Pension And Other Postretirement Benefits

6 Months Ended

Jul. 04, 2015

Pension and Other Postretirement Benefits.

Pension and Other Postretirement Benefits

Note 6.  Pension and Other Postretirement Benefits

Defined Benefit Plans

We sponsor a number of defined benefit plans, the accrual of benefits under some of which has been frozen, covering eligible employees in the U.S. and certain other countries.  Benefits payable to an employee are based primarily on years of service and the employee’s compensation during the course of his or her employment with us.

We are also obligated to pay unfunded termination indemnity benefits to certain employees outside of the U.S., which are subject to applicable agreements, laws and regulations.  We have not incurred significant costs related to termination indemnity arrangements, and therefore, no related costs are included in the disclosures below.

The following table sets forth the components of net periodic benefit cost (credit), which are recorded in income from continuing operations, for our defined benefit plans:

	Pension Benefits
	Three Months Ended												Six Months Ended
	July 4, 2015						June 28, 2014						July 4, 2015						June 28, 2014
(In millions)	U.S.			Int’l			U.S.			Int’l			U.S.			Int’l			U.S.			Int’l
Service cost	$	.1		$	3.3		$	.1		$	3.2		$	.2		$	7.0		$	.2		$	6.7
Interest cost	11.0			4.3			11.4			6.2			21.7			8.8			22.4			12.2
Expected return on plan assets	(12.9		)	(5.3		)	(13.0		)	(6.5		)	(25.8		)	(10.8		)	(26.0		)	(13.0		)
Recognized net actuarial loss	5.1			2.3			4.2			1.3			10.2			4.8			8.1			2.6
Amortization of prior service cost (credit)	.3			–			.3			.1			.6			(.1		)	.6			.2
Recognized loss on curtailment(1)	–			–			–			.6			–			–			–			.6
Recognized loss on settlement(2)	–			3.8			–			–			–			3.8			–			–
Net periodic benefit cost	$	3.6		$	8.4		$	3.0		$	4.9		$	6.9		$	13.5		$	5.3		$	9.3

(1) Recognized loss on curtailment related to a pension plan in the Netherlands and was recorded in “Other expense, net” in the unaudited Condensed Consolidated Statements of Income.

(2) Recognized loss on settlement related to pension plans in Germany and France as a result of the sale of a product line in our RBIS reportable segment.  The loss on settlement was recorded in “Other expense, net” in the unaudited Condensed Consolidated Statements of Income.

	U.S. Postretirement Health Benefits
	Three Months Ended				Six Months Ended
(In millions)	July 4, 2015		June 28, 2014		July 4, 2015		June 28, 2014
Interest cost	$	–	$	.1	$	.1	$	.1
Recognized net actuarial loss	.5		.7		1.1		1.4
Amortization of prior service credit	(.8)		(.8)		(1.6)		(1.6)
Net periodic benefit credit	$	(.3)	$	–	$	(.4)	$	(.1)

We make contributions to our defined benefit plans sufficient to meet the minimum funding requirements of applicable laws and regulations, plus additional amounts, if any, we determine to be appropriate. All of the contributions made in the first six months of 2015 and 2014 were made to meet minimum funding requirements.

The following table sets forth our contributions to our defined benefit plans:

	Six Months Ended
(In millions)	July 4, 2015		June 28, 2014
U.S.	$	2.0	$	2.4
Int’l	9.3		10.6
U.S. postretirement health benefits	.6		.9