SHERWIN WILLIAMS CO | 2013 | FY | 3


The following table summarizes the obligations, plan assets and assumptions used for the defined benefit pension plans, which are all measured as of December 31:
 
Domestic
Defined Benefit Pension Plans
 
Foreign
Defined Benefit Pension Plans
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Accumulated benefit obligations
at end of year
$
577,736

 
$
460,591

 
$
415,163

 
$
187,670

 
$
142,769

 
$
121,137

Projected benefit obligations:
 
 
 
 
 
 
 
 
 
 
 
Balances at beginning of year
$
466,827

 
$
410,029

 
$
390,257

 
$
168,758

 
$
141,465

 
$
85,936

Service costs
23,176

 
19,061

 
17,933

 
5,039

 
3,654

 
3,055

Interest costs
18,444

 
17,442

 
18,602

 
7,940

 
6,927

 
5,954

Actuarial (gains) losses
(5,488
)
 
48,346

 
8,428

 
5,939

 
17,532

 
11,395

Acquisitions of businesses and other
113,174

 
2,496

 
1,194

 
39,622

 
(975
)
 
42,131

Effect of foreign exchange
 
 
 
 
 
 
1,549

 
6,633

 
(3,760
)
Benefits paid
(34,097
)
 
(30,547
)
 
(26,385
)
 
(5,851
)
 
(6,478
)
 
(3,246
)
Balances at end of year
582,036

 
466,827

 
410,029

 
222,996

 
168,758

 
141,465

Plan assets:
 
 
 
 
 
 
 
 
 
 
 
Balances at beginning of year
703,563

 
614,463

 
634,725

 
133,013

 
118,060

 
65,748

Actual returns on plan assets
128,117

 
119,647

 
6,123

 
20,316

 
10,201

 
987

Acquisitions of businesses and other
72,803

 
 
 
 
 
36,106

 
6,205

 
57,761

Effect of foreign exchange
 
 
 
 
 
 
1,379

 
5,025

 
(3,190
)
Benefits paid
(34,097
)
 
(30,547
)
 
(26,385
)
 
(5,851
)
 
(6,478
)
 
(3,246
)
Balances at end of year
870,386

 
703,563

 
614,463

 
184,963

 
133,013

 
118,060

Excess (deficient) plan assets over
projected benefit obligations
$
288,350

 
$
236,736

 
$
204,434

 
$
(38,033
)
 
$
(35,745
)
 
$
(23,405
)
Assets and liabilities recognized in the
Consolidated Balance Sheets:
 
 
 
 
 
 
 
 
 
 
 
Deferred pension assets
$
288,350

 
$
245,588

 
$
218,676

 
$
14,096

 
$
4,323

 
$
9,674

Other accruals
 
 
 
 
 
 
(1,126
)
 
(869
)
 
(829
)
Other long-term liabilities
 
 
(8,852
)
 
(14,242
)
 
(51,003
)
 
(39,199
)
 
(32,250
)
 
$
288,350

 
$
236,736

 
$
204,434

 
$
(38,033
)
 
$
(35,745
)
 
$
(23,405
)
Amounts recognized in Cumulative other
comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
Net actuarial losses
$
(59,272
)
 
$
(163,088
)
 
$
(211,752
)
 
$
(35,183
)
 
$
(41,567
)
 
$
(26,994
)
Prior service costs
(6,043
)
 
(6,110
)
 
(5,206
)
 
 
 
 
 
 
 
$
(65,315
)
 
$
(169,198
)
 
$
(216,958
)
 
$
(35,183
)
 
$
(41,567
)
 
$
(26,994
)
Weighted-average assumptions used to
determine projected benefit obligations:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.65
%
 
3.73
%
 
4.40
%
 
4.89
%
 
4.58
%
 
4.94
%
Rate of compensation increase
4.00
%
 
4.00
%
 
4.00
%
 
4.31
%
 
4.08
%
 
4.05
%
Weighted-average assumptions used to
determine net pension costs:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.73
%
 
4.40
%
 
4.97
%
 
4.58
%
 
4.94
%
 
5.48
%
Expected long-term rate of
return on assets
6.00
%
 
7.50
%
 
7.50
%
 
5.67
%
 
6.04
%
 
6.12
%
Rate of compensation increase
4.00
%
 
4.00
%
 
4.00
%
 
4.08
%
 
4.04
%
 
4.06
%

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