XML 56 R52.htm IDEA: XBRL DOCUMENT v2.4.0.8
Pension and Other Post-Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]  
Schedule of combined funded status of the pension plans and their reconciliation with the related amounts recognized in balance sheet
The following table sets forth the combined funded status of the pension plans and their reconciliation with the related amounts recognized in our Consolidated Financial Statements at our December 31 measurement dates:
 
 
December 31,
 
 
2013
 
2012
Change in benefit obligation:
 
 
 
 
Benefit obligation at beginning of year
 
$
105.9

 
$
91.3

Service cost
 
2.5

 
2.1

Interest cost
 
4.7

 
4.7

Prior Service Cost
 

 
(2.5
)
Participant contributions
 
1.2

 
1.2

Curtailments
 
0.2

 

Actuarial (gain) loss
 
3.5

 
8.1

Benefits paid
 
(2.8
)
 
(2.5
)
Settlement payments
 

 

Other, principally foreign exchange
 
(1.9
)
 
3.5

Benefit obligation at end of year
 
$
113.3

 
$
105.9

Change in plan assets:
 
 
 
 
Fair value of plan assets at beginning of year
 
$
88.0

 
$
73.2

Business sale
 

 

Actual gain (loss) on plan assets
 
14.9

 
9.7

Employer contributions
 
3.3

 
3.6

Participant contributions
 
1.2

 
1.2

Benefits paid
 
(2.8
)
 
(2.5
)
Settlement payments
 

 

Other, principally foreign exchange
 
(1.3
)
 
2.8

Fair value of assets at end of year
 
$
103.3

 
$
88.0

Amounts recognized in the consolidated balance sheets:
 
 
 
 
Funded status (current)
 
$

 
$

Funded status (non-current)
 
(10.0
)
 
(17.9
)
Accumulated other comprehensive income (pre-tax):
 

 

Unrecognized actuarial loss
 
12.6

 
19.9

Unrecognized prior service cost
 
(3.0
)
 
(3.4
)
Net amount recognized
 
$
(0.4
)
 
$
(1.4
)
Schedule of components of net periodic pension cost
The following are the components of our net periodic pension cost:

 
 
December 31,
 
 
2013
 
2012
 
2011
Components of net periodic pension benefit cost:
 
 
 
 
 
 
Service cost
 
$
2.5

 
$
2.1

 
$
2.1

Interest cost
 
4.7

 
4.7

 
4.5

Expected return on plan assets
 
(5.5
)
 
(5.2
)
 
(5.2
)
Amortization of actuarial gains/losses
 
1.0

 
0.8

 
0.4

Curtailments
 
0.1

 

 

Amortization of unrecognized prior service cost
 
(0.3
)
 
(0.2
)
 

Net periodic cost
 
$
2.5

 
$
2.2

 
$
1.8

Schedule of amounts included in accumulated other comprehensive income expected to be recognized as components of net periodic pension cost during the next fiscal year
The amounts included in accumulated other comprehensive income as of December 31, 2013 expected to be recognized as components of net periodic pension cost during the fiscal year ending December 31, 2014 are as follows:
 
 
 
Net (gain) or loss
 
$
0.7

Net prior service cost
 
(0.3
)
Net amount expected to be recognized
 
$
0.4

Schedule of weighted-average actuarial assumptions used to determine the benefit obligation and net periodic benefit cost
The table below provides the weighted-average actuarial assumptions used to determine the benefit obligation and net periodic benefit cost for the U.K. Plan and the Canadian Plan.
 
 
U.K. Plan
 
Canadian Plan
 
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Discount rates:
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation
 
4.40
%
 
4.50
%
 
4.80
%
 
5.00
%
 
4.50
%
 
5.30
%
Net periodic pension cost
 
4.50
%
 
4.80
%
 
5.40
%
 
4.50
%
 
5.30
%
 
5.50
%
Rate of compensation increase
 
2.00
%
 
2.00
%
 
3.50
%
 
3.00
%
 
3.25
%
 
3.25
%
Expected return on assets
 
6.70
%
 
6.80
%
 
7.50
%
 
6.50
%
 
6.50
%
 
7.00
%
Schedule of future pension benefit payments expected to be paid
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

Year
 
U.K.
Plan
 
Canadian
Plan
2014
 
$
1.0

 
$
1.4

2015
 
$
1.0

 
$
1.5

2016
 
$
1.0

 
$
1.6

2017
 
$
1.0

 
$
1.7

2018
 
$
1.1

 
$
1.9

2019 - 2023
 
$
5.7

 
$
12.6

U.K. Plan
 
Defined Benefit Plan Disclosure [Line Items]  
Schedule of fair value of defined benefit pension plan assets by asset category
The fair value of our U.K. Plan assets at December 31, 2013 by asset category is as follows:
Asset Category
 
Market
Value at
12/31/2013
 
Quoted
Prices in
Active
Markets for
Identical
Assets (Level 1)
 
Significant
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Equity securities in U.K. companies (a)
 
$
16.0

 
$

 
$
16.0

 
$

Equity securities in non-U.K. companies (a)
 
