Disclosures About Defined Pension Benefit Obligations |
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Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosures About Defined Pension Benefit Obligations | Disclosures About Defined Pension Benefit Obligations The following table presents the components of net periodic benefit cost recognized in earnings during each of the three and nine months ended July 1, 2016 and June 26, 2015 (in thousands):
Included in the above table are amounts relating to a U.S. pension plan, the participating employees of which are assigned to, and work exclusively on, a specific operating contract with the U.S. federal government. It is the expectation of the parties to this contract that the cost of this pension plan will be fully reimbursed by the U.S. federal government pursuant to applicable cost accounting standards. Net periodic pension costs for this pension plan for the three and nine months ended July 1, 2016 were $3.4 million and $10.1 million, respectively, and were $1.5 million and $4.4 million, respectively, for the three and nine months ended June 26, 2015. As of June 30, 2016, we are no longer performing on this operating contract, and, as such, we are no longer responsible for administering this pension plan. As a result, the unfunded obligation included in “Other Deferred Liabilities” and the corresponding receivable from the U.S. federal government of approximately $115.5 million at July 1, 2016 ($115.5 million at October 2, 2015) were derecognized in the accompany Consolidated Balance Sheet at July1, 2016. The decrease in pension costs for the three and nine months ended July 1, 2016 as compared to the comparable prior year period was due to the curtailment of our pension plans in the U.K. The following table presents certain information regarding the Company’s cash contributions to our pension plans for fiscal 2016 (in thousands):
Other Deferred Liabilities Other Deferred Liabilities declined $217.8 million from $863.9 million as of October 2, 2015 to $646.1 million as of July 1, 2016. The decline was due primarily to the derecognition of $115.5 million in pension liabilities associated with a U.S. government contract (discussed above under the heading “Disclosures About Defined Pension Benefit Obligations”), $68.6 million in net lower movements in the Company’s other pension plans, and $33.7 million in long-term deferred and taxes payable.
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