PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS

9 Months Ended

Oct. 02, 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 third quarter were as follows:

	Pension Benefits						Other Benefits
	Three Months Ended						Three Months Ended
	October 2, 2016			October 4, 2015			October 2, 2016			October 4, 2015
Service cost	$	5,794		$	7,068		$	75		$	135
Interest cost	10,130			11,025			2,435			2,516
Expected return on plan assets	(14,700		)	(17,146		)	—			—
Amortization of prior service (credit) cost	(262		)	(294		)	144			151
Amortization of net loss (gains)	8,803			7,595			(4		)	(11		)
Net periodic benefit cost	9,765			8,248			2,650			2,791
Settlement cost	3,147			2,583			—			—
Total net periodic benefit cost	$	12,912		$	10,831		$	2,650		$	2,791

We made contributions of $18,549 and $7,473 to the pension plans and other benefits plans, respectively, during the third quarter of 2016. In the third quarter of 2015, we made contributions of $29,349 and $5,174 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
	Nine Months Ended						Nine Months Ended
	October 2, 2016			October 4, 2015			October 2, 2016			October 4, 2015
Service cost	$	17,377		$	21,301		$	224		$	406
Interest cost	31,914			33,187			7,300			7,617
Expected return on plan assets	(44,073		)	(51,685		)	—			—
Amortization of prior service (credit) cost	(785		)	(881		)	432			457
Amortization of net loss (gains)	26,411			22,899			(10		)	(40		)
Net periodic benefit cost	30,844			24,821			7,946			8,440
Settlement cost	20,085			2,583			—			—
Total net periodic benefit cost	$	50,929		$	27,404		$	7,946		$	8,440

We made contributions of $20,385 and $22,181 to the pension plans and other benefits plans, respectively, during the first nine months of 2016. In the first nine months of 2015, we made contributions of $30,685 and $14,502 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.

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, triggering the recognition of non-cash pension settlement charges due to the acceleration of a portion of the accumulated unrecognized actuarial loss. We recorded additional pension settlement charges of $3,147 in the third quarter of 2016, bringing the total to $20,085 for the first nine months of 2016. 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%.