XML 82 R16.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Employee Benefits | 12 Months Ended
--- | ---
Oct. 31, 2012
Compensation and Retirement Disclosure [Abstract] |
Employee Benefits | Employee Benefits Cooper's Retirement Income Plan Cooper's Retirement Income Plan (Plan), a defined benefit plan, covers substantially all full-time United States employees. Cooper's contributions are designed to fund normal cost on a current basis and to fund the estimated prior service cost of benefit improvements. The unit credit actuarial cost method is used to determine the annual cost. Cooper pays the entire cost of the Plan and funds such costs as they accrue. Virtually all of the assets of the Plan are comprised of equities and participation in equity and fixed income funds. The following table sets forth the Plan's benefit obligations and fair value of the Plan assets at October 31, 2012, and the funded status of the Plan and net periodic pension costs for each of the years in the three-year period ended October 31, 2012. Retirement Income Plan
Years Ended October 31, (In thousands) | 2012 |  | 2011 |  | 2010
Change in benefit obligation |  |  |  |  |
Benefit obligation, beginning of year | $ | 64,989 |  |  | $ | 54,751 |  |  | $ | 47,658 |
Service cost | 4,937 |  |  | 4,749 |  |  | 3,969 |
Interest cost | 3,053 |  |  | 2,973 |  |  | 2,670 |
Benefits paid | (1,308 | ) |  | (1,440 | ) |  | (1,228 | )
Curtailment (gain) | — |  |  | — |  |  | (594 | )
Actuarial loss | 16,936 |  |  | 3,956 |  |  | 2,276 |
Benefit obligation, end of year | $ | 88,607 |  |  | $ | 64,989 |  |  | $ | 54,751 |
Change in plan assets |  |  |  |  |
Fair value of plan assets, beginning of year | $ | 39,098 |  |  | $ | 33,444 |  |  | $ | 26,399 |
Actual return on plan assets | 4,411 |  |  | 1,474 |  |  | 4,509 |
Employer contributions | 5,226 |  |  | 5,620 |  |  | 3,764 |
Benefits paid | (1,308 | ) |  | (1,440 | ) |  | (1,228 | )
Fair value of plan assets, end of year | $ | 47,427 |  |  | $ | 39,098 |  |  | $ | 33,444 |
Funded status at end of year | $ | (41,180 | ) |  | $ | (25,891 | ) |  | $ | (21,307 | )
Years Ended October 31, (In thousands) | 2012 |  | 2011 |  | 2010
Amounts recognized in the statement of financial position consist of: |  |  |  |  |
Noncurrent asset | $ | — |  |  | $ | — |  |  | $ | — |
Current liability | — |  |  | — |  |  | — |
Noncurrent liabilities | (41,180 | ) |  | (25,891 | ) |  | (21,307 | )
Net amount recognized at year end | $ | (41,180 | ) |  | $ | (25,891 | ) |  | $ | (21,307 | )
Years Ended October 31, (In thousands) | 2012 |  | 2011 |  | 2010
Amounts recognized in accumulated other comprehensive income consist of: |  |  |  |  |
Net transition obligation | $ | — |  |  | $ | 20 |  |  | $ | 41 |
Prior service cost | 53 |  |  | 77 |  |  | 102 |
Net loss | 34,957 |  |  | 20,134 |  |  | 15,459 |
Accumulated other comprehensive income | $ | 35,010 |  |  | $ | 20,231 |  |  | $ | 15,602 |
Years Ended October 31, (In thousands) | 2012 |  | 2011 |  | 2010
Information for pension plans with accumulated benefit obligations in excess of plan assets |  |  |  |  |
Projected benefit obligation | $ | 88,607 |  |  | $ | 64,989 |  |  | $ | 54,751 |
Accumulated benefit obligation | $ | 77,596 |  |  | $ | 57,388 |  |  | $ | 47,866 |
Fair value of plan assets | $ | 47,427 |  |  | $ | 39,098 |  |  | $ | 33,444 |
Years Ended October 31, (In thousands) | 2012 |  | 2011 |  | 2010
Reconciliation of prepaid (accrued) pension cost |  |  |  |  |
Accrued pension cost at prior fiscal year end | $ | (5,660 | ) |  | $ | (5,706 | ) |  | $ | (4,390 | )
Net periodic benefit cost | 5,736 |  |  | 5,574 |  |  | 5,080 |
Contributions made during the year | 5,226 |  |  | 5,620 |  |  | 3,764 |
Adjustment due to change in measurement date | — |  |  | — |  |  | — |
Accrued pension cost at fiscal year end | $ | (6,170 | ) |  | $ | (5,660 | ) |  | $ | (5,706 | )
Years Ended October 31, (In thousands) | 2012 |  | 2011 |  | 2010
Components of net periodic benefit cost and other amounts recognized in other comprehensive income |  |  |  |  |
Net periodic benefit cost: |  |  |  |  |
Service cost | $ | 4,937 |  |  | $ | 4,748 |  |  | $ | 3,969 |
Interest cost | 3,053 |  |  | 2,973 |  |  | 2,670 |
Expected return on plan assets | (3,424 | ) |  | (2,944 | ) |  | (2,444 | )
Amortization of transitional (asset) or obligation | 20 |  |  | 21 |  |  | 21 |
Amortization of prior service cost | 24 |  |  | 24 |  |  | 24 |
