|
Employee Benefit Plans (Tables)
|
12 Months Ended |
|
Dec. 31, 2011
|
| Employee Benefit Plans [Abstract] |
|
| Weighted-average assumptions for calculating fair values of stock options granted |
The weighted-average estimated fair values of stock options granted during the years ended December 31, 2011, 2010 and 2009 were $5.35, $5.28 and
$3.79 per option, respectively, which were calculated using the following weighted-average assumptions:
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|
2011 |
|
|
2010 |
|
|
2009 |
|
|
Expected volatility
|
|
|
27.3 |
% |
|
|
28.6 |
% |
|
|
28.7 |
% |
|
Risk-free interest rate
|
|
|
1.7 |
% |
|
|
2.4 |
% |
|
|
1.4 |
% |
|
Dividend yield
|
|
|
2.7 |
% |
|
|
2.9 |
% |
|
|
3.1 |
% |
|
Expected life (in years)
|
|
|
4.4 |
|
|
|
4.3 |
|
|
|
4.2 |
|
|
Contractual life (in years)
|
|
|
7 |
|
|
|
7 |
|
|
|
7 |
|
|
| The following table summarizes the stock option activity |
The following table summarizes the stock option activity for the
years ended December 31, 2009, 2010 and 2011:
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Number of Shares |
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|
Weighted Average Exercise Price per Share |
|
|
Weighted Average Remaining Contractual Term (Years) |
|
|
Aggregate Intrinsic Value |
|
|
Outstanding at December 31, 2008
|
|
|
18.7 |
|
|
$ |
23.57 |
|
|
|
|
|
|
|
|
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Granted
|
|
|
0.3 |
|
|
|
21.03 |
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(2.1 |
) |
|
|
18.12 |
|
|
|
|
|
|
$ |
17.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forfeited or expired
|
|
|
(1.8 |
) |
|
|
28.59 |
|
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|
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Outstanding at December 31, 2009
|
|
|
15.1 |
|
|
|
23.69 |
|
|
|
|
|
|
|
|
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Granted
|
|
|
3.1 |
|
|
|
27.48 |
|
|
|
|
|
|
|
|
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Exercised
|
|
|
(3.9 |
) |
|
|
21.73 |
|
|
|
|
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|
$ |
34.3 |
|
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|
|
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|
|
|
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|
|
|
|
|
|
|
|
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Forfeited or expired
|
|
|
(0.7 |
) |
|
|
27.38 |
|
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Outstanding at December 31, 2010
|
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|
13.6 |
|
|
|
24.97 |
|
|
|
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|
|
|
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Granted
|
|
|
3.0 |
|
|
|
29.83 |
|
|
|
|
|
|
|
|
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Exercised
|
|
|
(1.7 |
) |
|
|
22.31 |
|
|
|
|
|
|
$ |
14.4 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Forfeited or expired
|
|
|
(0.6 |
) |
|
|
28.63 |
|
|
|
|
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|
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|
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Outstanding at December 31, 2011
|
|
|
14.3 |
|
|
$ |
26.13 |
|
|
|
4.2 |
|
|
$ |
32.8 |
|
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Exercisable at December 31, 2011
|
|
|
8.6 |
|
|
$ |
24.92 |
|
|
|
3.4 |
|
|
$ |
28.3 |
|
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|
| Restricted stock unit and restricted stock activity |
The following table summarizes the
restricted stock unit and restricted stock activity for the years ended December 31, 2009, 2010 and 2011:
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|
Number of Restricted Stock Units and Shares of Restricted Stock (In
Thousands) |
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|
