XML 19 R12.htm IDEA: XBRL DOCUMENT v2.3.0.15
EMPLOYEE BENEFIT PLANS
9 Months Ended
Sep. 30, 2011
Compensation and Retirement Disclosure [Abstract] 
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS
 
Pension Plans - Qualified Defined Benefit

Net pension expense for the three and nine months ended September 30, 2011 and 2010 included the following components (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2011
 
2010
 
2011
 
2010
Service cost
$
8.7

 
$
8.1

 
$
26.7

 
$
24.3

Interest cost
18.1

 
16.9

 
54.7

 
50.7

Expected return on assets
(22.0
)
 
(17.7
)
 
(66.2
)
 
(53.1
)
Amortization of prior service cost
(0.3
)
 
(0.2
)
 
(0.7
)
 
(0.6
)
Actuarial loss
5.5

 
5.5

 
17.7

 
16.5

Net pension expense
$
10.0

 
$
12.6

 
$
32.2

 
$
37.8



The Company contributed $11.1 million and $33.4 million to its qualified defined-benefit plans during the three and nine months ended September 30, 2011, compared to contributions of $15.2 million and $45.6 million to its qualified defined-benefit pension plans during the three and nine months ended September 30, 2010, respectively.

On June 20, 2011, the Board of Directors authorized the Company to amend its defined-benefit pension plans for salaried employees such that participants' benefits will freeze effective January 1, 2014. Active participants in the defined-benefit plan will receive a higher Company contribution to the defined-contribution plan beginning on the same date. The Company remeasured the projected benefit obligation and recorded an immaterial curtailment loss from the amendments.

Pension Plans - Nonqualified Defined Benefit

Net pension expense for the unfunded, noncontributory defined-benefit plans was $1.1 million and $0.8 million for the three months ended September 30, 2011 and 2010, and was $3.0 million and $2.3 million for the nine months ended September 30, 2011 and 2010. Similar to the qualified plan, the Board of Directors amended the nonqualified defined-benefit plan such that participants' benefits will be frozen effective January 1, 2014.

Post-retirement Medical Benefits

Net periodic benefit cost for the post-retirement medical plans for the three months ended September 30, 2011 and 2010 was $3.6 million and $3.1 million, respectively. The net periodic benefit cost for the nine months ended September 30, 2011 and 2010 was $11.0 million and $9.3 million, respectively.