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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2013
Summary of Components of Net Periodic Benefit Cost
  
Pension Plans
 
Postretirement Plans
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Net periodic costs:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
5.2

 
$
6.0

 
$
5.1

 
$
1.2

 
$
1.1

 
$
1.0

Interest cost
39.7

 
41.5

 
42.3

 
7.0

 
8.4

 
11.9

Expected return on plan assets
(54.5
)
 
(51.6
)
 
(48.2
)
 
(1.6
)
 
(1.7
)
 
(2.6
)
Amortization of prior service cost
0.2

 
0.4

 
0.1

 
(3.4
)
 
(4.4
)
 
(9.6
)
Curtailment/settlement
(2.9
)
 
(3.8
)
 
(2.6
)
 
(6.0
)
 
—

 
(1.4
)
Mark-to-market adjustment
(25.0
)
 
60.9

 
37.6

 
(14.9
)
 
(12.9
)
 
30.3

Net periodic (credit) expense
$
(37.3
)
 
$
53.4

 
$
34.3

 
$
(17.7
)
 
$
(9.5
)
 
$
29.6

Weighted-average assumptions used to determine net periodic costs, during the year:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.0
%
 
4.7
%
 
5.4
%
 
3.5
%
 
4.3
%
 
5.0
%
Expected return on plan assets
6.0
%
 
6.6
%
 
7.2
%
 
6.25
%
 
6.75
%
 
7.0
%
Rate of compensation increase
2.5%-5.0%

 
2.5%-4.5%

 
2.5%-4.5%

 
—

 
—

 
—

Weighted-average assumptions used to determine benefit obligations, end of the year:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.8
%
 
4.0
%
 
4.7
%
 
4.5
%
 
3.5
%
 
4.3
%
Rate of compensation increase
2.5%-5.0%

 
2.5%-4.5%

 
2.5%-4.5%

 
—

 
—

 
—
Changes in Benefit Obligations and Change in Plan Assets
  
Pension Plans
 
Postretirement Plans
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at January 1,
$
1,016.6

 
$
864.6

 
$
797.3

 
$
200.8

 
$
219.9

 
$
233.8

Service cost
5.2

 
6.0

 
5.1

 
1.2

 
1.1

 
1.0

Interest cost
39.7

 
41.5

 
42.3

 
7.0

 
8.4

 
11.9

Amendments(2)
0.4

 
—

 
2.2

 
1.3

 
1.5

 
(34.7
)
Translation difference
1.0

 
5.2

 
(1.4
)
 
(0.6
)
 
0.2

 
(0.1
)
Actuarial (gains) losses
(75.2
)
 
104.4

 
62.3

 
(13.4
)
 
(12.0
)
 
28.5

Participant contributions
0.3

 
0.2

 
0.1

 
3.6

 
3.5

 
4.2

Benefits paid
(42.0
)
 
(41.0
)
 
(38.8
)
 
(17.3
)
 
(20.2
)
 
(24.3
)
Acquisitions/divestitures
2.7

 
42.9

 
—

 
—

 
—

 
—

Curtailments/settlements(1)
(1.3
)
 
(7.2
)
 
(4.5
)
 
—

 
(1.6
)
 
(0.4
)
Benefit obligation at December 31,
$
947.4

 
$
1,016.6

 
$
864.6

 
$
182.6

 
$
200.8

 
$
219.9

Accumulated benefit obligation at December 31,
$
933.2

 
$
1,005.1

 
$
853.1

 
—

 
—

 
—

Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at January 1,
$
905.0

 
$
765.7

 
$
677.2

 
$
28.4

 
$
28.8

 
$
37.7

Actual return on plan assets
4.4

 
95.4

 
72.7

 
3.1

 
2.8

 
0.2

Company contributions
71.8

 
37.8

 
55.7

 
8.0

 
13.5

 
11.0

Participant contributions
0.3

 
0.2

 
0.1

 
3.6

 
3.5

 
4.2

Translation difference
1.0

 
5.1

 
(1.1
)
 
