XML 63 R36.htm IDEA: XBRL DOCUMENT v2.4.1.9
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2014
General Discussion of Pension and Other Postretirement Benefits [Abstract]  
Schedule of changes in benefit obligations, plan assets, funded status and amounts recognized in the balance sheet
  
Pension Benefits
 
Other Benefits
(In millions)
2014
 
2013
 
2014
 
2013
Beginning benefit obligations
$
404.0

 
$
463.6

 
$
32.6

 
$
35.1

Service cost—benefits earned during the year
4.8

 
5.2

 
0.9

 
1.1

Interest cost on projected benefit obligations
15.8

 
14.4

 
1.5

 
1.3

Actuarial assumptions (gains)/losses
44.9

 
(25.7
)
 
17.2

 
(3.8
)
Settlements and curtailments
(74.2
)
 
(50.4
)
 
—

 
—

Benefits paid
(2.8
)
 
(2.8
)
 
(0.4
)
 
(1.3
)
Exchange rate changes
(3.6
)
 
(0.3
)
 
(0.2
)
 
0.2

Benefit obligations at end of year
$
388.9

 
$
404.0

 
$
51.6

 
$
32.6

 
 
 
 
 
 
 
 
Beginning fair value of plan assets
$
276.1

 
$
312.1

 
$
—

 
$
—

Actual return on plan assets
20.7

 
(1.4
)
 
—

 
—

Employer contributions
4.8

 
18.5

 
0.4

 
0.9

Settlements
(65.1
)
 
(50.4
)
 
—

 
—

Benefits paid
(2.8
)
 
(2.8
)
 
(0.4
)
 
(1.3
)
Exchange rate changes
(2.6
)
 
0.1

 
—

 
0.4

Fair value of plan assets at end of year
$
231.1

 
$
276.1

 
$
—

 
$
—

Underfunded status at end of year
$
(157.8
)
 
$
(127.9
)
 
$
(51.6
)
 
$
(32.6
)
 
 
 
 
 
 
 
 
Amounts in the consolidated balance sheets include:
 
 
 
 
 
 
 
Other assets
$
1.7

 
$
1.3

 
$
—

 
$
—

Pension and other post-employment liabilities
(159.5
)
 
(129.2
)
 
(51.6
)
 
(32.6
)
Balance in the consolidated balance sheet at end of year
$
(157.8
)
 
$
(127.9
)
 
$
(51.6
)
 
$
(32.6
)
 
 
 
 
 
 
 
 
Amounts in accumulated other comprehensive loss include:
 
 
 
 
 
 
 
Prior service/(benefit)
0.9

 
1.2

 
(0.2
)
 
(0.3
)
Transition obligation
—

 
0.1

 
—

 
—

Balance in accumulated other comprehensive loss at end of year
$
0.9

 
$
1.3

 
$
(0.2
)
 
$
(0.3
)
 
 
 
 
 
 
 
 
Accumulated benefit obligation
$
353.4

 
$
375.7

 
$
51.6

 
$
32.6
Schedule of accumulated benefit obligation in excess of plan assets
 
 
Years Ended
December 31,
(In millions) 
2014
 
2013
Projected benefit obligation
$
409.0

 
$
366.3

Accumulated benefit obligation
405.0

 
356.1

Fair value of plan assets
197.1

 
210.8
Schedule of net periodic benefit cost
  
Pension Benefits
 
Other Benefits
 
 
Years Ended
December 31,
 
Years Ended
December 31,
(In millions) 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Service cost — benefits earned during the period
$
4.8

 
$
5.2

 
$
3.9

 
$
0.9

 
$
1.1

 
$
1.0

Interest cost on projected benefit obligations
15.8

 
14.4

 
15.6

 
1.5

 
1.3

 
1.3

Expected return on pension plan assets
(15.7
)
 
(17.1
)
 
(16.6
)
 
—

 
—

 
—

Amortization of prior service/(benefit)
—

 
—

 
—

 
0.2

 
(0.2
)
 
