Note 9 - Pensions

9 Months Ended

Sep. 26, 2015

Pension and Other Postretirement Benefits Disclosure [Text Block]

9. Pensions

The components of net periodic benefit cost for the three and nine months ended September 26, 2015, compared with the three and nine months ended September 27, 2014, were (in thousands):

	U.S. Pension Benefits												Foreign Plans
	Three Months Ended						Nine Months Ended						Three Months Ended						Nine Months Ended
	September 26, 2015			September 27, 2014			September 26, 2015			September 27, 2014			September 26, 2015			September 27, 2014			September 26, 2015			September 27, 2014

Service cost	$	250		$	150		$	750		$	450		$	314		$	311		$	944		$	933
Interest cost		1,032			971			3,094			2,913			512			591			1,538			1,774
Expected return on plan assets		(917	)		(1,412	)		(2,749	)		(4,234	)		(599	)		(572	)		(1,800	)		(1,718	)
Amortization of net loss		290			137			870			411			62			47			185			142
Total cost (credit) of the plan		655			(154	)		1,965			(460	)		289			377			867			1,131
Expected plan participants’ contribution		-			-			-			-			-			-			-			-
Net periodic benefit cost (credit)		655			(154	)		1,965			(460	)		289			377			867			1,131
Settlement charge		30,194			-			30,194			-			-			-			-			-
Total pension cost (credit)	$	30,849		$	(154	)	$	32,159		$	(460	)	$	289		$	377		$	867		$	1,131

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.

Notes to

CONDENSED

Consolidated Financial Statements (Unaudited)

9. Pensions, continued

U.S. Defined Benefit Pension

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. All plan liabilities were settled (either via lump sum payout or purchase of a group annuity contract) in the third quarter of 2015. A cash contribution of $9.1 million was made by the company to the U.S. defined benefit pension plan’s trust in the third quarter of 2015 to fully fund the plan on a buyout basis. The settlement of the plan’s liabilities resulted in a pre-tax settlement charge of $30.2 million in the third quarter of 2015.