XML 68 R44.htm IDEA: XBRL DOCUMENT v2.4.0.8
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Changes in Benefit Obligations
The changes in the benefit obligation and plan assets, the funded status of the plans and the amounts recognized in the Consolidated Balance Sheets are as follows (in millions):
 
U.S. Plans
 
Non-U.S. Plans
 
Dec 31, 2012
 
Dec 31, 2011
 
Dec 31, 2012
 
Dec 31, 2011
Changes in Benefit Obligation:
 
 
 
 
 
 
 
Beginning benefit obligation
$
167.2

 
$
152.6

 
$
114.2

 
$
107.5

Impact of foreign currency exchange rate change

 

 

 
(2.8
)
Acquisitions

 

 
19.1

 

Service cost
1.8

 
1.4

 
4.3

 
3.1

Interest cost
7.7

 
8.1

 
6.1

 
5.7

Settlement (gain) loss

 

 
(2.5
)
 
(1.4
)
Benefits paid
(9.9
)
 
(9.8
)
 
(4.1
)
 
(4.9
)
Employee contributions

 

 
0.2

 
0.1

Amendments / Change in assumptions
0.1

 
0.7

 
4.0

 
4.1

Actuarial (gain) loss
13.5

 
14.2

 
17.2

 
2.8

Ending benefit obligation
$
180.4

 
$
167.2

 
$
158.5

 
$
114.2

Changes in Plan Assets:
 
 
 
 
 
 
 
Beginning fair value of plan assets
$
126.6

 
$
123.6

 
$
40.1

 
$
36.9

Impact of foreign currency exchange rate change

 

 
0.5

 
(0.7
)
Acquisitions

 

 
16.9



Actual return on plan assets
11.9

 
(4.7
)
 
2.5

 
3.3

Company contributions
0.5

 
17.5

 
8.0

 
6.9

Settlements

 

 
(17.8
)
 
(1.4
)
Benefits paid
(9.9
)
 
(9.8
)
 
(4.1
)
 
(4.9
)
Ending fair value of plan assets
$
129.1

 
$
126.6

 
$
46.1

 
$
40.1

Funded status at end of year
$
(51.3
)
 
$
(40.6
)
 
$
(112.4
)
 
$
(74.1
)
Amounts Recognized in Consolidated Balance Sheets:
 
 
 
 
 
 
 
Other Assets
$

 
$

 
$
0.2

 
$
7.5

Accrued liabilities
$
(0.4
)
 
$
(0.4
)
 
$
(5.7
)
 
$
(4.3
)
Other liabilities
$
(50.9
)
 
$
(40.2
)
 
$
(106.9
)
 
$
(77.3
)
Recognized in Accumulated Other Comprehensive Income:
 
 
 
 
 
 
 
Net actuarial loss
$
87.6

 
$
84.9

 
$
31.2

 
$
15.1

Prior service cost
0.4

 
0.6

 
8.9

 
6.8

Transition obligation

 

 
0.5

 
0.6

 
$
88.0

 
$
85.5

 
$
40.6

 
$
22.5

Schedule of Accumulated Benefit Obligations
Pension plans with accumulated benefit obligations in excess of plan assets consist of the following (in millions):
 
U.S. Plans
 
Non-U.S. Plans
 
Dec 31, 2012
 
Dec 31, 2011
 
Dec 31, 2012
 
Dec 31, 2011
Projected benefit obligation
$
180.4

 
$
167.2

 
$
149.7

 
$
104.5

Accumulated benefit obligation
179.4

 
166.6

 
136.1

 
93.4

Fair value of the plan assets
129.0

 
126.6

 
44.2

 
23.1

Schedule of Pension Expense
Pension expense included the following components (in millions):
 
U.S. Plans
Year ended
 
Non-U.S. Plans
Year ended
 
Dec 31, 2012
 
Dec 31, 2011
 
Dec 31, 2010
 
Dec 31, 2012
 
Dec 31, 2011
 
Dec 31, 2010
Pension expense:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
1.8

 
$
1.4

 
$
1.4

 
$
4.3

 
$
3.1

 
$
2.7

Interest cost
7.7

 
8.1

 
8.3

 
6.1

 
5.7

 
5.6

Expected return on plan assets
(9.1
)
 
(10.6
)
 
(9.2
)
 
(2.0
)
 
(2.4
)
 
(2.0
)
Amortization of prior service cost
0.1

 
0.1

 
0.1

 
1.4

 
0.3

 
0.2

Amortization of net loss
8.3

 
5.1

 
4.8

 
1.2

 
1.2

 
0.5

Amortization of transition obligation

 

 

 
0.2

 
0.2

 
0.2

Curtailment (gain) loss

 

 

 

 

 
(1.8
)
Settlement (gain) loss

 

 

 
0.1

 
0.3

 
0.3

Net pension expense
$
8.8

 
$
4.1

 
$
5.4

 
$
11.3

 
$
8.4

 
$
5.7

Schedule of Weighted Average Assumptions Used in Determining Benefit Obligations and Net Pension Expense
The weighted average assumptions used in determining benefit obligations were:
 
