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Employee Benefit Plans (Tables)
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12 Months Ended |
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Dec. 31, 2012
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| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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| Schedule of Defined Benefit Plans |
The following tables set forth reconciliations of the changes in benefit obligation, plan assets and funded status as of December 31, 2012 and 2011 (in millions): | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Postretirement Benefits | Change in benefit obligation | | 2012 | | 2011 | | 2012 | | 2011 | Benefit obligation at beginning of year | | $ | 765.9 |
| | $ | 713.4 |
| | $ | 31.8 |
| | $ | 28.8 |
| Service cost | | 14.4 |
| | 14.4 |
| | 0.1 |
| | 0.1 |
| Interest cost | | 38.2 |
| | 40.1 |
| | 1.5 |
| | 1.6 |
| Plan participants’ contributions | | 1.2 |
| | 1.8 |
| | — |
| | — |
| Actuarial loss | | 36.1 |
| | 41.6 |
| | 1.8 |
| | 3.0 |
| Acquisitions | | — |
| | 8.9 |
| | — |
| | — |
| Amendments | | — |
| | 0.7 |
| | 3.9 |
| | — |
| Settlements | | (0.4 | ) | | (0.6 | ) | | — |
| | — |
| Benefits paid | | (44.6 | ) | | (46.7 | ) | | (1.8 | ) | | (1.6 | ) | Special termination benefits and other | | — |
| | 0.2 |
| | 0.1 |
| | 0.1 |
| Foreign currency exchange rate changes | | 31.5 |
| | (7.9 | ) | | (0.4 | ) | | (0.2 | ) | Benefit obligation at end of year | | $ | 842.3 |
| | $ | 765.9 |
| | $ | 37.0 |
| | $ | 31.8 |
| | | | | | Postretirement Benefits | | | Pension Benefits | | Change in plan assets | | 2012 | | 2011 | | 2012 | | 2011 | Fair value of plan assets at beginning of year | | $ | 520.8 |
| | $ | 529.1 |
| | $ | — |
| | $ | — |
| Actual return on plan assets | | 40.6 |
| | 7.7 |
| | — |
| | — |
| Employer contributions | | 36.1 |
| | 32.4 |
| | 1.7 |
| | 1.5 |
| Plan participants’ contributions | | 1.2 |
| | 1.8 |
| | — |
| | — |
| Benefits paid | | (44.6 | ) | | (46.7 | ) | | (1.8 | ) | | (1.6 | ) | Settlements | | (0.4 | ) | | (0.6 | ) | | — |
| | — |
| Other | | — |
| | — |
| | 0.1 |
| | 0.1 |
| Foreign currency exchange rate changes | | 23.0 |
| | (2.9 | ) | | — |
| | — |
| Fair value of plan assets at end of year | | $ | 576.7 |
| | $ | 520.8 |
| | $ | — |
| | $ | — |
| Funded status | | $ | (265.6 | ) | | $ | (245.1 | ) | | $ | (37.0 | ) | | $ | (31.8 | ) | Unrecognized net actuarial loss | | 321.5 |
| | 299.3 |
| | 10.8 |
| | 9.4 |
| Unrecognized prior service (credit) cost | | (0.2 | ) | | (0.3 | ) | | 4.2 |
| | 0.1 |
| Accumulated other comprehensive loss | | (321.3 | ) | | (299.0 | ) | | (15.0 | ) | | (9.5 | ) | Net amount recognized | | $ | (265.6 | ) | | $ | (245.1 | ) | | $ | (37.0 | ) | | $ | (31.8 | ) |
| | | | | | | | | | | | | | | | | Amounts recognized in Consolidated Balance Sheets: | |
| | |
| | |
| | |
| Other long-term asset | $ | 0.1 |
| | $ | 0.2 |
| | $ | — |
| | $ | — |
| Other current liabilities | (2.5 | ) | | (2.5 | ) | | (1.7 | ) | | (1.9 | ) | Accrued expenses | (5.2 | ) | | (4.1 | ) | | — |
| | — |
| Pensions and postretirement health care benefits (noncurrent) | (258.0 | ) | | (238.7 | ) | | (35.3 | ) | | (29.9 | ) | Net amount recognized | $ | (265.6 | ) | | $ | (245.1 | ) | | $ | (37.0 | ) | | $ | (31.8 | ) |
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| Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates |
