Employee benefit plans (Tables)

3 Months Ended

Jan. 03, 2015

The following table sets forth the components of the net pension cost for the three month periods ended January 3, 2015 and December 28, 2013, respectively:

	(in thousands of dollars)
	Three Months ended
	January 3, 2015			December 28, 2013
Interest cost	$	316		$	318
Expected return on plan assets		(313	)		(320	)
Amortization of net loss		64			56
Net periodic benefit cost		67			54
Net cost of defined contribution plans	$	147		$	115

Movement in liability for pension benefits

The following table sets forth the movement in the liability for pension benefits in the three month periods ended January 3, 2015 and December 28, 2013:

	(in thousands of dollars)
	Three Months ended
	January 3, 2015			December 28, 2013
Liability for pension benefits at beginning of period	$	9,529		$	8,354
Net periodic benefit cost		67			54
Plan contributions		(119	)		(171	)
Amortization of actuarial loss		(64	)		(56	)
Effect of exchange rate changes		(484	)		85
Balance at end of period	$	8,929		$	8,266

Amounts recognized in balance sheet

Amounts recognized in the balance sheet consist of:

	(in thousands of dollars)
	January 3, 2015		December 28, 2013
Non-current liabilities	$	8,929	$	8,266

Amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive loss consist of:

	(in thousands of dollars)
	January 3, 2015		December 28, 2013
Actuarial loss, net of $14,000 tax benefit (2013: net of $13,000 tax benefit)	$	50	$	43

Pension plan assets measured and recorded at fair value

The table below presents information about the Company’s pension plan assets measured and recorded at fair value as of January 3, 2015 and indicates the fair value hierarchy of the inputs utilized by the Company to determine the fair values.

(in thousands of dollars)

	Level 1* (Quoted prices in active markets)		Level 2** (Significant observable inputs)		Level 3*** (Unobservable inputs)
Mutual Funds
Standard Life Pension Global Absolute Returns Strategies Fund		6,886		-		-
Standard Life UK Indexed Linked Fund		1,924		-		-
Standard Life Long Corporate Bond Fund		1,782		-		-
CF Ruffer Absolute Return Fund		7,061		-		-
U.S. Mutual Funds		2,449		-		-
U.S. Exchange Traded Funds		364		-		-

Other Types of Investments
Cash		310		-		-
Total		20,776		-		-

*	Level 1 investments represent mutual funds for which a quoted market price is available on an active market. These investments will primarily hold stocks or bonds, or a combination of stocks and bonds.

**	The Company currently does not have any Level 2 pension plan financial assets.

***	The Company currently does not have any Level 3 pension plan financial assets.

Estimated future benefit payments

The following estimated benefit payments, which reflect future service, as appropriate, have been or are expected to be paid:

	(in thousands of dollars)
2015	$	668
2016		707
2017		697
2018		695
2019		671
2020 – 2024		3,658