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Pension and Postretirement Benefits
9 Months Ended
Mar. 30, 2014
Compensation and Retirement Disclosure [Abstract]  
Pension and Postretirement Benefits
Pension and Postretirement Benefits

The Company has noncontributory defined benefit retirement plans and postretirement plans covering certain employees. The following tables summarize the plans’ income and expense for the periods indicated (in thousands):
 
 
Pension Benefits
 
Other Postretirement Benefits
 
 
Three Months Ended
 
Three Months Ended
 
 
March 30,
2014
 
March 31,
2013
 
March 30,
2014
 
March 31,
2013
Components of Net Periodic Expense:
 
 
 
 
 
 
 
 
Service Cost
 
$
1,911

 
$
3,166

 
$
83

 
$
89

Interest Cost on Projected Benefit Obligation
 
13,436

 
12,276

 
1,150

 
1,199

Expected Return on Plan Assets
 
(18,538
)
 
(18,873
)
 

 

Amortization of:
 
 
 
 
 
 
 
 
Transition Obligation
 

 
2

 

 

Prior Service Cost (Credit)
 
45

 
47

 
(724
)
 
(897
)
Actuarial Loss
 
6,276

 
8,666

 
1,504

 
1,881

Net Periodic Expense
 
$
3,130

 
$
5,284

 
$
2,013

 
$
2,272


 
 
Pension Benefits
 
Other Postretirement Benefits
 
 
Nine Months Ended
 
Nine Months Ended
 
 
March 30,
2014
 
March 31,
2013
 
March 30,
2014
 
March 31,
2013
Components of Net Periodic Expense:
 
 
 
 
 
 
 
 
Service Cost
 
$
5,735

 
$
10,138

 
$
250

 
$
268

Interest Cost on Projected Benefit Obligation
 
40,307

 
37,878

 
3,450

 
3,596

Expected Return on Plan Assets
 
(55,614
)
 
(56,958
)
 

 

Amortization of:
 
 
 
 
 
 
 
 
Transition Obligation
 

 
6

 

 

Prior Service Cost (Credit)
 
135

 
319

 
(2,172
)
 
(2,692
)
Actuarial Loss
 
18,821

 
26,155

 
4,512

 
5,644

Net Curtailment Loss
 

 
1,914

 

 

Net Periodic Expense
 
$
9,384

 
$
19,452

 
$
6,040

 
$
6,816



In October 2012, the Board of Directors of the Company authorized an amendment to the Company's defined benefit retirement plans for U.S., non-bargaining employees. The amendment freezes accruals for all non-bargaining employees effective January 1, 2014. The Company recorded a pre-tax curtailment charge of $1.9 million in the second quarter of fiscal 2013 related to the defined benefit plan change.

The Company expects to make benefit payments of $3.1 million attributable to its non-qualified pension plans during fiscal 2014. During the first nine months of fiscal 2014, the Company made payments of approximately $2.2 million for its non-qualified pension plans. The Company anticipates making benefit payments of approximately $15.9 million for its other postretirement benefit plans during fiscal 2014. During the first nine months of fiscal 2014, the Company made payments of $13.0 million for its other postretirement benefit plans.
 
On July 6, 2012, the Moving Ahead for Progress in the 21st Century Act (MAP-21 Act) was signed into law. The MAP-21 Act included certain pension-related provisions, which included changes to the methodology used to determine discount rates for ERISA funding purposes for qualified defined benefit pension plans. Based on historical interest rates, the MAP-21 Act allows plan sponsors to utilize a higher discount rate to value pension liabilities, which results in lower required pension plan contributions under ERISA. During the first nine months of fiscal 2014, the Company made no cash contributions to the qualified pension plan. Based upon current regulations and actuarial studies, the Company is required to make no minimum contributions to the qualified pension plan during the remainder of fiscal 2014 or in 2015. The Company may be required to make further contributions in future years depending upon the actual return on plan assets and the funded status of the plan in future periods.