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Pension and Postretirement Plans
9 Months Ended
Sep. 30, 2011
Pension and Postretirement Plans 
Pension and Postretirement Plans

9.     Pension and Postretirement Plans

 

The company is not required to make any contributions to its U.S. pension plan and postretirement health care benefits plan for 2011. However, the company made a $100 million voluntary contribution to the U.S. pension plan in the first quarter of 2011.

 

Certain international pension benefit plans are required to be funded in accordance with local government requirements. The company contributed $32 million to its international pension benefit plans during the first nine months of 2011. The company currently estimates that it will contribute approximately $9 million more to the international pension benefit plans during the remainder of 2011.

 

The components of net periodic pension and postretirement health care benefit costs for the third quarter ended September 30 are as follows:

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

 

 

 

 

 

International

 

Postretirement

 

 

 

U.S. Pension

 

Pension

 

Health Care

 

(millions)

 

2011

 

2010

 

2011

 

2010

 

2011

 

2010

 

Service cost

 

$

11.7

 

$

12.7

 

$

6.0

 

$

4.9

 

$

0.5

 

$

0.5

 

Interest cost on benefit obligation

 

15.3

 

15.6

 

7.2

 

6.7

 

2.1

 

2.2

 

Expected return on plan assets

 

(24.7

)

(22.5

)

(5.7

)

(4.4

)

(0.4

)

(0.4

)

Recognition of net actuarial loss

 

8.0

 

6.2

 

1.5

 

1.1

 

0.1

 

0.1

 

Amortization of prior service cost (benefit)

 

(1.1

)

0.1

 

—

 

0.1

 

—

 

(0.1

)

 

 

$

9.2

 

$

12.1

 

$

9.0

 

$

8.4

 

$

2.3

 

$

2.3

 

 

The components of net periodic pension and postretirement health care benefit costs for the nine months ended September 30 are as follows:

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

 

 

 

 

 

International

 

Postretirement

 

 

 

U.S. Pension

 

Pension

 

Health Care

 

(millions)

 

2011

 

2010

 

2011

 

2010

 

2011

 

2010

 

Service cost

 

$

35.1

 

$

38.1

 

$

17.5

 

$

14.1

 

$

1.5

 

$

1.5

 

Interest cost on benefit obligation

 

45.9

 

46.8

 

21.2

 

19.6

 

6.3

 

6.6

 

Expected return on plan assets

 

(74.1

)

(67.5

)

(16.9

)

(12.7

)

(1.2

)

(1.2

)

Recognition of net actuarial loss

 

24.0

 

18.6

 

4.3

 

3.0

 

0.3

 

0.3

 

Amortization of prior service cost (benefit)

 

(3.3

)

0.3

 

—

 

0.3

 

—

 

(0.3

)

 

 

$

27.6

 

$

36.3

 

$

26.1

 

$

24.3

 

$

6.9

 

$

6.9