XML 72 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Pensions and Other Postretirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2012
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Schedule of Defined Benefit Plans Disclosures [Table Text Block]

       The following table provides a reconciliation of benefit obligations and plan assets of the company's domestic and non-U.S. pension plans:

    Domestic Pension Benefits Non-U.S. Pension Benefits
(In millions) 2012 2011 2012 2011
             
Change in Projected Benefit Obligations            
 Benefit Obligation at Beginning of Year $ 452.2 $ 413.6 $ 709.2 $ 656.3
  Business combinations       1.2   8.3
  Service costs       11.8   13.7
  Interest costs   19.8   21.3   30.7   32.1
  Settlements and curtailments       (0.4)   (2.7)
  Plan participants' contributions       3.4   3.5
  Actuarial losses   25.8   37.9   79.7   26.0
  Benefits paid   (22.9)   (20.6)   (24.8)   (21.3)
  Currency translation and other       20.2   (6.7)
             
 Benefit Obligation at End of Year $ 474.9 $ 452.2 $ 831.0 $ 709.2
               
Change in Fair Value of Plan Assets            
 Fair Value of Plan Assets at Beginning of Year $ 344.3 $ 362.5 $ 524.2 $ 510.5
  Business combinations       0.2   2.6
  Actual return on plan assets   45.7   2.4   46.0   11.1
  Employer contribution       21.4   23.5
  Plan participants' contributions       3.4   3.5
  Benefits paid   (22.9)   (20.6)   (24.8)   (21.3)
  Currency translation and other       18.0   (5.7)
             
 Fair Value of Plan Assets at End of Year $ 367.1 $ 344.3 $ 588.4 $ 524.2
               
Funded Status $ (107.8) $ (107.9) $ (242.6) $ (185.0)
               
Accumulated Benefit Obligation $ 474.9 $ 452.2 $ 788.7 $ 663.0
               
Amounts Recognized in Balance Sheet            
  Non-current asset $ $ $ 0.7 $ 0.8
  Current liability       (4.4)   (4.1)
  Non-current liability   (107.8)   (107.9)   (238.9)   (181.7)
               
  Net amount recognized $ (107.8) $ (107.9) $ (242.6) $ (185.0)
               
Amounts Recognized in Accumulated Other Comprehensive Loss            
  Net actuarial loss $ 177.4 $ 172.6 $ 142.8 $ 81.2
  Prior service credits       (2.7)   (0.6)
               
  Net amount recognized $ 177.4 $ 172.6 $ 140.1 $ 80.6

The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2012 and 2011 and are as follows:

    Domestic Pension Benefits Non-U.S. Pension Benefits
(In millions) 2012 2011 2012 2011
             
Weighted Average Assumptions Used to Determine Projected Benefit Obligations            
  Discount rate  4.00%  4.50%  3.65%  4.37%
  Average rate of increase in employee compensation  4.00%  4.00%  2.94%  3.08%

The actuarial assumptions used to compute the net periodic pension benefit cost (income) are based upon information available as of the beginning of the year, as presented in the following table:

    Domestic Pension Benefits Non-U.S. Pension Benefits
(In millions) 2012 2011 2010 2012 2011 2010
                   
Weighted Average Assumptions Used to Determine the Net Benefit Cost (Income)                  
  Discount rate  4.50%  5.25%  5.50%  4.37%  4.77%  5.37%
  Average rate of increase in employee compensation  4.00%  4.00%  4.00%  3.23%  3.35%  3.24%
  Expected long-term rate of return on assets 7.75%  7.75%  7.75%  5.17%  5.32%  5.59%

The following table provides a reconciliation of benefit obligations and plan assets of the company's SERP and other postretirement benefit plans:

    SERP Benefits Postretirement Benefits
(In millions) 2012 2011 2012 2011
             
Change in Projected Benefit Obligations            
 Benefit Obligation at Beginning of Year $ 13.9 $ 12.4 $ 38.9 $ 34.9
  Service costs       0.7   0.6
  Interest costs   0.6   0.6   1.8   1.9
  Plan participants' contributions       1.3   1.4
  Actuarial losses   1.1   1.4   1.6   3.2
  Benefits paid   (0.5)   (0.5)   (2.7)   (2.7)
  Currency translation and other       0.4   (0.4)
             
 Benefit Obligation at End of Year $ 15.1 $ 13.9 $ 42.0 $ 38.9
               
Change in Fair Value of Plan Assets            
 Fair Value of Plan Assets at Beginning of Year $ $ $ $
  Employer contribution   0.5   0.5   1.4   1.3
  Plan participants' contributions       1.3   1.4
  Benefits paid   (0.5)   (0.5)   (2.7)   (2.7)
             
