Black & Decker 2014 Annual Report Download - page 104

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90
U.S. Plans Non-U.S. Plans Other Benefits
(Millions of Dollars) 2014 2013 2014 2013 2014 2013
Amounts recognized in the
Consolidated Balance Sheets
Prepaid benefit cost (non-current) .............. $—
$—
$ 0.6 $ 1.0 $—
$—
Current benefit liability............................... (15.9) (18.6)(8.1)(9.1)(7.5)(9.0)
Non-current benefit liability ....................... (270.5) (244.4)(417.2)(433.7)(62.3)(66.1)
Net liability recognized............................... $ (286.4) $(263.0)$(424.7)$(441.8)$(69.8)$(75.1)
Accumulated other comprehensive loss
(pre-tax):
Prior service cost (credit)............................ $ 5.1 $ 6.2 $ 3.2 $ 3.7 $(7.9)$(9.3)
Actuarial loss .............................................. 214.7 81.2 298.7 274.6 3.6 1.8
Transition liability....................................... ——0.1 0.2 ——
$ 219.8 $ 87.4 $ 302.0 $ 278.5 $(4.3)$(7.5)
Net amount recognized ............................... $ (66.6) $(175.6)$(122.7)$(163.3)$(74.1)$(82.6)
The accumulated benefit obligation for all defined benefit pension plans was $2,948.9 million at January 3, 2015 and $2,784.3
million at December 28, 2013. Information regarding pension plans in which accumulated benefit obligations exceed plan
assets follows:
U.S. Plans Non-U.S. Plans
(Millions of Dollars) 2014 2013 2014 2013
Projected benefit obligation ............................................... $ 1,460.5 $ 1,315.9 $ 1,511.4 $ 1,507.6
Accumulated benefit obligation......................................... $ 1,460.5 $ 1,315.9 $ 1,463.3 $ 1,461.6
Fair value of plan assets..................................................... $ 1,174.1 $ 1,052.9 $ 1,088.3 $ 1,066.2
Information regarding pension plans in which projected benefit obligations (inclusive of anticipated future compensation
increases) exceed plan assets follows:
U.S. Plans Non-U.S. Plans
(Millions of Dollars) 2014 2013 2014 2013
Projected benefit obligation ............................................... $ 1,460.5 $ 1,315.9 $ 1,539.6 $ 1,515.9
Accumulated benefit obligation......................................... $ 1,460.5 $ 1,315.9 $ 1,488.0 $ 1,467.2
Fair value of plan assets..................................................... $ 1,174.1 $ 1,052.9 $ 1,114.4 $ 1,073.2
The major assumptions used in valuing pension and post-retirement plan obligations and net costs were as follows:
Pension Benefits
U.S. Plans Non-U.S. Plans Other Benefits
2014 2013 2012 2014 2013 2012 2014 2013 2012
Weighted-average
assumptions used to
determine benefit obligations
at year end:
Discount rate............................. 3.75% 4.50% 3.75% 3.25% 4.00% 4.00% 3.25% 4.00% 3.00%
Rate of compensation increase . 6.00% 6.00% 6.00% 3.50% 3.75% 3.25% 3.50% 3.50% 3.50%
Weighted-average
assumptions used to
determine net periodic
benefit cost:
Discount rate............................. 4.50% 3.75% 4.25% 4.00% 4.00% 5.00% 4.00% 3.00% 3.75%
Rate of compensation increase . 6.00% 6.00% 6.00% 3.75% 3.25% 3.50% 3.50% 3.50% 3.50%
Expected return on plan assets.. 7.00% 6.25% 6.25% 5.75% 6.00% 6.25% ———