Graco 2012 Annual Report Download - page 85

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79
U.S. International
2012 2011 2012 2011
Change in plan assets:
Fair value of plan assets at beginning of year $ 634.9 $ 635.0 $ 484.5 $ 426.3
Actual return on plan assets 74.9 29.0 4.7 63.2
Contributions 66.6 28.2 22.3 20.3
Currency translation — — 20.2 (0.2)
Benefits paid (69.3)(57.3)(32.3)(22.1)
Settlement charges and other — — 2.5 (3.0)
Fair value of plan assets at end of year $ 707.1 $ 634.9 $ 501.9 $ 484.5
Funded status at end of year $ (463.4) $ (420.0) $ (100.7) $ (51.8)
Amounts recognized in the Consolidated Balance Sheets:
Prepaid benefit cost, included in other assets $ — $ — $ 4.8 $ 23.9
Accrued current benefit cost, included in other accrued liabilities (9.7)(17.7)(4.4)(4.6)
Accrued noncurrent benefit cost, included in other noncurrent liabilities (453.7)(402.3)(101.1)(71.1)
Total $ (463.4) $ (420.0) $ (100.7) $ (51.8)
Amounts recognized in AOCI:
Prior service cost $ (7.6) $ (8.9) $ 0.6 $ 1.0
Net loss (777.9)(679.6)(132.2)(71.5)
AOCI, pretax $ (785.5) $ (688.5) $ (131.6) $ (70.5)
Accumulated benefit obligation $ 1,162.5 $ 1,049.7 $ 592.3 $ 528.1
U.S. International
2012 2011 2012 2011
Weighted-average assumptions used to determine benefit obligation:
Discount rate 3.50% 4.50% 4.15% 4.69%
Long-term rate of compensation increase 2.50% 2.80% 3.84% 3.72%
The international amounts as of December 31, 2012 include a projected benefit obligation of $176.2 million and plan assets of
$181.0 million for plans in which the benefit obligation is less than the fair value of plan assets.
Net pension cost includes the following components for the years ended December 31, (in millions, except percentages):
U.S. International
2012 2011 2010 2012 2011 2010
Service cost-benefits earned during the year $ 3.0 $ 4.3 $ 4.0 $ 7.9 $ 6.0 $ 4.8
Interest cost on projected benefit obligation 45.9 49.4 50.6 25.2 26.6 26.6
Expected return on plan assets (59.7)(59.6)(57.5)(25.6)(28.3)(24.8)
Amortization of:
Prior service cost 1.3 1.3 1.3 1.9 3.4 —
Actuarial loss 21.5 16.1 11.3 1.3 0.9 2.0
Curtailment, settlement and termination benefit costs 1.1 0.2 — 1.6 (0.8) 3.2
Net pension cost $ 13.1 $ 11.7 $ 9.7 $ 12.3 $ 7.8 $ 11.8
U.S. International
2012 2011 2010 2012 2011 2010
Weighted-average assumptions used to determine net
periodic benefit cost:
Discount rate 4.50% 5.25% 5.75% 4.65% 5.35% 5.70%
Long-term rate of return on plan assets 8.25% 8.25% 8.25% 5.12% 6.39% 6.32%
Long-term rate of compensation increase 2.80% 2.70% 3.00% 3.74% 4.02% 4.22%