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Employee Retirement Plans and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2013
Employee Retirement Plans [Abstract]  
Schedule of Net Benefit Costs
Net Periodic Pension and OPEB Cost
 
For the years ended
 
December 31, 2013
 
December 29, 2012
 
December 31, 2011
 
Pension
 
OPEB
 
Consolidated
 
Pension
 
OPEB
 
Consolidated
 
Pension
 
OPEB
 
Consolidated
 
(In millions)
Components of net periodic pension and OPEB cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost—benefits earned during the year
$
15.8

 
$
3.4

 
$
19.2

 
$
16.8

 
$
2.9

 
$
19.7

 
$
18.8

 
$
2.4

 
$
21.2

Interest cost on projected benefit obligation
157.0

 
7.2

 
164.2

 
165.7

 
8.0

 
173.7

 
180.5

 
7.7

 
188.2

Expected return on plan assets
(177.9
)
 
—

 
(177.9
)
 
(175.2
)
 
—

 
(175.2
)
 
(199.4
)
 
—

 
(199.4
)
Amortization of prior service cost (benefit)
0.8

 
(3.6
)
 
(2.8
)
 
0.8

 
(3.7
)
 
(2.9
)
 
0.8

 
(3.8
)
 
(3.0
)
Amortization of net actuarial loss (gain)
56.6

 
(0.1
)
 
56.5

 
39.4

 
(0.2
)
 
39.2

 
20.2

 
(3.4
)
 
16.8

Curtailment loss
—

 
—

 
—

 
1.3

 
—

 
1.3

 
—

 
—

 
—

Special termination benefits
—

 
—

 
—

 
0.4

 
—

 
0.4

 
—

 
—

 
—

Less: expected participant contributions
(1.2
)
 
—

 
(1.2
)
 
(1.5
)
 
—

 
(1.5
)
 
(1.6
)
 
—

 
(1.6
)
Net periodic pension and OPEB cost
$
51.1

 
$
6.9

 
$
58.0

 
$
47.7

 
$
7.0

 
$
54.7

 
$
19.3

 
$
2.9

 
$
22.2
Schedule of Changes in Projected Benefit Obligation Plan, Assets and Funded Status of Pension Plans
The changes in the benefit obligation, plan assets and the funded status of the pension and OPEB plans are as follows:
 
For the year ended December 31, 2013
 
For the year ended December 29, 2012
 
Pension
 
OPEB
 
Consolidated
 
Pension
 
OPEB
 
Consolidated
 
(In millions)
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Prior year benefit obligation
$
3,955.5

 
$
186.4

 
$
4,141.9

 
$
3,603.9

 
$
168.4

 
$
3,772.3

Postretirement benefit obligation assumed in Acquisition
—

 
—

 
—

 
—

 
2.7

 
2.7

Service cost, net of expected employee contributions
14.7

 
3.4

 
18.1

 
15.6

 
2.9

 
18.5

Interest cost
157.0

 
7.2

 
164.2

 
165.7

 
8.0

 
173.7

Actual employee contributions
1.1

 
—

 
1.1

 
1.3

 
—

 
1.3

Curtailment loss
—

 
—

 
—

 
1.3

 
—

 
1.3

Special termination benefits
—

 
—

 
—

 
0.4

 
—

 
0.4

Actuarial loss (gain)
(84.6
)
 
(15.7
)
 
(100.3
)
 
243.7

 
8.3

 
252.0

Amendments
0.5

 
(0.1
)
 
0.4

 
0.5

 
—

 
0.5

Benefits paid
(201.0
)
 
(8.5
)
 
(209.5
)
 
(199.0
)
 
(8.1
)
 
(207.1
)
Adjustment due to change in historical accounting
8.1

 
—

 
8.1

 
—

 
—

 
—

Foreign currency exchange rate change
(34.4
)
 
(10.6
)
 
(45.0
)
 
