Retirement Benefits (Tables)

12 Months Ended

Oct. 31, 2014

Principal Assumptions of Esterline and CMC Plans

Principal assumptions of the Esterline, CMC and Other Non-U.S. plans are as follows:

	Esterline		CMC		Other Non-U.S.
	Defined Benefit		Defined Benefit		Defined Benefit
	Pension Plans		Pension Plans		Pension Plans
	2014	2013	2014	2013	2014	2013
Principal assumptions as of year end:
Discount rate	4.25%	4.70%	4.10%	4.50%	2.00 - 8.75%	3.00 - 9.25%
Rate of increase in future    compensation levels	4.21%	4.50%	3.00%	3.00%	4.50 - 8.83%	4.50 - 8.68%
Assumed long-term rate of    return on plan assets	7.00%	7.00%	6.35%	6.34%	3.25 - 8.00%	3.20 - 8.00%

	Esterline		CMC
	Post-Retirement		Post-Retirement
	Pension Plans		Pension Plans
	2014	2013	2014	2013
Principal assumptions as of year end:
Discount rate	4.25%	4.70%	4.10%	4.50%
Initial weighted average health care trend rate	6.00%	6.00%	6.20%	6.30%
Ultimate weighted average health care trend rate	6.00%	6.00%	4.20%	4.20%

Allocations By Investment Type

Allocations by investment type are as follows:

		Actual
	Target	2014			2013
Plan assets allocation as of fiscal year end:
Equity securities	55 - 75%		62.2	%		63.9	%
Debt securities	25 - 45%		35.7	%		33.6	%
Cash	0%		2.1	%		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									Post-Retirement
	Pension Plans									Benefit Plans
	2014			2013			2012			2014			2013			2012
Components of Net Periodic Cost
Service cost	$	11,367		$	11,848		$	9,393		$	489		$	508		$	436
Interest cost		19,387			17,893			19,403			685			674			715
Expected return on plan assets		(25,999	)		(22,476	)		(21,508	)		-			-			-
Contractual termination		94			-			-			-			-			-
Curtailment		23			-			-			(1,747	)		-			-
Amortization of prior service cost		107			384			41			(151	)		(150	)		(69	)
Amortization of actuarial    (gain) loss		6,052			14,255			10,551			38			103			41
Net periodic cost (benefit)	$	11,031		$	21,904		$	17,880		$	(686	)	$	1,135		$	1,123

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 2014 and 2013 were as follows:

In Thousands	Defined Benefit						Post-Retirement
	Pension Plans						Benefit Plans
	2014			2013			2014			2013
Benefit Obligations
Beginning balance	$	443,133		$	456,861		$	16,713		$	17,040
Currency translation adjustment		(13,285	)		(4,948	)		(1,230	)		(559	)
Service cost		11,367			11,848			489			508
Interest cost		19,387			17,893			685			674
Plan participant contributions		104			156			-			-
Amendment		-			273			-			-
Contractual termination		94			-			-			-
Curtailment		(241	)		-			(2,075	)		-
Actuarial (gain) loss		37,423			(16,905	)		(10	)		14
Other adjustments		(1,615	)		287			-			(252	)
Benefits paid		(23,019	)		(22,332	)		(775	)		(712	)
Ending balance	$	473,348		$	443,133		$	13,797		$	16,713
Plan Assets - Fair Value
Beginning balance	$	390,809		$	334,622		$	-		$	-
Currency translation adjustment		(10,144	)		(5,377	)		-			-
Realized and unrealized gain (loss) on plan assets		48,424			55,730			-			-
Plan participant contributions		104			156			-			-
Company contribution		23,524			28,927			776			712
Other adjustments		(122	)		92			-			-
Expenses paid		(2,102	)		(1,009	)		-			-
Benefits paid		(23,019	)		(22,332	)		(776	)		(712	)
Ending balance	$	427,474		$	390,809		$	-		$	-
Funded Status
Fair value of plan assets	$	427,474		$	390,809		$	-		$	-
Benefit obligations		(473,348	)		(443,133	)		(13,797	)		(16,713	)
Net amount recognized	$	(45,874	)	$	(52,324	)	$	(13,797	)	$	(16,713	)
Amount Recognized in the Consolidated Balance Sheet
Non-current asset	$	5,940		$	2,201		$	-		$	-
Current liability		(2,214	)		(2,351	)		(704	)		(785	)
Non-current liability		(49,600	)		(52,174	)		(13,093	)		(15,928	)
Net amount recognized	$	(45,874	)	$	(52,324	)	$	(13,797	)	$	(16,713	)
Amounts Recognized in Accumulated Other Comprehensive Income
Net actuarial loss (gain)	$	89,266		$	82,796		$	339		$	768
Prior service cost		700			490			(80	)		161
Ending balance	$	89,966		$	83,286		$	259		$	929

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
2015	$	43,185
2016		28,385
2017		29,704
2018		31,506
2019		31,868
2020 - 2024		171,953

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 31, 2014, 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	$	117,014	$	-	$	117,014
Commingled Trust Funds - U.S. Equity		-		28,734		28,734
U.S. Equity Securities		35,276		-		35,276
Non-U.S. Equity Securities		22,457		-		22,457
Commingled Trust Funds - Non-U.S. Securities		-		62,418		62,418
Fixed Income Securities:
Registered Investments Company Funds - Fixed Income		-		-		-
Commingled Trust Funds - Fixed Income		-		87,078		87,078
Non-U.S. Foreign Commercial and Government Bonds		65,703		-		65,703
Cash and Cash Equivalents		8,794		-		8,794
Total	$	249,244	$	178,230	$	427,474

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	$	-	$	106,436
Commingled Trust Funds - U.S. Equity		-		26,923		26,923
U.S. Equity Securities		37,280		-		37,280
Non-U.S. Equity Securities		25,584		-		25,584
Commingled Trust Funds - Non-U.S. Securities		-		53,347		53,347
Fixed Income Securities:
Registered Investments Company Funds - Fixed Income		33,494		-		33,494
Commingled Trust Funds - Fixed Income		-		41,428		41,428
Non-U.S. Foreign Commercial and Government Bonds		56,351		-		56,351
Cash and Cash Equivalents		9,966		-		9,966
Total	$	269,111	$	121,698	$	390,809