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Employee Plans (Tables) | 12 Months Ended
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Dec. 31, 2013
Fair Value Assumptions on Stock Options | The fair value of stock option awards was estimated using the Black-Scholes option pricing model with the following assumptions and weighted-average fair values as follows:
Year Ended December 31 |  |  | 2013 |  |  |  | 2012 |  |  |  | 2011 |
Weighted-average fair value of grant |  | $ | 8.79 |  |  | $ | 9.73 |  |  | $ | 20.10 |
Risk-free interest rate |  |  | .54 | % |  |  | .54 | % |  |  | 1.71 | %
Expected volatility |  |  | 50.19 | % |  |  | 71.29 | % |  |  | 71.31 | %
Expected life of options in years |  |  | 3.69 |  |  |  | 3.65 |  |  |  | 3.62 |
Expected dividend yield |  |  | – |  |  |  | – |  |  |  | – |
Summary of Stock Option Activity | A summary of stock option activity for the year ended December 31, 2013 follows (shares in thousands):
Options |  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value ($ in millions) |
Outstanding at December 31, 2012 |  |  | 2,766 |  |  | $ | 35.50 |  |  |  |  |  |  |  |  |
Granted |  |  | 777 |  |  |  | 23.71 |  |  |  |  |  |  |  |  |
Exercised |  |  | (554 | ) |  |  | 9.78 |  |  |  |  |  |  |  |  |
Forfeited and expired |  |  | (291 | ) |  |  | 78.07 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2013 |  |  | 2,698 |  |  |  | 32.74 |  |  |  | 2.56 |  |  | $ | 20.0 |
Expected to vest at December 31, 2013 |  |  | 1,358 |  |  |  | 24.39 |  |  |  | 3.54 |  |  | $ | 13.4 |
Exercisable at December 31, 2013 |  |  | 1,313 |  |  |  | 41.58 |  |  |  | 1.52 |  |  | $ | 6.3 |
Summary of Restricted Stock Unit Activity | A summary of restricted stock unit activity for the year ended December 31, 2013 follows (shares in thousands):
|  | Restricted Stock Units |  |  | Weighted-Average Grant-Date Fair Value |
Outstanding at December 31, 2012 |  |  | 361 |  |  | $ | 25.12 |
Granted |  |  | 223 |  |  |  | 23.79 |
Vested |  |  | (156 | ) |  |  | 28.62 |
Forfeited and expired |  |  | (27 | ) |  |  | 27.05 |
Outstanding at December 31, 2013 |  |  | 401 |  |  |  | 23.45 |
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets | Information for defined benefit retirement plans with an accumulated benefit obligation in excess of plan assets at December 31, 2013 and 2012 follows:
December 31 (millions) |  | 2013 |  |  | 2012 |
Accumulated benefit obligation |  | $ | 7,210.4 |  |  | $ | 7,645.6 |
Fair value of plan assets |  |  | 5,646.7 |  |  |  | 5,247.8 |
Schedule of Projected Benefit Obligation in Excess of Plan Assets | Information for defined benefit retirement plans with a projected benefit obligation in excess of plan assets at December 31, 2013 and 2012 follows:
December 31 (millions) |  | 2013 |  |  | 2012 |
Projected benefit obligation |  | $ | 7,217.4 |  |  | $ | 8,167.4 |
Fair value of plan assets |  |  | 5,646.7 |  |  |  | 5,758.7 |
Company's Investment Policy Targets and Ranges for Each Asset Category | The company’s investment policy targets and ranges for each asset category are as follows:
|  | U.S. |  |  | Int’l. |
Asset Category |  | Target |  |  | Range |  |  | Target |  |  | Range |
Equity securities |  |  | 58% |  |  |  | 52-64% |  |  |  | 38% |  |  |  | 32-44% |
Debt securities |  |  | 36% |  |  |  | 33-39% |  |  |  | 55% |  |  |  | 48-61% |
Real estate |  |  | 6% |  |  |  | 3-9% |  |  |  | 1% |  |  |  | 0-3% |
Cash |  |  | 0% |  |  |  | 0-5% |  |  |  | 1% |  |  |  | 0-5% |
Other |  |  | 0% |  |  |  | 0% |  |  |  | 5% |  |  |  | 0-10% |
Assumed Health Care Cost Trend Rates | In 2014, the company expects to contribute approximately $19 million to its postretirement benefit plan.