Weighted-Average Grant Date Fair Value per Share |
|
|
Weighted-Average Remaining Contractual Term (Years) |
|
|
Aggregate Intrinsic Value |
|
|
Unissued at December 31, 2008
|
|
|
236.2 |
|
|
$ |
23.50 |
|
|
|
|
|
|
|
|
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|
Granted
|
|
|
516.0 |
|
|
|
23.92 |
|
|
|
|
|
|
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Vested and issued
|
|
|
(67.0 |
) |
|
|
23.28 |
|
|
|
|
|
|
|
|
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Forfeited
|
|
|
(32.0 |
) |
|
|
23.50 |
|
|
|
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|
|
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Unissued at December 31, 2009
|
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|
653.2 |
|
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|
23.85 |
|
|
|
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|
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|
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Granted
|
|
|
367.9 |
|
|
|
29.14 |
|
|
|
|
|
|
|
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|
Vested and issued
|
|
|
(171.8 |
) |
|
|
22.63 |
|
|
|
|
|
|
|
|
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Forfeited
|
|
|
- |
|
|
|
- |
|
|
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Unissued at December 31, 2010
|
|
|
849.3 |
|
|
|
26.39 |
|
|
|
|
|
|
|
|
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Granted
|
|
|
179.2 |
|
|
|
29.97 |
|
|
|
|
|
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|
Vested and issued
|
|
|
(250.5 |
) |
|
|
26.61 |
|
|
|
|
|
|
|
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Forfeited
|
|
|
(8.0 |
) |
|
|
24.97 |
|
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Unissued at December 31, 2011
|
|
|
770.0 |
|
|
$ |
27.17 |
|
|
|
0.4 |
|
|
$ |
21.2 |
|
| |
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|
|
|
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|
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|
Vested and unissued at December 31, 2011
|
|
|
396.1 |
|
|
$ |
26.88 |
|
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|
| Accumulated benefit obligation and reconciliations of the changes of defined benefit pension plan |
The following table presents the ABO and reconciliations of the changes in the PBO, the plan
assets and the accounting funded status of our defined benefit pension plan for the years ended December 31, 2011 and 2010.
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|
Defined Benefit Pension Plan |
|
| |
|
2011 |
|
|
2010 |
|
|
Accumulated Benefit Obligation
|
|
$ |
343.5 |
|
|
$ |
371.6 |
|
|
Change in Projected Benefit Obligation:
|
|
|
|
|
|
|
|
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|
Projected benefit obligation at beginning of year
|
|
$ |
371.6 |
|
|
$ |
364.7 |
|
|
Service cost
|
|
|
- |
|
|
|
0.2 |
|
|
Interest cost
|
|
|
17.0 |
|
|
|
20.5 |
|
|
Amendments
|
|
|
- |
|
|
|
1.2 |
|
|
Actuarial loss
|
|
|
30.2 |
|
|
|
2.2 |
|
|
Benefits paid
|
|
|
(75.3 |
) |
|
|
(17.2 |
) |
| |
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|
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|
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|
Projected benefit obligation at end of year
|
|
$ |
343.5 |
|
|
$ |
371.6 |
|
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|
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|
|
|
|
|
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|
Change in Plan Assets:
|
|
|
|
|
|
|
|
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|
Fair value of plan assets at beginning of year
|
|
$ |
363.9 |
|
|
$ |
333.3 |
|
|
Actual return on plan assets
|
|
|
18.0 |
|
|
|
37.8 |
|
|
Employer contributions
|
|
|
- |
|
|
|
10.0 |
|
|
Estimated expenses
|
|
|
(3.0 |
) |
|
|
- |
|
|
