Black & Decker 2015 Annual Report Download - page 100

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In addition, the Company also contributes to a number of multiemployer plans outside of the U.S. The foreign plans are
insured, therefore, the Company’s obligation is limited to the payment of insurance premiums.
The Company has assessed and determined that none of the multiemployer plans to which it contributes are individually
significant to the Company’s financial statements. The Company does not expect to incur a withdrawal liability or expect to
significantly increase its contributions over the remainder of the contract period.
In addition to the multiemployer plans, various other defined contribution plans are sponsored worldwide.
The expense for such defined contribution plans, aside from the earlier discussed ESOP plans, is as follows:
(Millions of Dollars) 2015 2014 2013
Multi-employer plan expense.................................................................... $ 4.0 $ 4.0 $ 3.3
Other defined contribution plan expense................................................... $ 11.7 $ 14.0 $ 14.6
The components of net periodic pension (benefit) expense are as follows:
U.S. Plans Non-U.S. Plans
(Millions of Dollars) 2015 2014 2013 2015 2014 2013
Service cost .................................................... $ 7.0 $ 8.9 $ 7.7 $ 14.4 $ 13.1 $ 13.4
Interest cost .................................................... 54.0 56.4 52.6 46.8 59.3 54.3
Expected return on plan assets ....................... (74.9) (72.1)(65.1)(56.5)(61.0)(54.9)
Prior service cost amortization....................... 1.8 1.1 1.1 0.9 0.3 0.4
Actuarial loss amortization............................. 7.2 0.9 5.7 7.5 7.0 5.1
Settlement / curtailment loss .......................... —— — 1.5 0.3 4.6
Net periodic pension (benefit) expense.......... $ (4.9) $(4.8) $ 2.0 $ 14.6 $ 19.0 $ 22.9
The Company provides medical and dental benefits for certain retired employees in the United States and Canada.
Approximately 12,900 participants are covered under these plans. Net periodic post-retirement benefit expense was comprised
of the following elements:
Other Benefit Plans
(Millions of Dollars) 2015 2014 2013
Service cost................................................................................................ $ 0.5 $ 1.0 $ 0.8
Interest cost................................................................................................ 2.1 2.7 2.5
Prior service credit amortization ............................................................... (1.3)(1.4)(1.4)
Actuarial loss amortization........................................................................ —(0.1) —
Net periodic post-retirement benefit expense............................................ $ 1.3 $ 2.2 $ 1.9
Changes in plan assets and benefit obligations recognized in accumulated other comprehensive loss in 2015 are as follows:
(Millions of Dollars) 2015
Current year actuarial loss.......................................................................................................................... $ 7.5
Amortization of actuarial loss .................................................................................................................... (14.7)
Prior service cost from plan amendments .................................................................................................. 6.0
Amortization of prior service costs............................................................................................................ (1.4)
Settlement / curtailment loss ...................................................................................................................... (3.0)
Currency / other.......................................................................................................................................... (16.4)
Total income recognized in accumulated other comprehensive loss (pre-tax).......................................... $(22.0)