Retirement Benefits

6 Months Ended

Apr. 01, 2016

Compensation And Retirement Disclosure [Abstract]

Retirement Benefits

Note 5 – 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 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
	April 1,			March 27,			April 1,			March 27,
	2016			2015			2016			2015
				(Recast)						(Recast)
Components of Net Periodic Cost
Service cost	$	2,945		$	2,744		$	5,902		$	5,446
Interest cost		4,247			4,087			8,640			8,451
Expected return on plan assets		(5,993	)		(6,249	)		(11,904	)		(12,716	)
Settlement		-			-			-			2,991
Amortization of prior service cost		112			15			226			34
Amortization of actuarial (gain) loss		1,577			1,105			3,059			2,316
Net periodic cost (benefit)	$	2,888		$	1,702		$	5,923		$	6,522

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