Recognized actuarial loss | 1,126 |  |  | 752 |  |  | 796 |
Curtailment loss | — |  |  | — |  |  | 44 |
Net periodic pension cost | $ | 5,736 |  |  | $ | 5,574 |  |  | $ | 5,080 |
Years Ended October 31, (In thousands) | 2012 |  | 2011 |  | 2010
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |  |  |  |
Net transition obligation | $ | — |  |  | $ | — |  |  | $ | — |
Prior service cost | — |  |  | — |  |  | — |
Net loss | 15,950 |  |  | 5,426 |  |  | 211 |
Amortizations of net transition obligation | (21 | ) |  | (21 | ) |  | (21 | )
Amortizations of prior service cost | (24 | ) |  | (24 | ) |  | (24 | )
Amortizations of net gain | (1,126 | ) |  | (752 | ) |  | (797 | )
Reduction in net transition obligation due to curtailment | — |  |  | — |  |  | (14 | )
Reduction in prior service cost due to curtailment | — |  |  | — |  |  | (29 | )
Reduction in net loss due to curtailment | — |  |  | — |  |  | (594 | )
Total recognized in other comprehensive income | $ | 14,779 |  |  | $ | 4,629 |  |  | $ | (1,268 | )
Total recognized in net periodic benefit cost and other comprehensive income | $ | 20,515 |  |  | $ | 10,203 |  |  | $ | 3,812 |
The estimated net loss, net transition obligation and prior service cost for the plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $2,011,000, $0 and $24,208, respectively.
Years Ended October 31, | 2012 |  | 2011 |  | 2010
Weighted-average assumptions used in computing the net periodic pension cost and projected benefit obligation at year end: |  |  |  |  |
Discount rate for determining net periodic pension cost | 4.75 | % |  | 5.50 | % |  | 5.75 | %
Discount rate for determining benefit obligations at year end | 3.75 | % |  | 4.75 | % |  | 5.50 | %
Rate of compensation increase for determining expense | 4.00 | % |  | 4.00 | % |  | 4.00 | %
Rate of compensation increase for determining benefit obligations at year end | 4.00 | % |  | 4.00 | % |  | 4.00 | %
Expected rate of return on plan assets for determining net periodic pension cost | 8.50 | % |  | 8.50 | % |  | 9.00 | %
Expected rate of return on plan assets at year end | 8.00 | % |  | 8.50 | % |  | 8.50 | %
Measurement date for determining assets and benefit obligations at year end | 10/31/2012 |  |  | 10/31/2011 |  |  | 10/31/2010 |
The discount rate enables us to state expected future cash flows at a present value on the measurement date. The discount rate used for the plan is based primarily on the yields of a universe of high quality corporate bonds or the spot rate of high quality AA-rated corporate bonds, with durations corresponding to the expected durations of the benefit obligations. A change in the discount rate will cause the present value of benefit obligations to change in the opposite direction. If a discount rate of 4.75%, which is similar to prior fiscal year, had been used, the projected benefit obligation would have been $74.8 million, and the accumulated benefit obligation would have been $66.2 million. The expected rate of return on plan assets was determined based on a review of historical returns, both for this plan and for medium- to large-sized defined benefit pension funds with similar asset allocations. This review generated separate expected returns for each asset class listed below. These expected future returns were then blended based on this Plan's target asset allocation. Plan Assets Weighted-average asset allocations at year end, by asset category are as follows:
Years Ended October 31, | 2012 |  | 2011 |  | 2010
Asset category |  |  |  |  |
Cash and cash equivalents | 3.0 | % |  | 2.1 | % |  | 4.1 | %
Corporate common stock | 16.5 | % |  | 19.0 | % |  | 21.3 | %
Equity mutual funds | 43.2 | % |  | 41.1 | % |  | 37.9 | %
Real estate funds | 5.2 | % |  | 5.6 | % |  | 5.0 | %
Bond mutual funds | 32.1 | % |  | 32.2 | % |  | 31.7 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | %
The Plan invests in a diversified portfolio of assets intended to minimize risk of poor returns while maximizing expected portfolio returns. To achieve the long-term rate of return, plan assets will be invested in a mixture of instruments, including but not limited to, corporate common stock (may include the Company's stock), investment grade bond funds, cash, balanced funds, real estate funds, small or large cap equity funds and international equity funds. The allocation of assets will be determined by the investment manager, and will typically include 50% to 80% equities with the remainder invested in fixed income and cash. Presently, this diversified portfolio is expected to return roughly 8.0% in the long run. Effective November 1, 2012, the expected rate of return on assets was reduced from 8.5% to 8.0%. Fair Value Measurement of Plan Assets
