RETIREMENT BENEFIT PLANS

9 Months Ended

Sep. 26, 2014

RETIREMENT BENEFIT PLANS [Abstract]

RETIREMENT BENEFIT PLANS

Note 6.RETIREMENT BENEFIT PLANS

Certain subsidiaries have pension plans covering substantially all of their employees.  These plans are noncontributory, defined benefit pension plans.  The benefits to be paid under these plans are generally based on employees’ retirement age and years of service.  The Company’s funding policies, subject to the minimum funding requirements of employee benefit and tax laws, are to contribute such amounts as determined on an actuarial basis to provide the plans with assets sufficient to meet the benefit obligations.  Plan assets consist primarily of fixed income investments, corporate equities and government securities.  The Company also provides certain health care and life insurance benefits for some of its retired employees.  The postretirement health plans are unfunded.

Information regarding the Company’s net periodic benefit cost for pension and other postretirement benefit plans for the three and nine months ended September 26, 2014 and September 27, 2013 is as follows (amounts in thousands):

	Pension Benefits
	Three Months Ended						Nine Months Ended
	September 26, 2014			September 27, 2013			September 26, 2014			September 27, 2013
Components of net periodic benefit cost:
Interest cost	$	15		$	14		$	45		$	43
Expected return on plan assets	$	(15	)	$	(14	)		(47	)		(42	)
Amortization of net loss	$	9		$	12			28			35
Net periodic benefit cost	$	9		$	12		$	26		$	36

	Other Benefits
	Three Months Ended					Nine Months Ended
	September 26, 2014			September  27, 2013		September 26, 2014			September 27, 2013
Components of net periodic benefit cost:
Interest cost	$	10		$	27	$	30		$	80
Amortization of net loss		(4	)		15		(13	)		44
Net periodic benefit cost	$	6		$	42	$	17		$	124

During the three and nine months ended September 26, 2014, the Company made contributions to the pension plans of $14,000 and $41,000, respectively.  The Company expects to contribute an additional $14,000 to the pension plans throughout the remainder of 2014.  The Company uses a December 31 measurement date for its pension and other postretirement benefit plans.  The fair value of plan assets was determined by using quoted prices in active markets for identical assets (Level 1 inputs per the fair value hierarchy).