Chairman's - FMC Corporation

FMC CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table summarizes the weighted-average assumptions used and components of our defined
benefit postretirement plans. The following tables also reflect a measurement date of December 31:
Pensions Other Benefits (1)
December 31,
2009 2008 2009 2008
(in Millions)
Following are the weighted average assumptions used to determine the
benefit obligations at December 31:
Discount Rate .............................................. 5.90% 7.00% 5.90% 7.00%
Rate of compensation increase ................................. 4.20% 4.20% — —
Accumulated benefit obligation:
Plans with unfunded accumulated benefit obligation ............... $1,046.7 $ 884.9 $ — $ —
Change in projected benefit obligation
Projected benefit obligation at January 1 ......................... $ 944.0 $ 960.9 $ 40.0 $ 43.6
Service cost ........................................... 16.7 18.2 0.2 0.2
Interest cost ........................................... 64.2 61.8 2.6 2.7
Actuarial loss (gain) ..................................... 128.7 (27.5) 4.1 (1.8)
Amendments ........................................... 0.7 — — —
Foreign currency exchange rate changes ..................... 7.0 (13.3) — —
Plan participants’ contributions ............................ 0.2 0.5 5.5 4.7
Settlements ............................................ (3.0) (0.4) — —
Other benefits .......................................... — 0.1 — —
Curtailments ........................................... (1.7) — — —
Benefits paid ........................................... (58.2) (56.3) (10.1) (9.4)
Projected benefit obligation at December 31 . ..................... 1,098.6 944.0 42.3 40.0
Change in fair value of plan assets:
Fair value of plan assets at January 1 ............................ 607.9 893.9 — —
Actual return on plan assets ............................... 124.8 (261.2) — —
Foreign currency exchange rate changes ..................... 5.7 (10.8) — —
Company contributions .................................. 88.8 42.1 4.6 4.7
Plan participants’ contributions ............................ 0.2 0.5 5.5 4.7
Settlements ............................................ (2.5) (0.4) — —
Benefits paid ........................................... (58.2) (56.3) (10.1) (9.4)
Fair value of plan assets at December 31 ......................... 766.7 607.8 — —
Funded status of the plan (liability) ............................. $ (331.9) $(336.2) $(42.3) $(40.0)
Amount recognized in the consolidated balance sheets:
Pension other asset .......................................... $ — $ 0.1 $ — $ —
Accrued benefit liability ...................................... (331.9) (336.3) (42.3) (40.0)
Total ..................................................... $ (331.9) $(336.2) $(42.3) $(40.0)
The amounts in accumulated other comprehensive income (loss) that
has not yet been recognized as components of net periodic benefit
cost at December 31, 2009 and 2008 are as follows:
Net transition asset .......................................... $ 0.1 $ 0.4 $ — $ —
Prior service (cost) credit ..................................... (5.2) (5.3) 0.4 1.4
Net actuarial (loss) gain ...................................... (481.1) (410.1) 6.4 11.4
Accumulated other comprehensive income (loss)—pretax ........... $ (486.2) $(415.0) $ 6.8 $ 12.8
Accumulated other comprehensive income (loss)—net of tax ........ $ (305.9) $(260.4) $ 5.8 $ 11.1
90