Benefits paid
|
|
|
(75.3 |
) |
|
|
(17.2 |
) |
| |
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|
|
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|
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|
Fair value of plan assets at end of year
|
|
$ |
303.6 |
|
|
$ |
363.9 |
|
| |
|
|
|
|
|
|
|
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|
Unfunded status
|
|
$ |
39.9 |
|
|
$ |
7.7 |
|
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|
|
|
|
|
|
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|
Amounts recognized in the statement of financial position consist of:
|
|
|
|
|
|
|
|
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|
Noncurrent liabilities
|
|
$ |
39.9 |
|
|
$ |
7.7 |
|
| |
|
|
|
|
|
|
|
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|
Net amount recognized
|
|
$ |
39.9 |
|
|
$ |
7.7 |
|
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|
|
|
|
|
|
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|
Weighted average assumptions used to determine benefit obligations:
|
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|
|
|
|
|
|
|
|
Discount rate
|
|
|
4.25 |
% |
|
|
5.25 |
% |
|
Rate of compensation increase
|
|
|
N/A |
|
|
|
N/A |
|
|
| Amounts included in accumulated other comprehensive income not yet been recognized as components of net periodic benefit cost |
The amounts included in accumulated other comprehensive income on the
consolidated statement of financial position that have not yet been recognized as components of net periodic benefit cost at December 31, 2011 and 2010 are as follows:
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|
|
|
|
|
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|
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|
Pension Benefits |
|
| |
|
2011 |
|
|
2010 |
|
|
Accumulated other comprehensive loss (income)
|
|
|
|
|
|
|
|
|
|
Net actuarial loss (gain)
|
|
$ |
1.7 |
|
|
$ |
(40.2 |
) |
|
| Components of net periodic benefit cost |
The components of the net periodic benefit cost are summarized below:
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|
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|
2011 |
|
|
2010 |
|
|
2009 |
|
|
Components of Net Periodic Benefit Cost:
|
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|
|
|
|
|
|
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|
|
|
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|
Service cost
|
|
$ |
3.0 |
|
|
$ |
0.2 |
|
|
$ |
0.2 |
|
|
Interest cost
|
|
|
17.0 |
|
|
|
20.5 |
|
|
|
20.2 |
|
|
Expected return on plan assets
|
|
|
(23.5 |
) |
|
|
(23.6 |
) |
|
|
(21.4 |
) |
|
Recognized net actuarial gain
|
|
|
(0.5 |
) |
|
|
- |
|
|
|
- |
|
|
Amortization of prior service cost
|
|
|
0.1 |
|
|
|
- |
|
|
|
- |
|
|
Settlement income
|
|
|
(5.9 |
) |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit cost
|
|
$ |
(9.8 |
) |
|
$ |
(2.9 |
) |
|
$ |
(1.0 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average assumptions used to determine net periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
5.25 |
% |
|
|
5.75 |
% |
|
|
5.75 |
% |
|
Expected return on plan assets
|
|
|
7.25 |
% |
|
|
7.25 |
% |
|
|
7.25 |
% |
|
Rate of compensation increase
|
|
|
N/A |
|
|
|
4.00 |
% |
|
|
4.00 |
% |
|
| Estimated future benefit payments |
Estimated future benefit payments for the next ten years under the Plan are as follows:
| |
|
|
|
|
|
2012
|
|
$ |
24.4 |
|
|
2013
|
|
|
20.7 |
|
|
2014
|
|
|
21.9 |
|
|
2015
|
|
|
21.2 |
|
|
2016
|
|
|
21.9 |
|
|
2017 through 2021
|
|
|
113.7 |
|
|
| Summary of target asset allocation and actual asset allocation for defined benefit pension plans |
The following table summarizes
our target asset allocation for 2011 and actual asset allocation at December 31, 2011 and 2010 for our defined benefit pension plan:
