Black & Decker 2014 Annual Report Download - page 102
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88
The expense for such defined contribution plans, aside from the earlier discussed ESOP plans, is as follows:
(Millions of Dollars) 2014 2013 2012
Multi-employer plan expense .................................................................... $ 4.0 $ 3.3 $ 3.3
Other defined contribution plan expense................................................... $ 14.0 $ 14.6 $ 16.2
The components of net periodic pension (benefit) expense are as follows:
U.S. Plans Non-U.S. Plans
(Millions of Dollars) 2014 2013 2012 2014 2013 2012
Service cost .................................................... $ 8.9 $ 7.7 $ 6.6 $ 13.1 $ 13.4 $ 12.1
Interest cost .................................................... 56.4 52.6 62.9 59.3 54.3 47.3
Expected return on plan assets ....................... (72.1) (65.1)(67.1)(61.0)(54.9)(44.3)
Prior service cost amortization....................... 1.1 1.1 1.0 0.3 0.4 0.4
Transition obligation amortization ................. ————— 0.1
Actuarial loss amortization............................. 0.9 5.7 6.2 7.0 5.1 2.1
Settlement / curtailment loss .......................... —— 11.3 0.3 4.6 3.3
Net periodic pension (benefit) expense.......... $ (4.8) $ 2.0 $ 20.9 $ 19.0 $ 22.9 $ 21.0
The U.S. settlement loss in 2012 pertains to partial settlements in two qualified pension plans arising from the voluntary
elections of participants.
The Company provides medical and dental benefits for certain retired employees in the United States and Canada.
Approximately 13,000 participants are covered under these plans. Net periodic post-retirement benefit expense was comprised
of the following elements:
Other Benefit Plans
(Millions of Dollars) 2014 2013 2012
Service cost................................................................................................ $ 1.0 $ 0.8 $ 0.9
Interest cost................................................................................................ 2.7 2.5 3.1
Prior service credit amortization ............................................................... (1.4)(1.4)(1.2)
Actuarial loss amortization........................................................................ (0.1)—(0.2)
Settlement / curtailment gain..................................................................... —— 0.1
Net periodic post-retirement benefit expense............................................ $ 2.2 $ 1.9 $ 2.7
Changes in plan assets and benefit obligations recognized in other comprehensive income in 2014 are as follows:
(Millions of Dollars) 2014
Current year actuarial loss ........................................................................................................................... $ 195.9
Amortization of actuarial loss...................................................................................................................... (10.0)
Prior service cost from plan amendments.................................................................................................... 0.2
Amortization of prior service costs.............................................................................................................. (0.1)
Currency / other ........................................................................................................................................... (27.0)
Total loss recognized in other comprehensive income (pre-tax) ................................................................. $ 159.0