Changing the assumed health care cost trend rates by one percentage point each year and holding all other assumptions constant would have the following effect to service and interest cost for 2013 and the accumulated postretirement benefit obligation at December 31, 2012 (in millions): | | | | | | | | | | One Percentage Point Increase | | One Percentage Point Decrease | Effect on service and interest cost |
| $0.3 |
| |
| ($0.2 | ) | Effect on accumulated benefit obligation |
| $5.5 |
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| ($4.4 | ) |
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Pension Benefits [Member]
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| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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| Net Pension And Postretirement Cost |
Net annual pension costs for the years ended December 31, 2012, 2011 and 2010 are set forth below (in millions): | | | | | | | | | | | | | | Pension benefits | | 2012 | | 2011 | | 2010 | Service cost | | $ | 14.4 |
| | $ | 14.4 |
| | $ | 15.2 |
| Interest cost | | 38.2 |
| | 40.1 |
| | 38.4 |
| Expected return on plan assets | | (36.3 | ) | | (37.1 | ) | | (32.8 | ) | Amortization of net actuarial loss | | 9.5 |
| | 6.4 |
| | 8.6 |
| Amortization of prior service (credit) cost | | (0.1 | ) | | (0.2 | ) | | 2.2 |
| Settlement loss | | 0.2 |
| | 0.1 |
| | — |
| Special termination benefits and other | | — |
| | 0.2 |
| | 0.1 |
| Net annual pension cost | | $ | 25.9 |
| | $ | 23.9 |
| | $ | 31.7 |
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| Assumptions Used |
The weighted average assumptions used to determine the net annual pension costs for the Company’s pension plans for the years ended December 31, 2012, 2011 and 2010 are as follows: | | | | | | | | | | | 2012 | | 2011 | | 2010 | All plans: | |
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| | |
| Weighted average discount rate | 5.1 | % | | 5.6 | % | | 5.7 | % | Weighted average expected long-term rate of return on plan assets | 7.0 | % | | 7.0 | % | | 7.0 | % | Rate of increase in future compensation | 2.5-4.5% |
| | 2.5-4.5% |
| | 2.5-4.5% |
| U.S.-based plans: | |
| | |
| | |
| Weighted average discount rate | 4.6 | % | | 5.4 | % | | 5.5 | % | Weighted average expected long-term rate of return on plan assets | 7.75 | % | | 8.0 | % | | 8.0 | % | Rate of increase in future compensation | N/A |
| | N/A |
| | N/A |
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The weighted average assumptions used to determine the benefit obligation for the Company’s pension plans as of December 31, 2012 and 2011 are as follows: | | | | | | | | 2012 | | 2011 | All plans: | |
| | |
| Weighted average discount rate | 4.3 | % | | 5.1 | % | Rate of increase in future compensation | 2.5-4.0% |
| | 2.5-4.5% |
| U.S.-based plans: | |
| | |
| Weighted average discount rate | 3.9 | % | | 4.6 | % | Rate of increase in future compensation | N/A |
| | N/A |
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| Allocation of Plan Assets |
The fair value of the Company’s pension assets as of December 31, 2011 is as follows (in millions): | | | | | | | | | | | | | | | | | | Total | | Level 1 | | Level 2 | | Level 3 | Equity securities: | |
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| | |
| | |
| Global equities | $ | 128.1 |
| | $ | 128.1 |
| | $ | — |
| | $ | — |
| Non-U.S. equities | 4.5 |
| | 4.5 |
| | — |
| | — |
| U.K. equities | 57.5 |
| | 57.5 |
| | — |
| | — |
| U.S. large cap equities | 5.1 |
| | 5.1 |
| | — |
| | — |
| U.S. small cap equities | 4.1 |
