Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2012
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Employee Benefit Plans |
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Schedule of funded status of the defined benefit plans and amounts recognized in the consolidated balance sheets |
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December 31, |
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2012 |
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2011 |
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(in millions)
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Change in projected benefit obligation |
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Balance at beginning of the year |
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$ |
121.2 |
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$ |
112.6 |
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Service cost |
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0.6 |
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5.3 |
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Administration costs paid |
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(0.9 |
) |
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(0.6 |
) |
Interest cost |
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5.7 |
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6.0 |
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Actuarial loss |
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15.6 |
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13.6 |
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Benefits paid |
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(4.2 |
) |
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(3.2 |
) |
Curtailment adjustment |
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— |
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(12.5 |
) |
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Balance at end of year |
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$ |
138.0 |
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$ |
121.2 |
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Change in fair value of plan assets |
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Balance at beginning of the year |
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$ |
108.4 |
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$ |
90.3 |
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Actual gain on assets |
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11.8 |
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14.1 |
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Employer contributions |
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0.7 |
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7.8 |
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Administration costs paid |
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(0.9 |
) |
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(0.6 |
) |
Benefits paid |
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(4.2 |
) |
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(3.2 |
) |
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Fair value of plan assets at end of the year |
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$ |
115.8 |
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$ |
108.4 |
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Funded status at end of year |
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$ |
(22.2 |
) |
$ |
(12.8 |
) |
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Schedule of amounts recognized in the consolidated balance sheets |
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December 31, |
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2012 |
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2011 |
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(in millions)
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Current liabilities |
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$ |
(0.6 |
) |
$ |
(0.2 |
) |
Noncurrent liabilities |
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(21.6 |
) |
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(12.6 |
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Net amount recognized |
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$ |
(22.2 |
) |
$ |
(12.8 |
) |
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Schedule of amounts recognized in accumulated other comprehensive income |
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December 31, |
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2012 |
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2011 |
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(in millions)
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Net actuarial loss recognized |
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$ |
41.2 |
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$ |
31.1 |
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Information for pension plans with an accumulated benefit obligation in excess of plan assets |
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December 31, |
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2012 |
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2011 |
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(in millions)
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Projected benefit obligation |
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$ |
138.0 |
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$ |
13.6 |
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Accumulated benefit obligation |
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$ |
138.0 |
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$ |
13.6 |
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Fair value of plan assets |
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$ |
115.8 |
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$ |
— |
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Information for pension plans with plan assets in excess of accumulated benefit obligation |
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December 31, |
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2012 |
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2011 |
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(in millions)
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Projected benefit obligation |
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$ |
— |
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$ |
107.6 |
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Accumulated benefit obligation |
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$ |
— |
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$ |
107.6 |
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Fair value of plan assets |
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$ |
— |
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$ |
108.4 |
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Schedule of the components of net periodic benefit cost |
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Years Ended
December 31, |
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2012 |
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2011 |
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2010 |
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(in millions)
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Service cost—benefits earned |
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$ |
0.6 |
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$ |
5.3 |
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$ |
4.6 |
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Interest costs on benefits obligation |
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5.7 |
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6.0 |
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5.7 |
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Expected return on assets |
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(6.9 |
) |
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(7.5 |
) |
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(6.0 |
) |
Prior service cost amortization |
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— |
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0.3 |
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0.3 |
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Net actuarial loss amortization |
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0.6 |
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2.7 |
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2.3 |
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Curtailment charge |
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— |
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1.5 |
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— |
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Net periodic benefit cost |
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$ |
— |
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$ |
8.3 |
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$ |
6.9 |
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Schedule of weighted average assumptions used to determine benefit obligations |
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December 31, |
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2012 |
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2011 |
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Discount rate |
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4.0 |
% |
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4.80 |
% |
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Schedule of weighted-average assumptions used to determine net periodic benefit costs |
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Years Ended December 31, |
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2012 |
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2011 |
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2010 |
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Discount rate |
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4.80 |
% |
5.50%/4.70% |
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6.00 |
% |
Long-term rate of return on assets |
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6.50 |
% |
7.75% |
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8.50 |
% |
Rate of compensation increase |
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N/A |
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N/A |
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4.00 |
% |
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Schedule of the weighted-average asset allocations by asset category |
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December 31, |
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Asset Category |
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2012 |
|
2011 |
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Equity securities |
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9.6 |
% |
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13.4 |
% |
Debt securities |
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85.3 |
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77.4 |
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Other |
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5.1 |
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9.2 |
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Total |
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100.0 |
% |
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100.0 |
% |
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Schedule of the investments in the pension plan measured at fair value |
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December 31, 2012 |
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December 31, 2011 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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(in millions)
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Money market funds |
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$ |
1.2 |
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$ |
0.3 |
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$ |
— |
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$ |
1.5 |
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$ |
— |
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$ |
4.9 |
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$ |
— |
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$ |
4.9 |
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Equity securities |
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U.S. equity securities(a) |
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8.3 |
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— |
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— |
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8.3 |
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8.0 |
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— |
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— |
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8.0 |
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Non-U.S. equity securities(a) |
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1.4 |
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— |
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— |
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1.4 |
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2.3 |
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— |
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— |
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2.3 |
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Other equity securities(b) |
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1.3 |
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— |
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— |
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1.3 |
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4.1 |
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— |
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— |
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4.1 |
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Debt securities |
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U.S. government |
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18.8 |
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— |
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— |
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18.8 |
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19.9 |
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— |
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— |
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19.9 |
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U.S. and non-U.S. corporate(c) |
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— |
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79.0 |
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— |
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79.0 |
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— |
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63.3 |
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— |
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63.3 |
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Other investments(d) |
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4.4 |
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1.1 |
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— |
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5.5 |
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4.9 |
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1.0 |
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— |
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5.9 |
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Total investments |
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$ |
35.4 |
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$ |
80.4 |
|
$ |
— |
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$ |
115.8 |
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$ |
39.2 |
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$ |
69.2 |
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$ |
— |
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$ |
108.4 |
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- (a)
- Includes investments in common stock from diverse industries
- (b)
- Includes investments in index and exchange-traded funds
- (c)
- Includes investment grade bonds from diverse industries
- (d)
- Includes investments in real estate investment funds, exchange-traded funds, commodity mutual funds and accrued interest
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Information related to the company's pension funds cash flow |
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December 31, |
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|
2012 |
|
2011 |
|
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|
(in millions)
|
|
Employer Contributions |
|
$ |
0.7 |
|
$ |
7.8 |
|
Benefit Payments |
|
$ |
4.2 |
|
$ |
3.2 |
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Schedule of expected benefit payments to be paid by the pension plans |
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(in millions) |
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During fiscal year ending December 31, 2013 |
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$ |
4.5 |
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During fiscal year ending December 31, 2014 |
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$ |
4.9 |
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During fiscal year ending December 31, 2015 |
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$ |
5.3 |
|
During fiscal year ending December 31, 2016 |
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$ |
5.6 |
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During fiscal year ending December 31, 2017 |
|
$ |
6.0 |
|
During fiscal years ending December 31, 2018 through December 31, 2022 |
|
$ |
34.9 |
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|