Pension, Profit Sharing & Other Post-Retirement Benefits

3 Months Ended

Mar. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Pension, Profit Sharing & Other Post-Retirement Benefits

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, profit sharing and other post-retirement health benefit expense charged to operations aggregated approximately $2.2 million and $1.7 million for the first quarter of 2013 and 2012, respectively. The increase is primarily due to an increase in profit sharing accruals, partially offset by a decrease in expense for the Company's defined benefit plans. The reduction in expense for the defined benefit plans is due to a reduction in the plan's interest cost resulting from lower discount rates, offset by higher service costs and a reduction in the plan's expected return on assets assumption.

The Company's policy is to generally fund currently at least the minimum required annual contribution of its various qualified defined benefit plans. At March 30, 2013, the Company estimated that approximately $4.3 million would be contributed to the Company's defined benefit pension plans in 2013, of which approximately $0.3 million was contributed through the first quarter of 2013.

The Company’s unaudited net periodic benefit cost for its defined benefit plans for the first quarter of 2013 and 2012 consists of the following components:

	For the first quarter of
	2013			2012
	(Dollar amounts in millions)
Service cost	$	0.1		$	0.1
Interest cost	1.7			1.9
Expected return on plan assets	(1.7		)	(1.8		)
Net amortization of actuarial loss (1)	0.2			0.2
Net periodic benefit cost	$	0.3		$	0.4

(1) Reclassified from accumulated other comprehensive loss to SG&A.

There were no periodic benefit costs for the Company's post-retirement health benefit plan for the first quarter of 2013 or 2012.