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Pensions and Other Postretirement Benefits | 9 Months Ended
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Sep. 27, 2014
Pensions and Other Postretirement Benefits [Abstract] |
Pensions and Other Postretirement Benefits | Note 8 – Pensions and Other Postretirement Benefits The Company maintains various retirement benefit plans. The following table shows the components of the net periodic pension cost for the third fiscal quarters of 2014 and 2013 for the Company's defined benefit pension plans:
|  | Fiscal quarter ended September 27, 2014 |  |  | Fiscal quarter ended September 28, 2013 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Net service cost |  | $ | - |  |  | $ | 826 |  |  | $ | - |  |  | $ | 864 |
Interest cost |  |  | 3,313 |  |  |  | 2,149 |  |  |  | 3,471 |  |  |  | 2,022 |
Expected return on plan assets |  |  | (3,578 | ) |  |  | (534 | ) |  |  | (4,781 | ) |  |  | (510 | )
Amortization of prior service cost (credit) |  |  | (23 | ) |  |  | 1 |  |  |  | 244 |  |  |  | (9 | )
Amortization of losses |  |  | 1,507 |  |  |  | 677 |  |  |  | 3,733 |  |  |  | 832 |
Curtailment and settlement losses |  |  | 15,588 |  |  |  | - |  |  |  | - |  |  |  | - |
Net periodic benefit cost |  | $ | 16,807 |  |  | $ | 3,119 |  |  | $ | 2,667 |  |  | $ | 3,199 |
The following table shows the components of the net periodic pension cost for the nine fiscal months ended September 27, 2014 and September 28, 2013 for the Company's defined benefit pension plans:
|  | Nine fiscal months ended September 27, 2014 |  |  | Nine fiscal months ended September 28, 2013 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Net service cost |  | $ | - |  |  | $ | 2,481 |  |  | $ | - |  |  | $ | 2,621 |
Interest cost |  |  | 10,981 |  |  |  | 6,525 |  |  |  | 10,412 |  |  |  | 6,076 |
Expected return on plan assets |  |  | (11,694 | ) |  |  | (1,591 | ) |  |  | (14,343 | ) |  |  | (1,559 | )
Amortization of prior service cost (credit) |  |  | (69 | ) |  |  | 3 |  |  |  | 733 |  |  |  | (26 | )
Amortization of losses |  |  | 5,127 |  |  |  | 2,055 |  |  |  | 11,198 |  |  |  | 2,499 |
Curtailment and settlement losses |  |  | 15,588 |  |  |  | - |  |  |  | - |  |  |  | - |
Net periodic benefit cost |  | $ | 19,933 |  |  | $ | 9,473 |  |  | $ | 8,000 |  |  | $ | 9,611 |
During the third fiscal quarter of 2014, the Company executed two partial-settlement transactions to reduce the risk associated with its U.S. qualified pension obligations. These transactions included the purchase of annuity contracts for approximately 700 participants pursuant to an arrangement inherited in a past acquisition and a special limited-time voluntary lump-sum payment offer to certain former employees who were deferred vested participants of the plan not currently receiving periodic payments of their pension benefit. A total of 800 participants accepted the voluntary lump-sum offer. The plan is no longer obligated to pay any benefits to the 1,500 participants covered by these two settlement transactions. These former participants represented approximately 23% of the total participants prior to executing these transactions. As a result of these transactions, the projected benefit obligation, plan assets, and funded status were remeasured on the dates of the respective settlements. The plan assets consisted of equity securities, fixed income securities, and real estate investments. Equity securities held by the U.S. defined benefit retirement plan consist of various mutual funds and exchange traded funds that are valued based on quoted market prices on the last business day of the year. The fair value measurement of the mutual funds and exchange traded funds securities is considered a Level 1 measurement within the fair value hierarchy. Fixed income securities held by the U.S. defined benefit retirement plans consist of exchange traded funds and a short-term investment fund. The exchange traded funds are valued based on quoted market prices on the last business day of the year. The fair value measurement of the exchange traded funds securities is considered a Level 1 measurement within the fair value hierarchy. The short-term investment fund strictly invests in short-term investments, including commercial paper, certificates of deposit, U.S. government agency and instrumentality obligations, U.S. government obligations, corporate notes, and funding agreements. The maturity date of all investments held by the short-term investment fund is within one year from the financial statement date. There are no redemption restrictions on the plan's investment. The fair value of the short-term investment fund has been estimated using the net asset value per share of the investment. The fair value measurement of the short-term investment fund is considered a Level 2 measurement within the fair value hierarchy. Real estate investments held by the U.S. defined benefit retirement plans consist of real estate investment trust securities that are valued at quoted market prices on the last business day of the year. The fair value measurement of the real estate investments is considered a Level 1 measurement within the fair value hierarchy. These transactions reduced the U.S. projected benefit obligation by approximately $59,400, and were funded entirely with plan assets. These transactions also resulted in the recognition of non-cash settlement charges aggregating $15,588, representing previously unrecognized actuarial items. These non-cash charges are presented on a separate line in the consolidated condensed statements of operations. The Company continues to evaluate options to further reduce the risk associated with its pension obligations. The following table shows the components of the net periodic benefit cost for the third fiscal quarters of 2014 and 2013 for the Company's other postretirement benefit plans:
|  | Fiscal quarter ended September 27, 2014 |  |  | Fiscal quarter ended September 28, 2013 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Service cost |  | $ | 29 |  |  | $ | 77 |  |  | $ | 28 |  |  | $ | 74 |
Interest cost |  |  | 88 |  |  |  | 61 |  |  |  | 78 |  |  |  | 64 |
Amortization of prior service (credit) |  |  | (206 | ) |  |  | - |  |  |  | (200 | ) |  |  | - |
Amortization of losses (gains) |  |  | (35 | ) |  |  | 9 |  |  |  | 1 |  |  |  | - |
Net periodic benefit cost |  | $ | (124 | ) |  | $ | 147 |  |  | $ | (93 | ) |  | $ | 138 |
The following table shows the components of the net periodic pension cost for the nine fiscal months ended September 27, 2014 and September 28, 2013 for the Company's other postretirement benefit plans:
|  | Nine fiscal months ended September 27, 2014 |  |  | Nine fiscal months ended September 28, 2013 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Service cost |  | $ | 87 |  |  | $ | 235 |  |  | $ | 83 |  |  | $ | 222 |
Interest cost |  |  | 264 |  |  |  | 187 |  |  |  | 235 |  |  |  | 191 |
Amortization of prior service (credit) |  |  | (618 | ) |  |  | - |  |  |  | (599 | ) |  |  | - |
Amortization of losses (gains) |  |  | (105 | ) |  |  | 29 |  |  |  | 3 |  |  |  | - |
Net periodic benefit cost |  | $ | (372 | ) |  | $ | 451 |  |  | $ | (278 | ) |  | $ | 413 |

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