Employee Benefit Plans

12 Months Ended

Dec. 31, 2011

Employee Benefit Plans [Abstract]

Employee Benefit Plans

14.    Employee Benefit Plans:

Defined Contribution Plans

We maintain noncontributory profit sharing plans for our eligible domestic and Canadian salaried employees. These plans are discretionary, as our contributions are determined annually by the Board of Directors. We also sponsor several defined contribution plans with employer contribution-matching requirements. We recorded the following (in millions):

	For the Years  Ended December 31,
	2011		2010		2009
Contributions to defined contribution plans	$	14.3	$	12.1	$	12.4

Pension and Postretirement Benefit Plans

We provide pension and postretirement medical benefits to eligible domestic and foreign employees. In the third quarter of 2008, we announced that we were freezing our defined benefit pension and profit sharing plans for our domestic and Canadian salaried employees and moving to an enhanced defined contribution plan in 2009 for our domestic salaried employees and 2010 for our Canadian salaried employees. We also maintain an unfunded postretirement benefit plan, which provides certain medical and life insurance benefits to eligible employees. In 2006, we amended the postretirement benefit plan to (i) eliminate post-65 coverage for current and future nonunion retirees and (ii) gradually shift the pre-65 medical coverage cost from us to participants starting in 2007 such that by 2010, pre-65 retirees would be paying 100% of the cost. As a result of this amendment, the postretirement plan still existed in 2011 and eligible nonunion participants will still be able to receive group coverage rates. However, we won’t be paying any portion of the participants’ premiums.

The following tables set forth amounts recognized in our financial statements and the plans’ funded status (dollars in millions):

	Pension Benefits						Other Benefits
	2011			2010			2011			2010
Accumulated benefit obligation	$	363.6		$	333.2		$	N/A		$	N/A
Changes in projected benefit obligation:
Benefit obligation at beginning of year	$	336.3		$	299.4		$	17.0		$	14.4
Service cost		5.4			5.0			0.8			0.6
Interest cost		17.8			17.6			0.9			0.8
Plan participants’ contributions		—			—			0.8			0.8
Amendments		—			—			—			(0.1	)
Actuarial loss		28.9			34.0			2.3			2.4
Effect of exchange rates		(0.7	)		0.4			—			—
Settlements and curtailments		(2.1	)		(2.6	)		—			—
Benefits paid		(16.8	)		(17.5	)		(1.9	)		(1.9	)
Benefit obligation at end of year	$	368.8		$	336.3		$	19.9		$	17.0
Changes in plan assets:
Fair value of plan assets at beginning of year	$	244.6		$	231.1		$	—		$	—
Actual gain return on plan assets		3.8			27.6			—			—
Employer contribution		13.4			5.6			1.1			1.1
Plan participants’ contributions		—			—			0.8			0.8
Effect of exchange rates		(0.4	)		0.4			—			—
Plan settlements		(2.1	)		(2.6	)		—			—
Benefits paid		(16.8	)		(17.5	)		(1.9	)		(1.9	)
Fair value of plan assets at end of year		242.5			244.6			—			—
Funded status/net amount recognized	$	(126.3	)	$	(91.7	)	$	(19.9	)	$	(17.0	)
Net amount recognized consists of:
Current liability	$	(1.6	)	$	(3.6	)	$	(1.3	)	$	(1.1	)
Non-current liability		(124.7	)		(88.1	)		(18.6	)		(15.9	)
Net amount recognized	$	(126.3	)	$	(91.7	)	$	(19.9	)	$	(17.0	)

Included in the Non-Current Pension Liability on the Consolidated Balance Sheets were plans with an over-funded position of $0.1 million as of December 31, 2010 (in millions). No plans were overfunded as of December 31, 2011.

	For the Years  Ended December 31,
	2011		2010
Pension plans with a benefit obligation in excess of plan assets:
Projected benefit obligation	$	368.1	$	335.6
Accumulated benefit obligation		362.9		332.5
Fair value of plan assets		241.8		243.8

Our U.S.-based pension plans comprised approximately 89.2% of the projected benefit obligation and 88.8% of plan assets as of December 31, 2011.