Assumed health care cost trend rates at December 31 |  | 2013 |  |  | 2012 |
Health care cost trend rate assumed for next year |  |  | 6.6 | % |  |  | 6.6 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) |  |  | 4.8 | % |  |  | 4.8 | %
Year that the rate reaches the ultimate trend rate |  |  | 2023 |  |  |  | 2023 |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects (in millions of dollars):
|  | 1-Percentage- Point Increase |  |  | 1-Percentage- Point Decrease |
Effect on service and interest cost |  | $ | .2 |  |  | $ | (.2 | )
Effect on postretirement benefit obligation |  |  | 5.5 |  |  |  | (4.1 | )
Schedule of Plans' Assets (Liabilities) at Fair Value | The following table sets forth by level, within the fair value hierarchy, the plans’ assets (liabilities) at fair value at December 31, 2013.
|  | U.S. Plans |  |  | International Plans |
December 31, 2013 (millions) |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Pension plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 1,916.2 |  |  | $ | 1,916.2 |  |  |  |  |  |  |  |  |  |  | $ | 1.8 |  |  | $ | 1.8 |  |  |  |  |  |  |  |  |
Commingled Funds |  |  | 494.3 |  |  |  |  |  |  | $ | 494.3 |  |  |  |  |  |  |  | 1,046.7 |  |  |  |  |  |  | $ | 1,046.7 |  |  |  |  |
Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. and UK Govt. Securities |  |  | 148.8 |  |  |  | 148.8 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Fixed Income |  |  | 978.1 |  |  |  |  |  |  |  | 978.1 |  |  |  |  |  |  |  | 268.9 |  |  |  |  |  |  |  | 268.9 |  |  |  |  |
Insurance Contracts |  |  | 79.5 |  |  |  |  |  |  |  |  |  |  | $ | 79.5 |  |  |  | 151.3 |  |  |  |  |  |  |  |  |  |  | $ | 151.3 |
Commingled Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 983.7 |  |  |  |  |  |  |  | 983.7 |  |  |  |  |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Investment Trusts |  |  | 145.7 |  |  |  | 145.7 |  |  |  |  |  |  |  |  |  |  |  | 1.3 |  |  |  | 1.3 |  |  |  |  |  |  |  |  |
Real Estate |  |  | 34.7 |  |  |  |  |  |  |  |  |  |  |  | 34.7 |  |  |  | 42.8 |  |  |  |  |  |  |  |  |  |  |  | 42.8 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  |  | (4.2 | ) |  |  | (4.5 | ) |  |  | .3 |  |  |  |  |  |  |  | 19.1 |  |  |  |  |  |  |  | 19.1 |  |  |  |  |
Private Equity |  |  | 16.5 |  |  |  |  |  |  |  |  |  |  |  | 16.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  | 93.3 |  |  |  |  |  |  |  | 93.3 |  |  |  |  |  |  |  | 141.0 |  |  |  |  |  |  |  | 90.8 |  |  |  | 50.2 |
Pooled Funds |  |  | 236.1 |  |  |  |  |  |  |  | 236.1 |  |  |  |  |  |  |  | 3.2 |  |  |  |  |  |  |  | 3.2 |  |  |  |  |
Cash |  |  | 5.7 |  |  |  | 5.7 |  |  |  |  |  |  |  |  |  |  |  | 22.1 |  |  |  | 22.1 |  |  |  |  |  |  |  |  |
Receivables |  |  | 45.5 |  |  |  | 45.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payables |  |  | (142.2 | ) |  |  | (142.2 | ) |  |  |  |  |  |  |  |  |  |  | (.1 | ) |  |  | (.1 | ) |  |  |  |  |  |  |  |
Total |  | $ | 4,048.0 |  |  | $ | 2,115.2 |  |  | $ | 1,802.1 |  |  | $ | 130.7 |  |  | $ | 2,681.8 |  |  | $ | 25.1 |  |  | $ | 2,412.4 |  |  | $ | 244.3 |
Other postretirement plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 7.5 |  |  |  |  |  |  |  |  |  |  | $ | 7.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange Traded Fund – Bond |  |  | 1.3 |  |  | $ | 1.3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pooled Funds |  |  | .4 |  |  |  |  |  |  | $ | .4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 9.2 |  |  | $ | 1.3 |  |  | $ | .4 |  |  | $ | 7.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The following table sets forth by level, within the fair value hierarchy, the plans’ assets (liabilities) at fair value at December 31, 2012.
