XML 144 R38.htm IDEA: XBRL DOCUMENT v2.4.0.8
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 28, 2013
Dec. 29, 2012
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]    
Expense for Defined Contribution Plans  
The expense for such defined contribution plans, aside from the earlier discussed ESOP plans, is as follows:
 
(Millions of Dollars)
2013

2012

2011
Multi-employer plan expense
$
3.3

 
$
3.3

 
$
3.0

Other defined contribution plan expense
$
14.6

 
$
16.2

 
$
9.9
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income  
Changes in plan assets and benefit obligations recognized in other comprehensive income in 2013 are as follows:
(Millions of Dollars)
2013
Current year actuarial loss
$
6.5

Amortization of actuarial loss
(16.2
)
Prior service cost from plan amendments
2.6

Amortization of prior service costs
(0.1
)
Amortization of transition obligation
—

Currency / other
6.6

Total income recognized in other comprehensive income (pre-tax)
$
(0.6
)
 
 
Changes in Pension and Other Post-retirement Benefit Obligations, Fair Value of Plan Assets
The changes in the pension and other post-retirement benefit obligations, fair value of plan assets, as well as amounts recognized in the Consolidated Balance Sheets, are shown below:
 
 
U.S. Plans
 
Non-U.S. Plans
 
Other Benefits
(Millions of Dollars)
2013

2012

2013

2012

2013

2012
Change in benefit obligation
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at end of prior year
$
1,463.4

 
$
1,501.0

 
$
1,134.7

 
$
965.7

 
$
87.7

 
$
80.1

Service cost
7.7

 
6.6

 
13.4

 
12.1

 
0.8

 
0.9

Interest cost
52.6

 
62.9

 
54.3

 
47.3

 
2.5

 
3.1

Settlements/curtailments
—

 
(126.6
)
 
(20.5
)
 
(14.6
)
 
—

 
(0.1
)
Actuarial (gain) loss
(111.4
)
 
100.2

 
104.2

 
127.5

 
(4.4
)
 
4.5

Plan amendments
2.6

 
1.3

 
—

 
(1.0
)
 
—

 
0.9

Foreign currency exchange rates
—

 
—

 
43.7

 
41.0

 
(0.8
)
 
0.3

Participant contributions
—

 
—

 
0.3

 
0.3

 
—

 
—

Acquisitions, divestitures and other
(4.3
)
 
8.5

 
246.3

 
5.3

 
—

 
7.8

Benefits paid
(94.7
)
 
(90.5
)
 
(58.8
)
 
(48.9
)
 
(10.7
)
 
(9.8
)
Benefit obligation at end of year
$
1,315.9

 
$
1,463.4

 
$
1,517.6

 
$
1,134.7

 
$
75.1

 
$
87.7

Change in plan assets
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at end of prior year
$
1,057.1

 
$
1,079.5

 
$
779.1

 
$
709.4

 
—

 
$
—

Actual return on plan assets
40.6

 
129.3

 
61.1

 
64.8

 
—

 
—

Participant contributions
—

 
—

 
0.3

 
0.3

 
—

 
—

Employer contributions
54.9

 
62.2

 
44.6

 
35.0

 
10.7

 
9.8

Settlements
—

 
(126.6
)
 
(19.5
)
 
(13.9
)
 
—

 
—

Foreign currency exchange rate changes
—

 
—

 
31.8

 
31.5

 
—

 
—

Acquisitions, divestitures and other
(5.0
)
 
3.2

 
237.3

 
0.9

 
—

 
—

Benefits paid
(94.7
)
 
(90.5
)
 
(58.8
)
 
(48.9
)
 
(10.7
)
 
(9.8
)
Fair value of plan assets at end of plan year
$
1,052.9

 
$
1,057.1

 
$
1,075.9

 
$
779.1

 
$
—

 
$
—

Funded status — assets less than benefit obligation
$
(263.0
)
 
$
(406.3
)
 
$
(441.8
)
 
$
(355.6
)
 
$
(75.1
)
 
$
(87.7
)
Unrecognized prior service cost (credit)
6.2

 
4.7

 
3.7

 
4.1

 
(9.3
)
 
(10.7
)
Unrecognized net actuarial loss
81.2

 
174.0

 
274.6

 
180.4

 
1.8

 
6.3

Unrecognized net transition obligation
—

 
—

 
0.2

 
0.3

 
—

 
—

Net amount recognized
$
(175.6
)
 