 Fair Value of Plan Assets at End of Year $ $ $ $
               
Funded Status $ (15.1) $ (13.9) $ (42.0) $ (38.9)
               
Accumulated Benefit Obligation $ 15.1 $ 13.9      
               
Amounts Recognized in Balance Sheet            
  Current liability $ (0.6) $ (0.5) $ (2.0) $ (2.2)
  Non-current liability   (14.5)   (13.4)   (40.0)   (36.7)
               
  Net amount recognized $ (15.1) $ (13.9) $ (42.0) $ (38.9)
               
Amounts Recognized in Accumulated Other Comprehensive Loss (Income)            
  Net actuarial loss $ 2.8 $ 1.8 $ 4.6 $ 3.1
  Prior service credits       (0.5)   (0.6)
               
  Net amount recognized $ 2.8 $ 1.8 $ 4.1 $ 2.5
               
Weighted Average Assumptions Used to Determine Benefit Obligations            
  Discount rate  4.00%  4.50%  4.20%  4.88%
  Average rate of increase in employee compensation  4.00%  4.00%    
  Initial healthcare cost trend rate        7.14%  7.21%
  Ultimate healthcare cost trend rate        5.47%  5.51%

    SERP Benefits Postretirement Benefits
(In millions) 2012 2011 2010 2012 2011 2010
                   
Weighted Average Assumptions Used to Determine the Net Benefit Cost                  
  Discount rate  4.50%  5.25%  5.50%  4.88%  5.44%  5.94%
  Average rate of increase in employee compensation  4.00%  4.00%  4.00%      

       The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in 2013 are as follows:

(In millions) Domestic Pension Benefits Non-U.S. Pension Benefits SERP Benefits Post-retirement Benefits
               
Net Actuarial Loss $ 5.0 $ 6.4 $ 0.1 $ 0.3
Net Prior Service Credit     (0.4)     (0.1)
               
    $ 5.0 $ 6.0 $ 0.1 $ 0.2

       The projected benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows:

           
      Pension Plans
(In millions) 2012 2011
       
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets      
 Projected benefit obligation $ 1,162.0 $ 1,165.6
 Fair value of plan assets   795.7   858.0
           
           
  The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified
pension plans with accumulated benefit obligations in excess of plan assets are as follows:
           
      Pension Plans
(In millions) 2012 2011
       
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets      
 Accumulated benefit obligation $ 1,120.2 $ 987.9
 Fair value of plan assets   793.1   717.8
           

       The net periodic pension benefit cost (income) includes the following components for 2012, 2011 and 2010:

    Domestic Pension Benefits Non-U.S. Pension Benefits
(In millions) 2012 2011 2010 2012 2011 2010
                   
Components of Net Benefit Cost (Income)                  
 Service cost-benefits earned $ $ $ 0.3 $ 11.8 $ 13.7 $ 11.4
 Interest cost on benefit obligation   19.8   21.3   21.1   30.7   32.1   30.7
 Expected return on plan assets   (28.1)   (29.4)   (29.9)   (27.3)   (27.8)   (24.9)
 Amortization of actuarial net loss   3.5   1.5   0.7   3.3   1.6   1.3
 Amortization of prior service benefit        (0.1)    
 Settlement/curtailment loss             0.1
 Special termination benefit         0.5   0.9   0.5
                     
 Net periodic benefit cost (income) $ (4.8) $ (6.6) $ (7.8) $ 18.9 $ 20.5 $ 19.1

       The net periodic SERP and other postretirement benefit cost includes the following components for 2012, 2011 and 2010:

    SERP Benefits Postretirement Benefits
(In millions) 2012 2011 2010 2012 2011 2010
                   
Components of Net Benefit Cost                  
 Service cost-benefits earned $ $ $ $ 0.7 $ 0.6 $ 0.4
 Interest cost on benefit obligation   0.6   0.6   0.6   1.8   1.9   1.8
 Amortization of actuarial net loss (gain)   0.1           (0.2)
 Amortization of prior service benefit          (0.1)   (0.1)
 Settlement/curtailment gain         (0.1)   (0.1)  
                     
 Net periodic benefit cost $ 0.7 $ 0.6 $ 0.6 $ 2.4 $ 2.3 $ 1.9

Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows:

(In millions) Domestic Pension Benefits Non-U.S. Pension Benefits SERP Benefits Post-retirement Benefits
             