|  | U.S. Plans |  |  | International Plans |
December 31, 2012 (millions) |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Pension plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 1,760.8 |  |  | $ | 1,760.8 |  |  |  |  |  |  |  |  |  |  | $ | 1.9 |  |  | $ | 1.9 |  |  |  |  |  |  |  |  |
Commingled Funds |  |  | 426.1 |  |  |  |  |  |  | $ | 426.1 |  |  |  |  |  |  |  | 885.8 |  |  |  |  |  |  | $ | 885.8 |  |  |  |  |
Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. and UK Govt. Securities |  |  | 145.9 |  |  |  | 145.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Fixed Income |  |  | 983.9 |  |  |  |  |  |  |  | 983.9 |  |  |  |  |  |  |  | 264.0 |  |  |  |  |  |  |  | 264.0 |  |  |  |  |
Insurance Contracts |  |  | 90.9 |  |  |  |  |  |  |  |  |  |  | $ | 90.9 |  |  |  | 146.7 |  |  |  |  |  |  |  |  |  |  | $ | 146.7 |
Commingled Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 886.8 |  |  |  |  |  |  |  | 886.8 |  |  |  |  |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Investment Trusts |  |  | 134.4 |  |  |  | 134.4 |  |  |  |  |  |  |  |  |  |  |  | .9 |  |  |  | .9 |  |  |  |  |  |  |  |  |
Real Estate |  |  | 34.8 |  |  |  |  |  |  |  |  |  |  |  | 34.8 |  |  |  | 31.1 |  |  |  |  |  |  |  |  |  |  |  | 31.1 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  |  | (5.2 | ) |  |  | (3.5 | ) |  |  | (1.7 | ) |  |  |  |  |  |  | 35.4 |  |  |  |  |  |  |  | 35.4 |  |  |  |  |
Private Equity |  |  | 20.8 |  |  |  |  |  |  |  |  |  |  |  | 20.8 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  | 91.3 |  |  |  |  |  |  |  | 91.3 |  |  |  |  |  |  |  | 130.2 |  |  |  |  |  |  |  | 72.1 |  |  |  | 58.1 |
Pooled Funds |  |  | 190.2 |  |  |  |  |  |  |  | 190.2 |  |  |  |  |  |  |  | 1.7 |  |  |  |  |  |  |  | 1.7 |  |  |  |  |
Cash |  |  | 4.8 |  |  |  | 4.8 |  |  |  |  |  |  |  |  |  |  |  | 14.7 |  |  |  | 14.7 |  |  |  |  |  |  |  |  |
Receivables |  |  | 47.9 |  |  |  | 47.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payables |  |  | (139.9 | ) |  |  | (139.9 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 3,786.7 |  |  | $ | 1,950.4 |  |  | $ | 1,689.8 |  |  | $ | 146.5 |  |  | $ | 2,399.2 |  |  | $ | 17.5 |  |  | $ | 2,145.8 |  |  | $ | 235.9 |
Other postretirement plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 7.9 |  |  |  |  |  |  |  |  |  |  | $ | 7.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange Traded Fund – Bond |  |  | 1.4 |  |  | $ | 1.4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pooled Funds |  |  | .4 |  |  |  |  |  |  | $ | .4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 9.7 |  |  | $ | 1.4 |  |  | $ | .4 |  |  | $ | 7.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Summary of Changes in the Fair Value of the Plans' Level 3 Assets | The following table sets forth a summary of changes in the fair value of the plans’ Level 3 assets for the year ended December 31, 2013.