—

 
—

 
—

Acquisitions/divestitures
0.8

 
42.7

 
—

 
—

 
—

 
—

Curtailments/settlements(1)
—

 
(0.9
)
 
(0.1
)
 
—

 
—

 
—

Benefits paid
(42.0
)
 
(41.0
)
 
(38.8
)
 
(17.3
)
 
(20.2
)
 
(24.3
)
Fair value of plan assets at December 31,
$
941.3

 
$
905.0

 
$
765.7

 
$
25.8

 
$
28.4

 
$
28.8

(1)
Represents various curtailments and settlements. In the second quarter of 2013, we had a curtailment gain of $7.7 related to the sale of Coating Resins, which is included in Net (loss) gain on sale of discontinued operations, net of tax in the consolidated statements of income. In the fourth quarter of 2013, we recognized a curtailment gain of $1.2 related to certain bargaining employees transitioning to a defined contribution plan. During 2012 we had a curtailment loss of $0.7 associated primarily with the pending sale of Coating Resins, which is included in Earnings from operations of discontinued businesses, net of tax in the consolidated statements of income. During the first quarter of 2011, we had a curtailment gain of $1.0 resulting from the sale of the Building Block Chemicals segment, which is included in Net (loss) gain on sale of discontinued operations, net of tax in the consolidated statements of income.
(2)
Significant amendments were made to our U.S. postretirement medical plan in 2011. Major amendments include changes to the prescription drug benefit plan for Medicare-eligible retirees, in which benefits are to be delivered through an Employer Group Waiver Plan (“EGWP”) and a commercial wrap plan instead of through an individually designed commercial plan only. Changes were also made to other retiree medical programs with respect to cost sharing elements, such as participant premiums.
Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income
  
Pension Plans
 
Postretirement Plans
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Funded status, end of year:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets
$
941.3

 
$
905.0

 
$
765.7

 
$
25.8

 
$
28.4

 
$
28.8

Benefit obligations
(947.4
)
 
(1,016.6
)
 
(864.6
)
 
(182.6
)
 
(200.8
)
 
(219.9
)
Funded status
$
(6.1
)
 
$
(111.6
)
 
$
(98.9
)
 
$
(156.8
)
 
$
(172.4
)
 
$
(191.1
)
Amounts recognized in the consolidated balance sheets consist of:
 
 
 
 
 
 
 
 
 
 
 
Noncurrent assets
$
43.8

 
$
3.6

 
$
—

 
$
—

 
$
—

 
$
—

Current liabilities
(1.9
)
 
(2.1
)
 
(2.2
)
 
(9.6
)
 
(10.0
)
 
(10.9
)
Noncurrent liabilities
(48.0
)
 
(113.1
)
 
(96.7
)
 
(147.2
)
 
(162.4
)
 
(180.2
)
Total amounts recognized
$
(6.1
)
 
$
(111.6
)
 
$
(98.9
)
 
$
(156.8
)
 
$
(172.4
)
 
$
(191.1
)
Amounts recognized in accumulated other comprehensive income consist of:
 
 
 
 
 
 
 
 
 
 
 
Prior service costs (credits)
$
1.7

 
$
1.6

 
$
2.6

 
$
(20.1
)
 
$
(29.3
)
 
$
(35.2
)
Changes in accumulated other comprehensive income (AOCI) consist of:
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of year
$
1.6

 
$
2.6

 
$
0.5

 
$
(29.3
)
 
$
(35.2
)
 
$
(11.1
)
Current year prior service costs/(credits)
0.4

 
0.1

 
2.2

 
1.3

 
1.5

 
(34.7
)
Curtailments/settlements
(0.1
)
 
(0.7
)
 
—

 
4.5

 
—

 
1.0

Amortization:
 
 
 
 
 
 
 
 
 
 
 
Amortization of prior service (costs)/credits
(0.2
)
 
(0.4
)
 
(0.1
)
 
3.4

 
4.4

 
9.6

AOCI, end of year
$
1.7

 
$
1.6

 
$
2.6

 
$
(20.1
)
 
$
(29.3
)
 
