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Employee Benefits (Tables)
12 Months Ended
Sep. 27, 2013
Employee Benefits [Abstract]  
Financial Position Of Non-Contributory Defined Benefit Plans

 

 

 

 

 

 

 

 

 

 

 

2013

2012

Projected benefit obligation:

 

 

 

 

Projected benefit obligation, beginning of year

$

25,516 

$

21,032 

Interest cost

 

997 

 

1,036 

Actuarial (gain) loss

 

(3,649)

 

4,224 

Benefits paid

 

(813)

 

(776)

Projected benefit obligation, end of year

 

22,051 

 

25,516 

Fair value of plan assets:

 

 

 

 

Fair value of plan assets, beginning of year

 

13,673 

 

11,304 

Actual gain on plan assets

 

1,861 

 

2,259 

Company contributions

 

1,143 

 

886 

Benefits paid

 

(813)

 

(776)

Fair value of plan assets, end of year

 

15,864 

 

13,673 

Funded status of the plans

 

(6,187)

 

(11,843)

Amounts recognized in the Consolidated Balance Sheets consist of:

 

 

 

 

Current pension liabilities

 

191 

 

191 

Non-current pension liabilities

 

5,996 

 

11,650 

Accumulated other comprehensive loss

 

(5,008)

 

(10,207)

Components of accumulated other comprehensive loss:

 

 

 

 

Net actuarial loss

 

(5,008)

 

(10,207)

Accumulated other comprehensive loss

$

(5,008)

$

(10,207)

 

 

 

 

 

 

Net Periodic Benefit Cost For The Non-Contributory Defined Benefit Pension Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

2012

2011

Interest cost

$

997 

$

1,036 

$

1,003 

Expected return on plan assets

 

(977)

 

(942)

 

(962)

Amortization of unrecognized net actuarial loss

 

666 

 

335 

 

177 

Net periodic pension cost

 

686 

 

429 

 

218 

Other changes in benefit obligations recognized in other comprehensive income (loss), (OCI):

 

 

 

 

 

 

Net actuarial (gain) loss

 

(5,199)

 

2,571 

 

2,321 

Total recognized in net periodic pension cost and OCI

$

(4,513)

$

3,000 

$

2,539 

 

 

 

 

 

 

 

 

Estimated Benefit Payments

 

 

 

 

 

 

2014

$

900 

2015

 

912 

2016

 

967 

2017

 

978 

2018

 

1,032 

Five years thereafter

 

5,748 

 

 

 

 

Actuarial Assumptions Used To Determine The Projected Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected Benefit Obligation

 

Net Periodic Pension Cost

 

 

2013 
2012 
2011 

 

2013 
2012 
2011 

Discount rate

 

5.00% 
4.00% 
5.00% 

 

4.00% 
5.00% 
5.25% 

Long-term rate of return

 

N/A

N/A

N/A

 

7.50% 
7.50% 
7.50% 

Average salary increase rate

 

N/A

N/A

N/A

 

N/A

N/A

N/A

 

 

 

 

 

 

 

 

 

 

Pension Plans' Weighted Average Asset Allocations By Percent

 

 

 

 

 

 

 

 

 

 

2013 
2012 

Equity securities

 

76% 
74% 

Fixed income securities

 

23% 
25% 

Other securities

 

1% 
1% 

 

 

100% 
100% 

 

 

 

 

 

Pension Plan Assets Measured At Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

Description:

 

 

 

 

 

 

 

 

Mutual fund

$

15,560 

$

 -

$

 -

$

15,560 

Money market funds

 

34 

 

 -

 

 -

 

34 

Group annuity contract

 

 -

 

 -

 

270 

 

270 

Total

$

15,594 

$

 -

$

270 

$

15,864 

 

 

 

 

 

 

 

 

 

The following table summarizes the Company’s pension plan assets measured at fair value as of September 28, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

Description:

 

 

 

 

 

 

 

 

Mutual fund

$

13,290 

$

 -

$

 -

$

13,290 

Money market funds

 

52 

 

 -

 

 -

 

52 

Group annuity contract

 

 -

 

 -

 

331 

 

331 

Total

$

13,342 

$

 -

$

331 

$

13,673 

 

 

 

 

 

 

 

 

 

 

Summary Of Changes In Fair Vale of Level 3 Pension Plan Assets

 

 

 

 

 

 

 

 

 

 

 

2013

2012

Level 3 assets, beginning of year

$

331 

$

447 

Purchases

 

 

Unrealized gain (loss)

 

 

(7)

Sales

 

(68)

 

(117)

Level 3 assets, end of year

$

270 

$

331