122.1

 
4.2

 
126.3

Benefit obligation at end of year
$
3,816.9

 
$
162.1

 
$
3,979.0

 
$
3,955.5

 
$
186.4

 
$
4,141.9

Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Prior year fair value of assets
$
3,353.8

 
$
—

 
$
3,353.8

 
$
3,138.9

 
$
—

 
$
3,138.9

Actual return on plan assets
359.7

 
—

 
359.7

 
254.4

 
—

 
254.4

Employer contributions
113.1

 
8.5

 
121.6

 
55.3

 
8.1

 
63.4

Actual employee contributions
1.1

 
—

 
1.1

 
1.3

 
—

 
1.3

Benefits and plan expenses paid
(204.5
)
 
(8.5
)
 
(213.0
)
 
(201.1
)
 
(8.1
)
 
(209.2
)
Foreign currency exchange rate change
(27.0
)
 
—

 
(27.0
)
 
105.0

 
—

 
105.0

Fair value of plan assets at end of year
$
3,596.2

 
$
—

 
$
3,596.2

 
$
3,353.8

 
$
—

 
$
3,353.8

Funded status:
$
(220.7
)
 
$
(162.1
)
 
$
(382.8
)
 
$
(601.7
)
 
$
(186.4
)
 
$
(788.1
)
Amounts recognized in the Consolidated Balance Sheets:
 
 
 
 
 
 
 
 
 
 
 
Other non-current assets
$
91.8

 
$
—

 
$
91.8

 
$
56.5

 
$
—

 
$
56.5

Accounts payable and other current liabilities
(3.1
)
 
(8.9
)
 
(12.0
)
 
(2.6
)
 
(9.0
)
 
(11.6
)
Pension and postretirement benefits
(309.4
)
 
(153.2
)
 
(462.6
)
 
(655.6
)
 
(177.4
)
 
(833.0
)
Net amounts recognized
$
(220.7
)
 
$
(162.1
)
 
$
(382.8
)
 
$
(601.7
)
 
$
(186.4
)
 
$
(788.1
)
The accumulated benefit obligation for our defined benefit pension plans was $3,805.9 million and $3,953.0 million at December 31, 2013, and December 29, 2012, respectively. The $405.3 million improvement in the net underfunded status of our aggregate pension and OPEB plans from December 29, 2012 to December 31, 2013 was primarily driven by the increase in the weighted average discount rates used, discussed below, as well as increased employer contributions and the performance of our plan assets exceeding the expected return for our funded plans by approximately $180 million.
Information for defined benefit pension and OPEB plans with aggregate accumulated benefit and projected benefit obligations in excess of plan assets is as follows:
 
As of December 31, 2013
 
As of December 29, 2012
 
Pension
 
OPEB
 
Consolidated
 
Pension
 
OPEB
 
Consolidated
 
(In millions)
Accumulated benefit obligation
$
3,105.7

 
$
162.1

 
$
3,267.8

 
$
3,580.9

 
$
186.4

 
$
3,767.3

Projected benefit obligation
$
3,115.5

 
$
162.1

 
$
3,277.6

 
$
3,582.3

 
$
186.4

 
$
3,768.7

Fair value of plan assets
$
2,803.0

 
$
—

 
$
2,803.0

 
$
2,924.1

 
$
—

 
$
2,924.1
Schedule of Net Periodic Benefit Cost Not yet Recognized
Amounts recognized in AOCI not yet recognized as components of net periodic pension and OPEB cost, pretax were as follows:
 
As of December 31, 2013
 
As of December 29, 2012
 
Pension
 
OPEB
 
Consolidated
 
Pension
 
OPEB
 
Consolidated
 
(In millions)
Net actuarial loss (gain)
$
811.1

 
$
(21.7
)
 
$
789.4

 
$
1,130.9

 
$
(6.1
)
 
$
1,124.8

Net prior service cost
3.1

 
(3.9
)
 
(0.8
)
 
3.4

 
(7.2
)
 
