XML 100 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
Retirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract]  
Expense for defined contribution and defined benefit pension plans and other post employment defined benefit plans [Text Block]
 
Year Ended December 31,
(millions of dollars)
2012
 
2011
 
2010
Defined contribution expense
$
24.8

 
$
18.9

 
$
19.2

Defined benefit pension expense
27.3

 
17.5

 
19.8

Other postretirement benefit expense
11.1

 
13.5

 
17.5

Total
$
63.2

 
$
49.9

 
$
56.5

Reconciliation of the plans' benefit obligations, plan assets, funded status and recognition [Text Block]
 
Pension benefits
 
Other post-
 
Year Ended December 31,
 
retirement benefits
 
2012
 
2011
 
Year Ended December 31,
(millions of dollars)
US
 
Non-US
 
US
 
Non-US
 
2012
 
2011
Change in projected benefit obligation:
 

 
 

 
 

 
 

 
 

 
 

Projected benefit obligation, January 1
$
337.4

 
$
344.3

 
$
326.2

 
$
326.0

 
$
251.0

 
$
261.9

Service cost

 
9.1

 

 
9.1

 
0.5

 
0.7

Interest cost
14.3

 
17.2

 
16.1

 
17.8

 
10.1

 
11.8

Plan participants’ contributions

 
0.5

 

 
0.3

 

 

Plan amendments

 

 

 
(0.5
)
 
(0.3
)
 
3.9

Actuarial (gain) loss
15.5

 
84.1

 
21.8

 
11.9

 
(20.7
)
 
(6.8
)
Currency translation

 
11.3

 

 
(5.8
)
 

 

Other

 
(4.5
)
 

 
0.9

 

 

Benefits paid
(37.1
)
 
(14.4
)
 
(26.7
)
 
(15.4
)
 
(20.1
)
 
(20.5
)
Projected benefit obligation, December 31
$
330.1

 
$
447.6

 
$
337.4

 
$
344.3

 
$
220.5

 
$
251.0

Change in plan assets:
 

 
 

 
 

 
 

 
 

 
 

Fair value of plan assets, January 1
$
290.4

 
$
154.9

 
$
287.2

 
$
154.6

 
 

 
 

Actual return on plan assets
29.4

 
15.0

 
8.9

 
5.0

 
 

 
 

Employer contribution

 
18.0

 
21.0

 
16.0

 
 

 
 

Plan participants’ contribution

 
0.5

 

 
0.3

 
 

 
 

Currency translation

 
6.0

 

 
(0.7
)
 
 

 
 

Other

 
(2.1
)
 

 
(4.9
)
 
 
 
 
Benefits paid
(37.1
)
 
(14.4
)
 
(26.7
)
 
(15.4
)
 
 

 
 

Fair value of plan assets, December 31
$
282.7

 
$
177.9

 
$
290.4

 
$
154.9

 
 
 
 
Funded status
$
(47.4
)
 
$
(269.7
)
 
$
(47.0
)
 
$
(189.4
)
 
$
(220.5
)
 
$
(251.0
)
Amounts in the Consolidated Balance Sheets consist of:
 

 
 

 
 

 
 

 
 

 
 

Non-current assets
$

 
$

 
$

 
$
0.5

 
$

 
$

Current liabilities
(0.1
)
 
(7.0
)
 
(0.1
)
 
(6.5
)
 
(20.8
)
 
(24.3
)
Non-current liabilities
(47.3
)
 
(262.7
)
 
(46.9
)
 
(183.4
)
 
(199.7
)
 
(226.7
)
Net amount
$
(47.4
)
 
$
(269.7
)
 
$
(47.0
)
 
$
(189.4
)
 
$
(220.5
)
 
$
(251.0
)
Amounts in accumulated other comprehensive loss consist of:
 

 
 

 
 

 
 

 
 

 
 

Net actuarial loss
$
163.8

 
$
135.1

 
$
172.8

 
$
54.4

 
$
78.7

 
$
106.3

Net prior service cost (credit)
(10.5
)
 
0.5

 
(11.3
)
 
0.8

 
(42.6
)
 
(48.7
)
Net amount*
$
153.3

 
$
135.6

 
$
161.5

 
$
55.2

 
$
36.1

 
$
57.6

 
 
 
 
 
 
 
 
 
 
 
 
Total accumulated benefit obligation for all plans
$
330.1

 
$
430.2

 
$
337.4

 
$
327.9

 
 

 
 


________________
*
AOCI shown above does not include our equity investee, NSK-Warner. NSK-Warner had an AOCI loss of $7.9 million and $6.9 million at December 31, 2012 and 2011, respectively.
Funded status of pension plans with accumulated benefit obligations in excess of plan assets [Text Block]
 
December 31,
(millions of dollars)
2012
 
2011
Accumulated benefit obligation
$
(757.7
)
 
$
(656.9
)
Plan assets
458.0

 
435.5

Deficiency
$
(299.7
)
 
$
(221.4
)
Pension deficiency by country:
 

 
 

United States
$
(47.4
)
 
$
(47.0
)
United Kingdom
(22.4
)
 
(13.4
)
Germany
(192.4
)
 