(0.2
)
Amortization of transition cost
0.1

 
0.1

 
0.1

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Sub-total
$
5.0

 
$
2.6

 
$
3.0

 
$
2.6

 
$
2.2

 
$
2.1

Curtailments
(5.4
)
 
—

 
(1.4
)
 
—

 
—

 
—

Net actuarial (gains)/losses
39.7

 
(8.2
)
 
56.3

 
17.2

 
(3.8
)
 
2.6

Total Pension and Other Post-Employment Benefit costs
$
39.3

 
$
(5.6
)
 
$
57.9

 
$
19.8

 
$
(1.6
)
 
$
4.7
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit cost
  
Pension Benefits
 
Other Benefits
  
December 31,
 
December 31,
  
2014
 
2013
 
2014
 
2013
Discount rate
3.98
%
 
4.08
%
 
4.08
%
 
4.98
%
Rate of compensation increase
3.24
%
 
3.22
%
 
3.06
%
 
3.08
%

        The discount rate was determined based on the yield to maturity of high-quality corporate bonds and considering the duration of the pension plan obligations. The Aon Hewitt AA Above Median is used in developing the discount rate for the U.S. Pension Plan.
        Weighted-average assumptions used to determine net periodic benefit cost are established at the beginning of the plan year and were as follows:
  
Pension Benefits
 
Other Benefits
 
Years Ended December 31,
 
Years Ended December 31,
  
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Discount rate
4.08
%
 
3.26
%
 
4.03
%
 
4.98
%
 
3.75
%
 
4.29
%
Expected long-term return on plan assets
6.16
%
 
5.22
%
 
5.65
%
 
—
%
 
—
%
 
—
%
Rate of compensation increase
3.22
%
 
3.59
%
 
4.00
%
 
3.08
%
 
3.48
%
 
3.94
%
Schedule of assumed health care cost trend rates
  
December 31,
  
2014
 
2013
 
2012
Health care cost trend rate assumed for next year
6.7
%
 
6.9
%
 
7.8
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
4.5
%
 
4.9
%
 
4.9
%
Year that the rate reaches the ultimate trend rate
2024

 
2023

 
2023
Schedule of effect of one-percentage-point change in assumed health care cost trend rates
(In millions) 
1-Percentage-Point
Increase
 
1-Percentage-Point
Decrease
Effect on total of service and interest cost
$
0.1

 
$
—

Increase/(decrease) in post-employment benefit obligation
0.6

 
(0.5
)
Schedule of fair values of the pension plan assets by asset category
  
December 31, 2014
 
December 31, 2013
(In millions) 
Total
 
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
Cash and cash equivalents
$
8.4

 
$
8.4

 
$
—

 
$
13.0

 
$
13.0

 
$
—

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. large-cap
37.2

 
—

 
37.2

 
16.3

 
—

 
16.3

U.S. mid-cap growth
—

 
—

 
—

 
3.1

 
—

 
3.1

U.S. small-cap growth
4.9

 
—

 
4.9

 
0.1

 
—

 
0.1

Emerging markets
12.7

 
—

 
12.7

 
2.8

 
—

 
2.8

Real estate investment trusts
6.1

 
—

 
6.1

 
5.6

 
—

 
5.6

International large-cap value
45.1

 
7.5

 
37.6

 
37.0

 
8.5

 
28.5

Hedge fund
15.5

 
—

 
15.5

 
17.4

 
—

 
17.4

Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Government bonds
40.2

 
—

 
40.2

 
72.8

 
—

 
72.8

Corporate bonds
55.5

 
—

 
55.5

 
101.7

 
—

 
101.7

Emerging markets
5.5

 
—

 
5.5

 
6.3

 
—

 
6.3

Total
$
231.1

 
$
15.9

 
$
215.2

 
$
276.1

 
$
21.5

 
$
254.6
Schedule of estimated future benefit payments expected to be paid
(In millions) 
Pension
Benefits
 
Other
Benefits
2015
$
29.5

 
$
1.4

2016
28.6

 
2.0

2017
29.6

 
2.5

2018
30.2

 
2.9

2019
29.3

 
3.3

Years 2020 - 2024
144.2

 
17.9