(3.8
)
Total not yet recognized
$
814.2

 
$
(25.6
)
 
$
788.6

 
$
1,134.3

 
$
(13.3
)
 
$
1,121.0
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Changes in plan assets and benefit obligations recognized in OCI, pretax were as follows:
 
Pension
 
OPEB
 
Consolidated
 
(In millions)
Accumulated other comprehensive loss (income) as of December 31, 2011
$
1,003.0

 
$
(24.6
)
 
$
978.4

Amortization of prior service costs (benefit)
(0.8
)
 
3.7

 
2.9

Amortization of net actuarial loss (gain)
(39.4
)
 
0.2

 
(39.2
)
Current year actuarial loss
168.2

 
8.3

 
176.5

Foreign currency exchange rate change
3.3

 
(0.9
)
 
2.4

Accumulated other comprehensive loss (income) as of December 29, 2012
$
1,134.3

 
$
(13.3
)
 
$
1,121.0

Amortization of prior service costs (benefit)
(0.8
)
 
3.6

 
2.8

Amortization of net actuarial loss (gain)
(56.6
)
 
0.1

 
(56.5
)
Current year actuarial loss (gain)
(262.3
)
 
(15.7
)
 
(278.0
)
Plan amendment
—

 
(0.1
)
 
(0.1
)
Foreign currency exchange rate change
(0.4
)
 
(0.2
)
 
(0.6
)
Accumulated other comprehensive loss (income) as of December 31, 2013
$
814.2

 
$
(25.6
)
 
$
788.6
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
Amortization of AOCI expected to be recognized in net periodic pension and OPEB cost during fiscal year 2014 pretax is as follows:
 
Pension
 
OPEB
 
Consolidated
 
(In millions)
Amortization of net prior service cost (gain)
$
0.7

 
$
(3.3
)
 
$
(2.6
)
Amortization of actuarial net loss (gain)
$
(9.5
)
 
$
(0.9
)
 
$
(10.4
)
Schedule of Assumptions Used
The weighted-average rates used in determining the periodic pension and OPEB cost for the fiscal years 2013, 2012 and 2011 were as follows:
 
For the years ended
 
December 31, 2013
 
December 29, 2012
 
December 31, 2011
 
Pension
 
OPEB
 
Pension
 
OPEB
 
Pension
 
OPEB
Weighted-average assumptions:
 
 
 
 
 
 
 
 
 
 
 
Settlement discount rate
4.18%
 
4.12%
 
4.61%
 
4.66%
 
5.32%
 
5.33%
Rate of compensation increase(1)
2.50%
 
N/A
 
2.50%
 
N/A
 
3.00%
 
N/A
Expected return on plan assets(2)
5.83%
 
N/A
 
5.57%
 
N/A
 
6.17%
 
N/A
Health care cost trend rate
N/A
 
Ranging ratably from 7.9% in 2013 to 4.5% in 2028
 
N/A
 
Ranging ratably from 8.2% in 2012 to 4.5% in 2028
 
N/A
 
Ranging ratably from 8.5% in 2011 to 4.5% in 2028
(1)
U.K. plan was closed to future accrual during 2009.
(2)
We develop our long term expected return on assets ("EROA") assumptions annually with input from independent investment specialists including our actuaries, investment consultants and other specialists. Each EROA assumption is based on historical data, including historical returns, historical market rates and is calculated for each plan's individual asset class. The calculation includes inputs for interest, inflation, credit, and risk premium (active investment management) rates and fees paid to service providers. We consider our EROA to be a significant management estimate. Any material changes in the inputs to our methodology used in calculating our EROA could have a significant impact on our reported defined benefit pension plans' expense.
Benefit obligations are actuarially calculated annually at the end of each year based on the assumptions detailed in the table below. Obligations under the OPEB plans are determined by the application of the terms of medical and life insurance plans, together with relevant actuarial assumptions and heath care cost trend rates. The weighted-average rates used in determining the projected benefit obligation for defined pension plans and the accumulated postretirement benefit obligation for OPEB plans, as of December 31, 2013, and December 29, 2012, were as follows:
 
