MIRA
INFORM REPORT
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Report Date : |
30.05.2012 |
IDENTIFICATION DETAILS
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Name : |
FALCON MACHINE TOOLS CO., LTD. |
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Registered Office : |
12, |
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Country : |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
13.04.1978 |
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Legal Form : |
Public Independent |
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Line of Business : |
Manufacture of machine tools. |
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No. of Employees : |
545 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES
:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
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Falcon Machine Tools Co., Ltd. |
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Employees: |
545 |
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Company Type: |
Public
Independent |
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Traded: |
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Incorporation
Date: |
13-Apr-1978 |
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Auditor: |
Ernst &
Young LLP |
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Fiscal Year End: |
31-Dec-2010 |
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Reporting
Currency: |
Taiwanese New Dollar |
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Annual Sales: |
62.8 1 |
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Net Income: |
(1.3) |
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Total Assets: |
82.9 2 |
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Market Value: |
29.8 |
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(18-May-2012) |
Business Description
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Falcon Machine Tools Co., Ltd. is a
Taiwan-based company engaged in the manufacture of machine tools. The
Company's products include grinders, computer numerically controlled (CNC)
grinders, vertical lathes, CNC lathes, CNC machine centers, portal grinding
and milling machine tools and others. Its products are applied in the
drilling, milling, processing and manufacture of metal and nonmetal
components, devices and tools. The Company provides its products under the
brand named CHEVALIER. It distributes its products in domestic and overseas
markets. Falcon Machine Tools Co., Ltd. is a Taiwan-based company engaged in
the manufacture of machine tools. The Company's products include grinders,
computer numerically controlled (CNC) grinders, vertical lathes, CNC lathes,
CNC machine centers, portal grinding and milling machine tools and others.
Its products are applied in the drilling, milling, processing and manufacture
of metal and nonmetal components, devices and tools. |
Industry
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Industry |
Miscellaneous
Capital Goods |
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ANZSIC 2006: |
2463 - Machine
Tool and Parts Manufacturing |
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NACE 2002: |
2942 -
Manufacture of other metalworking machine tools |
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NAICS 2002: |
333512 - Machine
Tool (Metal Cutting Types) Manufacturing |
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2942 -
Manufacture of other metalworking machine tools |
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US SIC 1987: |
3541 - Machine
Tools, Metal Cutting Types |
Key Executives
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* number of
significant developments within the last 12 months |
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Financial Summary
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Stock Snapshot |
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Profit & Loss Item
Exchange Rate: USD 1 = TWD 31.49704
Balance Sheet Item Exchange
Rate: USD 1 = TWD 29.1565
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Industry
Codes
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Business
Description
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More Business Descriptions
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Financial
Data
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Market
Data
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Subsidiaries
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Key Corporate Relationships
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Executives Report
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Falcon Machine Tools Co., Ltd Announces No Dividend Payment for FY
2011 Mar 27, 2012
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Falcon Machine Tools Co., Ltd to Issue New Shares Dec 20, 2011
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Annual Income Statement
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Financials in: USD (mil) |
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Except for share items (millions) and per share items (actual units) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
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Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
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Exchange Rate
(Period Average) |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
32.525305 |
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Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst & Young
LLP |
Ernst &
Young LLP |
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Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
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Gross Revenue |
63.2 |
32.6 |
74.7 |
77.8 |
78.1 |
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Sales Returns and Allowances |
-0.5 |
-0.5 |
-0.8 |
-1.1 |
-1.5 |
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Revenue |
62.7 |
32.2 |
73.8 |
76.6 |
76.6 |
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Other Revenue |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
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Other Revenue, Total |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
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Total Revenue |
62.8 |
32.3 |
73.8 |
76.6 |
76.6 |
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Cost of Revenue |
49.4 |
27.3 |
54.3 |
54.5 |
55.5 |
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Cost of Revenue, Total |
49.4 |
27.3 |
54.3 |
54.5 |
55.5 |
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Gross Profit |
13.2 |
4.9 |
19.5 |
22.1 |
21.1 |
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Selling/General/Administrative Expense |
11.3 |
7.6 |
14.7 |
13.6 |
13.9 |
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Total Selling/General/Administrative Expenses |
11.3 |
7.6 |
14.7 |
13.6 |
13.9 |
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Research & Development |
2.0 |
1.5 |
2.0 |
2.1 |
2.4 |
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Other, Net |
- |
- |
0.0 |
0.0 |
0.0 |
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Other Operating Expenses, Total |
- |
- |
0.0 |
0.0 |
0.0 |
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Total Operating Expense |
