$

1.3

 

$

1.5

 

$

1.2

 

$

0.5

 

$

1.1

 

$

3.7

 

Interest cost

 

1.1

 

1.1

 

1.0

 

6.6

 

7.2

 

7.3

 

Expected return on plan assets

 

—

 

—

 

—

 

(7.3

)

(7.8

)

(6.3

)

Net amortization

 

2.3

 

1.6

 

0.9

 

0.9

 

0.7

 

1.2

 

Curtailment gain

 

—

 

—

 

—

 

—

 

(5.7

)

—

 

Net periodic pension cost (income)

 

$

4.7

 

$

4.2

 

$

3.1

 

$

0.7

 

$

(4.5

)

$

5.9

 

 

(In millions)
U.S. Postretirement Plans

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

Service cost

 

$

—

 

$

—

 

$

0.1

 

 

 

 

 

 

 

Interest cost

 

0.3

 

0.4

 

0.5

 

 

 

 

 

 

 

Net amortization and deferral

 

(0.5

)

(0.3

)

(0.2

)

 

 

 

 

 

 

Net periodic postretirement benefit (income) cost

 

$

(0.2

)

$

0.1

 

$

0.4

 

 

 

 

 

 

 
Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income

 

 

 

Defined Benefit Retirement Plans

 

 

 

 

 

 

 

U.S. Plans

 

European Plans

 

Postretirement Plans

 

(In millions)

 

2012

 

2011

 

2012

 

2011

 

2012

 

2011

 

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (gain)

 

$

3.1

 

$

3.3

 

$

12.1

 

$

7.9

 

$

0.1

 

$

(1.6

)

Amortization of actuarial losses

 

(2.2

)

(1.5

)

(0.9

)

(0.9

)

—

 

—

 

Amortization of prior service credit (cost)

 

(0.1

)

(0.1

)

—

 

5.9

 

0.5

 

0.4

 

Effect of foreign exchange

 

—

 

—

 

1.9

 

(0.6

)

—

 

—

 

Total recognized in other comprehensive income (pre-tax)

 

$

0.8

 

$

1.7

 

$

13.1

 

$

12.3

 

$

0.6

 

$

(1.2

)
Schedule of benefit obligation, fair value of plan assets, funded status and amounts recognized in the consolidated financial statements

 

 

 

 

Defined Benefit Retirement Plans

 

 

 

 

 

 

 

U.S. Plans

 

European Plans

 

Postretirement Plans

 

(In millions)

 

2012

 

2011

 

2012

 

2011

 

2012

 

2011

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation - beginning of year

 

$

33.4

 

$

27.8

 

$

139.8

 

$

134.1

 

$

8.0

 

$

9.4

 

Service cost

 

1.3

 

1.5

 

0.5

 

1.1

 

—

 

—

 

Interest cost

 

1.1

 

1.1

 

6.6

 

7.2

 

0.3

 

0.4

 

Plan participants’ contributions

 

—

 

—

 

0.1

 

0.1

 

0.1

 

0.3

 

Actuarial loss (gain)

 

3.1

 

3.3

 

15.2

 

4.5

 

0.1

 

(1.5

)

Benefits and expenses paid

 

(0.3

)

(0.3

)

(3.7

)

(4.7

)

(0.4

)

(0.6

)

Curtailment and settlements

 

—

 

—

 

—

 

(1.7

)

—

 

—

 

Currency translation adjustments

 

—

 

—

 

6.3

 

(0.8

)

—

 

—

 

Benefit obligation - end of year

 

$

38.6

 

$

33.4

 

$

164.8

 

$

139.8

 

$

8.1

 

$

8.0

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets - beginning of year

 

$

—

 

$

—

 

$

110.8

 

$

106.9

 

$

—

 

$

—

 

Actual return on plan assets

 

—

 

—

 

10.3

 

2.7

 

—

 

—

 

Employer contributions

 

0.3

 

0.3

 

