Black & Decker 2010 Annual Report Download - page 113
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The components of net periodic pension expense are as follows:
(Millions of Dollars) 2010 2009 2008 2010 2009 2008
U.S. Plans Non-U.S. Plans
Service cost ................... $ 18.1 $ 2.6 $ 2.7 $ 12.8 $ 3.8 $ 4.7
Interest cost ................... 61.2 9.8 9.8 44.7 13.3 15.4
Expected return on plan assets ..... (52.5) (6.7) (10.3) (39.8) (14.9) (19.0)
Amortization of prior service cost . . . 1.0 1.2 1.4 0.2 0.1 0.1
Transition amount amortization ..... ---0.1 0.1 0.1
Actuarial loss amortization ........ 2.0 2.9 - 4.1 2.4 3.9
Settlement /curtailment loss (gain). . . (9.1) 1.2 - (2.3) (1.7) 1.0
Net periodic pension expense ...... $ 20.7 $11.0 $ 3.6 $ 19.8 $ 3.1 $ 6.2
The Company provides medical and dental benefits for certain retired employees in the United States.
Approximately 9,300 participants are covered under these plans. Net periodic post-retirement benefit expense
was comprised of the following elements:
(Millions of Dollars) 2010 2009 2008
Other Benefit Plans
Service cost ............................................... $ 1.3 $ 0.8 $ 1.0
Interest cost ............................................... 4.6 1.3 1.4
Amortization of prior service cost ............................... (0.2) (0.2) (0.2)
Actuarial loss amortization .................................... (0.1) (0.1) (0.3)
Settlement /curtailment gain ................................... (7.2) --
Net periodic pension expense (income)............................. $(1.6) $ 1.8 $ 1.9
Changes in plan assets and benefit obligations recognized in other comprehensive income in 2010 are as
follows:
(Millions of Dollars) 2010
Current year actuarial loss ....................................................... $47.5
Amortization of actuarial loss .................................................... (64.6)
Current year prior service credit .................................................. (8.7)
Amortization of prior service costs................................................. (1.6)
Amortization of transition obligation ............................................... (0.1)
Currency /other ............................................................... (1.7)
Total gain recognized in other comprehensive income (pre-tax) ............................ $(29.2)
The amounts in Accumulated other comprehensive loss expected to be recognized as components of net
periodic benefit costs during 2011 total $5.8 million, representing amortization of $5.6 million of actuarial
loss, $0.1 million of prior service cost, and $0.1 million of transition obligation.
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