As of December 31, 2013
 
As of December 29, 2012
 
Pension
 
OPEB
 
Pension
 
OPEB
Weighted-average assumptions:
 
 
 
 
 
 
 
Settlement discount rate
4.57%
 
4.79%
 
4.18%
 
4.12%
Rate of compensation increase(1)
2.50%
 
N/A
 
2.50%
 
N/A
Health care cost trend rate
N/A
 
Ranging ratably from 7.7% in 2014 to 4.5% in 2028
 
N/A
 
Ranging ratably from 7.9% in 2013 to 4.5% in 2028
(1)
U.K. plan was closed to future accrual during 2009.
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A one-percentage point change in assumed health care cost trend rates would have the following effects on related OPEB plans:
 
1% point
increase
(unfavorable)
 
1% point
decrease
favorable
 
(In millions)
Effect on total of service and interest cost components
$
(1.2
)
 
$
1.3

Effect on postretirement benefit obligations
$
(17.4
)
 
$
15.9
Schedule of Defined Benefit Plan, Assets Target and Actual Allocations
The following compares target asset allocation percentages with actual asset allocations on a weighted-average asset basis at December 31, 2013:
 
Target
allocations
 
Actual
allocations
Equities
31.8%
 
34.4%
Fixed income(1)
48.7%
 
45.8%
Hedge funds
9.9%
 
9.4%
Real estate
4.3%
 
6.3%
Other
5.3%
 
4.1%
Schedule of Fair Value of Plan Assets by Measurement
The following presents our fair value hierarchy for our defined benefit pension plan assets:
 
 
 
Fair value measurements as of December 31, 2013
 
Total at
December 31, 2013
 
Quoted prices
in active
markets
(Level 1)
 
Significant
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Cash and cash equivalents
 
 
 
 
 
 
 
Cash
$
127.5

 
$
127.5

 
$
—

 
$
—

Trades awaiting settlement
25.9

 
25.9

 
—

 
—

Bank deposits, short-term bills and notes
33.8

 
—

 
33.8

 
—

Debt
 
 
 
 
 
 
 
Government securities
790.4

 
—

 
790.4

 
—

Corporate debt securities
438.7

 
—

 
438.1

 
0.6

Interest and inflation linked assets
1,100.6

 
—

 
1,073.4

 
27.2

Collateralized debt securities
5.0

 
—

 
—

 
5.0

Other debt securities
—

 
—

 
—

 
—

Equities
 
 
 
 
 
 
 
Common stock
712.3

 
711.4

 
0.9

 
—

Other equity securities
6.4

 
6.4

 
—

 
—

Investment funds
 
 
 
 
 
 
 
Debt funds
325.0

 
—

 
196.2

 
128.8

Equity funds
515.6

 
—

 
515.6

 
—

Real estate funds
43.6

 
—

 
—

 
43.6

Hedge funds of funds
339.5

 
—

 
112.8

 
226.7

Other
 
 
 
 
 
 
 
Repurchase agreements
(917.5
)
 
(917.5
)
 
—

 
—

Credit default swaps
(5.0
)
 
—

 
(5.0
)
 
—

Private equity
53.3

 
—

 
—

 
53.3

Recoverable taxes
0.8

 
0.8

 
—

 
—

Venture capital
0.3

 
—

 
—

 
0.3

Total
$
3,596.2

 
$
(45.5
)
 
$
3,156.2

 
$
485.5

 
 
 
Fair value measurements as of December 29, 2012
 
Total at
December 29, 2012
 
Quoted prices
in active
markets
(Level 1)
 
Significant
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Cash and cash equivalents
 
 
 
 
 
 
 
