Employee Benefit Plans, Pensions, and Other Retiree Benefits

12 Months Ended

Oct. 02, 2015

Compensation and Retirement Disclosure [Abstract]

EMPLOYEE BENEFIT PLAN, PENSIONS AND OTHER RETIREE BENEFITS

EMPLOYEE BENEFIT PLAN, PENSIONS AND OTHER RETIREE BENEFITS

The Company maintains a 401(k) plan covering substantially all of its employees based in the United States under which all employees at least twenty-one years old are eligible to receive discretionary Company contributions. Discretionary Company contributions are determined by the Board of Directors and may be in the form of cash or the Company’s stock. The Company has generally contributed a match of up to 4% of an employee’s contributed annual eligible compensation. For the fiscal years ended October 2, 2015, October 3, 2014, and September 27, 2013, the Company contributed shares of 0.1 million, 0.2 million, and 0.3 million, respectively, and recognized expense of $7.2 million, $6.2 million, and $6.2 million, respectively.

FilterCo Defined Benefit Pension:

On April 1, 2015, the Company assumed a defined benefit pension plan from Panasonic for certain participants located in Japan that formally transferred from Panasonic to FilterCo, as discussed in Note 3, Business Combinations, in these Notes to the Consolidated Financial Statements. This plan has been frozen and new employees are not eligible. However, the Company is obligated to make future contributions to fund benefits to the participants with the benefits under the plan being based primarily on a combination of years of service and compensation.

The net amount of the unfunded obligation recognized in other long-term liabilities on the Balance Sheet consists of (in millions):

	Fiscal Year Ended
	October 2, 2015
Pension benefit obligations at the end of the fiscal year	$	14.9
Fair value of plan assets at the end of the fiscal year	9.8
Funded status	$	(5.1	)
Net periodic benefit costs	$	0.1

The pension obligation has an immaterial impact to the Company’s results of operations and financial position and accordingly, the disclosures required per the retirement benefit compensation topic in the ASC have been excluded from this Annual Report on Form 10-K.