	Pension Benefits									Other Benefits
	2011			2010			2009			2011			2010			2009
Components of net periodic benefit cost as of December 31:
Service cost	$	5.4		$	5.0		$	5.6		$	0.8		$	0.6		$	0.5
Interest cost		17.8			17.6			17.5			0.9			0.8			0.8
Expected return on plan assets		(19.0	)		(19.5	)		(16.7	)		—			—			—
Amortization of prior service cost		0.4			0.5			0.5			(1.9	)		(1.9	)		(1.9	)
Recognized actuarial loss		7.0			5.1			8.9			1.2			1.2			1.2
Settlements and curtailments		1.7			1.4			1.0			—			—			(0.6	)
Net periodic benefit cost	$	13.3		$	10.1		$	16.8		$	1.0		$	0.7		$	—

The following table sets forth amounts recognized in AOCI in our financial statements for 2011 and 2010 (in millions):

	Pension Benefits						Other Benefits
	2011			2010			2011			2010
Amounts recognized in other comprehensive income (loss):
Prior service costs	$	(2.6	)	$	(3.5	)	$	12.7		$	14.7
Actuarial loss		(212.0	)		(176.2	)		(20.8	)		(19.8	)
Subtotal		(214.6	)		(179.7	)		(8.1	)		(5.1	)
Deferred taxes		78.6			66.2			3.1			1.9
Net amount recognized	$	(136.0	)	$	(113.5	)	$	(5.0	)	$	(3.2	)
Changes recognized in other comprehensive income (loss):
Current year prior service costs	$	—		$	—			—		$	(0.1	)
Current year actuarial loss		44.4			25.8			2.3			2.4
Effect of exchange rates		(0.4	)		0.3			—			—
Amortization of prior service (costs) credits		(0.9	)		(0.5	)		1.9			1.9
Amortization of actuarial loss		(8.2	)		(6.5	)		(1.2	)		(1.3	)
Total recognized in other comprehensive income	$	34.9		$	19.1		$	3.0		$	2.9
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	48.2		$	29.2		$	4.0		$	3.6

The estimated prior service (costs) credits and actuarial gains (losses) that will be amortized from AOCI in 2012 are $(0.4) million and $(9.2) million, respectively, for pension benefits and $1.9 million and $(1.2) million, respectively, for other benefits.

The following tables set forth the weighted-average assumptions used to determine Benefit Obligations and Net Periodic Benefit Cost for the U.S.-based plans in 2011 and 2010:

	Pension Benefits						Other Benefits
	2011			2010			2011			2010
Weighted-average assumptions used to determine benefit obligations as of December 31:
Discount rate		4.83	%		5.45	%		4.64	%		5.30	%
Rate of compensation increase		4.23			4.23			—			—

	Pension Benefits									Other Benefits
	2011			2010			2009			2011			2010			2009
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate		5.45	%		6.07	%		6.27	%		5.30	%		5.95	%		6.42	%
Expected long-term return on plan assets		8.00			8.00			8.25			—			—			—
Rate of compensation increase		4.23			4.23			4.19			—			—			—

The following tables set forth the weighted-average assumptions used to determine Benefit Obligations and Net Periodic Benefit Cost for the non-U.S.-based plans in 2011 and 2010:

	Pension Benefits
	2011			2010
Weighted-average assumptions used to determine benefit obligations as of December 31:
Discount rate		4.93	%		5.43	%
Rate of compensation increase		3.68			3.94

	Pension Benefits
	2011			2010			2009
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate		5.43	%		5.98	%		6.57	%
Expected long-term return on plan assets		5.56			5.59			6.24
Rate of compensation increase		3.98			3.98			3.90

To develop the expected long-term rate of return on assets assumption for the U.S. plans, we considered the historical returns and the future expectations for returns for each asset category, as well as the target asset allocation of the pension portfolio and the effect of periodic rebalancing. These results were adjusted for the payment of reasonable expenses of the plan from plan assets. This resulted in the selection of the 8.00% long-term rate of return on assets assumption. A similar process was followed for the non-U.S.-based plans.

To select a discount rate for the purpose of valuing the plan obligations for the U.S. plans, we performed an analysis in which the duration of projected cash flows from defined benefit and retiree healthcare plans were matched with a yield curve based on the appropriate universe of high-quality corporate bonds that were available. We used the results of the yield curve analysis to select the discount rate that matched the duration and payment stream of the benefits in each plan. This resulted in the selection of the 4.85% discount rate assumption for the U.S. qualified pension plans, 4.59% for the U.S. non-qualified pension plans, and 4.64% for the other benefits. A similar process was followed for the non-U.S.-based plans.