62.7 |
36.4 |
71.0 |
70.3 |
71.8 |
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Operating Income |
0.1 |
-4.1 |
2.8 |
6.3 |
4.8 |
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Interest Expense -
Non-Operating |
-0.6 |
-0.6 |
-0.8 |
-0.7 |
-0.9 |
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Interest Expense, Net Non-Operating |
-0.6 |
-0.6 |
-0.8 |
-0.7 |
-0.9 |
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Interest Income -
Non-Operating |
0.1 |
0.1 |
0.1 |
0.0 |
0.1 |
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Investment Income -
Non-Operating |
-0.3 |
-0.3 |
0.1 |
0.6 |
0.5 |
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Interest/Investment Income - Non-Operating |
-0.3 |
-0.1 |
0.1 |
0.6 |
0.6 |
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Interest Income (Expense) - Net Non-Operating Total |
-0.8 |
-0.8 |
-0.7 |
-0.1 |
-0.3 |
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Gain (Loss) on |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Non-Operating Income (Expense) |
0.1 |
0.2 |
-0.1 |
0.3 |
0.5 |
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Other, Net |
0.1 |
0.2 |
-0.1 |
0.3 |
0.5 |
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Income Before Tax |
-0.6 |
-4.7 |
2.0 |
6.5 |
5.1 |
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Total Income Tax |
0.4 |
-0.1 |
0.9 |
0.8 |
0.4 |
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Income After Tax |
-1.1 |
-4.6 |
1.1 |
5.7 |
4.7 |
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Minority Interest |
-0.2 |
0.3 |
0.1 |
-0.5 |
-0.4 |
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Net Income Before Extraord Items |
-1.3 |
-4.3 |
1.2 |
5.2 |
4.3 |
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Accounting Change |
- |
- |
- |
0.0 |
0.0 |
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Total Extraord Items |
- |
- |
- |
0.0 |
0.0 |
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Net Income |
-1.3 |
-4.3 |
1.2 |
5.2 |
4.3 |
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Income Available to Common Excl Extraord
Items |
-1.3 |
-4.3 |
1.2 |
5.2 |
4.3 |
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Income Available to Common Incl Extraord Items |
-1.3 |
-4.3 |
1.2 |
5.2 |
4.3 |
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Basic/Primary Weighted Average Shares |
68.5 |
68.5 |
69.6 |
69.6 |
70.3 |
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Basic EPS Excl Extraord Items |
-0.02 |
-0.06 |
0.02 |
0.07 |
0.06 |
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Basic/Primary EPS Incl Extraord
Items |
-0.02 |
-0.06 |
0.02 |
0.07 |
0.06 |
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Dilution Adjustment |
0.0 |
0.0 |
- |
- |
- |
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Diluted Net Income |
-1.3 |
-4.3 |
1.2 |
5.2 |
4.3 |
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Diluted Weighted Average Shares |
68.5 |
68.5 |
69.6 |
69.6 |
70.3 |
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Diluted EPS Excl Extraord Items |
-0.02 |
-0.06 |
0.02 |
0.07 |
0.06 |
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Diluted EPS Incl Extraord
Items |
-0.02 |
-0.06 |
0.02 |
0.07 |
0.06 |
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Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.02 |
0.05 |
0.04 |
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Gross Dividends - Common Stock |
0.0 |
0.0 |
1.0 |
3.4 |
3.0 |
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Interest Expense, Supplemental |
0.6 |
0.6 |
0.8 |
0.7 |
0.9 |
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Interest Capitalized, Supplemental |
- |
- |
- |
- |
0.0 |
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Depreciation, Supplemental |
2.3 |
2.1 |
1.9 |
1.5 |
1.4 |
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Total Special Items |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Normalized Income Before Tax |
-0.6 |
-4.7 |
2.0 |
6.5 |
5.0 |
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Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Inc Tax Ex Impact of Sp Items |
0.5 |
-0.1 |
0.9 |
0.8 |
0.4 |
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Normalized Income After Tax |
-1.1 |
-4.6 |
1.1 |
5.7 |
4.6 |
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Normalized Inc. Avail to Com. |
-1.3 |
-4.3 |
1.2 |
5.2 |
4.3 |
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Basic Normalized EPS |
-0.02 |
-0.06 |
0.02 |
0.07 |
0.06 |
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Diluted Normalized EPS |
-0.02 |
-0.06 |
0.02 |
0.07 |
0.06 |
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Amort of Intangibles, Supplemental |
0.1 |
- |
- |
- |
- |
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Research & Development Exp, Supplemental |
- |
1.5 |
2.0 |
2.1 |
2.4 |
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Normalized EBIT |
0.1 |
-4.1 |
2.8 |
6.3 |
4.8 |
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Normalized EBITDA |
2.5 |
-2.0 |
4.7 |
7.9 |
6.2 |
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Current Tax - Total |
- |
0.0 |
0.6 |
0.5 |
- |
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Current Tax - Total |
- |
0.0 |
0.6 |
0.5 |
- |
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Deferred Tax - Total |
- |
-0.1 |
0.3 |
0.3 |
- |
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Deferred Tax - Total |
- |
-0.1 |
0.3 |
0.3 |
- |
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Other Tax |
- |
0.0 |
0.1 |
0.0 |
- |
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Income Tax - Total |
- |
-0.1 |
0.9 |
0.8 |
- |
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Interest Cost - Domestic |
- |
0.1 |
0.1 |
0.1 |
0.1 |
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Service Cost - Domestic |
- |
0.1 |
0.1 |
0.1 |
0.1 |
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Expected Return on Assets - Domestic |
- |
0.0 |
0.0 |
0.0 |
0.0 |
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Curtailments & Settlements - Domestic |
- |
0.1 |
- |
- |
- |
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Transition Costs - Domestic |
- |
0.1 |
0.1 |
0.0 |
0.0 |
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Other Pension, Net - Domestic |
- |
0.2 |
0.2 |
0.2 |
- |
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Domestic Pension Plan Expense |
- |
0.3 |
0.4 |
0.4 |
0.2 |
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Total Pension Expense |
- |
0.3 |
0.4 |
0.4 |
0.2 |
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Discount Rate - Domestic |
- |
2.25% |
2.50% |
3.00% |
2.75% |
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Expected Rate of Return - Domestic |
- |
2.25% |
2.50% |
3.00% |
2.75% |
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Compensation Rate - Domestic |
- |
2.00% |
3.50% |
3.50% |
2.00% |
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Total Plan Interest Cost |
- |
0.1 |
0.1 |
0.1 |
0.1 |
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Total Plan Service Cost |
- |
0.1 |
0.1 |
0.1 |
0.1 |
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Total Plan Expected Return |
- |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Plan Other Expense |
- |
0.2 |
0.2 |
0.2 |
- |