Lexmark 2014 Annual Report Download - page 113

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Pension plans with a benefit obligation in excess of plan assets at December 31:
2014 2013
Benefit
Obligation Plan Assets
Benefit
Obligation Plan Assets
Plans with projected benefit obligation in excess of plan
assets $880.7 $711.8 $ 767.8 $645.0
Plans with accumulated benefit obligation in excess of
plan assets 867.2 711.8 760.8 645.0
Components of net periodic benefit cost:
Pension Benefits Other Postretirement Benefits
2014 2013 2012 2014 2013 2012
Net Periodic Benefit Cost:
Service cost $ 4.4 $ 4.8 $ 3.6 $ 0.6 $ 0.7 $ 0.8
Interest cost 35.1 32.3 34.0 1.1 1.1 1.4
Expected return on plan assets (44.6) (43.0) (42.1) – – –
Amortization of prior service cost (credit) – – – (0.7) (0.8) (0.2)
Immediate recognition of net loss (gain) 82.9 (80.6) 23.4 (2.4) (2.4) (1.6)
Settlement, curtailment or termination
benefit loss – – 6.7 – – 0.7
Net periodic benefit cost $ 77.8 $ (86.5) $ 25.6 $ (1.4) $ (1.4) $ 1.1
The Settlement, curtailment or termination benefit losses totaling $7.4 million in 2012 are the net result of restructuring losses in the
U.S. of $7.9 million and a curtailment gain in France of $0.5 million.
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive income (“AOCI”) (pre-tax) for
the years ended December 31:
2014 2013 2012
Pension
Benefits
Other
Postretirement
Benefits Total
Pension
Benefits
Other
Postretirement
Benefits Total
Pension
Benefits
Other
Postretirement
Benefits Total
New prior service
(credit) cost $ – $ – $ – $ (0.7) $ (2.7) $ (3.4) $ – $ 0.1 $ 0.1
Amortization or
curtailment
recognition of
prior service
credit (cost) – 0.7 0.7 – 0.8 0.8 – 0.2 0.2
Total amount
recognized in
AOCI for the
period – 0.7 0.7 (0.7) (1.9) (2.6) – 0.3 0.3
Net periodic
benefit cost 77.8 (1.4) 76.4 (86.5) (1.4) (87.9) 25.6 1.1 26.7
Total amount
recognized in net
periodic benefit
cost and AOCI for
the period $ 77.8 $ (0.7) $ 77.1 $ (87.2) $ (3.3) $ (90.5) $ 25.6 $ 1.4 $ 27.0
The estimated prior service credit for the other defined benefit postretirement plan that will be amortized from Accumulated other
comprehensive earnings (loss) into net periodic benefit cost over the next fiscal year is $0.7 million.
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