(millions) |  |  | January 1, 2013 |  |  |  | Realized gains (losses) |  |  |  | Purchases or acquisitions |  |  |  | Sales or dispositions |  |  |  | Currency and unrealized gains (losses) relating to instruments still held at December 31, 2013 |  |  |  | December 31, 2013 |
U.S. plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension plan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate |  | $ | 34.8 |  |  | $ | .5 |  |  |  |  |  |  | $ | (2.4 | ) |  | $ | 1.8 |  |  | $ | 34.7 |
Private Equity |  |  | 20.8 |  |  |  | (17.5 | ) |  |  |  |  |  |  | (5.8 | ) |  |  | 19.0 |  |  |  | 16.5 |
Insurance Contracts |  |  | 90.9 |  |  |  |  |  |  |  |  |  |  |  | (6.7 | ) |  |  | (4.7 | ) |  |  | 79.5 |
Total |  | $ | 146.5 |  |  | $ | (17.0 | ) |  |  |  |  |  | $ | (14.9 | ) |  | $ | 16.1 |  |  | $ | 130.7 |
Other postretirement plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 7.9 |  |  | $ | (.2 | ) |  | $ | .2 |  |  | $ | (.4 | ) |  |  |  |  |  | $ | 7.5 |
International pension plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 146.7 |  |  |  |  |  |  | $ | 6.6 |  |  | $ | (12.7 | ) |  | $ | 10.7 |  |  | $ | 151.3 |
Real Estate |  |  | 31.1 |  |  |  |  |  |  |  | 9.5 |  |  |  |  |  |  |  | 2.2 |  |  |  | 42.8 |
Commingled Funds |  |  | 58.1 |  |  | $ | .4 |  |  |  |  |  |  |  | (12.3 | ) |  |  | 4.0 |  |  |  | 50.2 |
Total |  | $ | 235.9 |  |  | $ | .4 |  |  | $ | 16.1 |  |  | $ | (25.0 | ) |  | $ | 16.9 |  |  | $ | 244.3 |
The following table sets forth a summary of changes in the fair value of the plans’ Level 3 assets for the year ended December 31, 2012.
(millions) |  |  | January 1, 2012 |  |  |  | Realized gains (losses) |  |  |  | Purchases or acquisitions |  |  |  | Sales or dispositions |  |  |  | Currency and unrealized gains (losses) relating to instruments still held at December 31, 2012 |  |  |  | December 31, 2012 |
U.S. plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension plan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate |  | $ | 33.7 |  |  | $ | .3 |  |  |  |  |  |  | $ | (1.2 | ) |  | $ | 2.0 |  |  | $ | 34.8 |
Private Equity |  |  | 45.6 |  |  |  | 7.3 |  |  | $ | .3 |  |  |  | (26.7 | ) |  |  | (5.7 | ) |  |  | 20.8 |
Insurance Contracts |  |  | 79.6 |  |  |  | – |  |  |  | 7.6 |  |  |  | – |  |  |  | 3.7 |  |  |  | 90.9 |
Total |  | $ | 158.9 |  |  | $ | 7.6 |  |  | $ | 7.9 |  |  | $ | (27.9 | ) |  | $ | – |  |  | $ | 146.5 |
Other postretirement plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 7.5 |  |  | $ | .4 |  |  | $ | .3 |  |  | $ | (.3 | ) |  |  |  |  |  | $ | 7.9 |
International pension plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 145.5 |  |  |  |  |  |  | $ | 5.5 |  |  | $ | (12.1 | ) |  | $ | 7.8 |  |  | $ | 146.7 |
Real Estate |  |  | 29.0 |  |  |  |  |  |  |  | .4 |  |  |  | – |  |  |  | 1.7 |  |  |  | 31.1 |
Commingled Funds |  |  | 10.5 |  |  |  |  |  |  |  | 41.7 |  |  |  | (.2 | ) |  |  | 6.1 |  |  |  | 58.1 |
Total |  | $ | 185.0 |  |  |  |  |  |  | $ | 47.6 |  |  | $ | (12.3 | ) |  | $ | 15.6 |  |  | $ | 235.9 |
Pension Plans |
