c. Pension and Postretirement Benefits. Net periodic pension
expense for the three and six months ended June 30, 2015 and
2014 is presented below (in millions of dollars):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30, 2015 |
|
|
Three Months
Ended June 30, 2014 |
|
|
|
Total |
|
|
U.S.
Plans |
|
|
Int’l.
Plans |
|
|
Total |
|
|
U.S.
Plans |
|
|
Int’l.
Plans |
|
Service cost
|
|
$ |
2.1 |
|
|
$ |
— |
|
|
$ |
2.1 |
|
|
$ |
1.9 |
|
|
$ |
— |
|
|
$ |
1.9 |
|
Interest cost
|
|
|
79.0 |
|
|
|
55.9 |
|
|
|
23.1 |
|
|
|
92.3 |
|
|
|
62.2 |
|
|
|
30.1 |
|
Expected return on plan assets
|
|
|
(102.2 |
) |
|
|
(63.7 |
) |
|
|
(38.5 |
) |
|
|
(112.9 |
) |
|
|
(72.0 |
) |
|
|
(40.9 |
) |
Amortization of prior service cost
|
|
|
(1.1 |
) |
|
|
(.6 |
) |
|
|
(.5 |
) |
|
|
(.3 |
) |
|
|
.2 |
|
|
|
(.5 |
) |
Recognized net actuarial loss
|
|
|
48.6 |
|
|
|
32.7 |
|
|
|
15.9 |
|
|
|
37.5 |
|
|
|
27.0 |
|
|
|
10.5 |
|
Curtailment gain
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(.6 |
) |
|
|
— |
|
|
|
(.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic pension expense
|
|
$ |
26.4 |
|
|
$ |
24.3 |
|
|
$ |
2.1 |
|
|
$ |
17.9 |
|
|
$ |
17.4 |
|
|
$ |
.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended June 30, 2015 |
|
|
Six Months
Ended June 30, 2014 |
|
|
|
Total |
|
|
U.S.
Plans |
|
|
Int’l.
Plans |
|
|
Total |
|
|
U.S.
Plans |
|
|
Int’l.
Plans |
|
Service cost
|
|
$ |
4.3 |
|
|
$ |
— |
|
|
$ |
4.3 |
|
|
$ |
4.3 |
|
|
$ |
— |
|
|
$ |
4.3 |
|
Interest cost
|
|
|
158.9 |
|
|
|
112.0 |
|
|
|
46.9 |
|
|
|
184.6 |
|
|
|
124.7 |
|
|
|
59.9 |
|
Expected return on plan assets
|
|
|
(204.9 |
) |
|
|
(127.4 |
) |
|
|
(77.5 |
) |
|
|
(225.6 |
) |
|
|
(144.0 |
) |
|
|
(81.6 |
) |
Amortization of prior service cost
|
|
|
(2.2 |
) |
|
|
(1.2 |
) |
|
|
(1.0 |
) |
|
|
(.6 |
) |
|
|
.4 |
|
|
|
(1.0 |
) |
Recognized net actuarial loss
|
|
|
98.2 |
|
|
|
66.4 |
|
|
|
31.8 |
|
|
|
75.3 |
|
|
|
54.8 |
|
|
|
20.5 |
|
Curtailment gain
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(.6 |
) |
|
|
— |
|
|
|
(.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic pension expense
|
|
$ |
54.3 |
|
|
$ |
49.8 |
|
|
$ |
4.5 |
|
|
$ |
37.4 |
|
|
$ |
35.9 |
|
|
$ |
1.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In 2015, the company expects that it will make cash contributions
of approximately $150 million to its worldwide defined benefit
pension plans, which is comprised of $59 million for the
company’s U.S. qualified defined benefit pension plan and $91
million primarily for non-U.S. defined benefit pension plans. In
2014, the company made cash contributions of $183.4 million to its
worldwide defined benefit pension plans. For the six months ended
June 30, 2015 and 2014, $75.7 million and $103.1 million,
respectively, of cash contributions have been made.
Net periodic postretirement benefit expense for the three and six
months ended June 30, 2015 and 2014 is presented below (in
millions of dollars):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30 |
|
|
Six Months
Ended June 30 |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Service cost
|
|
$ |
.2 |
|
|
$ |
.1 |
|
|
$ |
.3 |
|
|
$ |
.3 |
|
Interest cost
|
|
|
1.7 |
|
|
|
2.0 |
|
|
|
3.4 |
|
|
|
4.0 |
|
Expected return on assets
|
|
|
(.1 |
) |
|
|
(.2 |
) |
|
|
(.2 |
) |
|
|
(.3 |
) |
Amortization of prior service cost
|
|
|
.3 |
|
|
|
.5 |
|
|
|
.6 |
|
|
|
.9 |
|
Recognized net actuarial loss
|
|
|
.7 |
|
|
|
.9 |
|
|
|
1.4 |
|
|
|
1.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic postretirement benefit expense
|
|
$ |
2.8 |
|
|
$ |
3.3 |
|
|
$ |
5.5 |
|
|
$ |
6.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The company expects to make cash contributions of approximately $16
million to its postretirement benefit plan in 2015 compared with
$15.3 million in 2014. For the six months ended June 30, 2015
and 2014, $6.9 million and $6.4 million, respectively, of cash
contributions have been made.
|