(128.7
)
Other
(37.5
)
 
(32.3
)
Total pension deficiency
$
(299.7
)
 
$
(221.4
)
Weighted average asset allocations of funded pensions plans and target allocations [Text Block]
 
December 31,
 
Target Allocation
 
2012
 
2011
 
U.S. Plans:
 

 
 

 
 
Real estate and other
9
%
 
11
%
 
5%-15%
Fixed income securities
56
%
 
54
%
 
45%-65%
Equity securities
35
%
 
35
%
 
25%-45%
 
100
%
 
100
%
 
 
Non-U.S. Plans:
 

 
 

 
 
Real estate and other
6
%
 
8
%
 
2% - 8%
Fixed income securities
38
%
 
41
%
 
37% - 43%
Equity securities
56
%
 
51
%
 
52% - 58%
 
100
%
 
100
%
 
 
Components of net periodic benefit cost [Text Block]
See the table below for a breakout of net periodic benefit cost between U.S. and non-U.S. pension plans:
 
 
Pension benefits
 
Other postretirement benefits
 
Year Ended December 31,
 
 
2012
 
2011
 
2010
 
Year Ended December 31,
(millions of dollars)
US
 
Non-US
 
US
 
Non-US
 
US
 
Non-US
 
2012
 
2011
 
2010
Service cost
$

 
$
9.1

 
$

 
$
9.1

 
$

 
$
7.4

 
$
0.5

 
$
0.7

 
$
0.8

Interest cost
14.3

 
17.2

 
16.1

 
17.8

 
17.5

 
17.6

 
10.1

 
11.8

 
14.5

Expected return on plan assets
(18.8
)
 
(9.3
)
 
(20.8
)
 
(11.2
)
 
(19.7
)
 
(9.7
)
 

 

 

Settlements, curtailments and other
5.7

 
0.5

 

 
(0.1
)
 

 

 

 

 

Amortization of unrecognized prior service benefit
(0.7
)
 

 
(0.7
)
 

 
(0.7
)
 

 
(6.4
)
 
(6.9
)
 
(6.9
)
Amortization of unrecognized loss
8.1

 
1.2

 
6.5

 
0.8

 
6.6

 
0.8

 
6.9

 
7.9

 
9.1

Net periodic benefit cost
$
8.6

 
$
18.7

 
$
1.1

 
$
16.4

 
$
3.7

 
$
16.1

 
$
11.1

 
$
13.5

 
$
17.5



Defined benefit plan weighted average assumptions used in calculating benefit obligations [Text Block]
 
December 31,
(percent)
2012
 
2011
U.S. pension plans:
 
 
 
Discount rate
3.67
 
4.42
Rate of compensation increase
N/A
 
N/A
U.S. other postretirement plans:

 

Discount rate
3.25
 
4.25
Rate of compensation increase
N/A
 
N/A
Non-U.S. pension plans:

 

Discount rate
3.86
 
5.13
Rate of compensation increase
2.72
 
2.78


The Company’s weighted-average assumptions used to determine the net periodic benefit cost for its defined benefit pension and other postretirement benefit plans for the years ended December 31, 2012, 2011 and 2010 were as follows:

 
Year Ended December 31,
(percent)
2012
 
2011
 
2010
U.S. pension plans:
 
 
 
 
 
Discount rate
4.42
 
5.17
 
5.75
Rate of compensation increase
N/A
 
N/A
 
3.50
Expected return on plan assets
6.75
 
7.50
 
7.50
U.S. other postretirement plans:
 
 
 
 
 
Discount rate
4.25
 
4.75
 
5.50
Rate of compensation increase
N/A
 
N/A
 
N/A
Expected return on plan assets
N/A
 
N/A
 
N/A
Non-U.S. pension plans:
 
 
 
 
 
Discount rate
5.13
 
5.37
 
5.47
Rate of compensation increase
2.78
 
2.80
 
2.75
Expected return on plan assets
6.49
 
7.07
 
7.12
Defined benefit plan estimated future benefit payments [Text Block]
The estimated future benefit payments for the pension and other postretirement benefits are as follows:

 
 
Pension benefits
 
Other postretirement benefits
(millions of dollars)
 
 
 
 
 
w/o Medicare Part D reimbursements
 
with Medicare Part D reimbursements
Year
 
U.S.
 
Non-U.S.
 
 
2013
 
$
24.9

 
$
15.7

 
$
21.9

 
$
21.1

2014
 
24.2

 
18.0

 
21.3

 
20.5

2015
 
23.4

 
19.8

 
20.6

 
19.8

2016
 
22.9

 
18.8

 
19.9

 
19.1

2017
 
22.3

 
20.1

 
19.3

 
18.5

2018-2022
 
105.4

 
110.1

 
82.1

 
78.8

Defined benefit plan effect of one percentage point change in assumed health care cost trend rates [Text Block]
A one-percentage point change in the assumed health care cost trend would have the following effects:

 
One Percentage Point
(millions of dollars)
Increase
 
Decrease
Effect on other postretirement benefit obligation
$
16.2

 
$
(14.3
)
Effect on total service and interest cost components
$
0.5

 
$
(0.5
)