Note J. Pension, Profit Sharing & Other Post-Retirement Benefits

6 Months Ended

Jul. 02, 2011

Pension, Profit Sharing, Other Post Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

Pension, Profit Sharing & Other Post-Retirement Benefits

The Company and its subsidiaries have various pension plans, supplemental retirement plans for certain officers, profit sharing and other post-retirement benefit plans requiring contributions to qualified trusts and union administered funds.

Pension and profit sharing expense charged to operations aggregated approximately $1.2 million and $0.9 million for the second quarter of 2011 and 2010, respectively, and aggregated approximately $2.7 million and $1.9 million for the first half of 2011 and 2010, respectively.

The Company's policy is to generally fund currently at least the minimum required annual contribution of its various qualified defined benefit plans. At July 2, 2011, the Company estimated that approximately $7.4 million would be contributed to the Company's defined benefit pension plans in 2011, of which approximately $2.4 million was contributed through the first half of 2011.

The Company’s unaudited net periodic (income) benefit cost for its defined benefit plans for the second quarter of 2011 and 2010 consists of the following components:

	For the second quarter of
	2011			2010
	(Dollar amounts in millions)
Service cost	$	0.1		$	0.1
Interest cost	2.2			2.2
Expected return on plan assets	(2.4		)	(2.1		)
Net periodic (income) benefit cost	$	(0.1	)	$	0.2

The Company’s unaudited net periodic (income) benefit cost for its defined benefit plans for the first half of 2011 and 2010 consists of the following components:

	For the first half of
	2011			2010
	(Dollar amounts in millions)
Service cost	$	0.2		$	0.2
Interest cost	4.3			4.4
Expected return on plan assets	(4.7		)	(4.2		)
Net periodic (income) benefit cost	$	(0.2	)	$	0.4

The Company's unaudited net periodic benefit income, consisting solely of recognized actuarial gains, for its post-retirement health benefit plan for the second quarter of 2011 was approximately $0.1 million. There were no periodic benefit costs for the Company's post-retirement health benefit plan for the first half of 2011. The Company's unaudited net periodic benefit cost, consisting solely of interest costs, for the second quarter and first half of 2010 was approximately $0.1 million and $0.2 million, respectively.