RETIREMENT PLANS

9 Months Ended

Jun. 29, 2012

11. RETIREMENT PLANS

Defined Benefit Pension Plans—The Company sponsors a number of retirement plans. The following disclosures exclude the impact of plans which are not material individually and in the aggregate. The net periodic benefit cost for the Company’s material U.S. defined pension plans was not material for the quarter and nine months ended June 29, 2012 and June 24, 2011.

The following disclosure pertains to the Company’s material non-U.S. defined benefit pension plans. The net periodic benefit cost for the Company’s material non-U.S. defined pension plans is as follows ($ in millions):


	For the Quarter Ended						For the Nine Months Ended
	June 29, 2012			June 24, 2011			June 29, 2012			June 24, 2011
Service cost	$	1		$	1		$	3		$	3
Interest cost		4			3			10			9
Expected return on plan assets		(3	)		(3	)		(10	)		(9	)
Amortization of net actuarial loss		—			1			1			1
Settlement gain recognized		—			(1	)		—			(1	)

Net periodic benefit cost	$	2		$	1		$	4		$	3

The estimated net actuarial loss for non-U.S. pension benefit plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the current fiscal year is expected to be $2 million.

The Company’s funding policy is to make contributions in accordance with the laws and customs of the various countries in which it operates and to make discretionary voluntary contributions from time-to-time. The Company anticipates that it will contribute at least the minimum required to its pension plans in fiscal year 2012 of $15 million for non-U.S. plans. During the quarter and nine months ended June 29, 2012, the Company made required contributions of $4 million and $13 million, respectively, to its non-U.S. pension plans.

Postretirement Benefit Plans—Net periodic benefit cost was not material for both periods.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

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+ Details

Pentair Ltd. 10-Q/A