CLIFFS NATURAL RESOURCES INC. | 2013 | FY | 3


The following tables and information provide additional disclosures for the December 31, 2013 and 2012:
 
(In Millions)
 
Pension Benefits
 
Other Benefits
Change in benefit obligations:
2013
 
2012
 
2013
 
2012
Benefit obligations — beginning of year
$
1,244.3

 
$
1,141.4

 
$
459.8

 
$
488.4

Service cost (excluding expenses)
38.9

 
32.0

 
12.3

 
14.7

Interest cost
45.9

 
48.4

 
17.3

 
20.6

Plan amendments
0.8

 
2.8

 

 
(58.3
)
Actuarial (gain) loss
(121.8
)
 
84.3

 
(103.3
)
 
11.3

Benefits paid
(72.9
)
 
(71.0
)
 
(28.0
)
 
(26.9
)
Participant contributions

 

 
5.6

 
4.6

Federal subsidy on benefits paid

 

 
0.5

 
0.8

Exchange rate (gain) loss
(17.2
)
 
6.4

 
(8.0
)
 
4.6

Benefit obligations — end of year
$
1,118.0

 
$
1,244.3

 
$
356.2

 
$
459.8

 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets — beginning of year
$
838.7

 
$
744.1

 
$
237.0

 
$
193.5

Actual return on plan assets
109.5

 
92.5

 
11.0

 
26.1

Participant contributions

 

 
1.8

 
1.7

Employer contributions
53.7

 
67.7

 
20.7

 
23.3

Benefits paid
(72.9
)
 
(71.0
)
 
(18.7
)
 
(7.6
)
Exchange rate gain (loss)
(13.7
)
 
5.4

 

 

Fair value of plan assets — end of year
$
915.3

 
$
838.7

 
$
251.8

 
$
237.0

 
 
 
 
 
 
 
 
Funded status at December 31:
 
 
 
 
 
 
 
Fair value of plan assets
$
915.3

 
$
838.7

 
$
251.8

 
$
237.0

Benefit obligations
(1,118.0
)
 
(1,244.3
)
 
(356.2
)
 
(459.8
)
Funded status (plan assets less benefit obligations)
$
(202.7
)
 
$
(405.6
)
 
$
(104.4
)
 
$
(222.8
)
Amount recognized at December 31
$
(202.7
)
 
$
(405.6
)
 
$
(104.4
)
 
$
(222.8
)
 
 
 
 
 
 
 
 
Amounts recognized in Statements of Financial Position:
 
 
 
 
 
 
 
Current liabilities
$
(5.2
)
 
$
(1.8
)
 
$
(7.9
)
 
$
(8.3
)
Noncurrent liabilities
(197.5
)
 
(403.8
)
 
(96.5
)
 
(214.5
)
Net amount recognized
$
(202.7
)
 
$
(405.6
)
 
$
(104.4
)
 
$
(222.8
)
 
 
 
 
 
 
 
 
Amounts recognized in accumulated other comprehensive income:
 
 
 
 
 
 
 
Net actuarial loss
$
230.6

 
$
429.2

 
$
67.0

 
$
176.8

Prior service cost
14.9

 
17.2

 
(45.4
)
 
(48.8
)
Transition asset

 

 

 

Net amount recognized
$
245.5

 
$
446.4

 
$
21.6

 
$
128.0

 
 
 
 
 
 
 
 
The estimated amounts that will be amortized from accumulated
other comprehensive income into net periodic benefit cost in 2014:
 
 
 
 
 
 
 
Net actuarial loss
$
14.2

 
 
 
$
4.6

 
 
Prior service cost
2.7

 
 
 
(3.6
)
 
 
Net amount recognized
$
16.9

 
 
 
$
1.0

 
 

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