$
(35.2
)
Estimated amortization to be recognized in AOCI in 2014 consist of:
 
 
 
 
 
 
 
 
 
 
 
Prior service costs/(credits)
0.2

 
 
 
 
 
(3.1
)
 
 
 
 
Change in Assumed Healthcare Cost Trend Rates
A 1.0% change in assumed healthcare cost trend rates would have the following effect: 
  
2013
 
2012
  
1% Increase
 
1% Decrease
 
1% Increase
 
1% Decrease
Approximate effect on the total of service and interest cost components of other postretirement benefit costs
$
0.5

 
$
(0.5
)
 
$
0.6

 
$
(0.6
)
Approximate effect on accumulated postretirement benefit obligation
$
14.1

 
$
(12.6
)
 
$
13.4

 
$
(12.1
)
Plans with Accumulated Benefit Obligation in Excess of Plan Assets
The following information is presented for those plans with an accumulated benefit obligation in excess of plan assets: 
  
U.S. Plans
 
Non-U.S. Plans
 
Total
December 31,
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Projected benefit obligation
$
—

 
$
(860.8
)
 
$
(122.9
)
 
$
(75.6
)
 
$
(122.9
)
 
$
(936.4
)
Accumulated benefit obligation
$
—

 
$
(854.9
)
 
$
(119.3
)
 
$
(70.2
)
 
$
(119.3
)
 
$
(925.1
)
Fair value of plan assets
$
—

 
$
762.2

 
$
101.7

 
$
59.1

 
$
101.7

 
$
821.3
Actual and Target Allocation by Asset Category
  
Postretirement Plans
 
Target
Allocation
 
Percentage of Plan
Assets at Year End
Asset category
2014
 
2013
 
2012
Equity securities
40
%
 
42
%
 
40
%
Fixed income
60
%
 
58
%
 
60
%
Total
100
%
 
100
%
 
100
%
Fair Value of Pension Plan Assets by Assets Category
The fair values of the pension assets at December 31, 2013 and 2012, by asset category, are as follows: 

  
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)
Cash and cash equivalents
$
86.0

 
$
86.0

 
$
—

 
$
—

Equity securities:
 
 
 
 
 
 
 
U.S. equity funds(1)
168.6

 
157.9

 
10.7

 
—

International equity funds(2)
63.6

 
2.6

 
61.0

 
—

Fixed income funds(3)
610.4

 
247.4

 
363.0

 
—

Real estate fund
1.3

 
—

 
—

 
1.3

Insurance assets
11.4

 
—

 
—

 
11.4

Total
$
941.3

 
$
493.9

 
$
434.7

 
$
12.7

 
  
Fair Value Measurements at December 31, 2012
Asset category
Total
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents
$
12.3

 
$
12.3

 
$
—

 
$
—

Equity securities:
 
 
 
 
 
 
 
Company stock
81.5

 
81.5

 
—

 
—

U.S. equity funds(1)
114.5

 
103.7

 
10.8

 
—

International equity funds(2)
53.4

 
—

 
53.4

 
—

Fixed income funds(3)
632.8

 
214.9

 
417.9

 
—

Real estate fund
1.6

 
—

 
—

 
1.6

Insurance assets
8.9

 
—

 
—

 
8.9

Total
$
905.0

 
$
412.4

 
$
482.1

 
$
10.5

(1)
Funds which invest in a diversified portfolio of publicly traded U.S. common stocks of large-cap, medium-cap, and small-cap companies. There are no restrictions on these investments.
(2)
Funds which invest in a diversified portfolio of publicly traded common stock of non-U.S. companies, primarily in Europe. There are no restrictions on these investments.
(3)
Funds which invest in a diversified portfolio of publicly traded government bonds and corporate bonds, approximately 36% and 64%, respectively, as of December 31, 2013, and approximately 38% and 62%, respectively, as of December 31, 2012. There are no restrictions on these investments.
Fair Value Measurement of Plan Assets Using Significant Unobservable Inputs
Fair value measurements of plan assets at December 31, 2013, using significant unobservable inputs (Level 3), are as follows: 
 