U.S. Plans
 
Non-U.S. Plans
 
Dec 31, 2012
 
Dec 31, 2011
 
Dec 31, 2012
 
Dec 31, 2011
Discount rate
4.10
%
 
4.70
%
 
4.20
%
 
5.20
%
Expected rate of increase in future compensation levels
2.00
%
 
2.00
%
 
4.10
%
 
4.40
%
The weighted average assumptions used to determine net pension expense were:
 
U.S. Plans
 
Non-U.S. Plans
 
Dec 31, 2012
 
Dec 31, 2011
 
Dec 31, 2010
 
Dec 31, 2012
 
Dec 31, 2011
 
Dec 31, 2010
Discount rate
4.70
%
 
5.40
%
 
6.00
%
 
5.10
%
 
5.60
%
 
6.20
%
Expected rate of increase in future compensation levels
2.00
%
 
2.00
%
 
2.00
%
 
6.10
%
 
4.30
%
 
5.50
%
Long-term expected rate of return on plan assets
7.50
%
 
8.50
%
 
8.50
%
 
4.50
%
 
7.20
%
 
6.90
%
Schedule of Allocation of Plan Assets
The fair value of the Company’s pension plan assets at December 31, 2012 by asset category are as follows (in millions):
 
 
 
 
Quoted prices in Active
Markets for Identical
 
Significant Observable
 
Significant
Unobservable
Asset Category
 
Total
 
Assets (Level 1)
 
Inputs (Level 2)
 
Inputs (Level 3)
Equity Securities
 
$
77.3

 
$
77.2

 
$
0.1

 
$

Mutual Funds
 
54.7

 
37.9

 
16.8

 

Short Term Investments
 
2.1

 

 
2.1

 

Equitable Contract
 
1.3

 

 
1.3

 

Fixed Income
 
11.5

 

 
11.5

 

Coal Lease (1)
 
4.2

 

 

 
4.2

Total
 
$
151.1

 
$
115.1

 
$
31.8

 
$
4.2

The fair value of the Company’s pension plan assets at December 31, 2011 by asset category are as follows (in millions):
 
 
 
 
Quoted prices in Active
Markets for Identical
 
Significant Observable
 
Significant
Unobservable
Asset Category
 
Total
 
Assets (Level 1)
 
Inputs (Level 2)
 
Inputs (Level 3)
Equity Securities
 
$
81.3

 
$
81.0

 
$
0.3

 
$

Mutual Funds
 
50.7

 
36.3

 
14.4

 

Short Term Investments
 
3.3

 

 
3.3

 

Equitable Contract
 
1.4

 

 
1.4

 

Fixed Income
 
25.6

 

 
25.6

 

Coal Lease (1)
 
4.4

 

 

 
4.4

Total
 
$
166.7

 
$
117.3

 
$
45.0

 
$
4.4

(1)
The Company’s interest represents approximately 26% of the lease which is currently between American Premier Underwriters (APU), the Lessor and CONSOL Energy (CONSOL), the Lessee. The lease pertains to real property mined by CONSOL located in Pennsylvania.
Schedule of Fair Value Measurements Using Significant Inputs
The following table represents details of the fair value measurements using significant unobservable inputs (Level 3):
 
Coal Lease
Beginning balance at January 1, 2011
$
4.6

Change in fair value of plan assets
(0.2
)
Purchases, sales, transfers, and settlements

Ending balance December 31, 2011
$
4.4

Change in fair value of plan assets
(0.2
)
Purchases, sales, transfers, and settlements

Ending balance at December 31, 2012
$
4.2

Pension Plans, Defined Benefit [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Costs of Retirement Plans
General Cable has postretirement benefit plans that provide medical and life insurance for certain retirees and eligible dependents. General Cable funds the plans as claims or insurance premiums are incurred. The changes in accrued postretirement benefits were as follows (in millions):
 
Dec 31, 2012
 
Dec 31, 2011
Changes in Benefit Obligation:
 
 
 
Beginning benefit obligation
$
7.1

 
$
8.0

Service cost
0.1

 
0.1

Interest cost
0.2

 
0.3

Actuarial loss
(0.4
)
 
(0.4
)
Benefits paid
(0.8
)
 
(0.9
)
Foreign currency impact
0.1

 

Ending benefit obligation
$
6.3

 
$
7.1

Funded status at end of year
$
(6.3
)
 
$
(7.1
)
Amounts Recognized in Consolidated Balance Sheets:
 
 
 
Accrued liabilities
$
(0.9
)
 
$
(1.0
)
Other liabilities
$
(5.4
)
 
$
(6.1
)
Recognized in Accumulated Other Comprehensive Income:
 
 
 
Net actuarial loss
$
0.6

 
$
1.1

Prior service cost
(0.2
)
 
(0.3
)
 
$
0.4

 
$
0.8

Other Postretirement Benefit Plans, Defined Benefit [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Costs of Retirement Plans
Net postretirement benefit expense included the following components (in millions):
 
Year ended
 
Dec 31, 2012
 
Dec 31, 2011
 
Dec 31, 2010
Postretirement benefit expense:
 
 
 
 
 
Service cost
$
0.1

 
$
0.1

 
$
0.1

Interest cost
0.2

 
0.3

 
0.4

Amortization of prior service cost

 
(0.1
)
 
(0.1
)
Amortization of net loss

 
0.1

 
0.1

Net postretirement benefit expense
$
0.3

 
$
0.4

 
$
0.5