XML 66 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Pension and Postretirement Plans (Tables)
12 Months Ended
Dec. 31, 2011
General Discussion of Pension and Other Postretirement Benefits [Abstract]  
Schedule of Net Benefit Costs [Table Text Block]
Pension and postretirement benefit costs for these plans were comprised of:
 
Pension Benefits
 
Postretirement and Other Benefits
(dollars in millions)
2011
 
2010
 
2009
 
2011
 
2010
 
2009
Service cost
$
5.1

 
$
5.2

 
$
5.7

 
$
0.3

 
$
0.2

 
$
0.4

Interest cost on projected benefit obligation
24.8

 
26.8

 
29.0

 
7.1

 
8.0

 
10.3

Expected return on plan assets
(29.3
)
 
(30.3
)
 
(26.0
)
 

 

 
(0.9
)
Amortization of:


 

 

 

 

 

Transition obligation

 

 

 

 

 
0.1

Prior service cost (benefit)
0.3

 
0.5

 
0.7

 
(13.2
)
 
(13.1
)
 
(12.1
)
Actuarial loss
14.3

 
9.3

 
8.7

 
6.5

 
5.2

 
4.5

Special termination benefit

 

 
1.8

 

 

 
0.3

Curtailment loss (gain)
4.2

 

 
(7.6
)
 

 

 

Benefit costs
$
19.4

 
$
11.5

 
$
12.3

 
$
0.7

 
$
0.3

 
$
2.6

Schedule of assumptions used in periodic benefit cost [Table Text Block]
The following are the weighted-average assumptions used in measuring the net periodic cost of the pension and postretirement benefits:
 
Pension Benefits
 
Postretirement and Other Benefits
 
2011
 
2010
 
2009
 
2011
 
2010
 
2009
Discount rate
4.90
%
 
5.50
%
 
6.35
%
 
4.50
%
 
5.10
%
 
6.30
%
Expected long-term rate of return
8.25
%
 
8.25
%
 
8.25
%
 
0
%
 
0
%
 
8.25
%
Future compensation growth rate
3.00
%
 
3.00
%
 
4.00
%
 

 

 

Schedule of Changes in Projected Benefit Obligations [Table Text Block]
Changes in the plans' benefit obligations and funded status are as follows:
 
 
 
 
 
Postretirement and Other Benefits
 
Pension Benefits
 
(dollars in millions)
2011
 
2010
 
2011
 
2010
Change in benefit obligation:
 
 
 
 
 
 
 
   Benefit obligation at January 1,
$
526.1

 
$
506.3

 
$
163.5

 
$
166.1

Service cost
5.1

 
5.2

 
0.3

 
0.2

Interest cost
24.8

 
26.8

 
7.1

 
8.0

Actuarial loss
60.2

 
36.6

 
13.8

 
11.5

Benefits paid
(47.0
)
 
(48.8
)
 
(27.2
)
 
(27.3
)
Retiree drug subsidy received

 

 
0.7

 
1.0

Early retiree subsidy received

 

 
1.9

 

Other

 

 
4.8

 
4.0

Benefit obligation at December 31,
$
569.2

 
$
526.1

 
$
164.9

 
$
163.5

 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
   Fair value of plan assets at January 1,
$
324.0

 
$
325.4

 
$
12.3

 
$
20.9

Actual return on plan assets
15.4

 
39.7

 
0.3

 

Employer contribution
20.1

 
7.7

 
24.1

 
17.7

Retiree drug subsidy received

 

 
0.7

 
1.0

Early retiree subsidy received

 

 
1.9

 

Benefits paid
(47.0
)
 
(48.8
)
 
(27.2
)
 
(27.3
)
   Fair value of plan assets at December 31,
312.5

 
324.0

 
12.1

 
12.3

Unfunded status
$
(256.7
)
 
$
(202.1
)

$
(152.8
)

$
(151.2
)
Schedule of Assumptions Used [Table Text Block]
The following are the weighted-average assumptions used in accounting for and measuring the projected benefit obligations:
 
Pension Benefits
 
Postretirement and Other Benefits
 
December 31,
 
December 31,
 
2011
 
2010
 
2011
 
2010
Discount rate
3.90
%
 
4.90
%
 
3.60
%
 
4.50
%
Future compensation growth rate
3.00
%
 
3.50
%
 

 

Schedule of Health Care Cost Trend Rates [Table Text Block]
The assumed healthcare cost trend rate used to measure the postretirement health benefit obligation is shown below:
 
December 31,
 
2011
 
2010
Healthcare cost trend
8.0
%
 
8.0
%
Rate to which the cost trend is assumed to decline (ultimate trend rate)
4.5
%
 
4.5
%
Year the rates reach the ultimate trend rate
2019

 
2018

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]
A one-percentage point change in assumed healthcare cost trend rates would have the following effect on the postretirement benefit costs and obligation:
(dollars in millions)
1% Increase
 
1% Decrease
Service and interest costs for 2011
$
0.2

 
$
(0.2
)
Postretirement benefit obligation at December 31, 2011
5.9

 
(5.4
)
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]
The projected benefit obligation is recognized in the Consolidated Balance Sheets as follows:
 
 
 
 
 
