Toro 2012 Annual Report Download - page 65
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Please find page 65 of the 2012 Toro annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Amounts recognized in net periodic benefit cost and other com-
prehensive income consisted of:
11 EMPLOYEE RETIREMENT PLANS Other
The company maintains The Toro Company Investment, Savings, Fiscal years ended Defined Benefit Postretirement
October 31 Pension Plans Benefit Plans Total
and Employee Stock Ownership Plan for eligible employees. The
company’s expenses under this plan were $14,304, $12,686, and 2012
Net actuarial loss (gain) $ 298 $(1,130) $ (832)
$15,500 for the fiscal years ended October 31, 2012, 2011, and
Curtailment loss 311 – 311
2010, respectively. Prior service cost 186 – 186
In addition, the company and its subsidiaries have defined bene- Amortization of unrecognized
fit, supplemental, and other retirement plans covering certain prior service (credit) cost (55) 106 51
employees in the U.S. and the United Kingdom. The projected Amortization of unrecognized
actuarial loss (gain) 919 (107) 812
benefit obligation of these plans as of October 31, 2012 and 2011
was $41,701 and $40,989, respectively, and the net liability Total recognized in other
comprehensive loss (income) $ 1,659 $(1,131) $ 528
amount recognized in the consolidated balance sheets as of Octo-
ber 31, 2012 and 2011 was $3,881 and $4,467, respectively. The Total recognized in net periodic
benefit cost and other
accumulated benefit obligation of these plans as of October 31,
comprehensive loss (income) $ 1,522 $ (291) $1,231
2012 and 2011 was $39,612 and $38,446, respectively. The
2011
funded status of these plans as of October 31, 2012 and 2011 was
Net actuarial loss $ 160 $ 271 $ 431
$10,510 and $10,847, respectively. The fair value of the plan Amortization of unrecognized prior
assets as of October 31, 2012 and 2011 was $31,191 and service (credit) cost (55) 173 118
$30,141, respectively. The net expense recognized in the consoli- Amortization of unrecognized
dated financial statements for these plans was $703, $1,520, and actuarial loss (gain) 318 (328) (10)
$326 for the fiscal years ended October 31, 2012, 2011, and 2010, Total recognized in other
respectively. comprehensive loss (income) $ 423 $ 116 $ 539
Amounts recognized in accumulated other comprehensive loss Total recognized in net periodic
consisted of: benefit cost and other
comprehensive loss (income) $ 714 $ 1,345 $2,059
Other The company has omitted the remaining disclosures for its
Fiscal years ended Defined Benefit Postretirement
October 31 Pension Plans Benefit Plans Total defined benefit plans and postretirement healthcare plan as the
company deems these plans to be immaterial to its consolidated
2012
Net actuarial loss $3,316 $ 926 $4,242 financial position and results of operations.
Net prior service cost (credit) 324 (238) 86
Accumulated other comprehensive
loss $3,640 $ 688 $4,328 12 SEGMENT DATA
2011
Net actuarial loss $1,788 $2,164 $3,952 The company’s businesses are organized, managed, and internally
Net prior service cost (credit) 192 (344) (152) grouped into segments based on differences in products and ser-
Accumulated other comprehensive loss $1,980 $1,820 $3,800 vices. Segment selection was based on the manner in which man-
The following amounts are included in accumulated other com- agement organizes segments for making operating decisions and
prehensive loss as of October 31, 2012 and are expected to be assessing performance. The company has identified eight operat-
recognized as components of net periodic benefit cost during fiscal ing segments and has aggregated those segments into three
2013. reportable segments: Professional, Residential, and Distribution.
The aggregation of the company’s segments is based on the seg-
Other ments having the following similarities: economic characteristics,
Defined Benefit Postretirement types of products and services, types of production processes,
Pension Plans Benefit Plans Total type or class of customers, and method of distribution. The com-
Net actuarial loss $523 $ 51 $574 pany’s Distribution segment, which consists of company-owned
Net prior service cost (credit) 54 (168) (114) domestic distributorships, has been combined with the company’s
Total $577 $(117) $460 corporate activities and elimination of intersegment revenues and
expenses and is shown as ‘‘Other’’ due to the insignificance of the
segment.
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