Other income expense

9 Months Ended

Sep. 30, 2013

Other Income and Expenses [Abstract]

Other Income and Other Expense Disclosure [Text Block]

(3) Other (Income) Expense

Items included in other (income) expense consist of:

	Three Months Ended September 30,					Nine Months Ended September 30,
(millions of dollars)	2013			2012		2013			2012
Program termination agreement	$	—		$	—	$	11.3		$	—
Retirement related obligations	—			—		5.9			—
Loss from disposal activities	—			1.8		—			39.7
Restructuring expense	—			27.4		—			27.4
Other	(3.7		)	0.5		(6.4		)	0.3
Other (income) expense	$	(3.7	)	$	29.7	$	10.8		$	67.4

During the first quarter of 2013, the Company recorded an $11.3 million expense related to a program termination agreement, which was paid in the second and third quarters of 2013.

During the fourth quarter of 2012, the Company waived the forfeiture provision associated with future restricted stock grants made to certain retiring Named Executive Officers. The Company recorded a $5.9 million retirement related obligation primarily related to a first quarter 2013 grant of restricted stock awards to these Named Executive Officers.

During the second quarter of 2012, the Company signed a Master Purchase Agreement to sell its spark plug business to Federal-Mogul Corporation. As a result, the Company recorded expense of $39.7 million primarily to write-down prior purchase price accounting adjustments included within the disposal group. These purchase price accounting adjustments were originally recorded in the Engine segment and related to the BERU acquisition.The Company also recorded restructuring expense of $27.4 million in the third quarter of 2012 primarily associated with the disposal and future requirements of BERU's on-going business, which included $16.9 million of employee termination benefits and $10.5 million of other charges, primarily related to the write-down of certain assets.