Total
 
Insurance
Assets
 
Real Estate
Fund
Balance, beginning of year
$
10.5

 
$
8.9

 
$
1.6

Actual return on assets:
 
 
 
 
 
Assets held at end of year
0.6

 
0.5

 
0.1

Assets sold during the year
(0.4
)
 
0.0

 
(0.4
)
Purchases, sales and settlements
0.3

 
0.3

 
—

Transfers in/(out)
1.7

 
1.7

 
—

Balance, end of year
$
12.7

 
$
11.4

 
$
1.3
Fair Values of Postretirement Plan Assets by Asset Category
The fair values of the postretirement plan assets at December 31, 2013 and 2012, by asset category, are as follows: 
  
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)
Cash and cash equivalents
$
1.9

 
$
1.9

 
$
—

 
$
—

Equity funds(1)
10.8

 
10.8

 
—

 
—

Fixed income funds(2)
13.1

 
13.1

 
—

 
—

Total
$
25.8

 
$
25.8

 
$
—

 
$
—

 
  
Fair Value Measurements at December 31, 2012
Asset category
Total
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents
$
3.7

 
$
3.7

 
$
—

 
$
—

Equity funds(1)
11.5

 
11.5

 
—

 
—

Fixed income funds(2)
13.2

 
13.2

 
—

 
—

Total
$
28.4

 
$
28.4

 
$
—

 
$
—

(1)
Investments in publicly traded funds: 100% invested in an S&P 500 index fund as of December 31, 2013 and 2012.
(2)
A publicly traded mutual fund that invests in a diversified portfolio of investment grade fixed income securities, with government, corporate and mortgage securities. The fund has a dollar weighted maturity between 3 and 10 years.
Expected Employer Contributions
The following table reflects expected 2014 cash flows for the pension and postretirement benefit plans: 
Expected employer contributions
Pension
Plans
 
Postretirement
Plans
U.S. Plans
$
1.8

 
$
9.6

Non-U.S. Plans
$
4.5

 
$
0.2
Expected Benefit Payments
The following table reflects total benefits expected to be paid from the U.S. plans and the non-U.S. plans and/or our assets: 
  
U.S. Plans
 
Non-U.S. Plans
Expected benefit payments
Pension
Plans
 
Postretirement
Plans
 
Pension
Plans
 
Postretirement
Plans
2014
$
40.8

 
$
14.0

 
$
5.3

 
$
0.2

2015
42.5

 
14.2

 
6.0

 
0.2

2016
44.3

 
14.3

 
5.8

 
0.2

2017
45.9

 
14.4

 
6.0

 
0.3

2018
47.5

 
14.3

 
6.3

 
0.3

2019-2023
257.2

 
66.0

 
37.7

 
1.8
Amounts Expensed Related to Plans
Amounts expensed related to these plans are as follows: 
Years ended December 31,
2013
 
2012
 
2011
U.S.
 
 
 
 
 
Savings Plan
$
18.9

 
$
19.6

 
$
20.5

Non-U.S.
 
 
 
 
 
Others
$
3.7

 
$
2.9

 
$
2.4
Non U.S. Plans
  
Actual and Target Allocation by Asset Category
  
Non-U.S. Pension Plans
 
Target
Allocation
 
Percentage of Plan
Assets at Year End
Asset category
2014
 
2013
 
2012
Equity securities
20
%
 
49
%
 
45
%
Fixed income
75
%
 
39
%
 
44
%
Cash and other
5
%
 
12
%
 
11
%
Total
100
%
 
100
%
 
100
%
U.S. Plans
  
Actual and Target Allocation by Asset Category
The asset allocation for our U.S. and non-U.S. pension plans and postretirement plans at the end of 2013 and 2012, and the target allocation for 2014, by asset category, are as follows: 
  
U.S. Pension Plans
 
Target
Allocation
 
Percentage of Plan
Assets at Year End
Asset category
2014
 
2013
 
2012
Equity securities
20
%
 
20
%
 
24
%
Fixed income
80
%
 
80
%
 
76
%
Total
100
%
 
100
%
 
100
%