Pensions | Other Benefits (1) | ||||||||||||||
December 31, | |||||||||||||||
(in Millions, except for percentages) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Following are the weighted average assumptions used to determine the benefit obligations at December 31: | |||||||||||||||
Discount rate | 4.95 | % | 4.15 | % | 4.95 | % | 4.15 | % | |||||||
Rate of compensation increase | 3.40 | % | 3.40 | % | — | % | — | % | |||||||
Accumulated benefit obligation: | |||||||||||||||
Plans with unfunded accumulated benefit obligation | $ | 1,255.3 | $ | 1,367.3 | $ | — | $ | — | |||||||
Change in projected benefit obligation | |||||||||||||||
Projected benefit obligation at January 1 | $ | 1,428.1 | $ | 1,268.3 | $ | 29.2 | $ | 28.4 | |||||||
Service cost | 22.0 | 20.2 | 0.1 | 0.1 | |||||||||||
Interest cost | 57.7 | 61.3 | 1.0 | 1.4 | |||||||||||
Actuarial loss (gain) | (103.6 | ) | 140.7 | (4.2 | ) | 3.0 | |||||||||
Amendments | 0.7 | — | — | — | |||||||||||
Foreign currency exchange rate changes | 0.6 | 3.4 | 0.1 | (0.1 | ) | ||||||||||
Plan participants’ contributions | — | 0.2 | 6.2 | 6.1 | |||||||||||
Settlements | (16.1 | ) | — | — | — | ||||||||||
Curtailments | — | (3.0 | ) | — | — | ||||||||||
Benefits paid | (74.2 | ) | (63.0 | ) | (8.9 | ) | (9.7 | ) | |||||||
Projected benefit obligation at December 31 | 1,315.2 | 1,428.1 | 23.5 | 29.2 | |||||||||||
Change in fair value of plan assets: | |||||||||||||||
Fair value of plan assets at January 1 | 1,060.2 | 918.8 | — | — | |||||||||||
Actual return on plan assets | 250.9 | 127.2 | — | — | |||||||||||
Foreign currency exchange rate changes | 0.7 | 3.1 | — | — | |||||||||||
Company contributions | 63.9 | 73.9 | 2.7 | 3.6 | |||||||||||
Plan participants’ contributions | — | 0.2 | 6.2 | 6.1 | |||||||||||
Settlements | (16.1 | ) | — | — | — | ||||||||||
Benefits paid | (74.2 | ) | (63.0 | ) | (8.9 | ) | (9.7 | ) | |||||||
Fair value of plan assets at December 31 | 1,285.4 | 1,060.2 | — | — | |||||||||||
Net funded status of the plan (liability) | $ | (29.8 | ) | $ | (367.9 | ) | $ | (23.5 | ) | $ | (29.2 | ) | |||
Amount recognized in the consolidated balance sheets: | |||||||||||||||
Pension other asset (2) | $ | 17.2 | $ | — | $ | — | $ | — | |||||||
Accrued benefit liability | (47.0 | ) | (367.9 | ) | (23.5 | ) | (29.2 | ) | |||||||
Total | $ | (29.8 | ) | $ | (367.9 | ) | $ | (23.5 | ) | $ | (29.2 | ) |
(1) | Refer to Note 9 for information on our discontinued postretirement benefit plans. |
(2) | Included in “Other assets” on the consolidated balance sheets. |
Pensions | Other Benefits (1) | ||||||||||||||
December 31, | |||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||
The amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit cost are as follows: | |||||||||||||||
Prior service (cost) credit | $ | (6.3 | ) | $ | (7.7 | ) | $ | — | $ | — | |||||
Net actuarial (loss) gain | (281.7 | ) | (620.3 | ) | 13.0 | 10.7 | |||||||||
Accumulated other comprehensive income (loss) – pretax | (288.0 | ) | (628.0 | ) | 13.0 | 10.7 | |||||||||
Accumulated other comprehensive income (loss) – net of tax | $ | (182.5 | ) | $ | (394.2 | ) | $ | 8.1 | $ | 6.7 |
(1) | Refer to Note 9 for information on our discontinued postretirement benefit plans. |