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Employee Benefit Plans (Tables)
12 Months Ended
Sep. 28, 2013
Employee Benefit Plans [Abstract]  
Pretax Amount Recognized In Accumulated Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

2012

 

 

(expressed in thousands)

Actuarial net loss

$

7,819 

 

$

7,770 

 

 

 

 

 

 

 

Summary Of Changes In Benefit Obligations And Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

2012

 

(expressed in thousands)

Change in benefit obligation:

 

 

 

 

 

Projected benefit obligation, beginning of year 

$

21,397 

 

$

15,922 

Service cost

 

690 

 

 

412 

Interest cost

 

768 

 

 

835 

Actuarial loss

 

269 

 

 

5,504 

Exchange rate change

 

1,130 

 

 

(752)

Benefits paid

 

(563)

 

 

(524)

Projected benefit obligation, end of year

$

23,691 

 

$

21,397 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

Fair value of plan assets, beginning of year

$

13,058 

 

$

12,676 

Actual return on plan assets

 

775 

 

 

931 

Employer contributions

 

4,575 

 

 

524 

Exchange rate change

 

744 

 

 

(549)

Benefits paid

 

(563)

 

 

(524)

Fair value of plan assets, end of year

$

18,589 

 

$

13,058 

 

 

 

 

 

 

 

Summary Of Funded Status Of Defined Benefit Retirement Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

2012

 

(expressed in thousands)

Funded status:

 

 

 

 

 

Funded status, end of year

$

(5,102)

 

$

(8,339)

Accumulated other comprehensive loss

 

7,819 

 

 

7,770 

Net amount recognized

$

2,717 

 

$

(569)

 

 

 

 

 

 

Amounts recognized in consolidated balance sheets:

 

 

 

 

 

Accrued payroll and related costs

$

(668)

 

$

(578)

Pension benefit plan obligation

 

(4,434)

 

 

(7,761)

Deferred income taxes

 

2,360 

 

 

2,345 

Accumulated other comprehensive income, net of tax

 

5,459 

 

 

5,425 

Net amount recognized

$

2,717 

 

$

(569)

 

 

 

 

 

 

 

Weighted Average Assumptions Used To Determine The Defined Benefit Retirement Plan Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

2012

 

Discount rate

3.6 

%

 

3.6 

%

Expected rate of return on plan assets

5.5 

%

 

5.2 

%

Expected rate of increase in future compensation levels 

2.8 

%

 

3.0 

%

 

 

 

 

 

 

 

Actual Defined Benefit Retirement Plan Asset Allocations

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage of Plan Assets

 

2013

 

 

2012

 

Fixed income securities(1)

53.0 

%

 

73.0 

%

Equity securities(2)

 -

%

 

20.0 

%

Cash and cash equivalents(3)

47.0 

%

 

2.0 

%

Other(4)

 -

%

 

5.0 

%

 

100.0 

%

 

100.0 

%

 

 

 

 

 

 

 

(1)  Fixed income securities are comprised primarily of international government agency and       international corporate bonds with investment grade ratings.

(2)  Equity securities consist of an international mutual fund that invests solely in international stocks that are actively traded on international exchanges.

(3)  At September 28, 2013, cash and cash equivalents include deposit accounts holding cash in Euros and other currencies and term deposits primarily held as collateral for equity futures. The market values of the equity and futures are linked to the values of equity indexes of developed country markets, including U.S., Great Britain, Europe, Canada, Switzerland and Japan. At September 29, 2012, cash and cash equivalents include deposit accounts holding cash in Euros.

(4Other asset holdings are comprised primarily of international bond futures and a derivatives-based mutual fund that invests in various assets.

Defined Benefit Retirement Plan Assets Subject To Fair Value Measurements

 

 

 

 

 

 

 

 

 

 

 

 

 

September 28, 2013

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(expressed in thousands)

Mutual fund(1)

$

 -

 

$

18,589 

 

$

 -

 

$

18,589 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 29, 2012

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(expressed in thousands)

Mutual fund(1)

$

 -

 

$

13,058 

 

$

 -

 

$

13,058 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The fair value of the mutual fund is generally valued based on closing prices from national exchanges, if the underlying securities are traded on an active market, or fixed income pricing models that use observable market inputs.

Net Periodic Benefit Cost For Defined Benefit Retirement Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

2012

 

 

2011

 

(expressed in thousands)

Service cost

$

690 

 

$

412 

 

$

481 

Interest cost

 

768 

 

 

835 

 

 

795 

Expected return on plan assets

 

(690)

 

 

(660)

 

 

(704)

Net amortization and deferral

 

520 

 

 

77 

 

 

152 

Net periodic benefit cost

$

1,288 

 

$

664 

 

$

724 

 

 

 

 

 

 

 

 

 

 

Expected Future Pension Benefit Payments

 

 

 

 

 

 

 

 

 

 

 

Pension

Fiscal Year

 

 

Benefits

 

 

(expressed in

 

 

thousands)

2014

 

$

668 

2015

 

 

747 

2016

 

 

824 

2017

 

 

895 

2018

 

 

937 

2019 through 2023

 

 

5,645 

 

 

$

9,716