2013 $ 24.2 $ 25.5 $ 0.6 $ 2.0
2014   24.7   26.6   1.8   2.1
2015   25.2   27.7   1.6   2.0
2016   25.7   30.9   0.6   2.1
2017   25.8   31.4   3.7   2.0
2018-2022   135.9   183.1   4.3   10.1

       A change in the assumed healthcare cost trend rate by one percentage point effective January 2012 would change the accumulated postretirement benefit obligation as of December 31, 2012 and the 2012 aggregate of service and interest costs, as follows:

(In millions) Increase Decrease
       
One Percentage Point      
 Effect on total of service and interest cost components $ 0.5 $ (0.4)
 Effect on postretirement healthcare benefit obligation   5.7   (4.4)

       The fair values of the company's domestic plan assets at December 31, 2012 and 2011, by asset category are as follows:

   December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs
(In millions) 2012 (Level 1) (Level 2) (Level 3)
               
Asset Category            
 U.S. equity funds $ 105.1 $ $ 105.1 $
 International equity funds   75.1     75.1  
 Fixed income funds   173.9     173.9  
 Private equity funds   6.6       6.6
 Money market funds   6.4     6.4  
               
  Total Assets $ 367.1 $ $ 360.5 $ 6.6

   December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs
(In millions) 2011 (Level 1) (Level 2) (Level 3)
               
Asset Category            
 U.S. equity funds $ 112.5 $ $ 112.5 $
 International equity funds   82.8     82.8  
 Fixed income funds   132.2     132.2  
 Private equity funds   9.1       9.1
 Money market funds   7.7     7.7  
               
  Total Assets $ 344.3 $ $ 335.2 $ 9.1

The following table represents a rollforward of the fair value, as determined by level 3 inputs.

(In millions) Private Equity Funds
    
Balance at December 31, 2010 $ 13.0
Actual return on plan assets:   
Relating to assets held at reporting date   (2.2)
Relating to assets sold/distributed during period   3.7
Purchases, capital contributions, sales and settlements   (5.4)
    
Balance at December 31, 2011 $ 9.1
Actual return on plan assets:   
Relating to assets held at reporting date   0.5
Relating to assets sold/distributed during period   3.4
Purchases, capital contributions, sales and settlements   (6.4)
    
Balance at December 31, 2012 $ 6.6
    

       The table below presents, as of December 31, 2012, the fair value measurements of investments in certain domestic plan assets that calculate and provide the company with a net asset value per share (or its equivalent). These plan investments are all classified as level 2 or 3 according to the fair value hierarchy:

(In millions) Fair Value Unfunded Commitments Redemption Frequency (if Currently Eligible) Redemption Notice Period
           
Asset Category          
 U.S. equity funds $ 105.1 $ At least monthly No more than 3 days
 International equity funds   75.1   At least monthly No more than 3 days
 Fixed income funds   173.9   At least monthly No more than 3 days
 Private equity funds   6.6   1.0 Restricted Restricted
 Money market funds   6.4   Daily Daily
           
    $ 367.1 $ 1.0    
             
The domestic plan receives distributions from the private equity funds as those funds' assets are liquidated. The duration of the funds vary by investment with the longest ending in 2015.

       The fair values of the company's non-U.S. plan assets at December 31, 2012 and 2011, by asset category are as follows:

   December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs
(In millions) 2012 (Level 1) (Level 2) (Level 3)
               
Asset Category            
 Equity funds $ 273.9 $ 52.6 $ 221.3 $
 Fixed income funds   213.3   20.5   192.8  
 Insurance contracts   94.6     94.6  
 Cash / money market funds   6.6   6.4   0.2  
               
  Total Assets $ 588.4 $ 79.5 $ 508.9 $

   December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs
(In millions) 2011 (Level 1) (Level 2) (Level 3)
               
Asset Category            
 Equity funds $ 232.8 $ 46.8 $ 186.0 $
 Fixed income funds   200.1   20.3   179.8  
 Insurance contracts   86.8     86.8  
 Cash / money market funds   4.5   4.3   0.2  
               
  Total Assets $ 524.2 $ 71.4 $ 452.8 $

       The table below presents the fair value measurements of investments in certain non-U.S. plan assets that calculate and provide the company with a net asset value per share (or its equivalent). These plan investments are all classified as level 2 according to the fair value hierarchy:

(In millions) Fair Value Unfunded Commitments Redemption Frequency (if Currently Eligible) Redemption Notice Period
             
Asset Category          
 Equity funds $ 221.3 $ At least monthly No more than 1 month
 Fixed income funds   192.8   At least weekly No more than 5 days
 Insurance contracts   94.6   Not applicable Not applicable
 Money market funds   0.2   Daily Daily
             
