Note 12 - Pensions

9 Months Ended

Oct. 01, 2016

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

1

2. Pensions

The components of net periodic benefit cost for the three and nine months ended October 1, 2016, compared with the three and nine months ended September 26, 2015, were (in thousands):

	U.S. Pension Benefits										Foreign Plans
	Three Months Ended					Nine Months Ended					Three Months Ended						Nine Months Ended
	October 1, 2016		September 26, 2015			October 1, 2016		September 26, 2015			October 1, 2016			September 26, 2015			October 1, 2016			September 26, 2015
Service cost	$	-	$	250		$	-	$	750		$	332		$	314		$	997		$	944
Interest cost		-		1,032			-		3,094			496			512			1,489			1,538
Expected return on plan assets		-		(917	)		-		(2,749	)		(520	)		(599	)		(1,560	)		(1,800	)
Amortization of net loss		-		290			-		870			74			62			220			185
Total cost (credit) of the plan		-		655			-		1,965			382			289			1,146			867
Expected plan participants’ contribution		-		-			-		-			-			-			-			-
Net periodic benefit cost (credit)		-		655			-		1,965			382			289			1,146			867
Settlement charge		-		30,194			-		30,194			-			-			-			-
Total pension cost (credit)	$	-	$	30,849		$	-	$	32,159		$	382		$	289		$	1,146		$	867

* 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.