Black & Decker 2015 Annual Report Download - page 102

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88
U.S. Plans Non-U.S. Plans Other Benefits
(Millions of Dollars) 2015 2014 2015 2014 2015 2014
Amounts recognized in the
Consolidated Balance Sheets
Prepaid benefit cost (non-current) .............. $ — $ — $ 2.9 $ 0.6 $ — $ —
Current benefit liability............................... (11.0) (15.9)(7.9)(8.1)(6.7)(7.5)
Non-current benefit liability ....................... (293.2) (270.5)(321.9)(417.2)(54.3)(62.3)
Net liability recognized............................... $ (304.2) $(286.4)$(326.9)$(424.7)$(61.0)$(69.8)
Accumulated other comprehensive loss
(pre-tax):
Prior service cost (credit)............................ $ 9.1 $ 5.1 $ 2.3 $ 3.2 $(6.6)$(7.9)
Actuarial loss .............................................. 255.8 214.7 233.5 298.7 1.4 3.6
Transition liability....................................... ——0.1 0.1 ——
$ 264.9 $ 219.8 $ 235.9 $ 302.0 $(5.2)$(4.3)
Net amount recognized............................... $ (39.3) $(66.6)$(91.0)$(122.7)$(66.2)$(74.1)
The accumulated benefit obligation for all defined benefit pension plans was $2,714.0 million at January 2, 2016 and $2,948.9
million at January 3, 2015. Information regarding pension plans in which accumulated benefit obligations exceed plan assets
follows:
U.S. Plans Non-U.S. Plans
(Millions of Dollars) 2015 2014 2015 2014
Projected benefit obligation............................................... $ 1,385.7 $ 1,460.5 $ 894.5 $ 1,511.4
Accumulated benefit obligation......................................... $ 1,383.9 $ 1,460.5 $ 855.5 $ 1,463.3
Fair value of plan assets..................................................... $ 1,081.5 $ 1,174.1 $ 566.9 $ 1,088.3
Information regarding pension plans in which projected benefit obligations (inclusive of anticipated future compensation
increases) exceed plan assets follows:
U.S. Plans Non-U.S. Plans
(Millions of Dollars) 2015 2014 2015 2014
Projected benefit obligation............................................... $ 1,385.7 $ 1,460.5 $ 921.7 $ 1,539.6
Accumulated benefit obligation......................................... $ 1,383.9 $ 1,460.5 $ 879.4 $ 1,488.0
Fair value of plan assets..................................................... $ 1,081.5 $ 1,174.1 $ 591.9 $ 1,114.4
The major assumptions used in valuing pension and post-retirement plan obligations and net costs were as follows:
Pension Benefits
U.S. Plans Non-U.S. Plans Other Benefits
2015 2014 2013 2015 2014 2013 2015 2014 2013
Weighted-average
assumptions used to
determine benefit obligations
at year end:
Discount rate............................. 4.25% 3.75% 4.50% 3.25% 3.25% 4.00% 3.75% 3.25% 4.00%
Rate of compensation increase . 6.00% 6.00% 6.00% 3.25% 3.50% 3.75% 3.50% 3.50% 3.50%
Weighted-average
assumptions used to
determine net periodic
benefit cost:
Discount rate............................. 3.75% 4.50% 3.75% 3.25% 4.00% 4.00% 3.25% 4.00% 3.00%
Rate of compensation increase . 6.00% 6.00% 6.00% 3.50% 3.75% 3.25% 3.50% 3.50% 3.50%
Expected return on plan assets.. 6.50% 7.00% 6.25% 5.25% 5.75% 6.00% — — —