| | 4.1 |
| | — |
| | — |
| Total equity securities | 199.3 |
| | 199.3 |
| | — |
| | — |
| Fixed income: | |
| | |
| | |
| | |
| Aggregate fixed income | 9.5 |
| | 9.5 |
| | — |
| | — |
| International fixed income | 166.1 |
| | 166.1 |
| | — |
| | — |
| Total fixed income share(1) | 175.6 |
| | 175.6 |
| | — |
| | — |
| Cash and equivalents: | |
| | |
| | |
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| Cash | 5.0 |
| | — |
| | 5.0 |
| | — |
| Total cash and equivalents | 5.0 |
| | — |
| | 5.0 |
| | — |
| Alternative investments(2) | 119.8 |
| | — |
| | — |
| | 119.8 |
| Miscellaneous funds(3) | 21.1 |
| | — |
| | — |
| | 21.1 |
| Total assets | $ | 520.8 |
| | $ | 374.9 |
| | $ | 5.0 |
| | $ | 140.9 |
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_______________________________________ | | (1) | 75% of “fixed income” securities are in investment-grade corporate bonds; 21% are in government treasuries; and 4% are in other various fixed income securities. |
| | (2) | 23% of “alternative investments” are in multi-strategy funds; 17% are in long-short equity funds; 15% are in event-driven funds; 15% are in relative value funds; 13% are in credit funds; and 17% are distributed in hedged and non-hedged funds. |
| | (3) | “Miscellaneous funds” is comprised of pooled funds in Australia and various contracts in Finland, Norway and Switzerland |
The fair value of the Company’s pension assets as of December 31, 2012 is as follows (in millions): | | | | | | | | | | | | | | | | | | Total | | Level 1 | | Level 2 | | Level 3 | Equity securities: | |
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| | |
| | |
| Global equities | $ | 103.7 |
| | $ | 103.7 |
| | $ | — |
| | $ | — |
| Non-U.S. equities | 5.2 |
| | 5.2 |
| | — |
| | — |
| U.K. equities | 112.2 |
| | 112.2 |
| | — |
| | — |
| U.S. large cap equities | 11.1 |
| | 11.1 |
| | — |
| | — |
| U.S. small cap equities | 5.4 |
| | 5.4 |
| | — |
| | — |
| Total equity securities | 237.6 |
| | 237.6 |
| | — |
| | — |
| Fixed income: | |
| | |
| | |
| | |
| Aggregate fixed income | 7.6 |
| | 7.6 |
| | — |
| | — |
| International fixed income | 176.7 |
| | 176.7 |
| | — |
| | — |
| Total fixed income share(1) | 184.3 |
| | 184.3 |
| | — |
| | — |
| Cash and equivalents: | |
| | |
| | |
| | |
| Cash | 2.2 |
| | — |
| | 2.2 |
| | — |
| Total cash and equivalents | 2.2 |
| | — |
| | 2.2 |
| | — |
| Alternative investments(2) | 127.1 |
| | — |
| | — |
| | 127.1 |
| Miscellaneous funds(3) | 25.5 |
| | — |
| | — |
| | 25.5 |
| Total assets | $ | 576.7 |
| | $ | 421.9 |
| | $ | 2.2 |
| | $ | 152.6 |
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______________________________________ | | (1) | 39% of “fixed income” securities are in investment-grade corporate bonds; 27% are in government treasuries; and 34% are in other various fixed income securities. |
| | (2) | 24% of “alternative investments” are in long-short equity funds; 19% are in multi-strategy funds; 17% are in event-driven funds; 12% are in relative value funds; 12% are in credit funds; and 16% are distributed in hedged and non-hedged funds. |
| | (3) | “Miscellaneous funds” is comprised of pooled funds in Australia and insurance contracts in Finland, Norway and Switzerland. |
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| Reconciliation of Significant Unobservable Inputs, Changes in Plan Assets |
The following is a reconciliation of Level 3 assets as of December 31, 2011 (in millions): | | | | | | | | | | | | | | Total | | Alternative Investments | | Miscellaneous Funds | Beginning balance as of December 31, 2010 | $ | 145.1 |
| | $ | 126.2 |
| | $ | 18.9 |
| Actual return on plan assets: | |
| | |
| | |
| (a) Relating to assets still held at reporting date | (2.4 | ) | | (4.0 | ) | | 1.6 |
| (b) Relating to assets sold during period | (0.3 | ) | | (0.3 | ) | | — |
| Purchases, sales and /or settlements | 15.2 |
| | 13.9 |
| | 1.3 |
| Transfers in and /or out of Level 3 | (15.6 | ) | | (15.6 | ) | | — |
| Foreign currency exchange rate changes | (1.1 | ) | | (0.4 | ) | | (0.7 | ) | Ending balance as of December 31, 2011 | $ | 140.9 |
| | $ | 119.8 |
| | $ | 21.1 |
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The following is a reconciliation of Level 3 assets as of December 31, 2012 (in millions): | | | | | | | | | | | | | | Total | | Alternative Investments | | Miscellaneous Funds | Beginning balance as of December 31, 2011 | $ | 140.9 |
| | $ | 119.8 |
| | $ | 21.1 |
| Actual return on plan assets: | |
| | |
| | |
| (a) Relating to assets still held at reporting date | 4.3 |
| | 4.1 |
| | 0.2 |
| (b) Relating to assets sold during period | 0.5 |
| | 0.5 |
| | — |
| Purchases, sales and /or settlements | 1.2 |
| | (2.3 | ) | | 3.5 |
| Transfers in and /or out of Level 3 | (0.2 | ) | | (0.2 | ) | | — |
| Foreign currency exchange rate changes | 5.9 |
| | 5.2 |
| | 0.7 |
| Ending balance as of December 31, 2012 | $ | 152.6 |
| | $ | 127.1 |
| | $ | 25.5 |
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| Expected Benefit Payments |
At December 31, 2012, the aggregate expected benefit payments for all of the Company’s pension plans are as follows (in millions): | | | | | 2013 | $ | 51.0 |
| 2014 | 48.1 |
| 2015 | 48.2 |
| 2016 | 46.9 |
| 2017 | 47.1 |
| 2018 through 2022 | 256.6 |
| | $ | 497.9 |
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U.S. Based Pension Benefit Plans [Member]
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| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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| Allocation of Plan Assets |
The weighted average asset allocation of the Company’s U.S. pension benefit plans as of December 31, 2012 and 2011 are as follows: | | | | | | | | Asset Category | | 2012 | | 2011 | Large and small cap domestic equity securities | | 45 | % | | 37 | % | International equity securities | | 14 | % | | 13 | % | Domestic fixed income securities | | 21 | % | | 21 | % | Other investments | | 20 | % | | 29 | % | Total | | 100 | % | | 100 | % |
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Non-U.S. Pension Benefit Plans [Member]
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| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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| Allocation of Plan Assets |
The weighted average asset allocation of the Company’s non-U.S. pension benefit plans as of December 31, 2012 and 2011 are as follows: | | | | | | | | Asset Category | | 2012 | | 2011 | Equity securities | | 42 | % | | 40 | % | Fixed income securities | | 34 | % | | 36 | % | Other investments | | 24 | % | | 24 | % | Total | | 100 | % | | 100 | % |
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Postretirement Benefits [Member]
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| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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| Net Pension And Postretirement Cost |