    $ 508.9 $    
Schedule of Assumptions Used [Table Text Block]
    Domestic Pension Benefits Non-U.S. Pension Benefits
(In millions) 2012 2011 2012 2011
             
Weighted Average Assumptions Used to Determine Projected Benefit Obligations            
  Discount rate  4.00%  4.50%  3.65%  4.37%
  Average rate of increase in employee compensation  4.00%  4.00%  2.94%  3.08%

    Domestic Pension Benefits Non-U.S. Pension Benefits
(In millions) 2012 2011 2010 2012 2011 2010
                   
Weighted Average Assumptions Used to Determine the Net Benefit Cost (Income)                  
  Discount rate  4.50%  5.25%  5.50%  4.37%  4.77%  5.37%
  Average rate of increase in employee compensation  4.00%  4.00%  4.00%  3.23%  3.35%  3.24%
  Expected long-term rate of return on assets 7.75%  7.75%  7.75%  5.17%  5.32%  5.59%

    SERP Benefits Postretirement Benefits
(In millions) 2012 2011 2010 2012 2011 2010
                   
Weighted Average Assumptions Used to Determine the Net Benefit Cost                  
  Discount rate  4.50%  5.25%  5.50%  4.88%  5.44%  5.94%
  Average rate of increase in employee compensation  4.00%  4.00%  4.00%      
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in 2013 are as follows:

(In millions) Domestic Pension Benefits Non-U.S. Pension Benefits SERP Benefits Post-retirement Benefits
               
Net Actuarial Loss $ 5.0 $ 6.4 $ 0.1 $ 0.3
Net Prior Service Credit     (0.4)     (0.1)
               
    $ 5.0 $ 6.0 $ 0.1 $ 0.2
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

The projected benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows:

           
      Pension Plans
(In millions) 2012 2011
       
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets      
 Projected benefit obligation $ 1,162.0 $ 1,165.6
 Fair value of plan assets   795.7   858.0
           
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]
           
  The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified
pension plans with accumulated benefit obligations in excess of plan assets are as follows:
           
      Pension Plans
(In millions) 2012 2011
       
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets      
 Accumulated benefit obligation $ 1,120.2 $ 987.9
 Fair value of plan assets   793.1   717.8
           
Schedule of Net Benefit Costs [Table Text Block]

The net periodic pension benefit cost (income) includes the following components for 2012, 2011 and 2010:

    Domestic Pension Benefits Non-U.S. Pension Benefits
(In millions) 2012 2011 2010 2012 2011 2010
                   
Components of Net Benefit Cost (Income)                  
 Service cost-benefits earned $ $ $ 0.3 $ 11.8 $ 13.7 $ 11.4
 Interest cost on benefit obligation   19.8   21.3   21.1   30.7   32.1   30.7
 Expected return on plan assets   (28.1)   (29.4)   (29.9)   (27.3)   (27.8)   (24.9)
 Amortization of actuarial net loss   3.5   1.5   0.7   3.3   1.6   1.3
 Amortization of prior service benefit        (0.1)    
 Settlement/curtailment loss             0.1
 Special termination benefit         0.5   0.9   0.5
                     
 Net periodic benefit cost (income) $ (4.8) $ (6.6) $ (7.8) $ 18.9 $ 20.5 $ 19.1

The net periodic SERP and other postretirement benefit cost includes the following components for 2012, 2011 and 2010:

    SERP Benefits Postretirement Benefits
(In millions) 2012 2011 2010 2012 2011 2010
                   
Components of Net Benefit Cost                  
 Service cost-benefits earned $ $ $ $ 0.7 $ 0.6 $ 0.4
 Interest cost on benefit obligation   0.6   0.6   0.6   1.8   1.9   1.8
 Amortization of actuarial net loss (gain)   0.1           (0.2)
 Amortization of prior service benefit          (0.1)   (0.1)
 Settlement/curtailment gain         (0.1)   (0.1)  
                     
 Net periodic benefit cost $ 0.7 $ 0.6 $ 0.6 $ 2.4 $ 2.3 $ 1.9
Schedule of Expected Benefit Payments [Table Text Block]

Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows:

(In millions) Domestic Pension Benefits Non-U.S. Pension Benefits SERP Benefits Post-retirement Benefits
             
2013 $ 24.2 $ 25.5 $ 0.6 $ 2.0
2014   24.7   26.6   1.8   2.1
2015   25.2   27.7   1.6   2.0
2016   25.7   30.9   0.6   2.1
2017   25.8   31.4   3.7   2.0
2018-2022   135.9   183.1   4.3   10.1
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]