5.7

 

6.2

 

0.3

 

0.3

 

Plan participants’ contributions

 

—

 

—

 

0.1

 

0.1

 

0.1

 

0.3

 

Benefits and expenses paid

 

(0.3

)

(0.3

)

(3.7

)

(4.7

)

(0.4

)

(0.6

)

Currency translation adjustments

 

—

 

—

 

5.1

 

(0.4

)

—

 

—

 

Fair value of plan assets - end of year

 

$

—

 

$

—

 

$

128.3

 

$

110.8

 

$

—

 

$

—

 

Amounts recognized in Consolidated Balance Sheets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

$

0.3

 

$

0.3

 

$

0.4

 

$

0.4

 

$

0.6

 

$

0.7

 

Non-current liabilities

 

38.3

 

33.1

 

36.1

 

28.6

 

7.5

 

7.3

 

Total Liabilities

 

$

38.6

 

$

33.4

 

$

36.5

 

$

29.0

 

$

8.1

 

$

8.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in Accumulated Other Comprehensive Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial net (loss) gain

 

$

(10.2

)

$

(9.4

)

$

(49.7

)

$

(36.6

)

$

3.1

 

$

3.7

 

Prior service cost

 

(0.2

)

(0.2

)

(0.1

)

(0.1

)

—

 

—

 

Total amounts recognized in accumulated other comprehensive (loss) income

 

$

(10.4

)

$

(9.6

)

$

(49.8

)

$

(36.7

)

$

3.1

 

$

3.7

 
Schedule of expected benefit payments for the plan

 

(In millions)

 

U.S. Plans

 

European
Plans

 

Postretirement
Plans

 

 

 

 

 

 

 

 

 

2013

 

$

0.2

 

$

3.9

 

$

0.6

 

2014

 

3.3

 

3.7

 

0.9

 

2015

 

24.3

 

4.0

 

0.8

 

2016

 

1.6

 

4.9

 

0.7

 

2017

 

4.2

 

5.9

 

0.7

 

2018-2022

 

5.9

 

35.2

 

3.0

 

 

 

$

39.5

 

$

57.6

 

$

6.7

 
Schedule of pension assets measured at fair value

 

(In millions)

 

December
31,

 

Fair Value Measurements at
December 31, 2012

 

Description

 

2012

 

Level 1

 

Level 2

 

Level 3

 

 

 

 

 

 

 

 

 

 

 

Equity funds

 

$

70.0

 

$

—

 

$

70.0

 

$

—

 

Active corporate bond fund

 

52.1

 

—

 

52.1

 

—

 

Diversified investment funds

 

3.1

 

—

 

0.3

 

2.8

 

Insurance contracts

 

3.1

 

—

 

—

 

3.1

 

Total assets

 

$

128.3

 

$

—

 

$

122.4

 

$

5.9

 

 

 

 

December
31,

 

Fair Value Measurements at
December 31, 2011

 

Description

 

2011

 

Level 1

 

Level 2

 

Level 3

 

 

 

 

 

 

 

 

 

 

 

Equity funds

 

$

59.7

 

$

—

 

$

59.7

 

$

—

 

Active corporate bond fund

 

45.6

 

—

 

45.6

 

—

 

Diversified investment funds

 

2.9

 

—

 

0.4

 

2.5

 

Insurance contracts

 

2.6

 

—

 

—

 

2.6

 

Total assets

 

$

110.8

 

$

—

 

$

105.7

 

$

5.1

 

 

 

 

Balance at

 

Actual

 

Purchases,

 

Changes due

 

Balance at

 

(In millions)

 

January 1,

 

return on

 

sales and

 

to exchange

 

December 31,

 

Reconciliation of Level 3 Assets

 

2012

 

plan assets

 

settlements

 

rates

 

2012

 

Diversified investment funds

 

$

2.5

 

$

0.2

 

$

0.1

 

$

—

 

$

2.8

 

