XML 24 R13.htm IDEA: XBRL DOCUMENT v3.3.1.900
PENSION AND POST-RETIREMENT BENEFIT PLANS
 3 Months Ended
Dec. 31, 2015
PENSION AND POST-RETIREMENT BENEFIT PLANS  
PENSION AND POST-RETIREMENT BENEFIT PLANS

 

NOTE 7 – 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 fiscal year ended June 30, 2015.

 

The components of net periodic benefit cost for the three months ended December 31, 2015 and 2014 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other than

 

 

 

Pension Plans

 

Pension Plans

 

 

 

U.S.

 

International

 

Post-retirement

 

(In millions)

 

2015

 

2014

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$
8.1

 

$
7.9

 

$
6.2

 

$
6.1

 

$
0.7

 

$
0.8

 

Interest cost

 
8.2

 
7.6

 
3.8

 
4.4

 
1.8

 
1.9

 

Expected return on plan assets

 
(12.2

)
(12.5

)
(4.9

)
(5.3

)
(0.5

)
(0.6

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 
0.2

 
0.2

 
0.5

 
0.5

 
0.2

 
0.2

 

Actuarial loss

 
2.8

 
2.4

 
2.5

 
2.6

 
0.1

 
0.4

 

Settlement

 

—

 

—

 
0.1

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net periodic benefit cost

 

$
7.1

 

$
5.6

 

$
8.2

 

$
8.3

 

$
2.3

 

$
2.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The components of net periodic benefit cost for the six months ended December 31, 2015 and 2014 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other than

 

 

 

Pension Plans

 

Pension Plans

 

 

 

U.S.

 

International

 

Post-retirement

 

(In millions)

 

2015

 

2014

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$
16.2

 

$
15.8

 

$
12.5

 

$
12.5

 

$
1.4

 

$
1.7

 

Interest cost

 
16.4

 
15.2

 
7.6

 
9.0

 
3.7

 
3.8

 

Expected return on plan assets

 
(24.4

)
(25.0

)
(9.9

)
(11.0

)
(1.1

)
(1.2

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 
0.3

 
0.3

 
1.0

 
1.1

 
0.4

 
0.4

 

Actuarial loss

 
5.6

 
4.9

 
5.2

 
5.4

 
0.2

 
0.8

 

Settlement

 

—

 

—

 
0.1

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net periodic benefit cost

 

$
14.1

 

$
11.2

 

$
16.5

 

$
17.0

 

$
4.6

 

$
5.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

During the six months ended December 31, 2015, the Company made contributions to its international pension plans totaling approximately $6 million.

 

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

 

 

 

 

 

 

 

 

 

 

 

December 31

 

June 30

 

(In millions)

 

2015

 

2015

 

Other assets

 

$
107.9

 

$
113.1

 

Other accrued liabilities

 
(23.8

)
(23.8

)

Other noncurrent liabilities

 
(373.2

)
(373.0

)

 

 

 

 

 

 

Funded status

 
(289.1

)
(283.7

)

Accumulated other comprehensive loss

 
326.9

 
346.2

 

 

 

 

 

 

 

Net amount recognized

 

$
37.8

 

$
62.5