Employee benefit plans (Tables)

3 Months Ended

Jan. 02, 2016

The following table sets forth the components of the net pension cost for the three month periods ended January 2, 2016 and January 3, 2015, respectively:

	(in thousands of dollars)
	Three Months ended
	January 2, 2016			January 3, 2015
Interest cost	$	296		$	316
Expected return on plan assets		(289	)		(313	)
Amortization of net loss		77			64
Net periodic benefit cost		84			67
Net cost of defined contribution plans	$	155		$	147
Net cost of all employee benefit plans	$	239		$	214

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 2, 2016 and January 3, 2015:

	(in thousands of dollars)
	Three Months ended
	January 2, 2016			January 3, 2015
Liability for pension benefits at beginning of period	$	10,963		$	9,529
Interest cost		296			316
Expected return on plan assets		(289	)		(313	)
Plan contributions		(76	)		(119	)
Effect of exchange rate changes		(247	)		(484	)
Balance at end of period	$	10,647		$	8,929

Amounts recognized in balance sheet

Amounts recognized in the balance sheet consist of:

	(in thousands of dollars)
	January 2, 2016		January 3, 2015
Non-current liabilities	$	10,647	$	8,929

Amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive loss consist of:

	(in thousands of dollars)
	January 2, 2016		January 3, 2015
Actuarial loss, net of $18,000 tax benefit (2015: net of $14,000 tax benefit)	$	59	$	50

Pension plan assets measured and recorded at fair value

The tables below present information about the Company’s pension plan assets measured and recorded at fair value as of January 2, 2016 and September 30, 2015, and indicates the fair value hierarchy of the inputs utilized by the Company to determine the fair values.

(in thousands of dollars)

January 2, 2016	Level 1* (Quoted prices in active markets)		Level 2** (Significant observable inputs)		Level 3*** (Unobservable inputs)

Adept Strategy 9 Fund (a sub-fund of Adept Investment Management plc)		-		12,356		-
Schroder Matching Plus Nominal and Index Linked Liability Driven Investment Swap Funds (funds managed by Schroder Investment Management Limited)		-		4,428		-
U.S. Mutual Funds and Fixed Income Funds		2,589		-		-
U.S. Equity Funds		368		-		-
Per ‘Mutual Funds’
Other Types of Investments
Cash		265		-		-
Total		3,222		16,784		-

(in thousands of dollars)

September 30, 2015	Level 1* (Quoted prices in active markets)		Level 2** (Significant observable inputs)		Level 3*** (Unobservable inputs)
Adept Strategy 9 Fund (a sub-fund of Adept Investment Management plc)		-		13,044		-
Schroder Matching Plus Nominal and Index Linked Liability Driven Investment Swap Funds (funds managed by Schroder Investment Management Limited)		-		3,845		-
U.S. Mutual Funds and Fixed Income Funds		2,557		-		-
U.S. Equity Funds		350		-		-
Other Types of Investments
Cash		331		-		-
Total		3,238		16,889		-

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

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The Company’s pension plan financial assets held in the Adept Strategy 9 Fund and the Schroder investments are Level 2 assets. The Company uses the Net Asset Value to determine the fair value of underlying investments which (a) do not have readily determinable fair value; and (b) prepare their financial statements consistent with the measurement principles of an investment company. The Funds are not exchange traded. The Funds are not subject to any redemption notice periods or restrictions and can be redeemed on a daily basis. No gates or holdbacks or dealing suspensions are being applied to the Funds. The Funds are of perpetual duration.

***	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)
2016	$	445
2017	$	514
2018	$	532
2019	$	540
2020	$	550
2021 – 2025	$	2,958