Funded Status of the Plan and Amounts Recognized in Consolidated Balance Sheet | Retirement plans’ funded status and amounts recognized in the company’s consolidated balance sheets at December 31, 2013 and 2012 follow:
|  | U.S. Plans |  |  | International Plans |
December 31 (millions) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Change in projected benefit obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 5,646.8 |  |  | $ | 5,154.8 |  |  | $ | 2,945.4 |  |  | $ | 2,560.1 |
Service cost |  |  | – |  |  |  | – |  |  |  | 10.4 |  |  |  | 8.6 |
Interest cost |  |  | 220.4 |  |  |  | 252.9 |  |  |  | 106.6 |  |  |  | 113.1 |
Plan participants’ contributions |  |  | – |  |  |  | – |  |  |  | 3.1 |  |  |  | 3.0 |
Plan amendment |  |  | – |  |  |  | – |  |  |  | (6.3 | ) |  |  | (13.2 | )
Plan curtailment |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (5.7 | )
Actuarial (gain) loss |  |  | (355.9 | ) |  |  | 585.2 |  |  |  | (19.3 | ) |  |  | 279.8 |
Benefits paid |  |  | (352.5 | ) |  |  | (346.1 | ) |  |  | (100.8 | ) |  |  | (100.2 | )
Foreign currency translation adjustments |  |  | – |  |  |  | – |  |  |  | 120.1 |  |  |  | 99.9 |
Benefit obligation at end of year |  | $ | 5,158.8 |  |  | $ | 5,646.8 |  |  | $ | 3,059.2 |  |  | $ | 2,945.4 |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 3,786.7 |  |  | $ | 3,558.7 |  |  | $ | 2,399.2 |  |  | $ | 2,115.8 |
Actual return on plan assets |  |  | 572.6 |  |  |  | 455.7 |  |  |  | 166.3 |  |  |  | 211.4 |
Employer contribution |  |  | 41.2 |  |  |  | 118.4 |  |  |  | 106.0 |  |  |  | 83.1 |
Plan participants’ contributions |  |  | – |  |  |  | – |  |  |  | 3.1 |  |  |  | 3.0 |
Benefits paid |  |  | (352.5 | ) |  |  | (346.1 | ) |  |  | (100.8 | ) |  |  | (100.2 | )
Foreign currency translation adjustments |  |  | – |  |  |  | – |  |  |  | 108.0 |  |  |  | 86.1 |
Fair value of plan assets at end of year |  | $ | 4,048.0 |  |  | $ | 3,786.7 |  |  | $ | 2,681.8 |  |  | $ | 2,399.2 |
Funded status at end of year |  | $ | (1,110.8 | ) |  | $ | (1,860.1 | ) |  | $ | (377.4 | ) |  | $ | (546.2 | )
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prepaid postretirement assets |  | $ | – |  |  | $ | – |  |  | $ | 82.6 |  |  | $ | 2.5 |
Other accrued liabilities |  |  | (6.9 | ) |  |  | (7.3 | ) |  |  | (.2 | ) |  |  | (.2 | )
Long-term postretirement liabilities |  |  | (1,103.9 | ) |  |  | (1,852.8 | ) |  |  | (459.8 | ) |  |  | (548.5 | )
Total funded status |  | $ | (1,110.8 | ) |  | $ | (1,860.1 | ) |  | $ | (377.4 | ) |  | $ | (546.2 | )
Accumulated other comprehensive loss, net of tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | 2,425.9 |  |  | $ | 3,201.9 |  |  | $ | 817.7 |  |  | $ | 856.9 |
Prior service cost (credit) |  | $ | 1.4 |  |  | $ | 2.1 |  |  | $ | (16.0 | ) |  | $ | (11.9 | )
Accumulated benefit obligation |  | $ | 5,158.8 |  |  | $ | 5,646.8 |  |  | $ | 3,051.5 |  |  | $ | 2,934.2 |
Components of Net Periodic Benefit (Income) Cost | Net periodic pension cost for 2013, 2012 and 2011 includes the following components:
|  | U.S. Plans |  |  | International Plans |
