Black & Decker 2012 Annual Report Download - page 99

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85
U.S. Plans
Non-U.S. Plans
(Millions of Dollars) 2012
2011
2010
2012
2011
2010
Service cost…………………………………..
$
6.6
$
6.5
$
18.1
$
12.1
$
12.6
$
12.8
Interest cost…………………………………..
62.9
69.6
61.2
47.3
52.9
44.7
Expected return on plan assets……………….
(67.1)
(70.0)
(52.5)
(44.3)
(50.5)
(39.8)
Prior service cost amortization……………….
1.0
1.0
1.0
0.4
0.3
0.2
Transition obligation amortization…………...
—
—
—
0.1
0.1
0.1
Actuarial loss amortization…………………..
6.2
2.5
2.0
2.1
3.0
4.1
Settlement / curtailment loss (gain)………….
11.3
1.9
(9.1)
3.3
(0.5)
(2.3)
Net periodic pension expense………………..
$
20.9
$
11.5
$
20.7
$
21.0
$
17.9
$
19.8
The U.S. settlement loss in 2012 pertains to partial settlements in two qualified pension plans arising from the voluntary
elections of participants.
The Company provides medical and dental benefits for certain retired employees in the United States and Canada.
Approximately 10,600 participants are covered under these plans. Net periodic post-retirement benefit expense was comprised
of the following elements:
Other Benefit Plans
(Millions of Dollars) 2012
2011
2010
Service cost……………………………………………………………….
$
0.9
$
0.6
$
1.3
Interest cost……………………………………………………………….
3.1
3.6
4.6
Prior service credit amortization………………………………………….
(1.2)
(1.2)
(0.2)
Actuarial loss amortization……………………………………………….
(0.2)
(0.2)
(0.1)
Settlement / curtailment gain……………………………………………..
0.1
—
(7.2)
Net periodic post-retirement benefit expense (income)…………………..
$
2.7
$
2.8
$
(1.6)
Changes in plan assets and benefit obligations recognized in other comprehensive income in 2012 are as follows:
(Millions of Dollars) 2012
Current year actuarial loss…………………………………………………………………………………
$
148.8
Amortization of actuarial loss……………………………………………………………………………...
(22.6)
Prior service cost from plan amendments………………………………………………………………….
1.1
Amortization of prior service costs………………………………………………………………………...
(0.3)
Amortization of transition obligation………………………………………………………………………
(0.1)
Currency / other…………………………………………………………………………………………….
4.3
Total loss recognized in other comprehensive income (pre-tax)…………………………………………..
$
131.2
The amounts in Accumulated other comprehensive loss expected to be recognized as components of net periodic benefit costs
during 2013 total $10.5 million, representing amortization of $10.3 million of actuarial loss, $0.1 million of prior service cost,
and $0.1 million of transition obligation.
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: