PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS

6 Months Ended

Jul. 03, 2016

Compensation and Retirement Disclosure [Abstract]

Pension and Other Post-Retirement Benefit Plans

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS

The components of net periodic benefit cost for the second quarter were as follows:

	Pension Benefits						Other Benefits
	Three Months Ended						Three Months Ended
	July 3, 2016			July 5, 2015			July 3, 2016		July 5, 2015
Service cost	$	5,699		$	6,810		$	75	$	99
Interest cost	10,999			10,857			2,429		2,513
Expected return on plan assets	(14,832		)	(17,158		)	—		—
Amortization of prior service (credit) cost	(261		)	(296		)	144		153
Amortization of net loss (gains)	8,801			7,232			6		(29		)
Net periodic benefit cost	10,406			7,445			2,654		2,736
Settlement cost	16,938			—			—		—
Total net periodic benefit cost	$	27,344		$	7,445		$	2,654	$	2,736

During the second quarter of 2016, the cumulative lump sum settlement distributions in the salaried defined benefit pension plan exceeded the anticipated annual service and interest costs, resulting in a non-cash pension settlement charge of $16,938 from the acceleration of a portion of the accumulated unrecognized actuarial loss. This includes lump sum withdrawals by employees retiring or leaving the Company as a result of the 2015 Productivity Initiative (see Note 10). As a result of the lump sum settlements, certain U.S. pension plan assets and liabilities were remeasured at July 3, 2016 using a discount rate of 3.25%, compared to 4.0% as of December 31, 2015 and an expected rate of return on plan assets of 6.1%.

We made contributions of $661 and $7,044 to the pension plans and other benefits plans, respectively, during the second quarter of 2016. In the second quarter of 2015, we made contributions of $485 and $4,872 to our pension plans and other benefits plans, respectively. The contributions in 2016 and 2015 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans.

The components of net periodic benefit cost for the year-to-date periods were as follows:

	Pension Benefits						Other Benefits
	Six Months Ended						Six Months Ended
	July 3, 2016			July 5, 2015			July 3, 2016			July 5, 2015
Service cost	$	11,583		$	14,233		$	149		$	271
Interest cost	21,834			22,162			4,865			5,101
Expected return on plan assets	(29,373		)	(34,539		)	—			—
Amortization of prior service (credit) cost	(523		)	(587		)	288			306
Amortization of net loss (gains)	17,608			15,304			(6		)	(29		)
Net periodic benefit cost	21,129			16,573			5,296			5,649
Settlement cost	16,938			—			—			—
Total net periodic benefit cost	$	38,067		$	16,573		$	5,296		$	5,649

We made contributions of $1,836 and $14,708 to the pension plans and other benefits plans, respectively, during the first six months of 2016. In the first six months of 2015, we made contributions of $1,336 and $9,328 to our pension plans and other benefits plans, respectively. The contributions in 2016 and 2015 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans.

For 2016, there are no significant minimum funding requirements for our domestic pension plans; however, we expect to make additional contributions of approximately $18,500 to maintain the funded status. Planned voluntary funding of our non-domestic pension plans in 2016 is not material.