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Employee Benefit Plans
9 Months Ended
Sep. 28, 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

 

NINE MONTHS ENDED

 

SEPTEMBER 28,

 

SEPTEMBER 29,

 

SEPTEMBER 28,

 

SEPTEMBER 29,

 

2013

 

2012

 

2013

 

2012

Service cost

$

59 

 

$

12 

 

$

176 

 

$

37 

Interest cost

 

500 

 

 

561 

 

 

1,500 

 

 

1,681 

Expected return on plan assets

 

(709)

 

 

(578)

 

 

(2,128)

 

 

(1,732)

Amortization of unrecognized loss

 

449 

 

 

287 

 

 

1,349 

 

 

863 

Amortization of prior service cost

 

3 

 

 

3 

 

 

9 

 

 

9 

Net Periodic Benefit Cost

$

302 

 

$

285 

 

$

906 

 

$

858 

 

 

The Company contributed $1.8 million to its defined benefit pension plans in the first nine months of 2013.  The Company expects to contribute a total of $2.3 million to its defined benefit pension plans in 2013.  Additionally, the Company expects to contribute $0.6 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 discontinued operations.