v2.4.0.6
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:

 

                         
    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:

 

                                 
    Number of
Shares
    Weighted
Average
Exercise
Price per
Share
    Weighted
Average
Remaining
Contractual
Term (Years)
    Aggregate
Intrinsic
Value
 

Outstanding at December 31, 2008

    18.7     $ 23.57                  

Granted

    0.3       21.03                  

Exercised

    (2.1     18.12             $ 17.8  
                           

 

 

 

Forfeited or expired

    (1.8     28.59                  
   

 

 

                         

Outstanding at December 31, 2009

    15.1       23.69                  

Granted

    3.1       27.48                  

Exercised

    (3.9     21.73             $ 34.3  
                           

 

 

 

Forfeited or expired

    (0.7     27.38                  
   

 

 

                         

Outstanding at December 31, 2010

    13.6       24.97                  

Granted

    3.0       29.83                  

Exercised

    (1.7     22.31             $ 14.4  
                           

 

 

 

Forfeited or expired

    (0.6     28.63                  
   

 

 

   

 

 

                 

Outstanding at December 31, 2011

    14.3     $ 26.13       4.2     $ 32.8  
   

 

 

   

 

 

   

 

 

   

 

 

 

Exercisable at December 31, 2011

    8.6     $ 24.92       3.4     $ 28.3  
   

 

 

   

 

 

   

 

 

   

 

 

 
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:

 

                                 
    Number of
Restricted Stock
Units and Shares of
Restricted Stock
(In Thousands)
    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                  

Granted

    516.0       23.92                  

Vested and issued

    (67.0     23.28                  

Forfeited

    (32.0     23.50                  
   

 

 

                         

Unissued at December 31, 2009

    653.2       23.85                  

Granted

    367.9       29.14                  

Vested and issued

    (171.8     22.63                  

Forfeited

    -       -                  
   

 

 

                         

Unissued at December 31, 2010

    849.3       26.39                  

Granted

    179.2       29.97                  

Vested and issued

    (250.5     26.61                  

Forfeited

    (8.0     24.97                  
   

 

 

   

 

 

                 

Unissued at December 31, 2011

    770.0     $ 27.17       0.4     $ 21.2  
   

 

 

   

 

 

   

 

 

   

 

 

 

Vested and unissued at December 31, 2011

    396.1     $ 26.88                  
   

 

 

   

 

 

                 
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.

 

                 
    Defined Benefit
Pension Plan
 
    2011     2010  

Accumulated Benefit Obligation

  $ 343.5     $ 371.6  

Change in Projected Benefit Obligation:

               

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
   

 

 

   

 

 

 

Projected benefit obligation at end of year

  $ 343.5     $ 371.6  
   

 

 

   

 

 

 

Change in Plan Assets:

               

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
   

 

 

   

 

 

 

Fair value of plan assets at end of year

  $ 303.6     $ 363.9  
   

 

 

   

 

 

 

Unfunded status

  $ 39.9     $ 7.7  
   

 

 

   

 

 

 

Amounts recognized in the statement of financial position consist of:

               

Noncurrent liabilities

  $ 39.9     $ 7.7  
   

 

 

   

 

 

 

Net amount recognized

  $ 39.9     $ 7.7  
   

 

 

   

 

 

 

Weighted average assumptions used to determine benefit obligations:

               

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:

 

                 
    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:

 

                         
    2011     2010     2009  

Components of Net Periodic Benefit Cost:

                       

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:

 

                         
    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:

 

                                 
          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.

 

                                                         
        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