Insurance contracts

 

2.6

 

0.2

 

0.2

 

0.1

 

3.1

 

Total level 3 assets

 

$

5.1

 

$

0.4

 

$

0.3

 

$

0.1

 

$

5.9

 

 

Reconciliation of Level 3 Assets

 

Balance at
January 1,
2011

 

Actual
return on
plan assets

 

Purchases,
sales and
settlements

 

Changes due
to exchange
rates

 

Balance at
December 31,
2011

 

Diversified investment funds

 

$

2.8

 

$

—

 

$

(0.3

)

$

—

 

$

2.5

 

Insurance contracts

 

2.7

 

0.1

 

(0.1

)

(0.1

)

2.6

 

Total level 3 assets

 

$

5.5

 

$

0.1

 

$

(0.4

)

$

(0.1

)

$

5.1

 
Schedule of actual allocations for pension assets and target allocations by asset class

 

 

 

Percentage
Of Plan Assets

 

Target
Allocations

 

Percentage
Of Plan Assets

 

Target
Allocations

 

Asset Class

 

2012

 

2012

 

2011

 

2011

 

U.K. Equity Fund

 

28.0

%

28.6

%

27.8

%

31.0

%

Overseas Equity Fund

 

26.6

 

28.6

 

26.1

 

31.0

 

Active Corporate Bond Funds

 

40.6

 

38.2

 

41.1

 

32.9

 

Insurance Contracts

 

2.4

 

2.4

 

2.4

 

2.6

 

Diversified Investment Funds

 

2.4

 

2.2

 

2.6

 

2.5

 

Total

 

100

%

100

%

100

%

100

%
Schedule of assumptions used to estimate the actuarial present value of benefit obligations

 

 

 

2012

 

2011

 

2010

 

U.S. defined benefit retirement plans:

 

 

 

 

 

 

 

Discount rates

 

2.0%

 

3.2%

 

3.7%

 

Rate of increase in compensation

 

3.0%-5.8%

 

3.0%

 

3.5%

 

Expected long-term rate of return on plan assets

 

N/A

 

N/A

 

N/A

 

 

 

 

 

 

 

 

 

European defined benefit retirement plans:

 

 

 

 

 

 

 

Discount rates

 

3.25% - 4.5%

 

4.5% - 4.75%

 

5.0% - 5.3%

 

Rates of increase in compensation

 

3.0%

 

3.0%

 

3.0% - 4.25%

 

Expected long-term rates of return on plan assets

 

4.0% – 6.5%

 

4.25% – 6.5%

 

4.5% – 7.0%

 

 

 

 

 

 

 

 

 

Postretirement benefit plans:

 

 

 

 

 

 

 

Discount rates

 

2.75%

 

3.85%

 

4.45%

 
Schedule of impact of one-percentage-point change in expected long-term rate of return and discount rate on pension expense and retirement obligation

 

 

 

Non-Qualified

 

Retiree
Medical

 

U.K.
Retirement

 

(In millions)

 

Pension Plans

 

Plans

 

Plan

 

Periodic pension expense

 

 

 

 

 

 

 

One-percentage-point increase:

 

 

 

 

 

 

 

Expected long-term rate of return

 

$

N/A

 

$

N/A

 

$

(1.1

)

Discount rate

 

$

(0.1

)

$

0.1

 

$

(0.7

)

 

 

 

 

 

 

 

 

One-percentage-point decrease:

 

 

 

 

 

 

 

Expected long-term rate of return

 

$

N/A

 

$

N/A

 

$

1.2

 

Discount rate

 

$

0.1

 

$

(0.1

)

$

0.8

 

 

 

 

 

 

 

 

 

Retirement obligation

 

 

 

 

 

 

 

One-percentage-point increase in discount rate

 

$

(1.3

)

$

(0.5

)

$

(28.1

)

One-percentage-point decrease in discount rate

 

$

1.4

 

$

0.5

 

$

34.5