Black & Decker 2011 Annual Report Download - page 93

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81
The amounts in Accumulated other comprehensive loss expected to be recognized as components of net periodic benefit costs during
2012 total $9.1 million, representing amortization of $8.9 million of actuarial loss, $0.1 million of prior service cost, and $0.1 million
of transition obligation.
The changes in the pension and other post-retirement benefit obligations, fair value of plan assets, as well as amounts recognized in
the Consolidated Balance Sheets, are shown below:
U.S. Plans
Non
-
U.S. Plans
Other Benefits
2011
2010
2011
2010
2011
2010
Change in benefit obligation
Benefit obligation at end of prior year
................................
$ 1,390.5
$ 176.1
$ 987.1
$ 256.6
$ 86.9
$ 23.0
Service cost ................................................................
..........
6.5
18.1
12.6
12.8
0.6
1.3
Interest cost ................................................................
..........
69.6
61.2
52.9
44.7
3.6
4.6
Settlements/curtailments ................................
......................
(44.1) (65.6) (3.1) (14.1) (0.9) (11.0)
Actuarial (gain) loss ................................
.............................
161.9
81.6
(23.0) 13.0
0.2
3.9
Plan amendments ................................
................................
0.1
2.0
2.8
3.3
0.7
(13.9)
Foreign currency exchange rates ................................
..........
—
—
(13.8) 9.3
(0.2) 0.2
Participant contributions ................................
......................
—
—
0.3
0.8
—
—
Acquisitions, divestitures and other ................................
.....
4.1
1,181.7
0.3
706.6
0.1
90.4
Benefits paid ................................................................
........
(87.6) (64.6) (50.4) (45.9) (10.9) (11.6)
Benefit obligation at end of year ................................
..........
$ 1,501.0
$ 1,390.5
$ 965.7
$ 987.1
$ 80.1
$ 86.9
Change in plan assets
................................
.........................
Fair value of plan assets at end of prior year
.......................
$ 1,032.1
$ 108.7
$ 719.1
$ 210.8
$
$ —
Actual return on plan assets ................................
.................
99.2
86.9
19.4
51.2
—
—
Participant contributions ................................
......................
—
—
0.3
0.8
—
—
Employer contributions ................................
........................
83.6
212.6
35.6
52.4
11.8
11.6
Settlements ................................................................
...........
(44.1) —
(2.7) (7.3) (0.9) —
Foreign currency exchange rate changes
.............................
—
—
(8.3) 11.0
—
—
Acquisitions, divestitures and other ................................
.....
(3.7) 688.5
(3.6) 446.1
—
—
Benefits paid ................................................................
........
(87.6) (64.6) (50.4) (45.9) (10.9) (11.6)
Fair value of plan assets at end of plan year
........................
$ 1,079.5
$ 1,032.1
$ 709.4
$ 719.1
$ —
$ —
Funded status — assets less than benefit obligation
............
$ (421.5) $ (358.4) $ (256.3) $ (268.0) $ (80.1) $ (86.9)
Unrecognized prior service cost (credit)
..............................
4.5
5.4
5.6
3.3
(12.7) (14.6)
Unrecognized net actuarial loss ................................
...........
153.3
24.9
75.1
70.9
1.7
1.4
Unrecognized net transition obligation
................................
—
—
0.3
0.4
—
—
Net amount recognized
................................
........................
$ (263.7) $ (328.1) $ (175.3) $ (193.4) $ (91.1) $ (100.1)
Amounts recognized in the Consolidated Balance
Sheets
Prepaid benefit cost (non-current) ................................
........
$ —
$ 0.2
$ 4.0
$ 4.8
$ —
$ —
Current benefit liability ................................
........................
(20.2)
(56.9)
(8.0) (8.1) (9.6) (10.5)
Non
-current benefit liability ................................
................
(401.3)
(301.7)
(252.3) (264.7) (70.5) (76.4)
Net liability recognized
................................
........................
$ (421.5)
$ (358.4)
$ (256.3) $ (268.0) $ (80.1) $ (86.9)
Accumulated other comprehensive loss (pre-tax):
Prior service cost (credit) ................................
.....................
$ 4.5
$ 5.4
$ 5.6
$ 3.3
$ (12.7) $ (14.6)
Actuarial loss ................................................................
.......
153.3
24.9
75.1
70.9
1.7
1.4
Transition liability ................................
................................
—
—
0.3
0.4
—
—
$ 157.8
$ 30.3
$ 81.0
$ 74.6
$ (11.0) $ (13.2)
Net amount recognized
................................
........................
$ (263.7)
$ (328.1)
$ (175.3) $ (193.4) $ (91.1) $ (100.1)
The increase in the U.S. projected benefit obligation from actuarial losses in 2011 primarily pertains to the 100 basis point decline in
the discount rate. During the fourth quarter of 2010, certain Black & Decker U.S. and U.K. pension plans, as well as the U.S. retiree
health benefit plan were curtailed resulting in curtailment gains of $20 million as disclosed in the tables above.