Postretirement and Other Benefits
 
Pension Benefits
 
 
December 31,
 
December 31,
(dollars in millions)
2011
 
2010
 
2011
 
2010
Accrued payroll and benefits (current liability)
$
1.7

 
$
1.9

 
$
21.5

 
$
22.1

Pension and postretirement benefit obligations (noncurrent liability)
255.0

 
200.2

 
131.3

 
129.1

Total
$
256.7

 
$
202.1

 
$
152.8

 
$
151.2

Schedule of accumulated comprehensive loss from benefit plans recognized in balance sheet [Table Text Block]
Amounts recognized in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets which have not yet been recognized in net pension costs consisted of the following:
 
 
 
 
 
Postretirement and Other Benefits
 
Pension Benefits
 
 
December 31,
 
December 31,
(dollars in millions)
2011
 
2010
 
2011
 
2010
Prior service (cost) benefit, net of tax of $0.2, $1.9, $(30.8), $(36.2)
$
(0.4
)
 
$
(3.3
)
 
$
54.3

 
$
62.0

Actuarial loss, net of tax of $111.6, $90.5, $37.3, $35.5
(196.8
)
 
(157.9
)
 
(65.9
)
 
(60.8
)
 
$
(197.2
)
 
$
(161.2
)
 
$
(11.6
)
 
$
1.2

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Amounts recognized in "Accumulated other comprehensive loss" on the Consolidated Statements of Shareowners’ Deficit and Comprehensive (Loss)/Income are shown below:
 
Pension Benefits
 
Postretirement and Other Benefits
(dollars in millions)
2011
 
2010
 
2011
 
2010
Prior service cost recognized:
 
 
 
 
 
 
 
     Reclassification adjustments
$
4.5

 
$
0.5

 
$
(13.2
)
 
$
(13.1
)
Actuarial loss recognized:
 
 
 
 
 
 
 
     Reclassification adjustments
14.3

 
9.3

 
6.5

 
5.2

     Actuarial loss arising during the period
(74.2
)
 
(27.1
)
 
(13.2
)
 
(11.9
)

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]
The following amounts currently included in "Accumulated other comprehensive loss" are expected to be recognized in 2012 as a component of net periodic pension and postretirement cost:
 
Pension Benefits
 
Postretirement and Other Benefits
(dollars in millions)
 
Prior service cost (benefit)
$
0.1

 
$
(13.2
)
Actuarial loss
19.9

 
6.6

Total
$
20.0

 
$
(6.6
)
Schedule of Allocation of Plan Assets [Table Text Block]
The fair values of the pension and postretirement plan assets at December 31, 2011 and 2010 by asset category are as follows:
(dollars in millions)
 
December 31, 2011
 
Quoted Prices
in active
markets
Level 1
 
Significant
observable
inputs
Level 2
 
Significant
unobservable
inputs
Level 3
Mutual funds
 
 
 
 
 
 
 
 
U.S. equity index funds
 
$
150.6

 
$
150.6

 
$

 
$

International equity index funds
 
44.2

 
44.2

 

 

Fixed income long-term bond funds
 
91.9

 
91.9

 

 

Fixed income short-term money market funds
 
0.3

 

 
0.3

 

Real estate pooled funds
 
25.5

 

 

 
25.5

Group insurance contract
 
12.1

 

 

 
12.1

Total
 
$
324.6

 
$
286.7

 
$
0.3

 
$
37.6


(dollars in millions)
 
December 31, 2010
 
Quoted Prices
in active
markets
Level 1
 
Significant
observable
inputs
Level 2
 
Significant
unobservable
inputs
Level 3
Mutual funds
 
 
 
 
 
 
 
 
U.S. equity index funds
 
$
159.2

 
$
159.2

 
$

 
$

International equity index funds
 
46.1

 
46.1

 

 

Fixed income long-term bond funds
 
96.5

 
96.5

 

 

Fixed income short-term money market funds
 
1.1

 

 
1.1

 

Real estate pooled funds
 
21.1

 

 

 
21.1

Group insurance contract
 
12.3

 

 

 
12.3

Total
 
$
336.3

 
$
301.8

 
$
1.1

 
$
33.4

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The Level 3 investments had the following changes in 2011 and 2010:
 
Pension
 
Postretirement and Other Benefits
(dollars in millions)
2011
 
2010
 
2011
 
2010
Balance, beginning of year
$
21.1

 
$
19.6

 
$
12.3

 
$

Realized gains, net
1.7

 
1.3

 
0.3

 

Unrealized gains, net
3.1

 
1.3

 

 

Purchases, sales, issuances and settlements, net
(0.4
)
 
(1.1
)
 
(0.5
)
 
12.3

Balance, end of year
$
25.5

 
$
21.1

 
$
12.1

 
$
12.3

Schedule of Expected Benefit Payments [Table Text Block]
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years:
(dollars in millions)
Pension
Benefits
 
Postretirement
and Other
Benefits
 
Medicare
Subsidy
Receipts
2012
$
43.2

 
$
22.3

 
$
0.7

2013
39.9

 
21.3

 
0.7

2014
41.6

 
16.7

 
0.7

2015
40.9

 
17.1

 
0.7

2016
42.1

 
16.3

 
0.6

Years 2017 - 2021
201.4

 
54.8

 
2.6