$
(227.6
)
 
$
(163.3
)
 
$
(170.8
)
 
$
(82.6
)
 
$
(92.1
)
 
U.S. Plans
 
Non-U.S. Plans
 
Other Benefits
(Millions of Dollars)
2013

2012

2013

2012
 
2013
 
2012
Amounts recognized in the Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
Prepaid benefit cost (non-current)
$
—

 
$
—

 
$
1.0

 
$
1.1

 
$
—

 
$
—

Current benefit liability
(18.6
)
 
(16.4
)
 
(9.1
)
 
(8.2
)
 
(9.0
)
 
(9.9
)
Non-current benefit liability
(244.4
)
 
(389.9
)
 
(433.7
)
 
(348.5
)
 
(66.1
)
 
(77.8
)
Net liability recognized
$
(263.0
)
 
$
(406.3
)
 
$
(441.8
)
 
$
(355.6
)
 
$
(75.1
)
 
$
(87.7
)
Accumulated other comprehensive loss (pre-tax):
 
 
 
 
 
 
 
 
 
 
 
Prior service cost (credit)
$
6.2

 
$
4.7

 
$
3.7

 
$
4.1

 
$
(9.3
)
 
$
(10.7
)
Actuarial loss
81.2

 
174.0

 
274.6

 
180.4

 
1.8

 
6.3

Transition liability
—

 
—

 
0.2

 
0.3

 
—

 
—

 
$
87.4

 
$
178.7

 
$
278.5

 
$
184.8

 
$
(7.5
)
 
$
(4.4
)
Net amount recognized
$
(175.6
)
 
$
(227.6
)
 
$
(163.3
)
 
$
(170.8
)
 
$
(82.6
)
 
$
(92.1
)
  
Assumptions used in Valuing Pension and Post-Retirement Plan Obligations and Net Costs
The major assumptions used in valuing pension and post-retirement plan obligations and net costs were as follows:
 
Pension Benefits
 
 
 
U.S. Plans
 
Non-U.S. Plans
 
Other Benefits
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Weighted-average assumptions used to determine benefit obligations at year end:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.50
%
 
3.75
%
 
4.25
%
 
4.00
%
 
4.00
%
 
5.00
%
 
4.00
%
 
3.00
%
 
3.75
%
Rate of compensation increase
6.00
%
 
6.00
%
 
6.00
%
 
3.75
%
 
3.25
%
 
3.50
%
 
3.50
%
 
3.50
%
 
—

Weighted-average assumptions used to determine net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.75
%
 
4.25
%
 
5.25
%
 
4.00
%
 
5.00
%
 
5.25
%
 
3.00
%
 
3.75
%
 
4.50
%
Rate of compensation increase
6.00
%
 
6.00
%
 
6.00
%
 
3.25
%
 
3.50
%
 
4.00
%
 
3.50
%
 
3.50
%
 
3.75
%
Expected return on plan assets
6.25
%
 
6.25
%
 
7.00
%
 
6.00
%
 
6.25
%
 
7.00
%
 
—

 
—

 
—

  
Asset Allocations by Asset Category and Level of Valuation Inputs within Fair Value Hierarchy
The Company’s worldwide asset allocations at December 28, 2013 and December 29, 2012 by asset category and the level of the valuation inputs within the fair value hierarchy established by ASC 820 are as follows (in millions):
Asset Category
2013
 
Level 1
 
Level 2
Cash and cash equivalents
$
29.5

 
$
7.8

 
$
21.7

Equity securities
 
 
 
 
 
U.S. equity securities
308.7

 
46.7

 
262.0

Foreign equity securities
328.8

 
32.8

 
296.0

Fixed income securities
 
 
 
 
 
Government securities
613.1

 
222.8

 
390.3

Corporate securities
727.4

 
—

 
727.4

Mortgage-backed securities
0.4

 
—

 
0.4

Insurance contracts
34.8

 
—

 
34.8

Other
86.1

 
—

 
86.1

Total
$
2,128.8

 
$
310.1

 
$
1,818.7

 
Asset Category
2012
 
Level 1
 
Level 2
Cash and cash equivalents
$
30.1

 
$
27.5

 
$
2.6

Equity securities
 
 
 
 
 
U.S. equity securities
285.2

 
42.5

 
242.7

Foreign equity securities
400.8

 
124.1

 
276.7

Fixed income securities
 
 
 