Net annual postretirement benefit costs for the years ended December 31, 2012, 2011 and 2010 are set forth below (in millions, except percentages): | | | | | | | | | | | | | | Postretirement benefits | | 2012 | | 2011 | | 2010 | Service cost | | $ | 0.1 |
| | $ | 0.1 |
| | $ | 0.1 |
| Interest cost | | 1.5 |
| | 1.6 |
| | 1.5 |
| Amortization of prior service credit | | (0.2 | ) | | (0.3 | ) | | (0.3 | ) | Amortization of net actuarial loss | | 0.4 |
| | 0.3 |
| | 0.2 |
| Net annual postretirement benefit cost | | $ | 1.8 |
| | $ | 1.7 |
| | $ | 1.5 |
| Weighted average discount rate | | 4.8 | % | | 5.6 | % | | 5.65 | % |
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| Expected Benefit Payments |
At December 31, 2012, the aggregate expected benefit payments for the Company’s U.S. and Brazilian postretirement benefit plans are as follows (in millions): | | | | | 2013 | $ | 1.8 |
| 2014 | 1.9 |
| 2015 | 1.9 |
| 2016 | 2.0 |
| 2017 | 2.0 |
| 2018 through 2022 | 10.4 |
| | $ | 20.0 |
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ENPP [Member]
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| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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| Net Pension And Postretirement Cost |
Net annual ENPP cost and the measurement assumptions for the plans for the years ended December 31, 2012, 2011 and 2010 are set forth below (in millions, except percentages): | | | | | | | | | | | | | | 2012 | | 2011 | | 2010 | Service cost | $ | 2.8 |
| | $ | 1.8 |
| | $ | 1.4 |
| Interest cost | 1.4 |
| | 1.0 |
| | 0.9 |
| Amortization of prior service cost | 0.9 |
| | 0.6 |
| | 0.5 |
| Amortization of net actuarial loss | 0.3 |
| | 0.1 |
| | — |
| Net annual ENPP costs | $ | 5.4 |
| | $ | 3.5 |
| | $ | 2.8 |
| Discount rate | 4.6 | % | | 5.4 | % | | 5.50 | % | Rate of increase in future compensation | 5.0 | % | | 5.0 | % | | 5.0 | % |
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| Expected Benefit Payments |
During 2012, approximately $0.9 million of benefit payments were made related to the ENPP. At December 31, 2012, the aggregate expected benefit payments for the ENPP are as follows (in millions): | | | | | 2013 | $ | 1.3 |
| 2014 | 1.3 |
| 2015 | 0.9 |
| 2016 | 1.1 |
| 2017 | 2.7 |
| 2018 through 2022 | 14.8 |
| | $ | 22.1 |
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| Schedule of Changes in Projected Benefit Obligations |
The following tables set forth reconciliations of the changes in benefit obligation and funded status as of December 31, 2012 and 2011 (in millions): | | | | | | | | | | Change in benefit obligation | | 2012 | | 2011 | Benefit obligation at beginning of year | | $ | 31.0 |
| | $ | 20.5 |
| Service cost | | 2.8 |
| | 1.8 |
| Interest cost | | 1.4 |
| | 1.0 |
| Actuarial loss | | 5.3 |
| | 4.0 |
| Amendments | | — |
| | 4.5 |
| Benefits paid | | (0.9 | ) | | (0.8 | ) | Benefit obligation at end of year | | $ | 39.6 |
| | $ | 31.0 |
| Funded status | | $ | (39.6 | ) | | $ | (31.0 | ) | Unrecognized net actuarial loss | | 11.9 |
| | 6.9 |
| Unrecognized prior service cost | | 5.6 |
| | 6.5 |
| Accumulated other comprehensive loss | | (17.5 | ) | | (13.4 | ) | Net amount recognized | | $ | (39.6 | ) | | $ | (31.0 | ) | Amounts recognized in Consolidated Balance Sheets: | | |
| | |
| Other current liabilities | | $ | (1.3 | ) | | $ | (1.0 | ) | Pensions and postretirement health care benefits (noncurrent) | | (38.3 | ) | | (30.0 | ) | Net amount recognized | | $ | (39.6 | ) | | $ | (31.0 | ) |
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