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PENSION AND POST-RETIREMENT BENEFIT PLANS
3 Months Ended
Sep. 30, 2013
PENSION AND POST-RETIREMENT BENEFIT PLANS  
PENSION AND POST-RETIREMENT BENEFIT PLANS

NOTE 6 — PENSION AND POST-RETIREMENT BENEFIT PLANS

 

The Company maintains pension plans covering substantially all of its full-time employees for its U.S. operations and a majority of its international operations.  The Company also maintains post-retirement benefit plans which provide certain medical and dental benefits to eligible employees.  Descriptions of these plans are discussed in the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended June 30, 2013.

 

The components of net periodic benefit cost for the three months ended September 30, 2013 and 2012 consisted of the following:

 

 

 

Pension Plans

 

Other than
Pension Plans

 

 

 

U.S.

 

International

 

Post-retirement

 

(In millions)

 

2013

 

2012

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

7.9

 

$

8.5

 

$

6.1

 

$

5.9

 

$

0.9

 

$

1.2

 

Interest cost

 

7.7

 

6.7

 

4.6

 

4.5

 

2.0

 

1.9

 

Expected return on plan assets

 

(11.7

)

(11.3

)

(5.0

)

(4.8

)

(0.5

)

(0.5

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 

0.2

 

0.1

 

0.7

 

0.7

 

0.2

 

0.2

 

Actuarial loss

 

1.9

 

3.6

 

2.2

 

2.3

 

0.2

 

1.1

 

Settlements and curtailments

 

 

 

 

0.8

 

 

 

Net periodic benefit cost

 

$

6.0

 

$

7.6

 

$

8.6

 

$

9.4

 

$

2.8

 

$

3.9

 

 

During the three months ended September 30, 2013, the Company made contributions to its international pension plans totaling approximately $4 million.

 

The amounts recognized in the consolidated balance sheets related to the Company’s pension and post-retirement benefit plans consist of the following:

 

 

 

September 30

 

June 30

 

(In millions)

 

2013

 

2013

 

Other assets

 

$

145.2

 

$

144.0

 

Other accrued liabilities

 

(23.2

)

(23.1

)

Other noncurrent liabilities

 

(358.4

)

(349.2

)

Funded status

 

(236.4

)

(228.3

)

Accumulated other comprehensive loss

 

315.0

 

315.0

 

Net amount recognized

 

$

78.6

 

$

86.7