XML 118 R38.htm IDEA: XBRL DOCUMENT
v2.4.0.6

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2012
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS |
Obligations and Funded Status | Obligations and Funded Status
|  | December 31,
|  | 2012 |  | 2011
Change in benefit obligations |  |  |  |
Benefit obligations at beginning of year |  | $ | 991,979 |  |  | $ | 851,948 |
Service cost |  | 21,538 |  |  | 17,331 |
Interest cost |  | 41,584 |  |  | 44,161 |
Plan participants' contributions |  | 334 |  |  | 365 |
Plan amendments |  | (3,681 | ) |  | — |
Actuarial loss |  | 70,015 |  |  | 121,800 |
Benefits paid |  | (86,722 | ) |  | (40,345 | )
Settlement/curtailment |  | (3,946 | ) |  | (2,434 | )
Currency translation |  | 2,624 |  |  | (847 | )
Benefit obligations at end of year |  | 1,033,725 |  |  | 991,979 |
Change in plan assets |  |  |  |
Fair value of plan assets at beginning of year |  | 749,456 |  |  | 726,474 |
Actual return on plan assets |  | 83,156 |  |  | 29,470 |
Employer contributions |  | 68,029 |  |  | 33,994 |
Plan participants' contributions |  | 334 |  |  | 365 |
Benefits paid |  | (85,238 | ) |  | (37,960 | )
Settlement |  | (3,798 | ) |  | (2,415 | )
Currency translation |  | 1,958 |  |  | (472 | )
Fair value of plan assets at end of year |  | 813,897 |  |  | 749,456 |
Funded status at end of year |  | (219,828 | ) |  | (242,523 | )
Unrecognized actuarial net loss |  | 422,042 |  |  | 408,474 |
Unrecognized prior service cost |  | (4,101 | ) |  | (515 | )
Unrecognized transition assets, net |  | 26 |  |  | 41 |
Net amount recognized |  | $ | 198,139 |  |  | $ | 165,477 |
Amounts Recognized in Consolidated Balance Sheets | Amounts Recognized in Consolidated Balance Sheets
|  | December 31,
|  | 2012 |  | 2011
Accrued pension liability, current |  | $ | (3,639 | ) |  | $ | (10,348 | )
Accrued pension liability, long-term |  | (216,189 | ) |  | (232,175 | )
Accumulated other comprehensive loss, excluding tax effects |  | 417,967 |  |  | 408,000 |
Net amount recognized in the balance sheets |  | $ | 198,139 |  |  | $ | 165,477 |
Components of Pension Cost for Defined Benefit Plans | Components of Pension Cost for Defined Benefit Plans
|  | Year Ended December 31,
|  | 2012 |  | 2011 |  | 2010
Service cost |  | $ | 21,538 |  |  | $ | 17,331 |  |  | $ | 15,371 |
Interest cost |  | 41,584 |  |  | 44,161 |  |  | 42,730 |
Expected return on plan assets |  | (58,754 | ) |  | (57,405 | ) |  | (50,424 | )
Amortization of prior service cost |  | (90 | ) |  | (62 | ) |  | (44 | )
Amortization of net loss |  | 31,085 |  |  | 21,816 |  |  | 20,830 |
Settlement/curtailment loss |  | 895 |  |  | 529 |  |  | 660 |
Pension cost for defined benefit plans |  | $ | 36,258 |  |  | $ | 26,370 |  |  | $ | 29,123 |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
|  | December 31,
|  | 2012 |  | 2011
U.S. pension plans |  |  |  |
Projected benefit obligation |  | $ | 956,837 |  |  | $ | 921,469 |
Accumulated benefit obligation |  | 905,541 |  |  | 883,157 |
Fair value of plan assets |  | 755,491 |  |  | 696,802 |
Non-U.S. pension plans |  |  |  |
Projected benefit obligation |  | $ | 76,884 |  |  | $ | 70,507 |
Accumulated benefit obligation |  | 70,492 |  |  | 66,332 |
Fair value of plan assets |  | 58,403 |  |  | 52,652 |
Benefits expected to be paid for the U.S. Plans | Benefit Payments for Plans Benefits expected to be paid for the U.S. plans are as follows:
Estimated Payments |
2013 | $ | 53,513 |
2014 | 61,080 |
2015 | 62,051 |
2016 | 58,608 |
2017 | 62,361 |
2018 through 2022 | 311,135 |
Weighted average assumptions used to measure the benefit obligation for the Company's significant defined benefit plans | Assumptions Weighted average assumptions used to measure the benefit obligation for the Company's significant defined benefit plans as of December 31, 2012 and 2011 were as follows:
|  | December 31,
|  | 2012 |  | 2011
Discount rate |  | 3.8 | % |  | 4.2 | %
Rate of increase in compensation |  | 4.0 | % |  | 4.0 | %
Weighted average assumptions used to measure the net periodic benefit cost for the Company's significant defined benefit plans | Weighted average assumptions used to measure the net periodic benefit cost for the Company's significant defined benefit plans for each of the three years ended December 31, 2012 were as follows:
|  | December 31,
|  | 2012 |  | 2011 |  | 2010
Discount rate |  | 4.2 | % |  | 5.3 | % |  | 5.8 | %
Rate of increase in compensation |  | 4.0 | % |  | 4.0 | % |  | 4.0 | %
Expected return on plan assets |  | 7.7 | % |  | 7.9 | % |  | 7.9 | %
Pension plans' assets by level within the fair value hierarchy | The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2012:
|  | Pension Plans' Assets at Fair Value as of December 31, 2012
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Corporate stock (1) |  | $ | 107,763 |  |  | $ | — |  |  | $ | — |  |  | $ | 107,763 |
Cash and cash equivalents |  | 5,170 |  |  | — |  |  | — |  |  | 5,170 |