       A change in the assumed healthcare cost trend rate by one percentage point effective January 2012 would change the accumulated postretirement benefit obligation as of December 31, 2012 and the 2012 aggregate of service and interest costs, as follows:

(In millions) Increase Decrease
       
One Percentage Point      
 Effect on total of service and interest cost components $ 0.5 $ (0.4)
 Effect on postretirement healthcare benefit obligation   5.7   (4.4)
Schedule of Allocation of Plan Assets [Table Text Block]

       The fair values of the company's domestic plan assets at December 31, 2012 and 2011, by asset category are as follows:

   December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs
(In millions) 2012 (Level 1) (Level 2) (Level 3)
               
Asset Category            
 U.S. equity funds $ 105.1 $ $ 105.1 $
 International equity funds   75.1     75.1  
 Fixed income funds   173.9     173.9  
 Private equity funds   6.6       6.6
 Money market funds   6.4     6.4  
               
  Total Assets $ 367.1 $ $ 360.5 $ 6.6

   December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs
(In millions) 2011 (Level 1) (Level 2) (Level 3)
               
Asset Category            
 U.S. equity funds $ 112.5 $ $ 112.5 $
 International equity funds   82.8     82.8  
 Fixed income funds   132.2     132.2  
 Private equity funds   9.1       9.1
 Money market funds   7.7     7.7  
               
  Total Assets $ 344.3 $ $ 335.2 $ 9.1

       The table below presents, as of December 31, 2012, the fair value measurements of investments in certain domestic plan assets that calculate and provide the company with a net asset value per share (or its equivalent). These plan investments are all classified as level 2 or 3 according to the fair value hierarchy:

(In millions) Fair Value Unfunded Commitments Redemption Frequency (if Currently Eligible) Redemption Notice Period
           
Asset Category          
 U.S. equity funds $ 105.1 $ At least monthly No more than 3 days
 International equity funds   75.1   At least monthly No more than 3 days
 Fixed income funds   173.9   At least monthly No more than 3 days
 Private equity funds   6.6   1.0 Restricted Restricted
 Money market funds   6.4   Daily Daily
           
    $ 367.1 $ 1.0    
             
The domestic plan receives distributions from the private equity funds as those funds' assets are liquidated. The duration of the funds vary by investment with the longest ending in 2015.

The fair values of the company's non-U.S. plan assets at December 31, 2012 and 2011, by asset category are as follows:

   December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs
(In millions) 2012 (Level 1) (Level 2) (Level 3)
               
Asset Category            
 Equity funds $ 273.9 $ 52.6 $ 221.3 $
 Fixed income funds   213.3   20.5   192.8  
 Insurance contracts   94.6     94.6  
 Cash / money market funds   6.6   6.4   0.2  
               
  Total Assets $ 588.4 $ 79.5 $ 508.9 $

   December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs
(In millions) 2011 (Level 1) (Level 2) (Level 3)
               
Asset Category            
 Equity funds $ 232.8 $ 46.8 $ 186.0 $
 Fixed income funds   200.1   20.3   179.8  
 Insurance contracts   86.8     86.8  
 Cash / money market funds   4.5   4.3   0.2  
               
  Total Assets $ 524.2 $ 71.4 $ 452.8 $

       The table below presents the fair value measurements of investments in certain non-U.S. plan assets that calculate and provide the company with a net asset value per share (or its equivalent). These plan investments are all classified as level 2 according to the fair value hierarchy:

(In millions) Fair Value Unfunded Commitments Redemption Frequency (if Currently Eligible) Redemption Notice Period
             
Asset Category          
 Equity funds $ 221.3 $ At least monthly No more than 1 month
 Fixed income funds   192.8   At least weekly No more than 5 days
 Insurance contracts   94.6   Not applicable Not applicable
 Money market funds   0.2   Daily Daily
             
    $ 508.9 $    
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]

The following table represents a rollforward of the fair value, as determined by level 3 inputs.

(In millions) Private Equity Funds
    
Balance at December 31, 2010 $ 13.0
Actual return on plan assets:   
Relating to assets held at reporting date   (2.2)
Relating to assets sold/distributed during period   3.7
Purchases, capital contributions, sales and settlements   (5.4)
    
Balance at December 31, 2011 $ 9.1
Actual return on plan assets:   
Relating to assets held at reporting date   0.5
Relating to assets sold/distributed during period   3.4
Purchases, capital contributions, sales and settlements   (6.4)
    
Balance at December 31, 2012 $ 6.6