XML 43 R31.htm IDEA: XBRL DOCUMENT v2.4.1.9
Benefit Plans and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2014
Pension Benefits  
Defined Benefit Plan Disclosure  
Change in benefit obligation, fair value of plan assets and funded status of defined benefit pension plans

 

 

 

December 31,

 

 

 

2014

 

2013

 

Change in projected benefit obligation:

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

560.1

 

$

565.4

 

Service cost

 

10.8

 

10.5

 

Interest cost

 

24.1

 

20.9

 

Acquisitions

 

7.0

 

16.4

 

Plan amendments

 

 

5.6

 

Actuarial (gain) loss

 

123.1

 

(33.7

)

Foreign exchange translation

 

(18.7

)

2.6

 

Benefits paid

 

(29.9

)

(27.6

)

Projected benefit obligation at end of year

 

676.5

 

560.1

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

Fair value of plan assets at beginning of year

 

392.5

 

334.4

 

Actual return on plan assets

 

26.4

 

50.7

 

Employer contributions

 

23.8

 

23.3

 

Acquisitions

 

 

12.3

 

Foreign exchange translation

 

(4.7

)

(0.6

)

Actuarial loss

 

1.3

 

 

Benefits paid

 

(29.9

)

(27.6

)

Fair value of plan assets at end of year

 

409.4

 

392.5

 

 

 

 

 

 

 

Funded status

 

$

(267.1

)

$

(167.6

)

 

Schedule of components of net pension expense

 

 

 

 

Year Ended December 31,

 

 

 

2014

 

2013

 

2012

 

Components of net pension expense:

 

 

 

 

 

 

 

Service cost

 

$

8.2

 

$

8.5

 

$

7.7

 

Interest cost

 

24.1

 

20.9

 

22.0

 

Expected return on plan assets

 

(28.5

)

(24.8

)

(25.0

)

Net amortization of actuarial losses

 

18.6

 

25.5

 

20.5

 

 

 

 

 

 

 

 

 

Net pension expense

 

$

22.4

 

$

30.1

 

$

25.2

 

 

 

Schedule of defined benefit plan weighted average assumptions used in calculating benefit obligation and net periodic benefit cost

 

 

 

Weighted-average assumptions used to determine
benefit obligations at December 31,

 

 

 

Pension Benefits

 

Other Benefits

 

 

 

2014

 

2013

 

2014

 

2013

 

Discount rate:

 

 

 

 

 

 

 

 

 

U.S. plans

 

3.75 

%

4.60 

%

3.50 

%

4.15 

%

International plans

 

2.91 

%

4.09 

%

n/a

 

n/a

 

Rate of compensation increase:

 

 

 

 

 

 

 

 

 

U.S. plans

 

3.00 

%

3.00 

%

n/a

 

n/a

 

International plans

 

1.45 

%

2.95 

%

n/a

 

n/a

 

 

 

 

Weighted-average assumptions used to determine net periodic
benefit cost for years ended December 31,

 

 

 

Pension Benefits

 

Other Benefits

 

 

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

 

Discount rate:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. plans

 

4.60 

%

3.75 

%

4.45 

%

4.15 

%

3.45 

%

4.25 

%

International plans

 

4.09 

%

3.97 

%

4.97 

%

n/a

 

n/a

 

n/a

 

Expected long-term return on assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. plans

 

8.00 

%

8.00 

%

8.00 

%

n/a

 

n/a

 

n/a

 

International plans

 

5.99 

%

5.50 

%

5.66 

%

n/a

 

n/a

 

n/a

 

Rate of compensation increase:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. plans

 

3.00 

%

3.00 

%

3.00 

%

n/a

 

n/a

 

n/a

 

International plans

 

1.48 

%

2.57 

%

2.83 

%

n/a

 

n/a

 

n/a

 

 

Fair values of company's pension plan assets by asset category

 

 

 

Fair Value Measurements at December 31, 2014

 

