Tecumseh Products 2014 Annual Report Download - page 50

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48
The following table provides a reconciliation of the changes in the pension and postretirement plan benefit obligations and fair
value of plan assets for 2014 and 2013:
Pension Benefits Other Benefits
(in millions) 2014 2013 2014 2013
Change in benefit obligation
Benefit obligation at beginning of period $ 164.8 $ 186.5 $ 0.3 $ 0.2
Service cost 0.9 2.2 — —
Interest cost 7.1 6.8 — —
Plan amendments — — — —
Actuarial loss (gain) 17.5 (15.1)—
(0.1)
Benefit payments (11.3)(10.2)—
(0.1)
Special termination benefits — — — —
Reclassification adjustment — — — 0.3
Settlements (0.3)(1.6)— —
Curtailments — (3.8)— —
Effect of changes in exchange rate (1.9)— — —
Benefit obligation at measurement date $ 176.8 $ 164.8 $ 0.3 $ 0.3
Change in plan assets
Fair value at beginning of period $ 144.0 $ 148.5 $ — $ —
Actual return on plan assets 12.8 5.9 — —
Employer contributions 1.0 1.7 — 0.1
Benefit payments (11.3)(10.2)—
(0.1)
Settlements (0.3)(1.6)— —
Effect of changes in exchange rate — (0.3)— —
Fair value at measurement date $ 146.2 $ 144.0 $ — $ —
The changes in benefit obligation due to the "Settlements" of $0.3 million in 2014 are related to some of our benefit plans in
Europe and India, where the lump sum benefit payments exceeded the sum of service cost and interest cost, triggering
settlement accounting.
The changes in benefit obligation due to the "Curtailments" of $3.8 million in 2013 are related to curtailment of our defined
benefit retirement plan for the domestic salaried employees. The related balance was also reversed from AOCI.
The changes in benefit obligation due to "Reclassification adjustment" of $0.3 million in 2013 are related to reclassification of
our postretirement benefit in Europe due to a continued review of our employee related plans. Previously the liabilities
associated with this plan were recorded in other current liabilities and other long-term liabilities on our Consolidated Balance
Sheets.
The accumulated benefit obligation for all defined benefit pension plans was $172.6 million and $160.9 million at
December 31, 2014 and 2013, respectively.
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
December 31,
(in millions) 2014 2013
Projected benefit obligation $ 176.8 $ 162.8
Accumulated benefit obligation $ 172.6 $ 159.3
Fair value of plan assets $ 146.2 $ 142.3