Cash
$
108.2

 
$
108.2

 
$
—

 
$
—

Trades awaiting settlement
5.4

 
5.4

 
—

 
—

Bank deposits, short-term bills and notes
36.4

 
—

 
36.4

 
—

Debt
 
 
 
 
 
 
 
Government securities
837.2

 
—

 
837.2

 
—

Corporate debt securities
536.8

 
—

 
536.8

 
—

Interest and inflation linked assets
171.6

 
—

 
205.7

 
(34.1
)
Collateralized debt securities
4.3

 
—

 
—

 
4.3

Other debt securities
—

 
—

 
—

 
—

Equities
 
 
 
 
 
 
 
Common stock
583.7

 
581.7

 
—

 
2.0

Other equity securities
1.2

 
1.2

 
—

 
—

Investment funds
 
 
 
 
 
 
 
Debt funds
273.7

 
—

 
157.5

 
116.2

Equity funds
499.7

 
7.8

 
491.9

 
—

Real estate funds
55.9

 
—

 
—

 
55.9

Hedge funds of funds
321.9

 
—

 
101.7

 
220.2

Other
 
 
 
 
 
 
 
Repurchase agreements
(98.1
)
 
(98.1
)
 
—

 
—

Credit default swaps
(13.5
)
 
—

 
(13.5
)
 
—

Private equity
28.4

 
—

 
—

 
28.4

Recoverable taxes
0.5

 
0.5

 
—

 
—

Venture capital
0.5

 
—

 
—

 
0.5

Total
$
3,353.8

 
$
606.7

 
$
2,353.7

 
$
393.4
Schedule of Effect of Significant Unobservable Inputs Changes in Defined Benefit Pension Plan Assets
The following presents our Level 3 Rollforward for our defined pension plan assets.
 
Amount
 
(In millions)
Balance at December 31, 2011
$
334.9

Total gain or loss (realized/unrealized):
 
Realized gain (loss)
(1.0
)
Unrealized gain (loss) included in AOCI
(23.0
)
Purchases, issuances, settlements
68.5

Transfers in/(out) of Level 3
—

Foreign exchange translation (loss)/gain
14.0

Balance at December 29, 2012
$
393.4

Total gain or loss (realized/unrealized):
 
Realized gain (loss)
5.9

Unrealized gain (loss) included in AOCI
63.1

Purchases, issuances, settlements
7.0

Transfers in/(out) of Level 3
1.9

Foreign exchange translation loss
14.2

Balance at December 31, 2013
$
485.5
Schedule of Expected Benefit Payments
Expected future benefit payments for defined benefit pension and OPEB plans, based on foreign exchange rates at December 31, 2013, are as follows:
Expected benefit payments
 
Pension
 
OPEB
 
 
(In millions)
2014
 
$
207.1

 
$
8.6

2015
 
$
211.3

 
$
8.4

2016
 
$
215.4

 
$
8.8

2017
 
$
218.7

 
$
9.2

2018
 
$
221.7

 
$
9.4

2019-2023
 
$
1,226.4

 
$
57.3
Schedule of Fair Value Measurement of Corporate Invested Plan Assets
The following presents our fair value hierarchy for our corporate invested plan assets used in the aforementioned "Rabbi Trust" arrangements.
 
 
 
Fair value measurements as of December 31, 2013
 
Total at
December 31, 2013
 
Quoted prices
in active markets
(Level 1)
 
Significant
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Equities
 
 
 
 
 
 
 
Mutual funds
$
3.9

 
$
3.9

 
$
—

 
$
—

Total—Corporate
$
3.9

 
$
3.9

 
$
—

 
$
—

 
 
 
Fair value measurements as of December 29, 2012
 
Total at
December 29, 2012
 
Quoted prices
in active markets
(Level 1)
 
Significant
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Equities
 
 
 
 
 
 
 
Mutual funds
$
3.1

 
$
3.1

 
$
—

 
$
—

Total—Corporate
$
3.1

 
$
3.1

 
$
—

 
$
—