EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2011

Expense for Defined Contribution Plans

The expense for such defined contribution plans, aside from the earlier discussed ESOP plans, follows:

(Millions of Dollars)	2011		2010		2009
Multi-employer plan expense	$	3.0	$	0.6	$	0.5
Other defined contribution plan expense	$	9.9	$	16.4	$	3.3

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 2011 are as follows:

(Millions of Dollars)	2011
Current year actuarial loss	$	141.1
Amortization of actuarial loss		(6.7	)
Prior service cost from plan amendments		3.6
Amortization of prior service costs		(0.2	)
Amortization of transition obligation		(0.1	)
Currency / other		(1.6	)
Total loss recognized in other comprehensive income (pre-tax)	$	136.1

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
	2011			2010			2011			2010			2011			2010
Change in benefit obligation
Benefit obligation at end of prior year	$	1,390.5		$	176.1		$	987.1		$	256.6		$	86.9		$	23.0
Service cost		6.5			18.1			12.6			12.8			0.6			1.3
Interest cost		69.6			61.2			52.9			44.7			3.6			4.6
Settlements/curtailments		(44.1	)		(65.6	)		(3.1	)		(14.1	)		(0.9	)		(11.0	)
Actuarial (gain) loss		161.9			81.6			(23.0	)		13.0			0.2			3.9
Plan amendments		0.1			2.0			2.8			3.3			0.7			(13.9	)
Foreign currency exchange rates		—			—			(13.8	)		9.3			(0.2	)		0.2
Participant contributions		—			—			0.3			0.8			—			—
Acquisitions, divestitures and other		4.1			1,181.7			0.3			706.6			0.1			90.4
Benefits paid		(87.6	)		(64.6	)		(50.4	)		(45.9	)		(10.9	)		(11.6	)
Benefit obligation at end of year	$	1,501.0		$	1,390.5		$	965.7		$	987.1		$	80.1		$	86.9
Change in plan assets
Fair value of plan assets at end of prior year	$	1,032.1		$	108.7		$	719.1		$	210.8		$			$	—
Actual return on plan assets		99.2			86.9			19.4			51.2			—			—
Participant contributions		—			—			0.3			0.8			—			—
Employer contributions		83.6			212.6			35.6			52.4			11.8			11.6
Settlements		(44.1	)		—			(2.7	)		(7.3	)		(0.9	)		—
Foreign currency exchange rate changes		—			—			(8.3	)		11.0			—			—
Acquisitions, divestitures and other		(3.7	)		688.5			(3.6	)		446.1			—			—
Benefits paid		(87.6	)		(64.6	)		(50.4	)		(45.9	)		(10.9	)		(11.6	)
Fair value of plan assets at end of plan year	$	1,079.5		$	1,032.1		$	709.4		$	719.1		$	—		$	—
Funded status — assets less than benefit obligation	$	(421.5	)	$	(358.4	)	$	(256.3	)	$	(268.0	)	$	(80.1	)	$	(86.9	)
Unrecognized prior service cost (credit)		4.5			5.4			5.6			3.3			(12.7	)		(14.6	)
Unrecognized net actuarial loss		153.3			24.9			75.1			70.9			1.7			1.4
Unrecognized net transition obligation		—			—			0.3			0.4			—			—
Net amount recognized	$	(263.7	)	$	(328.1	)	$	(175.3	)	$	(193.4	)	$	(91.1	)	$	(100.1	)
Amounts recognized in the Consolidated Balance Sheets
Prepaid benefit cost (non-current)	$	—		$	0.2		$	4.0		$	4.8		$	—		$	—
Current benefit liability		(20.2	)		(56.9	)		(8.0	)		(8.1	)		(9.6	)		(10.5	)
Non-current benefit liability		(401.3	)		(301.7	)		(252.3	)		(264.7	)		(70.5	)		(76.4	)
Net liability recognized	$	(421.5	)	$	(358.4	)	$	(256.3	)	$	(268.0	)	$	(80.1	)	$	(86.9	)
Accumulated other comprehensive loss (pre-tax):
Prior service cost (credit)	$	4.5		$	5.4		$	5.6		$	3.3		$	(12.7	)	$	(14.6	)
Actuarial loss		153.3			24.9			75.1			70.9			1.7			1.4
Transition liability		—			—			0.3			0.4			—			—
	$	157.8		$	30.3		$	81.0		$	74.6		$	(11.0	)	$	(13.2	)
Net amount recognized	$	(263.7	)	$	(328.1	)	$	(175.3	)	$	(193.4	)	$	(91.1	)	$	(100.1	)

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																		Other Benefits
	U.S. Plans									Non-U.S. Plans									U.S. Plans
	2011			2010			2009			2011			2010			2009			2011			2010			2009
Weighted-average assumptions used to determine benefit obligations at year end:
Discount rate		4.25	%		5.25	%		5.75	%		5.0	%		5.25	%		5.75	%		3.75	%		4.5	%		5.5	%
Rate of compensation increase		6.0	%		6.0	%		6.0	%		3.5	%		4.0	%		4.25	%		—			3.75	%		4.0	%
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate		5.25	%		5.75	%		6.0	%		5.25	%		5.75	%		6.0	%		4.50	%		5.50	%		6.25	%
Rate of compensation increase		6.0	%		3.75	%		6.0	%		4.0	%		4.25	%		3.5	%		3.75	%		4.0	%		4.0	%
Expected return on plan assets		7.0	%		7.5	%		7.5	%		7.0	%		6.75	%		6.75	%		—			—			—

Asset Allocations by Asset Category and Level of Valuation Inputs within Fair Value Hierarchy

The Company’s worldwide asset allocations at December 31, 2011 and January 1, 2011 by asset category and the level of the valuation inputs within the fair value hierarchy established by ASC 820 are as follows:

Asset Category	2011		Level 1		Level 2
Cash and cash equivalents	$	35.6	$	6.8	$	28.8
Equity securities
U.S. equity securities		323.5		62.8		260.7
Foreign equity securities		377.7		76.9		300.8
Fixed income securities
Government securities		468.6		244.5		224.1
Corporate securities		505.3		—		505.3
Mortgage-backed securities		1.9		—		1.9
Insurance contracts		27.7		—		27.7
Other		48.6		—		48.6
Total	$	1,788.9	$	391.0	$	1,397.9

Asset Category	2010		Level 1		Level 2
Cash and cash equivalents	$	18.1	$	1.2	$	16.9
Equity securities
U.S. equity securities		513.2		7.2		506.0
Foreign equity securities		513.4		24.6		488.8
Fixed income securities
Government securities		281.9		9.0		272.9
Corporate securities		285.9		16.1		269.8
Mortgage-backed securities		78.0		18.4		59.6
Insurance contracts		31.4		—		31.4
Other		29.3		—		29.3
Total	$	1,751.2	$	76.5	$	1,674.7

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	$	1,553.8	$	155.0	$	153.0	$	156.0	$	155.6	$	152.7	$	781.5

Pension Plans, Defined Benefit

Net Periodic Pension Expense

The components of net periodic pension expense are as follows:

	U.S. Plans									Non-U.S. Plans
(Millions of Dollars)	2011			2010			2009			2011			2010			2009
Service cost	$	6.5		$	18.1		$	2.6		$	12.6		$	12.8		$	3.8
Interest cost		69.6			61.2			9.8			52.9			44.7			13.3
Expected return on plan assets		(70.0	)		(52.5	)		(6.7	)		(50.5	)		(39.8	)		(14.9	)
Prior service cost amortization		1.0			1.0			1.2			0.3			0.2			0.1
Transition obligation amortization		—			—			—			0.1			0.1			0.1
Actuarial loss amortization		2.5			2.0			2.9			3.0			4.1			2.4
Settlement / curtailment loss (gain)		1.9			(9.1	)		1.2			(0.5	)		(2.3	)		(1.7	)
Net periodic pension expense	$	11.5		$	20.7		$	11.0		$	17.9		$	19.8		$	3.1

Other Postretirement Benefit Plans, Defined Benefit

Net Periodic Pension Expense

Net periodic post-retirement benefit expense was comprised of the following elements:

	Other Benefit Plans
(Millions of Dollars)	2011			2010			2009
Service cost	$	0.6		$	1.3		$	0.8
Interest cost		3.6			4.6			1.3
Prior service credit amortization		(1.2	)		(0.2	)		(0.2	)
Actuarial loss amortization		(0.2	)		(0.1	)		(0.1	)
Settlement / curtailment gain		—			(7.2	)		—
Net periodic post-retirement benefit (income) expense	$	2.8		$	(1.6	)	$	1.8

Accumulated Benefit Obligations

Pension Plans in which Accumulated Benefit Obligations Exceed Plan Assets

Information regarding pension plans in which accumulated benefit obligations exceed plan assets follows:

	U.S. Plans				Non-U.S. Plans
(Millions of Dollars)	2011		2010		2011		2010
Projected benefit obligation	$	1,501.0	$	1,376.7	$	777.0	$	927.5
Accumulated benefit obligation	$	1,498.0	$	1,373.9	$	751.2	$	890.7
Fair value of plan assets	$	1,079.5	$	1,018.1	$	518.7	$	655.8

Projected Benefit Obligations

Pension Plans in which Accumulated Benefit Obligations Exceed 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)	2011		2010		2011		2010
Projected benefit obligation	$	1,501.1	$	1,376.7	$	785.1	$	943.0
Accumulated benefit obligation	$	1,498.0	$	1,373.9	$	756.1	$	904.5
Fair value of plan assets	$	1,079.5	$	1,018.1	$	524.9	$	670.2