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Employee Benefit Obligations
3 Months Ended
Mar. 31, 2015
Employee Benefit Obligations  
Employee Benefit Obligations

 

12.Employee Benefit Obligations

 

 

 

March 31,

 

December 31,

 

($ in millions)

 

2015

 

2014

 

 

 

 

 

 

 

Underfunded defined benefit pension liabilities

 

$

688.2

 

$

724.1

 

Less current portion and prepaid pension assets

 

(18.6

)

(19.4

)

Long-term defined benefit pension liabilities

 

669.6

 

704.7

 

Retiree medical and other postemployment benefits

 

168.8

 

169.0

 

Deferred compensation plans

 

265.3

 

272.2

 

Other

 

28.6

 

32.4

 

 

 

$

1,132.3

 

$

1,178.3

 

 

Components of net periodic benefit cost associated with the company’s defined benefit pension plans were:

 

 

 

Three Months Ended March 31,

 

 

 

2015

 

2014

 

($ in millions)

 

U.S.

 

Foreign

 

Total

 

U.S.

 

Foreign

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ball-sponsored plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

13.0

 

$

3.7

 

$

16.7

 

$

11.4

 

$

3.5

 

$

14.9

 

Interest cost

 

14.3

 

4.7

 

19.0

 

15.6

 

6.5

 

22.1

 

Expected return on plan assets

 

(19.8

)

(5.0

)

(24.8

)

(20.5

)

(3.5

)

(24.0

)

Amortization of prior service cost

 

(0.3

)

(0.1

)

(0.4

)

 

(0.1

)

(0.1

)

Recognized net actuarial loss

 

9.8

 

2.5

 

12.3

 

7.2

 

1.3

 

8.5

 

Net periodic benefit cost for

 

 

 

 

 

 

 

 

 

 

 

 

 

Ball-sponsored plans

 

17.0

 

5.8

 

22.8

 

13.7

 

7.7

 

21.4

 

Net periodic benefit cost for multiemployer plans

 

0.5

 

 

0.5

 

0.7

 

 

0.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net periodic benefit cost

 

$

17.5

 

$

5.8

 

$

23.3

 

$

14.4

 

$

7.7

 

$

22.1

 

 

Contributions to the company’s defined global benefit pension plans, not including the unfunded German plans, were insignificant in the first three months of 2015 ($33.9 million in 2014) and are also expected to be insignificant for the full year. This estimate may change based on changes in the U.S. Pension Protection Act and actual plan asset performance, among other factors. Payments to participants in the unfunded German plans were $4.6 million in the first three months of 2015 and are expected to be approximately $18 million for the full year.