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Defined Benefit Plans
The non-U.S. pension plans are not significant and use economic assumptions similar to the U.S. pension
plan and therefore are not shown separately in the following disclosures.
Obligations and funded status at December 31:
2008 2007 2008 2007
Pension Benefits
Other
Postretirement
Benefits
Change in Benefit Obligation:
Benefit obligation at beginning of year . . . . . . . . . . . . . . . . . $ 762.2 $777.1 $ 47.8 $ 46.6
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 2.6 1.5 1.7
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.0 42.3 2.7 2.5
Contributions by plan participants . . . . . . . . . . . . . . . . . . . 3.5 3.4 3.6 4.2
Actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6.7) (19.4) (4.6) (1.1)
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53.9) (53.3) (5.9) (6.5)
Foreign currency exchange rate changes . . . . . . . . . . . . . (20.8) 7.6 — —
Plan amendments and adjustments. . . . . . . . . . . . . . . . . . — 0.6 — —
Settlement, curtailment or special termination losses . . . . . 1.6 1.3 — 0.4
Benefit obligation at end of year . . . . . . . . . . . . . . . . . . . . . . 734.4 762.2 45.1 47.8
Change in Plan Assets:
Fair value of plan assets at beginning of year . . . . . . . . . . . . 714.4 718.5 — —
Actual return on plan assets . . . . . . . . . . . . . . . . . . . . . . . (177.4) 34.5 — —
Contributions by the employer . . . . . . . . . . . . . . . . . . . . . . 4.3 4.0 2.3 2.3
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53.9) (53.3) (5.9) (6.5)
Foreign currency exchange rate changes . . . . . . . . . . . . . (21.9) 7.3 — —
Plan amendments and adjustments. . . . . . . . . . . . . . . . . . — 0.5 — —
Contributions by plan participants . . . . . . . . . . . . . . . . . . . 3.5 3.4 3.6 4.2
Settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (0.5) — —
Fair value of plan assets at end of year . . . . . . . . . . . . . . . . 469.0 714.4 — —
Unfunded status at end of year. . . . . . . . . . . . . . . . . . . . . . . (265.4) (47.8) (45.1) (47.8)
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408.9 203.5 6.9 12.1
Prior service cost (credit) . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.3 (11.5) (15.7)
Net amount recognized. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 143.8 $156.0 $(49.7) $(51.4)
Amounts Recognized in the Consolidated Statements of
Financial Position:
Noncurrent assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7.2 $ 19.1 $ — $ —
Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.3) (1.3) (4.1) (3.5)
Noncurrent liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (271.3) (65.6) (41.0) (44.3)
Accumulated other comprehensive loss (earnings),
net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247.9 123.3 (2.7) (2.2)
Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162.1 82.5 — —
Deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.8) (2.0) (1.9) (1.4)
Net amount recognized. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 143.8 $156.0 $(49.7) $(51.4)
The accumulated benefit obligation for all of the Company’s defined benefit pension plans was
$729.6 million and $756.0 million at December 31, 2008 and 2007, respectively.
95