Pension, Profit Sharing & Other Post-Retirement Benefits

3 Months Ended

Mar. 29, 2014

Compensation and Retirement Disclosure [Abstract]

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 $2.8 million and $2.2 million for the first quarter of 2014 and 2013, 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 March 29, 2014, the Company estimated that approximately $7.0 million would be contributed to the Company's defined benefit pension plans in 2014, of which approximately $1.3 million was contributed through the first quarter of 2014.

The Company’s unaudited net periodic benefit cost for its defined benefit plans for the first quarter of 2014 and 2013 consists of the following components:



	First quarter of
	2014			2013
	(Dollar amounts in millions)
Service cost	$	0.2		$	0.1
Interest cost	1.9			1.7
Expected return on plan assets	(1.9		)	(1.7		)
Net amortization of actuarial loss	—			0.2
Net periodic benefit cost	$	0.2		$	0.3

There were no periodic benefit costs for the Company's post-retirement health benefit plan for the first quarter of 2014 or 2013.