Note 11 - Pensions

6 Months Ended

Jul. 02, 2016

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

1

1

. Pensions

The components of net periodic benefit cost for the three and six months ended July 2, 2016, compared with the three and six months ended June 27, 2015, were (in thousands):

	U.S. Pension Benefits										Foreign Plans
	Three Months Ended					Six Months Ended					Three Months Ended						Six Months Ended
	July 2, 2016		June 27, 2015			July 2, 2016		June 27, 2015			July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Service cost	$	-	$	250		$	-	$	500		$	333		$	315		$	665		$	630
Interest cost		-		1,031			-		2,062			496			513			993			1,026
Expected return on plan assetsassets		-		(916	)		-		(1,832	)		(520	)		(601	)		(1,040	)		(1,201	)
Amortization of net loss		-		290			-		580			73			62			146			123
Total cost (credit) of the plan		-		655			-		1,310			382			289			764			578
Expected plan participants’ contribution		-		-			-		-			-			-			-			-
Net periodic benefit cost (credit)	$	-	$	655		$	-	$	1,310		$	382		$	289		$	764		$	578

* The U.S. pension plan was terminated effective July 30, 2014 and, following receipt of a favorable Letter of Determination from the IRS (dated April 14, 2015), all liabilities of the plan were settled during the third quarter of fiscal 2015.

The expected rate of return assumption on U.S. pension assets was 3.90% in 2015. The expected return on foreign pension assets is 4.95% and 5.39% in 2016 and 2015, respectively.