	2011			2010
Assumed health care cost trend rates as of December 31:
Health care cost trend rate assumed for next year		8.40	%		8.50	%
Rate to which the cost rate is assumed to decline (the ultimate trend rate)		5.00	%		5.00	%
Year that the rate reaches the ultimate trend rate		2020			2020

Assumed health care cost trend rates have a significant effect on the amounts reported for our healthcare plan. A one percentage-point change in assumed healthcare cost trend rates would have the following effects (in millions):

	1-Percentage- Point Increase		1-Percentage- Point Decrease
Effect on total of service and interest cost	$	0.2	$	(0.2	)
Effect on the postretirement benefit obligation		2.0		(1.7	)

Expected future benefit payments are shown in the table below (in millions):

	Years Ended December 31,
	2012		2013		2014		2015		2016		2017- 2021
Pension benefits	$	16.5	$	18.8	$	17.3	$	18.5	$	18.7	$	109.2
Other benefits		1.3		1.3		1.3		1.3		1.4		7.7

We believe that by adequately diversifying the plan assets, asset returns can be optimized at an acceptable level of risk. Since equity securities have historically generated higher returns than fixed income securities and the plan is not fully funded, we believe it is appropriate to allocate more assets to equities than fixed income securities. In addition, these categories are further diversified among various asset classes including high yield and emerging markets debt, and international and emerging markets equities in order to avoid significant concentrations of risk. Our U.S. pension plan represents approximately 90%, our Canadian pension plan approximately 6%, and our United Kingdom (“U.K.”) pension plan approximately 4% of the total fair value of our plan assets as of December 31, 2010.

Our U.S. pension plans’ weighted-average asset allocations as of December 31, 2011 and 2010, by asset category, are as follows:

	Plan Assets as of December 31,
Asset Category	2011			2010
U.S. equity		33.6	%		33.1	%
International equity		24.4			28.5
Fixed income		41.2			36.8
Money market/cash/guaranteed investment contracts		0.8			1.6
Total		100	%		100.0	%

U.S. pension plan investments are invested within the following range targets:

Asset Category	Target
U.S. equity		36.0	%
International equity		24.0	%
Fixed income		38.0	%
Money market/cash/guaranteed investment contracts		2.0	%

Our Canadian pension plan was invested in only one asset, which is a balanced fund that maintains diversification among various asset classes, including Canadian common stocks, bonds and money market securities, U.S. equities, other international equities and fixed income investments. Our U.K. pension plan was invested in a broad mix of assets consisting of U.K., U.S. and international equities, U.K. fixed income securities, including corporate and government bonds, and bank deposits.

The fair values of our pension plan assets, by asset category, are as follows:

	Fair Value Measurements as of December 31, 2011
	Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets Category:
Cash and cash equivalents	$	3.7	$	—	$	—	$	3.7
Commingled pools/Collective Trusts
U.S. equity(1)		—		33.4		—		33.4
International equity(2)		—		48.3		—		48.3
Fixed income(3)		—		81.9		—		81.9
Mutual funds
U.S. equity(4)		38.8		—		—		38.8
International equity(4)		4.4		—		—		4.4
Fixed income(5)		6.9		—		—		6.9
Balanced pension trust(6)
U.S. equity		—		2.1		—		2.1
International equity		—		6.5		—		6.5
Bonds		—		4.4		—		4.4
Pension fund
U.S. equity(7)		—		1.1		—		1.1
International equity(7)		—		5.5		—		5.5
Fixed income(8)		—		4.8		—		4.8
Money market instruments(9)		—		0.7		—		0.7
Guaranteed investment contracts		—		—		—		—
Total	$	53.8	$	188.7	$	—	$	242.5

	Fair Value Measurements as of December 31, 2010
	Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets Category:
Cash and cash equivalents	$	3.9	$	—	$	—	$	3.9
Commingled pools / Collective Trusts
U.S. equity(1)		—		33.7		—		33.7
International equity(2)		—		53.8		—		53.8
Fixed income(3)		—		74.0		—		74.0
Mutual funds
U.S. equity(4)		38.2		—		—		38.2
International equity(4)		6.5		—		—		6.5
Fixed income(5)		6.2		—		—		6.2
Balanced pension trust(6)
U.S. equity		—		2.1		—		2.1
International equity		—		7.4		—		7.4
Bonds		—		5.3		—		5.3
Pension fund
U.S. equity(7)		—		1.1		—		1.1
International equity(7)		—		5.7		—		5.7
Fixed income(8)		—		4.1		—		4.1
Money market instruments(9)		—		0.8		—		0.8
Guaranteed investment contracts		—		1.8		—		1.8
Total	$	54.8	$	189.8	$	—	$	244.6

