Black & Decker 2010 Annual Report Download - page 114

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The changes in the pension and other post-retirement benefit obligations, fair value of plan assets, as well as
amounts recognized in the Consolidated Balance Sheets, are shown below:
2010 2009 2010 2009 2010 2009
U.S. Plans Non-U.S. Plans Other Benefits
Change in benefit obligation
Benefit obligation at end of prior year ....... $ 176.1 $166.9 $ 256.6 $217.2 $ 23.0 $ 23.0
Service cost .......................... 18.1 2.6 12.8 3.8 1.3 0.8
Interest cost .......................... 61.2 9.8 44.7 13.3 4.6 1.3
Settlements/curtailments ................. (65.6) 0.4 (14.1) (6.9) (11.0) -
Actuarial loss ......................... 81.6 5.5 13.0 20.1 3.9 0.7
Plan amendments ...................... 2.0 0.3 3.3 -(13.9) -
Foreign currency exchange rates ........... --9.3 22.6 0.2 -
Participant contributions ................. --0.8 ---
Acquisitions, divestitures and other ......... 1,181.7 0.3 706.6 1.1 90.4 -
Benefits paid ......................... (64.6) (9.7) (45.9) (14.6) (11.6) (2.8)
Benefit obligation at end of year ........... $1,390.5 $176.1 $ 987.1 $256.6 $ 86.9 $ 23.0
Change in plan assets
Fair value of plan assets at end of prior year . . $ 108.7 $ 90.5 $ 210.8 $174.9 $-$-
Actual return on plan assets .............. 86.9 21.0 51.2 26.8 --
Participant contributions ................. --0.8 ---
Employer contributions .................. 212.6 6.9 52.4 7.7 11.6 2.8
Settlements ........................... --(7.3) (4.6) --
Foreign currency exchange rate changes ..... --11.0 20.2 --
Acquisitions, divestitures and other ......... 688.5 -446.1 0.2 --
Benefits paid ......................... (64.6) (9.7) (45.9) (14.6) (11.6) (2.8)
Fair value of plan assets at end of plan year. . . $1,032.1 $108.7 $ 719.1 $210.8 $-$ -
Funded status — assets less than benefit
obligation .......................... $ (358.4) $ (67.4) $(268.0) $ (45.8) $ (86.9) $(23.0)
Unrecognized prior service cost (credit)...... 5.4 4.8 3.3 0.4 (14.6) (0.9)
Unrecognized net actuarial loss ............ 24.9 35.7 70.9 79.1 1.4 1.2
Unrecognized net transition liability ........ --0.4 0.6 --
Net amount recognized .................. $ (328.1) $ (26.9) $(193.4) $ 34.3 $(100.1) $(22.7)
Amounts recognized in the Consolidated
Balance Sheets
Prepaid benefit cost (non-current) .......... $ 0.2 $-$ 4.8 $ 4.4 $-$-
Current benefit liability ................. (56.9) (2.7) (8.1) (1.2) (10.5) (2.0)
Non-current benefit liability .............. (301.7) (64.7) (264.7) (49.0) (76.4) (21.0)
Net liability recognized .................. $ (358.4) $ (67.4) $(268.0) $ (45.8) $ (86.9) $(23.0)
Accumulated other comprehensive loss (pre-
tax):
Prior service cost (credit) ................ $ 5.4 $ 4.8 $ 3.3 $ 0.4 $ (14.6) $ (0.9)
Actuarial loss ......................... 24.9 35.7 70.9 79.1 1.4 1.2
Transition liability ..................... --0.4 0.6 --
$ 30.3 $ 40.5 $ 74.6 $ 80.1 $ (13.2) $ 0.3
Net amount recognized .................. $ (328.1) $ (26.9) $(193.4) $ 34.3 $(100.1) $(22.7)
During the fourth quarter of 2010, certain Black & Decker U.S. and U.K pension plans, as well as the
U.S. retiree health benefit plan were curtailed resulting in curtailment gains of $20 million as disclosed in the
tables above. In 2010, the increase in the U.S. projected benefit obligation from actuarial losses primarily
pertains to the discount rate used to measure the pension liabilities along with investment experience for the
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