Retirement Benefits

9 Months Ended

Jul. 31, 2015

Compensation And Retirement Disclosure [Abstract]

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 Belgium, 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 $3.2 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						Nine Months Ended
	July 31,			August 1,			July 31,			August 1,
	2015			2014			2015			2014
Components of Net Periodic Cost
Service cost	$	3,028		$	2,621		$	8,728		$	8,244
Interest cost		4,334			4,737			12,863			14,314
Expected return on plan assets		(6,398	)		(6,504	)		(19,257	)		(19,398	)
Settlement		184			-			3,175			-
Amortization of prior service cost		271			19			305			58
Amortization of actuarial (gain) loss		1,462			1,213			3,860			3,913
Net periodic cost (benefit)	$	2,881		$	2,086		$	9,674		$	7,131

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						Nine Months Ended
	July 31,			August 1,			July 31,			August 1,
	2015			2014			2015			2014
Components of Net Periodic Cost
Service cost	$	206		$	233		$	631		$	696
Interest cost		134			187			411			560
Amortization of prior service cost		(18	)		(17	)		(52	)		(51	)
Amortization of actuarial (gain) loss		(23	)		(67	)		(72	)		(201	)
Net periodic cost (benefit)	$	299		$	336		$	918		$	1,004

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