Additional information about assets measured at Net Asset Value (“NAV”) per share (in millions):

	As of December 31, 2011
	Fair Value		Redemption Frequency (if currently eligible)	Redemption Notice Period
Assets Category:
Commingled pools/Collective Trusts
U.S. equity(1)	$	33.4	n/a	n/a
International equity(2)		48.3	Monthly	10 —15 days
Fixed income(3)		81.9	Quarterly	15 days
Mutual funds
U.S. equity(4)		38.8	n/a	n/a
International equity(4)		4.4	n/a	n/a
Fixed income(5)		6.9	n/a	n/a
Balanced pension trust(6)
U.S. equity		2.1	Daily	5 days
International equity		6.5	Daily	5 days
Bonds		4.4	Daily	5 days
Pension fund
U.S. equity(7)		1.1	Daily	7 days
International equity(7)		5.5	Daily	7 days
Fixed income(8)		4.8	Daily	7 days
Money market instruments(9)		0.7	Daily	7 days
Total	$	238.8

	As of December 31, 2010
	Fair Value		Redemption Frequency(if currently eligible)	Redemption Notice Period
Assets Category:
Commingled pools/Collective Trusts
U.S. equity(1)	$	33.7	n/a	n/a
International equity(2)		53.8	Monthly	10 —15 days
Fixed income(3)		74.0	Quarterly	15 days
Mutual funds
U.S. equity(4)		38.2	n/a	n/a
International equity(4)		6.5	n/a	n/a
Fixed income(5)		6.2	n/a	n/a
Balanced pension trust(6)
U.S. equity		2.1	Daily	5 days
International equity		7.4	Daily	5 days
Bonds		5.3	Daily	5 days
Pension fund
U.S. equity(7)		1.1	Daily	7 days
International equity(7)		5.7	Daily	7 days
Fixed income(8)		4.1	Daily	7 days
Money market instruments(9)		0.8	Daily	7 days
Total	$	238.9

(1) This category includes investments primarily in U.S. equity securities that include large, mid and small capitalization companies.

(2) This category includes investments primarily in non-U.S. equity securities that include large, mid and small capitalization companies in large developed markets as well as emerging markets equities.

(3) This category includes investments in U.S. investment grade and high yield fixed income securities, non-U.S. fixed income securities and emerging markets fixed income securities.

(4) These funds seek capital appreciation and generally invest in common stocks of U.S. and non-U.S. issuers. They may invest in growth stocks or value stocks.

(5) This fund seeks to provide inflation protection. It currently invests at least 80% of its assets in inflation-indexed bonds issued by the U.S. government. It may invest in bonds of any maturity, though the fund typically maintains a dollar-weighted average maturity of 7 to 20 years.

(6) The investment objectives of the fund are to provide long-term capital growth and income by investing primarily in a well-diversified, balanced portfolio of Canadian common stocks, bonds and money market securities. The fund also holds a portion of its assets in U.S. and non-U.S. equities.

(7) This category includes investments in U.S. and non-U.S. equity securities and aims to provide returns consistent with the markets in which it invests and provide broad exposure to countries around the world.

(8) This category includes investments in U.K. government index-linked securities (index-linked gilts) that have maturity periods of 5 years or longer and investment grade corporate bonds denominated in sterling.

(9) This fund invests in U.K. money market instruments and includes cash, bank deposits and short-term fixed interest investments.

The majority of our commingled pool /collective trust, mutual funds and balanced pension trusts are managed by professional investment advisors. The NAVs per share are furnished in monthly and/or quarterly statements received from the investment advisors and reflect valuations based upon their pricing policies. We have assessed the classification of the inputs used to value these investments at Level 1 for mutual funds and Level 2 for commingled pool / collective trusts and balanced pension trusts through examination of their pricing policies and the related controls and procedures. The fair values we report are based on the pool or trust’s NAV per share. The NAV’s per share are calculated periodically (daily or no less than one time per month) as the aggregate value of each pool or trust’s underlying assets divided by the number of units owned.

See Note 22 for information about our fair value hierarchies and valuation techniques.