Employee Benefits

9 Months Ended

Sep. 30, 2011

Employee Benefits [Abstract]

Employee Benefits

7. Employee Benefits

We have a number of defined benefit pension plans and defined contribution plans covering substantially all employees. Our primary pension plan is a noncontributory plan under which benefits are based on employee career employment compensation. We also have unfunded non-U.S. benefit plans and supplemental benefit plans. The supplemental benefit plans provide senior management with supplemental retirement, disability and death benefits. In addition, we sponsor voluntary 401(k) plans under which we may match employee contributions up to certain levels of compensation as well as profit-sharing plans under which we contribute a percentage of eligible employees’ compensation to the employees’ accounts.

We also provide certain medical, dental and life insurance benefits for retired employees and eligible dependents. The medical and dental plans are contributory, while the life insurance plan is noncontributory. We currently do not prefund any of these plans.

The components of net periodic benefit cost for our retirement plans and post-retirement plans for the periods ended September 30 are as follows:

	Three Months						Nine Months
	2011			2010			2011			2010
Retirement Plans
Service cost	$	16.7		$	15.2		$	50.2		$	45.8
Interest cost		24.9			23.5			74.5			70.4
Expected return on plan assets		(31.8	)		(27.9	)		(95.5	)		(83.6	)
Amortization of prior service credit		(0.1	)		—			(0.3	)		(0.1	)
Amortization of actuarial loss		7.7			3.7			23.0			11.1
Net periodic benefit cost	$	17.4		$	14.5		$	51.9		$	43.6
Post-Retirement Plans
Service cost	$	0.6		$	0.7		$	2.0		$	1.9
Interest cost		1.2			1.8			4.6			5.5
Amortization of prior service credit		(0.3	)		(0.3	)		(0.9	)		(0.9	)
Amortization of actuarial gain		(0.1	)		—			—			—
Net periodic benefit cost	$	1.4		$	2.2		$	5.7		$	6.5

As discussed in our Annual Report, we changed certain discount rate assumptions on our retirement and post-retirement plans, which became effective on January 1, 2011. The effect of the assumption changes on retirement and post-retirement expense for the three and nine months ended September 30, 2011 did not have a material impact to our financial position, results of operations or cash flows.

In the first nine months of 2011, we contributed $21.8 million to our retirement plans and expect to make additional required contributions of approximately $6 million to our retirement plans during the remainder of the year. We may elect to make additional non-required contributions depending on investment performance and the pension plan status in the fourth quarter of 2011.