Year ended December 31 (millions) |  | 2013 |  |  | 2012 |  |  | 2011 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Service cost |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 10.4 |  |  | $ | 8.6 |  |  | $ | 10.7 |
Interest cost |  |  | 220.4 |  |  |  | 252.9 |  |  |  | 264.0 |  |  |  | 106.6 |  |  |  | 113.1 |  |  |  | 126.4 |
Expected return on plan assets |  |  | (291.5 | ) |  |  | (285.7 | ) |  |  | (337.4 | ) |  |  | (141.9 | ) |  |  | (136.1 | ) |  |  | (135.3 | )
Amortization of prior service cost |  |  | .7 |  |  |  | .7 |  |  |  | .7 |  |  |  | (2.1 | ) |  |  | (.5 | ) |  |  | (.1 | )
Recognized net actuarial loss |  |  | 139.0 |  |  |  | 124.0 |  |  |  | 78.5 |  |  |  | 51.9 |  |  |  | 36.9 |  |  |  | 26.8 |
Curtailment gain |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (5.7 | ) |  |  | – |
Net periodic pension cost |  | $ | 68.6 |  |  | $ | 91.9 |  |  | $ | 5.8 |  |  | $ | 24.9 |  |  | $ | 16.3 |  |  | $ | 28.5 |
Expected Future Benefit Payments | As of December 31, 2013, the following benefit payments, which reflect expected future service where applicable, are expected to be paid from the defined benefit pension plans:
Year ending December 31 (millions) |  | U.S. |  |  | Int’l. |
2014 |  | $ | 360.8 |  |  | $ | 111.6 |
2015 |  |  | 362.2 |  |  |  | 110.4 |
2016 |  |  | 363.7 |  |  |  | 114.1 |
2017 |  |  | 365.5 |  |  |  | 118.0 |
2018 |  |  | 366.2 |  |  |  | 121.6 |
2019 - 2023 |  |  | 1,833.7 |  |  |  | 660.5 |
Pension Plans | Net Periodic Pension Cost |
Schedule of Weighted-Average Assumptions |
Weighted-average assumptions used to determine net periodic pension cost for the years ended December 31 were as follows: |
Discount rate |  |  | 4.01% |  |  |  | 4.96% |  |  |  | 5.68% |  |  |  | 3.92% |  |  |  | 4.65% |  |  |  | 5.32% |
Rate of compensation increase |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 2.06% |  |  |  | 2.66% |  |  |  | 2.93% |
Expected long-term rate of return on assets |  |  | 8.00% |  |  |  | 8.00% |  |  |  | 8.75% |  |  |  | 6.40% |  |  |  | 6.59% |  |  |  | 6.57% |
Pension Plans | Benefit Obligation |
Schedule of Weighted-Average Assumptions |
Weighted-average assumptions used to determine benefit obligations at December 31 were as follows: |
Discount rate |  |  | 5.02% |  |  |  | 4.01% |  |  |  | 4.96% |  |  |  | 4.15% |  |  |  | 3.92% |  |  |  | 4.65% |
Rate of compensation increase |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 2.08% |  |  |  | 2.06% |  |  |  | 2.66% |
Other Postretirement Benefit Plans |
Funded Status of the Plan and Amounts Recognized in Consolidated Balance Sheet | Other postretirement benefits A reconciliation of the benefit obligation, fair value of the plan assets and the funded status of the postretirement benefit plan at December 31, 2013 and 2012, follows:
December 31 (millions) |  | 2013 |  |  | 2012 |
Change in accumulated benefit obligation |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 180.5 |  |  | $ | 177.6 |
Service cost |  |  | .6 |  |  |  | .5 |
Interest cost |  |  | 7.9 |  |  |  | 8.7 |
Plan participants’ contributions |  |  | 4.9 |  |  |  | 5.3 |
