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Sensata Technologies Holding N.V.'s SEC Filings

S-1/A
SENSATA TECHNOLOGIES HOLDING PLC filed this Form S-1/A on 03/09/2010
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Table of Contents

During fiscal years 2008 and 2009, in response to global economic conditions, the Company announced various actions to reduce the workforce in several business centers and manufacturing facilities throughout the world, and to move certain manufacturing operations to low-cost countries. As a result of these restructuring actions, the Company recognized a settlement loss of $1,283 associated with the termination of STI employees in Attleboro, Massachusetts, and curtailment and settlement losses of $563 and $2,228, respectively, associated with the termination of employees at various foreign subsidiaries.

 

During fiscal year 2008, the Company announced a voluntary early retirement programs for eligible STI employees in Attleboro, Massachusetts. Twenty-eight employees accepted the voluntary early retirement program. In accordance with ASC 715, the Company recognized a charge for special termination benefits associated with a pension enhancement provided to certain eligible employees (refer to Note 8 for further discussion) of $1,300 and a charge for settlement of the Company’s benefit obligation of $591 during the year ended December 31, 2008.

 

During fiscal year 2008, the Company terminated the employment of 324 employees at one of its foreign subsidiaries. In accordance with ASC 715, the Company recognized a curtailment loss of $2,604 and a settlement loss of $393 associated with this event (refer to Note 9 for further discussion). Additionally, the Company recognized settlement losses of $379 associated with the termination of employees at other foreign subsidiaries.

 

The following table outlines the rollforward of the benefit obligation and plan assets for the defined benefit and retiree healthcare benefit plans for the years ended December 31, 2009 and 2008:

 

     For the year ended December 31,  
     2009     2008  
     U.S. Plans     Non-U.S.
Plans
    U.S. Plans     Non-U.S.
Plans
 
     Defined
Benefit
    Retiree
Healthcare
    Defined
Benefit
    Defined
Benefit
    Retiree
Healthcare
    Defined
Benefit
 

Change in Benefit Obligation

            

Beginning balance

   $ 61,685      $ 10,835      $ 46,393      $ 56,382      $ 9,688      $ 34,593   

Service cost

     1,976        244        2,860        2,449        269        3,111   

Interest cost

     2,969        566        1,020        3,173        536        1,038   

Plan participants’ contributions

     —          —          70        —          —          111   

Transfer

     —          —          —          —          —          887   

Plan amendment

     —          —          768        —          —          —     

Actuarial loss/(gain)

     1,257        146        (4,189     5,942        342        2,824   

Settlements

     —          —          (12,789     —          —          (2,986

Curtailments

     (1,552     —          (966     (2,063     —          2,604   

Special termination benefits

     —          —          —          1,300        —          —     

Benefits paid

     (5,136     (236     (168     (5,498     —          (339

Foreign currency exchange rate changes

     —          —          (497     —          —          4,550   
                                                

Ending balance

   $ 61,199      $ 11,555      $ 32,502      $ 61,685      $ 10,835      $ 46,393   
                                                

Change in Plan Assets

            

Beginning balance

   $ 25,053      $ —        $ 34,334      $ 35,873      $ 4,831      $ 30,612   

Actual return on plan assets

     5,310        134        1,177        (10,245     (201     (4,639

Employer contribution

     4,282        236        7,292        4,923        —          5,115   

Plan participants’ contributions

     —          —          70        —          —          111   

Transfer

     —          (134     —          —          (4,630     —     

Settlements

     —          —          (12,789     —          —          (2,986

Benefits paid

     (5,136     (236     (168     (5,498     —          (339

Foreign currency exchange rate changes

     —          —          (693     —          —          6,460   
                                                

Ending balance

   $ 29,509      $ —        $ 29,223      $ 25,053      $ —        $ 34,334   
                                                

Funded status at end of year

   $ (31,690   $ (11,555   $ (3,279   $ (36,632   $ (10,835   $ (12,059
                                                

Accumulated benefit obligation at end of year

   $ 46,746      $ —        $ 26,075      $ 47,077      $ —        $ 36,107   
                                                

 

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