NOTE 13: POSTRETIREMENT BENEFITS
The following tables set forth the funded status of the defined benefit pension and postretirement plans, and amounts recognized in the
Consolidated Balance Sheet at the end of each year, in millions of dollars.
2009 2008
PENSION
BENEFITS
PLANS
IN THE
UNITED STATES
PENSION
BENEFITS
PLANS
OUTSIDE
OF THE
UNITED STATES
OTHER
POST-
RETIREMENT
BENEFITS
ALL PLANS
PENSION
BENEFITS
PLANS
IN THE
UNITED STATES
PENSION
BENEFITS
PLANS
OUTSIDE
OF THE
UNITED STATES
OTHER
POST-
RETIREMENT
BENEFITS
ALL PLANS
CHANGE IN BENEFIT OBLIGATION
Benefit obligation at beginning of
year $ 1,012.3 $ 531.4 $ 81.4 $ 1,013.2 $ 793.1 $ 86.9
Service cost 18.2 7.7 .7 26.1 14.7 .8
Interest cost 65.9 33.5 4.8 78.1 49.1 4.9
Curtailment gain — — — (1.1) (1.5) —
Plan participants’ contributions — 1.1 1.4 — 1.6 3.3
Actuarial (gains) losses 107.3 72.5 9.6 (21.9) (96.7) 3.4
Foreign currency exchange rate
changes — 50.3 1.5 — (182.3) (1.9)
Benefits paid (67.8) (36.9) (12.9) (82.1) (46.6) (15.6)
Plan amendments 2.5 — —
— — (.4)
Benefit obligation at end of year 1,138.4 659.6 86.5 1,012.3 531.4 81.4
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of
year 606.4 343.6 — 987.8 643.6 —
Actual return/(loss) on plan assets 140.4
62.6
— (297.1) (119.6) —
Expenses (6.6) (1.4) — (9.2) (2.1) —
Benefits paid (67.8) (35.5) (12.9) (82.1) (44.5) (15.6)
Employer contributions 6.8 13.1 11.5 7.0 21.4 12.3
Contributions by plan participants — 1.1 1.4 — 1.6 3.3
Foreign currency exchange rate
changes — 39.2
— — (156.8) —
Fair value of plan assets at end of
year 679.2 422.7 — 606.4 343.6 —
Funded status (459.2) (236.9) (86.5) (405.9) (187.8) (81.4)
Contributions subsequent to
measurement date — — — — — —
Accrued benefit cost at December
31 $ (459.2) $ (236.9) $ (86.5) $ (405.9) $ (187.8) $ (81.4)
AMOUNTS RECOGNIZED IN THE
CONSOLIDATED BALANCE
SHEET
Noncurrent assets $ — $ — $ — $ 17.5 $ — $ —
Current liabilities (7.0) (5.9) (9.3) (8.6) (5.3) (9.3)
Postretirement benefits (452.2) (231.0) (77.2) (414.8) (182.5) (72.1)
Net amount recognized at
December 31 $ (459.2) $ (236.9) $ (86.5) $ (405.9) $ (187.8) $ (81.4)
WEIGHTED-AVERAGE ASSUMPTIONS
USED TO DETERMINE BENEFIT
OBLIGATIONS AS OF MEASUREMENT
DATE
Discount rate 5.75% 5.56% 5.25% 6.75% 6.16% 6.25%
Rate of compensation increase 3.95% 3.61% —
3.95% 3.60% —
The amounts recognized in accumulated other comprehensive income (loss) as of December 31, 2009 and 2008, are as follows, in
millions of dollars:
DECEMBER 31, 2009
PENSION
BENEFITS
PLANS IN THE
UNITED STATES
PENSION BENEFITS
PLANS OUTSIDE OF
THE UNITED STATES
OTHER
POSTRETIREMENT
BENEFITS
ALL PLANS TOTAL
Prior service (cost) credit $ (5.7) $ (5.0) $ 19.7 $ 9.0
Net loss (579.9) (174.0) (23.9) (777.8)
Total $ (585.6) $ (179.0) $ (4.2) $ (768.8)
DECEMBER 31, 2008
Prior service (cost) credit $ (9.9) $ (5.4) $ 23.1 $ 7.8
Source: BLACK & DECKER CORP, 10-K, February 19, 2010 Powered by Morningstar
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