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Benefit Obligations
9 Months Ended
Sep. 29, 2013
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract]  
Benefit Obligations

Note 5 — Benefit Obligations

The Company provides retirement benefits to certain current and former U.S. employees under defined benefit pension plans, which include a management plan and a represented plan. Benefits under the management plan are provided under either an adjusted career-average-pay program or a cash-balance program. Benefits under the represented plan are based on a dollar-per-month formula. Benefit accruals under the management plan were frozen in 2009. Participants in the adjusted career-average-pay program no longer earn service accruals. Participants in the cash-balance program no longer earn service accruals, but continue to earn 4% interest per year on their cash-balance accounts. There are no active participants under the represented plan.

The Company also has a non-qualified supplemental pension plan in the U.S. that principally provides benefits based on compensation in excess of amounts that can be considered under the management plan. In addition, the Company provides post-retirement life insurance coverage under a group life insurance plan for certain U.S. employees. The Company also has pension plans covering certain international employees.

 

The following tables summarize the components of the net periodic benefit cost:

 

     Three Months Ended  
     September 29, 2013     September 30, 2012  
     Pension
Benefits
    Post-retirement
Benefits
    Pension
Benefits
    Post-retirement
Benefits
 
     (In thousands)  

Service cost

   $ 120      $ 15      $ 96      $ 22   

Interest cost

     14,318        592        15,355        657   

Expected return on plan assets

     (16,578     (888     (17,024     (953

Net actuarial loss, prior service cost and transition asset amortization

     4,785        363        3,592        523   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total benefit cost

   $ 2,645      $ 82      $ 2,019      $ 249   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

     Nine Months Ended  
     September 29, 2013     September 30, 2012  
     Pension
Benefits
    Post-retirement
Benefits
    Pension
Benefits
    Post-retirement
Benefits
 
     (In thousands)  

Service cost

   $ 362      $ 45      $ 321      $ 67   

Interest cost

     42,951        1,775        46,090        1,950   

Expected return on plan assets

     (49,734     (2,665     (51,077     (2,859

Net actuarial loss, prior service cost and transition asset amortization

     14,354        1,091        10,754        1,513   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total benefit cost

   $ 7,933      $ 246      $ 6,088      $ 671   
  

 

 

   

 

 

   

 

 

   

 

 

 

During the nine months ended September 29, 2013, the Company contributed $41.1 million to its pension plans. The Company expects to contribute an additional $10.9 million to its pension plans during the remainder of 2013. The Company does not expect to contribute to its post-retirement benefit plan in 2013.