Asset Category

 

Total

 

Quoted Prices in Active
Markets for Identical
Assets (Level 1)

 

Significant
Observable
Inputs
(Level 2)

 

Significant
Unobservable Inputs
(Level 3)

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

U.S. equities — large cap

 

$

106.6 

 

$

80.9 

 

$

25.7 

 

$

 

U.S. equities — small/mid cap and other

 

23.0 

 

 

23.0 

 

 

International equities — growth

 

46.9 

 

46.9 

 

 

 

International equities — other

 

50.7 

 

 

50.7 

 

 

 

 

227.2 

 

127.8 

 

99.4 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternative investment funds

 

40.1 

 

 

40.1 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

U.S. fixed income securities — intermediate term

 

59.1 

 

59.1 

 

 

 

U.S. fixed income securities — high yield

 

20.2 

 

 

20.2 

 

 

International fixed income securities — other

 

40.6 

 

 

40.6 

 

 

 

 

119.9 

 

59.1 

 

60.8 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

22.2 

 

22.2 

 

 

 

Total

 

$

409.4 

 

$

209.1 

 

$

200.3 

 

$

 

 

 

 

 

Fair Value Measurements at December 31, 2013

 

Asset Category

 

Total

 

Quoted Prices in Active
Markets for Identical
Assets (Level 1)

 

Significant
Observable
Inputs
(Level 2)

 

Significant
Unobservable Inputs
(Level 3)

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

U.S. equities — large cap

 

$

122.2 

 

$

93.1 

 

$

29.1 

 

$

 

U.S. equities — small/mid cap and other

 

24.7 

 

1.6 

 

23.1 

 

 

International equities — growth

 

51.8 

 

51.8 

 

 

 

International equities — other

 

56.3 

 

8.1 

 

48.2 

 

 

 

 

255.0 

 

154.6 

 

100.4 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

U.S. fixed income securities — intermediate term

 

62.2 

 

62.2 

 

 

 

U.S. fixed income securities — high yield

 

24.4 

 

0.3 

 

24.1 

 

 

International fixed income securities — other

 

39.7 

 

 

 

39.7 

 

 

 

 

126.3 

 

62.5 

 

63.8 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

11.2 

 

11.2 

 

 

 

Total

 

$

392.5 

 

$

228.3 

 

$

164.2 

 

$

 

 

 

Benefit payments related to the pension plans, including amounts to be paid out of company assets and reflecting future expected service

 

2015

 

$

27.0 

 

2016

 

28.0 

 

2017

 

29.2 

 

2018

 

30.3 

 

2019

 

31.5 

 

2020-2024

 

175.5 

 

 

Other Postretirement Benefits  
Defined Benefit Plan Disclosure  
Change in benefit obligation of postretirement plans

 

 

 

December 31,

 

 

 

2014

 

2013

 

 

 

 

 

 

 

Change in benefit obligation:

 

 

 

 

 

Benefit obligation at beginning of year

 

$

11.9

 

$

15.7

 

Service cost

 

0.1

 

0.2

 

Interest cost

 

0.5

 

0.5

 

Paid benefits and expenses

 

(0.9

)

(1.1

)

Actuarial gain (loss)

 

0.6

 

(3.4

)

 

 

 

 

 

 

Benefit obligation at end of year

 

$

12.2

 

$

11.9

 

 

Schedule of components of net pension expense

 

 

 

Year ended December 31,

 

 

 

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

Components of net post-retirement benefit cost:

 

 

 

 

 

 

 

Service cost

 

$

0.1 

 

$

0.2 

 

$

0.2 

 

Interest cost

 

0.5 

 

0.5 

 

0.7 

 

Net amortization of actuarial losses

 

0.4 

 

0.8 

 

1.0 

 

 

 

 

 

 

 

 

 

Net post-retirement benefit cost

 

$

1.0 

 

$

1.5 

 

$

1.9