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Employee Benefit Plans
3 Months Ended
Mar. 31, 2014
General Discussion of Pension and Other Postretirement Benefits [Abstract]  
Employee Benefit Plans
EMPLOYEE BENEFIT PLANS
 
 
 
Three Months Ended March 31,
 
 
Pension Benefits
 
 
 
 
Net Periodic Benefit Costs
 
U.S. Plans
 
Non-U.S. Plans
 
Postretirement Benefits
 
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Service cost
 
$
3.4

 
$
5.0

 
$
2.4

 
$
4.8

 
$
.3

 
$
.5

Interest cost
 
6.7

 
6.6

 
9.6

 
9.1

 
1.3

 
1.4

Expected return on plan assets
 
(8.4
)
 
(9.4
)
 
(10.9
)
 
(9.8
)
 

 

Amortization of prior service credit
 
(.1
)
 
(.1
)
 

 
(.3
)
 
(1.1
)
 
(1.2
)
Amortization of net actuarial losses
 
10.7

 
11.3

 
2.3

 
4.6

 
.5

 
.8

Net periodic benefit costs
 
$
12.3

 
$
13.4

 
$
3.4

 
$
8.4

 
$
1.0

 
$
1.5

 
 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2014, we made approximately $11 and $7 of contributions to the U.S. and non-U.S. pension and postretirement benefit plans, respectively. During the remainder of 2014, we anticipate contributing approximately $39 to $44 and $23 to $28 to fund our U.S. and non-U.S. pension and postretirement benefit plans, respectively.
In an effort to reduce our pension benefit obligations, in March 2014, we offered former employees who are vested and participate in the U.S. pension plan the option to receive a one-time lump sum payment that would fully settle our pension plan obligation to those participants. The election period for this voluntary offer is expected to end during the second quarter of 2014. The payments are expected to be made in June 2014 and will be funded from our plan assets.
If we assume an acceptance rate of 45% by participants associated with the offer, we estimate that we would record a settlement charge of approximately $50, primarily in the second quarter of 2014. The actual amount of the settlement charge will be dependent upon the number of participants accepting the offer and other factors contributing to the remeasurement of the U.S. pension plan assets and obligations, including the discount rate and actual return on plan assets.