Sensata Technologies Holding N.V. - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - October 24, 2011

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EX-31.1 - SECTION 302 CERTIFICATION - Sensata Technologies Holding N.V.d231162dex311.htm
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EX-32.1 - SECTION 906 CERTIFICATION - Sensata Technologies Holding N.V.d231162dex321.htm
v2.3.0.15
Pension And Other Post-Retirement Benefits
9 Months Ended
Sep. 30, 2011
Pension And Other Post-Retirement Benefits [Abstract] 
Pension And Other Post-Retirement Benefits

11. Pension and Other Post-Retirement Benefits

We provide various retirement plans for employees, including defined benefit, defined contribution and retiree healthcare benefit plans. The components of net periodic benefit cost associated with our defined benefit and retiree healthcare plans for the three months ended September 30, 2011 and 2010 were as follows:

 

     U.S. Plans      Non-U.S. Plans        
     Defined Benefit     Retiree Healthcare      Defined Benefit     Total  
       2011         2010         2011          2010          2011         2010         2011         2010    

Service cost

    $ 485      $ 477      $ 37       $ 65       $ 810      $ 605      $ 1,332      $ 1,147   

Interest cost

      681        546        153         150         281        230        1,115        926   

Expected return on plan assets

      (622 )      (517 )      —           —           (211 )      (193 )      (833 )      (710 ) 

Amortization of net loss/(gain)

      227        (35 )      18         2         96        37        341        4   

Amortization of prior service cost

      —          —          —           —           3        (4 )      3        (4 ) 

Loss on settlement

      —          —          —           —           204        —          204        —     
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic benefit cost

    $ 771      $ 471      $ 208       $ 217       $ 1,183      $ 675      $ 2,162      $ 1,363   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

The components of net periodic benefit cost associated with our defined benefit and retiree healthcare plans for the nine months ended September 30, 2011 and 2010 were as follows:

 

     U.S. Plans      Non-U.S. Plans        
     Defined Benefit     Retiree Healthcare      Defined Benefit     Total  
       2011         2010         2011          2010          2011         2010         2011         2010    

Service cost

    $ 1,624      $ 1,553      $ 163       $ 195       $ 2,232      $ 1,729      $ 4,019      $ 3,477   

Interest cost

      2,022        1,986        451         450         815        698        3,288        3,134   

Expected return on plan assets

      (1,976 )      (1,767 )      —           —           (609 )      (562 )      (2,585 )      (2,329 ) 

Amortization of prior service cost

      —          —          —           —           9        5        9        5   

Amortization of net loss

      434        245        26         8         279        95        739        348   

Loss on settlement

      —          —          —           —           204        —          204        —     

Gain on curtailment

      —          —          —           —           —          (111 )      —          (111 ) 
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic benefit cost

    $ 2,104      $ 2,017      $ 640       $ 653      $ 2,930      $ 1,854      $ 5,674      $ 4,524   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

During the three and nine months ended September 30, 2011, we recognized a settlement loss of $204 associated with the termination of employees at our subsidiaries.

During the three months ended March 31, 2010, we terminated 7 employees at one of our subsidiaries. In connection with this event we recognized a curtailment gain of $111.

We contribute amounts to the U.S. qualified defined benefit plan in order to meet the minimum funding requirements of federal laws and regulations, plus additional amounts as we deem appropriate. During the nine months ended September 30, 2011, we made contributions of $18,600 to the U.S. qualified defined benefit plan. We believe we have met our funding requirements and therefore do not expect to make additional contributions to the U.S. qualified defined benefit plan during the remainder of the year.

 

Funding requirements for the non-U.S. defined benefit plans are determined on an individual country and plan basis and are subject to local country practices and market circumstances. During the nine months ended September 30, 2011, we made contributions of $2,779 to the non-U.S. defined benefit plans. Including these contributions, we expect to contribute $3,241 to the non-U.S. defined benefit plans during the twelve months ending December 31, 2011.

We voluntarily participate in a non-U.S. multi-employer pension plan. We regularly review the costs of participating in this plan and we may or may not, in the future, seek to withdraw from the plan. If we decide to withdraw from the plan, we may incur a withdrawal liability to the plan. The amount of any potential withdrawal liability would be determined under the terms of our contract with the plan. A withdrawal liability would be recorded when it is probable that a liability exists and can be reasonably determined. No amounts have been recorded as of September 30, 2011.

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