Actuarial loss (gain) |  |  | (11.5 | ) |  |  | 10.0 |
Federal drug subsidy |  |  | 1.8 |  |  |  | 2.9 |
Benefits paid |  |  | (23.2 | ) |  |  | (25.7 | )
Foreign currency translation and other adjustments |  |  | (1.3 | ) |  |  | 1.2 |
Benefit obligation at end of year |  | $ | 159.7 |  |  | $ | 180.5 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 9.7 |  |  | $ | 9.3 |
Actual return on plan assets |  |  | (.2 | ) |  |  | .4 |
Employer contributions |  |  | 18.0 |  |  |  | 20.4 |
Plan participants’ contributions |  |  | 4.9 |  |  |  | 5.3 |
Benefits paid |  |  | (23.2 | ) |  |  | (25.7 | )
Fair value of plan assets at end of year |  | $ | 9.2 |  |  | $ | 9.7 |
Funded status at end of year |  | $ | (150.5 | ) |  | $ | (170.8 | )
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |  |
Prepaid postretirement assets |  | $ | 1.1 |  |  | $ | .8 |
Other accrued liabilities |  |  | (18.0 | ) |  |  | (19.3 | )
Long-term postretirement liabilities |  |  | (133.6 | ) |  |  | (152.3 | )
Total funded status |  | $ | (150.5 | ) |  | $ | (170.8 | )
Accumulated other comprehensive loss, net of tax |  |  |  |  |  |  |  |
Net loss |  | $ | 36.7 |  |  | $ | 52.2 |
Prior service cost |  |  | 3.0 |  |  |  | 4.8 |
Components of Net Periodic Benefit (Income) Cost | Net periodic postretirement benefit cost for 2013, 2012 and 2011, follows:
Year ended December 31 (millions) |  | 2013 |  |  | 2012 |  |  | 2011 |
Service cost |  | $ | .6 |  |  | $ | .5 |  |  | $ | .4 |
Interest cost |  |  | 7.9 |  |  |  | 8.7 |  |  |  | 10.0 |
Expected return on assets |  |  | (.5 | ) |  |  | (.5 | ) |  |  | (.5 | )
Amortization of prior service cost |  |  | 1.8 |  |  |  | 1.8 |  |  |  | 1.8 |
Recognized net actuarial loss |  |  | 4.5 |  |  |  | 3.2 |  |  |  | 4.2 |
Net periodic benefit cost |  | $ | 14.3 |  |  | $ | 13.7 |  |  | $ | 15.9 |
Expected Future Benefit Payments | As of December 31, 2013, the following benefits are expected to be paid to or from the company’s postretirement plan:
Year ending December 31 (millions) |  | Gross Medicare Part D Receipts |  |  | Gross Expected Payments |
2014 |  | $ | 1.9 |  |  | $ | 22.9 |
2015 |  |  | 1.8 |  |  |  | 20.8 |
2016 |  |  | 1.7 |  |  |  | 20.0 |
2017 |  |  | 1.5 |  |  |  | 19.1 |
2018 |  |  | 1.4 |  |  |  | 18.1 |
2019 - 2023 |  |  | 3.5 |  |  |  | 57.5 |
Other Postretirement Benefit Plans | Net Periodic Postretirement Benefit Cost |
Schedule of Weighted-Average Assumptions |
Weighted-average assumptions used to determine net periodic postretirement benefit cost for the years ended December 31 were as follows: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 5.15 | % |  |  | 5.84 | % |  |  | 6.42 | %
Expected return on plan assets |  |  | 6.75 | % |  |  | 6.75 | % |  |  | 6.75 | %
Other Postretirement Benefit Plans | Benefit Obligation |
Schedule of Weighted-Average Assumptions |
Weighted-average assumptions used to determine benefit obligation at December 31 were as follows: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 5.86 | % |  |  | 5.15 | % |  |  | 5.84 | %

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