Retirement Benefits

6 Months Ended

May 01, 2015

Compensation And Retirement Disclosure [Abstract]

Retirement Benefits

Note 4 – Retirement Benefits

The Company’s pension plans principally include a U.S. pension plan maintained by Esterline and a non-U.S. plan maintained by CMC Electronics, Inc. (CMC).  The Company also sponsors a number of other non-U.S. defined benefit pension plans, primarily in France and Germany.  In fiscal 2014, the Company offered vested terminated participants of its U.S. pension plan a one-time opportunity to elect a lump-sum payment from the plan in lieu of a lifetime annuity.  In the first fiscal quarter of 2015, the Company made a $16.6 million lump-sum payment to vested terminated pension plan participants from the plan, which resulted in an actuarial estimated settlement charge of $3.0 million.  The charge was recorded in selling, general and administrative expenses.  Components of periodic pension cost consisted of the following:

In Thousands	Three Months Ended						Six Months Ended
	May 1,			May 2,			May 1,			May 2,
	2015			2014			2015			2014
Components of Net Periodic Cost
Service cost	$	2,830		$	2,894		$	5,700		$	5,623
Interest cost		4,175			4,765			8,529			9,577
Expected return on plan assets		(6,385	)		(6,939	)		(12,859	)		(13,451	)
Settlement		-			-			2,991			-
Amortization of prior service cost		17			19			35			38
Amortization of actuarial (gain) loss		1,131			1,343			2,399			2,700
Net periodic cost (benefit)	$	1,768		$	2,082		$	6,795		$	4,487

The Company’s principal post-retirement plans include non-U.S. plans, which are non-contributory healthcare and life insurance plans.  The components of expense of these other retirement benefits consisted of the following:

In Thousands	Three Months Ended						Six Months Ended
	May 1,			May 2,			May 1,			May 2,
	2015			2014			2015			2014
Components of Net Periodic Cost
Service cost	$	205		$	228		$	425		$	463
Interest cost		134			184			277			373
Amortization of prior service cost		(17	)		(17	)		(34	)		(34	)
Amortization of actuarial (gain) loss		(23	)		(66	)		(49	)		(134	)
Net periodic cost (benefit)	$	299		$	329		$	619		$	668

The Company amortizes prior service cost and actuarial gains and losses from accumulated other comprehensive income to expense over the remaining service period.