Black & Decker 2014 Annual Report Download - page 103

Download and view the complete annual report

Please find page 103 of the 2014 Black & Decker annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 148

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148

89
The amounts in Accumulated other comprehensive loss expected to be recognized as components of net periodic benefit costs
during 2015 total $16.8 million, representing amortization of actuarial losses.
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. The projected benefit obligation reflects the adoption of new
mortality tables used for the Company's US pension and post-retirement plans.
U.S. Plans Non-U.S. Plans Other Benefits
(Millions of Dollars) 2014 2013 2014 2013 2014 2013
Change in benefit obligation
Benefit obligation at end of prior year ...... $ 1,315.9 $ 1,463.4 $ 1,517.6 $ 1,134.7 $ 75.1 $ 87.7
Service cost ............................................... 8.9 7.7 13.1 13.4 1.0 0.8
Interest cost ............................................... 56.4 52.6 59.3 54.3 2.7 2.5
Settlements/curtailments ........................... (7.1)(20.5)
Actuarial loss (gain) .................................. 178.3 (111.4)168.6 104.2 1.7 (4.4)
Plan amendments ...................................... 0.1 2.6 0.2
Foreign currency exchange rates............... (132.7)43.7 (1.0)(0.8)
Participant contributions ........................... 0.3 0.3
Acquisitions, divestitures and other .......... (4.7) (4.3)(4.8)246.3
Benefits paid ............................................. (94.4) (94.7)(74.1)(58.8)(9.7)(10.7)
Benefit obligation at end of year............... $ 1,460.5 $ 1,315.9 $ 1,540.4 $ 1,517.6 $ 69.8 $ 75.1
Change in plan assets
Fair value of plan assets at end of prior
year............................................................ $ 1,052.9 $ 1,057.1 $ 1,075.9 $ 779.1 $—
Actual return on plan assets ...................... 116.1 40.6 169.2 61.1
Participant contributions ........................... 0.3 0.3
Employer contributions............................. 104.2 54.9 41.1 44.6 9.7 10.7
Settlements ................................................ (5.2)(19.5)
Foreign currency exchange rate changes .. (86.0)31.8
Acquisitions, divestitures and other .......... (4.7) (5.0)(5.5)237.3
Benefits paid ............................................. (94.4) (94.7)(74.1)(58.8)(9.7)(10.7)
Fair value of plan assets at end of plan
year............................................................ $ 1,174.1 $ 1,052.9 $ 1,115.7 $ 1,075.9 $—
$—
Funded status — assets less than benefit
obligation .................................................. $ (286.4) $(263.0)$(424.7)$(441.8)$(69.8)$(75.1)
Unrecognized prior service cost (credit)... 5.1 6.2 3.2 3.7 (7.9)(9.3)
Unrecognized net actuarial loss ................ 214.7 81.2 298.7 274.6 3.6 1.8
Unrecognized net transition obligation ..... 0.1 0.2
Net amount recognized ............................. $ (66.6) $(175.6)$(122.7)$(163.3)$(74.1)$(82.6)