Retirement Benefits (Tables)

12 Months Ended

Oct. 25, 2013

Principal Assumptions of Esterline and CMC Plans

Principal assumptions of the Esterline and CMC plans are as follows:

	Esterline Defined Benefit             Pension Plans		CMC Defined Benefit             Pension Plans
	2013	2012	2013	2012
Principal assumptions as of fiscal year end:
Discount Rate	4.7%	3.85%	4.5%	4.35%
Rate of increase in future compensation levels	4.5%	4.5%	3.0%	3.1%
Assumed long-term rate of return on plan assets	7.0%	7.0%	6.34%	6.5 – 6.75%
	Esterline Post-Retirement             Benefit Plans		CMC Post-Retirement             Pension Plans
	2013	2012	2013	2012
Principal assumptions as of fiscal year end:
Discount Rate	4.7%	3.85%	4.5%	4.35%
Initial weighted average health care trend rate	6.0%	6.0%	6.3%	3.7%
Ultimate weighted average health care trend rate	6.0%	6.0%	4.2%	3.2%

Allocations By Investment Type

Allocations by investment type are as follows:

		Actual
	Target		2013		2012
Plan assets allocation as of fiscal year end:
Equity securities	55 – 75%		63.9	%	58.8%
Debt securities	25 – 45%		33.6	%	38.7%
Cash	0%		2.5	%	2.5%
Total			100.0	%	100.0%

Net Periodic Pension Cost for Defined Benefit Plans

Net periodic pension cost for the Company’s defined benefit plans at the end of each fiscal year consisted of the following:

In Thousands	Defined Benefit Pension Plans									Post-Retirement Benefit Plans
		2013			2012			2011			2013			2012			2011
Components of Net Periodic Cost
Service cost	$	11,848		$	9,393		$	8,583		$	508		$	436		$	447
Interest cost		17,893			19,403			19,044			674			715			754
Expected return on plan assets		(22,476	)		(21,508	)		(20,354	)		0			0			0
Amortization of prior service cost		384			41			21			(150	)		(69	)		0
Amortization of actuarial (gain) loss		14,255			10,551			8,450			103			41			(17	)
Net periodic cost	$	21,904		$	17,880		$	15,744		$	1,135		$	1,123		$	1,184

Funded Status of Defined Benefit Pension and Post-Retirement Plans

The funded status of the defined benefit pension and post-retirement plans at the end of fiscal 2013 and 2012 were as follows:

In Thousands	Defined Benefit Pension Plans						Post-Retirement Benefit Plans
	2013			2012			2013			2012
Benefit Obligations
Beginning balance	$	456,861		$	401,579		$	17,040		$	14,392
Currency translation adjustment		(4,948	)		(2,623	)		(559	)		(175	)
Service cost		11,848			9,393			508			436
Interest cost		17,893			19,403			674			715
Plan participants contributions		156			44			0			0
Amendment		273			416			0			546
Actuarial (gain) loss		(16,905	)		50,116			14			1,918
Other adjustment		287			0			(252	)		0
Benefits paid		(22,332	)		(21,467	)		(712	)		(792	)
Ending balance	$	443,133		$	456,861		$	16,713		$	17,040
Plan Assets – Fair Value
Beginning balance	$	334,622		$	300,826		$	0		$	0
Currency translation adjustment		(5,377	)		(838	)		0			0
Realized and unrealized gain (loss) on plan assets		55,730			27,918			0			0
Plan participants contributions		156			44			0			0
Company contribution		28,927			29,014			712			792
Other adjustment		92			0			0			0
Expenses paid		(1,009	)		(875	)		0			0
Benefits paid		(22,332	)		(21,467	)		(712	)		(792	)
Ending balance	$	390,809		$	334,622		$	0		$	0
Funded Status
Fair value of plan assets	$	390,809		$	334,622		$	0		$	0
Benefit obligations		(443,133	)		(456,861	)		(16,713	)		(17,040	)
Net amount recognized	$	(52,324	)	$	(122,239	)	$	(16,713	)	$	(17,040	)
Amount Recognized in the Consolidated Balance Sheet
Non-current asset	$	2,201		$	0		$	0		$	0
Current liability		(2,351	)		(6,145	)		(785	)		(1,060	)
Non-current liability		(52,174	)		(116,094	)		(15,928	)		(15,980	)
Net amount recognized	$	(52,324	)	$	(122,239	)	$	(16,713	)	$	(17,040	)
Amounts Recognized in Accumulated Other Comprehensive Income
Net actuarial loss (gain)	$	82,796		$	148,758		$	768		$	759
Prior service cost		490			589			161			0
Ending balance	$	83,286		$	149,347		$	929		$	759

Estimated Future Benefit Payments Expected to be Paid from Plan or from Assets

Estimated future benefit payments expected to be paid from the plan or from the Company’s assets are as follows:

In Thousands

Fiscal Year
2014	$	26,856
2015		27,085
2016		28,655
2017		29,975
2018		31,895
2019 – 2023		169,548

Fair Value of Pension Plan Assets

Allocations By Investment Type

The following table presents the fair value of the Company’s Pension Plan assets as of October 25, 2013, by asset category segregated by level within the fair value hierarchy, as described in Note 7.

In Thousands	Fair Value Hierarchy
	Level 1		Level 2		Total
Asset category:
Equity Funds
Registered Investments Company Funds – U.S. Equity	$	106,436	$	0	$	106,436
Commingled Trust Funds – U.S. Equity		0		26,923		26,923
U.S. Equity Securities		37,280		0		37,280
Non-U.S. Equity Securities		25,584		0		25,584
Commingled Trust Fund – Non-U.S. Securities		0		53,347		53,347
Fixed Income Securities
Registered Investments Company Funds – Fixed Income		33,494		0		33,494
Commingled Trust Fund – Fixed Income		0		41,428		41,428
Non-U.S. Foreign Commercial and Government Bonds		56,351		0		56,351
Cash and Cash Equivalents		9,966		0		9,966
Total	$	269,111	$	121,698	$	390,809