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Provision For Post-Retirement Health Care Costs | 12 Months Ended
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Dec. 31, 2012
Provision For Post-Retirement Health Care Costs |
16. | PROVISION FOR POST-RETIREMENT HEALTH CARE COSTS
|  | December 31, 2012 |  |  | December 31, 2011 |
Gold Fields Group (excluding South Deep) accrued post-retirement health care costs (a) |  |  | 2.1 |  |  |  | 2.1 |
South Deep accrued post-retirement health care costs (b) |  |  | — |  |  |  | — |
Gold Fields Group accrued post-retirement health care costs |  |  | 2.1 |  |  |  | 2.1 |
The Group is exposed to obligations for post-retirement health care costs under the Group health care scheme. In the case of the South Deep health care scheme, the exposure was up to December 31, 2011.
(a) | Group (excluding South Deep) accrued post-retirement health care costs
The Group has certain liabilities to subsidize the contributions payable by certain pensioners and dependants of ex-employees on a pay-as-you-go basis. The Group’s contributions to these schemes on behalf of current and retired employees amounted to $0.1 million in fiscal 2012 (fiscal year ended December 31, 2011: $0.2 million; six months ended December 31, 2010: $0.5 million, fiscal year ended June 30, 2010: $0.2 million). The obligation has been actuarially valued at December 31, 2012 and the outstanding contributions will be funded over the lifetime of these pensioners and dependants. The following table sets forth the funded status and amounts recognized by the Group (excluding South Deep) for post-retirement health care costs:
|  | December 31, 2012 |  |  | December 31, 2011 |
Actuarial present value |  |  | 2.1 |  |  |  | 2.1 |
Plan assets at fair value |  |  | — |  |  |  | — |
Accumulated benefit obligation in excess of plan assets |  |  | 2.1 |  |  |  | 2.1 |
Prior service costs |  |  | — |  |  |  | — |
Unrecognized net (gain)/loss |  |  | — |  |  |  | — |
Post-retirement health care liability |  |  | 2.1 |  |  |  | 2.1 |
The following is a reconciliation of the benefit obligation: |  |  |  |  |  |  |  |
Balance at beginning of year |  |  | 2.1 |  |  |  | 2.6 |
Service costs |  |  | 0.2 |  |  |  | 0.1 |
Contributions paid |  |  | (0.1 | ) |  |  | (0.2 | )
Foreign currency translation adjustment |  |  | (0.1 | ) |  |  | (0.4 | )
Balance at end of year |  |  | 2.1 |  |  |  | 2.1 |
The obligation has been valued using the projected unit credit funding method on past service liabilities. The valuation assumes a health care cost inflation rate of 7.5% per annum (December 31, 2011: 8.0%) and a discount rate of 8.0% per annum (December 31, 2011: 8.75%).
|  | December 31, 2012 |  |  | December 31, 2011 |  |  | December 31, 2010 |  |  | June 30, 2010 |
The net periodic benefit cost is explained as follows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service costs |  |  | 0.2 |  |  |  | 0.1 |  |  |  | (0.1 | ) |  |  | 0.9 |
Net periodic benefit cost |  |  | 0.2 |  |  |  | 0.1 |  |  |  | (0.1 | ) |  |  | 0.9 |
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one percentage point increase in assumed health care cost trend rates would have increased the aggregate of service and interest cost for the fiscal ended December 31, 2012 by $0.02 million (fiscal year ended December 31, 2011: $0.03 million; six months ended December 31, 2010: $0.01 million, fiscal year ended June 30, 2010: $0.1 million). The effect of this change on the accumulated post-retirement health care benefit obligation at December 31, 2012 would be an increase of $0.2 million (fiscal year ended December 31, 2011: $0.2 million). A one percentage point decrease in assumed health care cost trend rates would have decreased the aggregate of service and interest cost for the fiscal year ended December 31, 2012 by $0.01 million (fiscal year ended December 31, 2011: $0.01 million; six months ended December 31, 2010: $0.01 million, fiscal year ended June 30, 2010: $0.01 million). The effect of this change on the accumulated post-retirement health care benefit obligation at December 31, 2012 would be a decrease of $0.2 million (fiscal year ended December 31, 2011: $0.2 million).
(b) | South Deep accrued post-retirement health care costs
As part of the acquisition of South Deep, the post-retirement health care cost liability was assumed. The Group has certain liabilities to provide fixed monthly post-retirement medical benefits to certain pensioners and dependents of ex-employees. The Group’s contributions to these schemes on behalf of current and retired employees amounted to $nil million (fiscal year ended December 31, 2011: $0.1 million; six months ended December 31, 2010: $0.1 million; fiscal year ended June 30, 2010: $0.1 million). The obligation was actuarially valued at December 31, 2011 and the outstanding contributions were funded until December 31, 2011, when the obligation was extinguished.

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- Definition The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -SubTopic 10 -Section 25 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6410138&loc=d3e79691-111665 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6410195&loc=d3e80090-111668 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 112 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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