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Employee Benefit Plans
6 Months Ended
Jun. 29, 2013
Employee Benefit Plans [Abstract]  
Employee Benefit Plans

NOTE G - Employee Benefit Plans
The following table illustrates the components of net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

(THOUSANDS OF DOLLARS)

THREE MONTHS ENDED

 

SIX MONTHS ENDED

 

JUNE 29,

 

JUNE 30,

 

JUNE 29,

 

JUNE 30,

 

2013

 

2012

 

2013

 

2012

Service cost

$

105 

 

$

13 

 

$

117 

 

$

25 

Interest cost

 

434 

 

 

560 

 

 

1,000 

 

 

1,120 

Expected return on plan assets

 

(807)

 

 

(577)

 

 

(1,419)

 

 

(1,154)

Amortization of unrecognized loss

 

571 

 

 

288 

 

 

900 

 

 

576 

Amortization of prior service cost

 

3 

 

 

3 

 

 

6 

 

 

6 

Net Periodic Benefit Cost

$

306 

 

$

287 

 

$

604 

 

$

573 

 

 

The Company contributed $0.7 million to its defined benefit pension plan in the first six months of 2013.  The Company expects to contribute $2.1 million to its defined benefit pension plans in 2013.  Additionally, the Company expects to contribute $0.9 million to its defined contribution retirement plans in 2013.

 

In the second quarter of 2013, the Company settled a defined benefit pension plan that covered certain employees of its former manufacturing facility in Ireland.  The Company incurred approximately $1.4 million in non-cash charges that are included in selling, general and administrative expenses.