Corporate and other obligations (2) |  | — |  |  | 412 |  |  | — |  |  | 412 |
Common trusts and 103-12 investments (3) |  | — |  |  | 673,469 |  |  | — |  |  | 673,469 |
Private equity funds (4) |  | — |  |  | — |  |  | 27,083 |  |  | 27,083 |
Total assets at fair value |  | $ | 112,933 |  |  | $ | 673,881 |  |  | $ | 27,083 |  |  | $ | 813,897 |
The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2011:
|  | Pension Plans' Assets at Fair Value as of December 31, 2011
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Corporate stock (1) |  | $ | 94,407 |  |  | $ | — |  |  | $ | — |  |  | $ | 94,407 |
Cash and cash equivalents |  | 1,582 |  |  | — |  |  | — |  |  | 1,582 |
Insurance company nonpooled separate account (5) |  |  |  |  |  |  |  |
Cash and cash equivalents |  | — |  |  | 15,371 |  |  | — |  |  | 15,371 |
Corporate and other obligations |  | — |  |  | 8,288 |  |  | 650 |  |  | 8,938 |
Common trusts and 103-12 investments (3) |  | — |  |  | 611,361 |  |  | — |  |  | 611,361 |
Private equity funds (4) |  | — |  |  | — |  |  | 17,797 |  |  | 17,797 |
Total assets at fair value |  | $ | 95,989 |  |  | $ | 635,020 |  |  | $ | 18,447 |  |  | $ | 749,456 |
_______________________________________________________________________________
(1) | This investment category includes publicly traded equity investments directly held by the plans. Investments are valued at the unadjusted quoted close prices reported on the reporting date.
(2) | This investment category is composed of publicly traded bonds and asset backed securities which are valued at the quoted closing market prices on the reporting date.
(3) | Common trusts and 103-12 investments are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes, and money markets. Trusts are valued at the net asset value ("NAV") as determined by their custodian. NAV represent the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates.
(4) | Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners.
(5) | The insurance company nonpooled separate account is focused on capital preservation and invests in fixed-income securities and money market instruments. The account is composed of publicly traded and privately held corporate bonds, money market and mortgage backed assets. Publicly traded bonds, money market and mortgage backed securities are valued at the closing market price on the reporting date. Privately held bonds are valued at fair value as determined by the fund directors and general partners.
Summary of changes in the fair value of the Level 3 pension plans' assets | The table below sets forth a summary of changes in the fair value of the Level 3 pension plans' assets for the year ended December 31, 2012:
|  | Insurance Company Nonpooled Separate Account |  | Private Equity Funds |  | Total
Balance at the beginning of year |  | $ | 650 |  |  | $ | 17,797 |  |  | $ | 18,447 |
Purchases, sales, issuances and settlements |  | (650 | ) |  | 7,318 |  |  | 6,668 |
Realized and unrealized gains |  | — |  |  | 1,968 |  |  | 1,968 |
Balance at the end of year |  | $ | — |  |  | $ | 27,083 |  |  | $ | 27,083 |
The amount of total gains during the period attributable to the change in unrealized gains relating to Level 3 net assets still held at the reporting date |  | $ | — |  |  | $ | 1,135 |  |  | $ | 1,135 |

X
- Details
Name: | leco_RetirementAndPostretirementBenefitPlans
Namespace Prefix: | leco_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation, including assumed discount rates and rate increase in compensation increase. + References No definition available. + Details
Name: | leco_ScheduleOfWeightedAverageAssumptionsUsedInCalculatingBenefitObligationTableTextBlock
Namespace Prefix: | leco_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References No definition available. + Details
Name: | leco_ScheduleOfWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostTableTextBlock
Namespace Prefix: | leco_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of accumulated benefit obligations and fair values of plan assets of pension plans and/or other employee benefit plans where the accumulated benefit obligation exceeds the fair value of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 4, 7, 16, 20, 21 -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 Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e2417-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=21916443&loc=d3e4179-114921 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph d -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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e2410-114920 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e2439-114920 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 6, 7 -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_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(4) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration