Note 9 - Pensions

6 Months Ended

Jun. 27, 2015

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

9. Pensions

The components of net periodic benefit cost for the three and six months ended June 27, 2015, compared with the three and six months ended June 28, 2014, were (in thousands):

	U.S. Pension Benefits												Foreign Plans
	Three Months Ended						Six Months Ended						Three Months Ended						Six Months Ended
	June 27, 2015			June 28, 2014			June 27, 2015			June 28, 2014			June 27, 2015			June 28, 2014			June 27, 2015			June 28, 2014
Service cost	$	250		$	150		$	500		$	300		$	315		$	311		$	630		$	622
Interest cost		1,031			971			2,062			1,942			513			592			1,026			1,183
Expected return on plan assets		(916	)		(1,411	)		(1,832	)		(2,822	)		(601	)		(573	)		(1,201	)		(1,146	)
Amortization of net loss		290			137			580			274			62			47			123			95
Total cost (credit) of the plan		655			(153	)		1,310			(306	)		289			377			578			754
Expected plan participants’ contribution		-			-			-			-			-			-			-			-
Net periodic benefit cost (credit)	$	655		$	(153	)	$	1,310		$	(306	)	$	289		$	377		$	578		$	754

The expected rate of return assumption on domestic pension assets is 3.90% and 6.75% in 2015 and 2014, respectively. The expected return on foreign pension assets is 5.39% and 5.14% in 2015 and 2014, respectively.

Plan Termination

The company received approval from the IRS on April 14, 2015 on its Application for Determination for Terminating Plan to terminate the U.S. defined benefit pension plan, the Littelfuse Inc. Retirement Plan, effective July 30, 2014. The current liability balance of $11.8 million at June 27, 2015, represents the projected cost to settle the plan’s liability in conjunction with the upcoming plan termination. Settlement is expected to occur during the third quarter of 2015.