9.6

 

 
9.6

 

Global Return Fund (a)
 
19.4

 

 
19.4

 

Corporate bonds (a)
 
5.4

 

 
5.4

 

Real estate
 
11.8

 

 

 
11.8

Cash (b)
 
0.4

 
0.4

 

 

Total pension assets
 
$
62.6

 
$
0.4

 
$
50.4

 
$
11.8

_______________________________________________________________________________

(a)
The assets are invested through managed funds that are valued using inputs derived principally from quoted prices in active markets for the underlying assets in the fund.
(b)
The fair value of cash equals its book value.
The fair value of our U.K. Plan assets at December 31, 2012 by asset category is as follows:
Asset Category
 
Market
Value at
12/31/2012
 
Quoted
Prices in
Active
Markets for
Identical
Assets (Level 1)
 
Significant
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Equity securities in U.K. companies (a)
 
$
10.9

 
$

 
$
10.9

 
$

Equity securities in non-U.K. companies (a)
 
7.5

 

 
7.5

 

Global Return Fund (a)
 
17.7

 

 
17.7

 

Corporate bonds (a)
 
5.2

 

 
5.2

 

Real estate
 
10.4

 

 

 
10.4

Cash (b)
 
0.4

 
0.4

 

 

Total pension assets
 
$
52.1

 
$
0.4

 
$
41.3

 
$
10.4

_______________________________________________________________________________

(a)
The assets are invested through managed funds that are valued using inputs derived principally from quoted prices in active markets for the underlying assets in the fund.
(b)
The fair value of cash equals its book value.
Schedule of changes in fair value of pension assets valued using significant unobservable inputs (Level 3)
The change in fair value of the pension assets valued using significant unobservable inputs (Level 3) was due to the following:
 
 
 
General Account
Beginning balance at December 31, 2012
$
10.4

Purchases
0.1

Unrealized gain on asset still held at December 31, 2013
1.3

 
 

Ending balance at December 31, 2013
$
11.8

 
 

The change in fair value of the pension assets valued using significant unobservable inputs (Level 3) was due to the following:
 
 
 
General Account
Beginning balance at December 31, 2011
$
9.3

Purchases
0.2

Unrealized gain on asset still held at December 31, 2012
0.9

 
 

Ending balance at December 31, 2012
$
10.4

Canadian Plan
 
Defined Benefit Plan Disclosure [Line Items]  
Schedule of fair value of defined benefit pension plan assets by asset category
The fair value of our Canadian Plan assets at December 31, 2013 by asset category is as follows:
Asset Category
 
Market
Value at
12/31/2013
 
Quoted
Prices in
Active
Markets for
Identical
Assets (Level 1)
 
Significant
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Equity securities in Canadian companies (a)
 
$
8.0

 
$
8.0

 
$

 
$

Equity securities in non-Canadian companies (a)
 
18.2

 
18.2

 

 

Government bonds
 
5.8

 

 
5.8

 

Corporate bonds
 
8.0

 

 
8.0

 

Corporate bonds in non-Canadian companies
 

 

 

 

Other short-term investment (b)
 
0.6

 
0.6

 

 


Cash and cash equivalents (c)
 
0.2

 
0.2

 

 

Total pension assets
 
$
40.8

 
$
27.0

 
$
13.8

 
$

_______________________________________________________________________________

(a)
Direct investments in equity securities are valued at quoted prices in active markets for identical assets. Equity securities invested through pooled funds are valued using inputs derived principally from the quoted prices in active markets for the underlying assets in the pool.
(b)
Other short-term investments are investments in pooled money market funds that are valued using inputs derived principally from the quoted prices in active markets for the underlying assets in the pool.
(c)
The carrying value of cash and cash equivalents approximates fair value because of the short-term maturity of these instruments.
The fair value of our Canadian Plan assets at December 31, 2012 by asset category is as follows:
Asset Category
 
Market
Value at
12/31/2012
 
Quoted
Prices in
Active
Markets for
Identical
Assets (Level 1)
 
Significant
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Equity securities in Canadian companies (a)
 
$
6.9

 
$
6.9

 
$

 
$

Equity securities in non-Canadian companies (a)
 
15.4

 
15.4

 

 

Government bonds
 
5.7

 

 
5.7

 

Corporate bonds
 
6.8

 

 
6.8

 

Corporate bonds in non-Canadian companies
 
0.1

 

 
0.1

 

Other short-term investment (b)
 
0.8

 
0.8

 

 

Cash and cash equivalents (c)
 
0.2

 
0.2

 

 

Total pension assets
 
$
35.9

 
$
23.3

 
$
12.6

 
$

_______________________________________________________________________________

(a)
Direct investments in equity securities are valued at quoted prices in active markets for identical assets. Equity securities invested through pooled funds are valued using inputs derived principally from the quoted prices in active markets for the underlying assets in the pool.
(b)
Other short-term investments are investments in pooled money market funds that are valued using inputs derived principally from the quoted prices in active markets for the underlying assets in the pool.
(c)
The carrying value of cash and cash equivalents approximates fair value because of the short-term maturity of these instruments.