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 $2.7 million and $2.1 million for the second quarter of 2014 and 2013, respectively, and aggregated approximately $5.5 million and $4.3 million for the first half of 2014 and 2013, respectively. The increase in pension, profit sharing and other post-retirement health benefit expense is due primarily to increases in the company matched contribution on 401k plans and increases in profit sharing accruals at certain of the Company's subsidiaries. This increase was partially offset by a decrease in the defined benefit plan expense attributable to a reduction in the required recognition of the cumulative unrecognized loss. Favorable investment return and an increase in the discount rate combined to both improve the funded status and reduce the outstanding loss.

The Company's policy is to generally fund currently at least the minimum required annual contribution of its various qualified defined benefit plans. At June 28, 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 $2.9 million was contributed through the first half of 2014.

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



	Second quarter of						First half of
	2014			2013			2014			2013
	(Dollar amounts in millions)
Service cost	$	0.1		$	0.1		$	0.3		$	0.2
Interest cost	1.9			1.7			3.8			3.4
Expected return on plan assets	(1.9		)	(1.7		)	(3.8		)	(3.4		)
Net amortization of actuarial loss	—			0.3			—			0.5
Net periodic benefit cost	$	0.1		$	0.4		$	0.3		$	0.7

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