| |
|
|
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|
|
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| |
|
Target Asset Allocation |
|
|
2011 Actual
Asset Allocation |
|
|
2010 Actual
Asset Allocation |
|
|
Debt securities
|
|
|
65 |
% |
|
|
66 |
% |
|
|
57 |
% |
|
Equity securities
|
|
|
35 |
|
|
|
33 |
|
|
|
42 |
|
|
Cash or cash equivalents
|
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Changes in the fair value of the Plan's investment in Level 3 assets |
The following table summarizes, by level, within the fair value hierarchy, the investments of the Plan at fair value as of December 31, 2011 and 2010:
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|
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|
|
|
| |
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|
Fair Value Measurements Using |
|
| |
|
Total as of December 31, 2011 |
|
|
Quoted Prices in Active Markets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2)
|
|
|
Significant Unobservable Inputs (Level
3) |
|
|
Money market account
|
|
$ |
3.3 |
|
|
$ |
3.3 |
|
|
$ |
- |
|
|
$ |
- |
|
|
Common stock
|
|
|
13.7 |
|
|
|
13.7 |
|
|
|
- |
|
|
|
- |
|
|
Mutual funds and real estate investment trusts
|
|
|
206.1 |
|
|
|
162.4 |
|
|
|
43.7 |
|
|
|
- |
|
|
Bonds
|
|
|
80.1 |
|
|
|
- |
|
|
|
80.1 |
|
|
|
- |
|
|
Limited partnerships
|
|
|
0.4 |
|
|
|
- |
|
|
|
- |
|
|
|
0.4 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
303.6 |
|
|
$ |
179.4 |
|
|
$ |
123.8 |
|
|
$ |
0.4 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
|
|
Fair Value Measurements Using |
|
| |
|
Total as of December 31, 2010 |
|
|
Quoted Prices in Active Markets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2)
|
|
|
Significant Unobservable Inputs (Level
3) |
|
|
Money market account
|
|
$ |
4.6 |
|
|
$ |
4.6 |
|
|
$ |
- |
|
|
$ |
- |
|
|
Common stock
|
|
|
37.1 |
|
|
|
37.1 |
|
|
|
- |
|
|
|
- |
|
|
Mutual funds and real estate investment trusts
|
|
|
231.2 |
|
|
|
158.6 |
|
|
|
72.6 |
|
|
|
- |
|
|
Bonds
|
|
|
90.5 |
|
|
|
- |
|
|
|
90.5 |
|
|
|
- |
|
|
Limited partnerships
|
|
|
0.5 |
|
|
|
- |
|
|
|
- |
|
|
|
0.5 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
363.9 |
|
|
$ |
200.3 |
|
|
$ |
163.1 |
|
|
$ |
0.5 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Legal Plan Name |
There have been no significant changes that affect the comparability of the 2011,
2010 and 2009 contributions.
| |
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| |
|
|
|
Pension Protection Act Zone Status |
|
Funding
Improvement
or Rehabilitation
Plan Status Pending /
|
|
Republic Contributions to
Plan |
|
|
Surcharge |
|
|
Expiration |
|
|
Legal Plan Name
|
|
EIN |
|
2010 |
|
2009 |
|
Implemented |
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
Imposed |
|
|
of CBA |
|
|
Central States, Southeast and Southwest Areas Pension Fund
|
|
36-6044243 |
|
Critical |
|
Critical |
|
Implemented |
|
$ |
3.9 |
|
|
$ |
4.1 |
|
|
$ |
4.2 |
|
|
|
No |
|
|
|
1/31/12 - 8/31/13 |
|
|
Local 731 Private Scavengers and Garage Attendants Pension Trust Fund
|
|
36-6513567 |
|
Endangered |
|
Critical |
|
Implemented |
|
|
3.4 |
|
|
|
3.2 |
|
|
|
3.0 |
|
|
|
No |
|
|
|
9/30/13 - 1/31/14 |
|
|
Western Conference of Teamsters Pension Plan
|
|
91-6145047 |
|
Safe |
|
Safe |
|
No |
|
|
31.6 |
|
|
|
32.6 |
|
|
|
30.8 |
|
|
|
No |
|
|
|
2/1/12 - 11/30/16 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individually significant plans
|
|
|
|
|
|
|
|
|
|
|
38.9 |
|
|
|
39.9 |
|
|
|
38.0 |
|
|
|
|
|
|
|
|
|
|
All other plans
|
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
9.8 |
|
|
|
10.5 |
|
|
|
10.5 |
|
|
|
N/A |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
$ |
48.7 |
|
|
$ |
50.4 |
|
|
$ |
48.5 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|