 
 
Government securities
479.4

 
254.8

 
224.6

Corporate securities
562.0

 
—

 
562.0

Mortgage-backed securities
10.9

 
—

 
10.9

Insurance contracts
30.5

 
—

 
30.5

Other
37.3

 
—

 
37.3

Total
$
1,836.2

 
$
448.9

 
$
1,387.3

  
Expected Future Benefit Payments
EXPECTED FUTURE BENEFIT PAYMENTS Benefit payments, inclusive of amounts attributable to estimated future employee service, are expected to be paid as follows over the next 10 years:
(Millions of Dollars)
 
Total
 
Year 1
 
Year 2
 
Year 3
 
Year 4
 
Year 5
 
Years 6-10
Future payments
 
$
1,684.9

 
$
169.7

 
$
177.4

 
$
166.2

 
$
167.5

 
$
165.2

 
$
838.9

  
Pension Plans, Defined Benefit
    
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]    
Net Periodic Pension Expense  
The components of net periodic pension expense are as follows:
 
U.S. Plans
 
Non-U.S. Plans
(Millions of Dollars)
2013

2012

2011
 
2013
 
2012
 
2011
Service cost
$
7.7

 
$
6.6

 
$
6.5

 
$
13.4

 
$
12.1

 
$
12.6

Interest cost
52.6

 
62.9

 
69.6

 
54.3

 
47.3

 
52.9

Expected return on plan assets
(65.1
)
 
(67.1
)
 
(70.0
)
 
(54.9
)
 
(44.3
)
 
(50.5
)
Prior service cost amortization
1.1

 
1.0

 
1.0

 
0.4

 
0.4

 
0.3

Transition obligation amortization
—

 
—

 
—

 
—

 
0.1

 
0.1

Actuarial loss amortization
5.7

 
6.2

 
2.5

 
5.1

 
2.1

 
3.0

Settlement / curtailment loss (gain)
—

 
11.3

 
1.9

 
4.6

 
3.3

 
(0.5
)
Net periodic pension expense
$
2.0

 
$
20.9

 
$
11.5

 
$
22.9

 
$
21.0

 
$
17.9
Other Postretirement Benefit Plans, Defined Benefit
    
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]    
Net Periodic Pension Expense  
Approximately 12,400 participants are covered under these plans. Net periodic post-retirement benefit expense was comprised of the following elements:
 
Other Benefit Plans
(Millions of Dollars)
2013

2012

2011
Service cost
$
0.8

 
$
0.9

 
$
0.6

Interest cost
2.5

 
3.1

 
3.6

Prior service credit amortization
(1.4
)
 
(1.2
)
 
(1.2
)
Actuarial loss amortization
—

 
(0.2
)
 
(0.2
)
Settlement / curtailment gain
—

 
0.1

 
—

Net periodic post-retirement benefit expense
$
1.9

 
$
2.7

 
$
2.8
Accumulated Benefit Obligations
    
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]    
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The accumulated benefit obligation for all defined benefit pension plans was $2,784.3 million at December 28, 2013 and $2,551.1 million at December 29, 2012. Information regarding pension plans in which accumulated benefit obligations exceed plan assets follows:
 
 
U.S. Plans
 
Non-U.S. Plans
(Millions of Dollars)
2013

2012

2013

2012
Projected benefit obligation
$
1,315.9

 
$
1,463.4

 
$
1,507.6

 
$
1,125.9

Accumulated benefit obligation
$
1,315.9

 
$
1,460.7

 
$
1,461.6

 
$
1,084.2

Fair value of plan assets
$
1,052.9

 
$
1,057.1

 
$
1,066.2

 
$
769.8

  
Projected Benefit Obligations
    
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]    
Changes in Pension and Other Post-retirement Benefit Obligations, Fair Value of Plan Assets
Information regarding pension plans in which projected benefit obligations (inclusive of anticipated future compensation increases) exceed plan assets follows: 
 
U.S. Plans
 
Non-U.S. Plans
(Millions of Dollars)
2013
 
2012
 
2013
 
2012
Projected benefit obligation
$
1,315.9

 
$
1,463.4

 
$
1,515.9

 
$
1,134.3

Accumulated benefit obligation
$
1,315.9

 
$
1,460.7

 
$
1,467.2

 
$
1,090.3

Fair value of plan assets
$
1,052.9

 
$
1,057.1

 
$
1,073.2

 
$
777.7