Note 12 - Pensions

9 Months Ended

Sep. 29, 2012

Pension and Other Postretirement Benefits Disclosure [Text Block]

12. Pensions

The components of net periodic benefit cost for the three and nine months ended September 29, 2012, compared with the three and nine months ended October 1, 2011, were (in thousands):

	U.S. Pension Benefits												Foreign Plans
	Three Months Ended						Nine Months Ended						Three Months Ended						Nine Months Ended
	September 29, 2012			October 1,  2011			September 29, 2012			October 1, 2011			September 29, 2012			October 1, 2011			September 29, 2012			October 1, 2011
Service cost	$	150		$	140		$	450		$	420		$	192		$	152		$	575		$	458
Interest cost		1,240			1,277			3,721			3,832			195			181			586			545
Expected return on plan assets		(1,655	)		(1,629	)		(4,965	)		(4,888	)		(120	)		(120	)		(362	)		(362	)
Amortization of prior service cost		-			-			-			-			(1	)		-			(1	)		(1	)
Amortization of net (gain) loss		85			187			254			561			18			8			52			23
Total cost (credit) of the plan		(180	)		(25	)		(540	)		(75	)		284			221			850			663
Expected plan participants' contribution		-			-			-			-			-			-			-			-
Net periodic benefit cost (credit)	$	(180	)	$	(25	)	$	(540	)	$	(75	)	$	284		$	221		$	850		$	663

The expected rate of return assumption on domestic pension assets is approximately 7.8% and 8.5% in 2012 and 2011, respectively. The expected return on foreign pension assets is approximately 4.5% and 4.5% in 2012 and 2011, respectively.

Pension Buyout

The company has amended the Littelfuse Retirement Plan to allow participants who meet certain requirements to elect, during a limited window period that expires on October 31, 2012, to receive their vested retirement benefits in a lump sum on (or for certain participants annuity payments, on and after) December 1, 2012.  This amendment is likely to trigger settlement accounting for those participants who elect to take the lump sum (or annuity) option, and will result in an accounting gain or loss when such settlements occur in the fourth quarter of 2012.  The company is not currently able to estimate the amount of the settlement gain or loss until the population of eligible participants who elect this option is known.