(In thousands) | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Asset category |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,411 |  |  | $ | 1,411 |  |  | $ | — |  |  | $ | — |
Corporate common stock | 7,844 |  |  | 7,844 |  |  | — |  |  | — |
Equity mutual funds | 20,506 |  |  | 20,506 |  |  | — |  |  | — |
Real estate funds | 2,443 |  |  | 2,443 |  |  | — |  |  | — |
Bond mutual funds | 15,223 |  |  | 15,223 |  |  | — |  |  | — |
Total | $ | 47,427 |  |  | $ | 47,427 |  |  | $ | — |  |  | $ | — |
The Plan has an established process for determining the fair value of plan assets. Fair value is based upon quoted market prices, as Level 1 inputs, where available. For our investments in equity and bond mutual funds, and real estate funds, fair value is based on observable, Level 1 inputs, as price quotes are available and the fair values of these funds were not impacted by liquidity restrictions or the fund status. Level 2 assets are those where price quotes are not readily available and the fair value would be determined based on other observable inputs. Level 3 assets are those where price quotes are not readily available and the fair value would be determined based on unobservable inputs. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Cash Flows Contributions The Company contributions to the pension plan were $5.2 million, $5.6 million and $3.8 million for fiscal 2012, 2011 and 2010, respectively. The Company closely monitors the funded status of the Plan with respect to legislative and accounting rules. The Company is expected to make contributions of about $6.2 million during fiscal 2013. Estimated Future Benefit Payments
Years (In thousands) |
2013 | $ | 1,898 |
2014 | 2,186 |
2015 | 2,483 |
2016 | 2,808 |
2017 | 3,142 |
2018 - 2022 | 21,377 |
Cooper's 401(k) Savings Plan Cooper's 401(k) savings plan provides for the deferral of compensation as described in the Internal Revenue Code and is available to substantially all full-time United States employees. Employees who participate in the 401(k) plan may elect to have from 1% to 75% of their pre-tax salary or wages deferred and contributed to the trust established under the plan. Cooper's contributions on account of participating employees, net of forfeiture credits, were $2.9 million, $2.4 million and $2.1 million for the years ended October 31, 2012, 2011 and 2010, respectively.

X
- Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 7, 21, 22 -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. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS106-2 -Paragraph 20, 21, 22 -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. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Implementation Guide (Q and A) -Number FAS88 -Paragraph 63 -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. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 106 -Paragraph 518 -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. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 6, 7, 8 -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. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph b -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. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 8 -Subparagraph m -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. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 87 -Paragraph 264 -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. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 30 -Paragraph 26 -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. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-2 -Paragraph 8 -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. Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph h -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. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph a -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. Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph q -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
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration