The following table sets forth, in millions of dollars, benefit payments, which reflect expected future service, as appropriate, expected
to be paid in the periods indicated:
PENSION BENEFITS
PLANS IN THE
UNITED STATES
PENSION BENEFITS
PLANS OUTSIDE OF THE
UNITED STATES
OTHER POST-
RETIREMENT
BENEFITS ALL PLANS
2010 $ 72.9 $ 30.9 $ 9.6
2011 72.9 32.0 9.2
2012 72.5 33.0 8.7
2013 94.7 34.3 8.3
2014 74.2 35.3 8.1
2015-2019 388.0 195.1 35.9
The net periodic cost (benefit) related to the defined benefit pension plans included the following components, in millions of dollars:
PENSION BENEFITS
PLANS IN THE UNITED STATES
PENSION BENEFITS
PLANS OUTSIDE OF THE UNITED
STATES
2009 2008 2007 2009 2008 2007
Service cost $ 19.3 $ 22.6 $ 26.0 $ 7.7 $ 12.3 $ 14.7
Interest cost 65.9 63.7 62.5 33.5 40.9 39.6
Expected return on plan assets (69.5) (77.9) (75.6) (32.4) (40.1) (39.3)
Amortization of prior service cost 1.4 2.1 2.1 1.0 1.4 1.7
Amortization of net actuarial loss 18.4 15.9 26.3 — 4.7 12.9
Curtailment loss 5.3 — — — 1.1 —
Net periodic cost $ 40.8 $ 26.4 $ 41.3 $ 9.8 $ 20.3 $ 29.6
WEIGHTED-AVERAGE ASSUMPTIONS
USED IN DETERMINING NET
PERIODIC COST FOR YEAR:
Discount rate 6.75% 6.50% 6.00% 6.16% 5.67% 4.93%
Expected return on plan assets 8.25% 8.75% 8.75% 7.24% 7.49% 7.49%
Rate of compensation increase 4.00% 4.00% 3.95% 3.60% 3.65% 3.65%
The net periodic cost related to the defined benefit postretirement plans included the following components, in millions of dollars:
2009 2008 2007
Service cost $ .7 $ .8 $ .8
Interest cost 4.8 4.9 5.3
Amortization of prior service cost (3.4) (3.6) (4.5)
Amortization of net actuarial loss .8 .4 .2
Net periodic cost $ 2.9 $ 2.5 $ 1.8
Weighted-average discount rate
used in determining net
periodic cost for year 6.25% 6.00% 6.25%
The health care cost trend rate used to determine the postretirement benefit obligation was 7.70% for participants under 65 and 7.00%
for participants 65 and older in 2009. This rate decreases gradually to an ultimate rate of 4.50% in 2028, and remains at that level
thereafter. The trend rate is a significant factor in determining the amounts reported. A one-percentage-point change in these assumed
health care cost trend rates would have the following effects, in millions of dollars:
ONE-PERCENTAGE-POINT INCREASE (DECREASE)
Effect on total of service and
interest cost components $ .2 $ (.2)
Effect on postretirement benefit obligation 3.9 (3.6)
In 2010, the Corporation expects to make cash contributions of approximately $67.0 million to its defined benefit pension plans. The
amounts principally represent contributions required by funding regulations or laws or those related to unfunded plans necessary to
fund current benefits. In addition, the Corporation expects to continue to make contributions in 2010 sufficient to fund benefits paid
under its other postretirement benefit plans during that year, net of contributions by plan participants. The Corporation expects that
such contributions will be approximately $9.6 million in 2010.
Expense for defined contribution plans amounted to $6.2 million, $13.0 million, and $12.4 million in 2009, 2008, and 2007,
respectively.
Source: BLACK & DECKER CORP, 10-K, February 19, 2010 Powered by Morningstar
®
Document Research℠
(16 pages)
(2 pages)
Manymanuals.com
Manymanuals.de
Manymanuals.fr
Manymanuals.it
Manymanuals.pl
Manymanuals.cz
Manymanuals.es
Manymanuals-pt.com
Commentaires sur ces manuels