Pension and Postretirement Benefit Plans

9 Months Ended

Sep. 29, 2012

Compensation and Retirement Disclosure [Abstract]

Pension and Postretirement Benefit Plans

Pension and Postretirement Benefit Plans

PGI and its subsidiaries sponsor multiple defined benefit plans and other postretirement benefits that cover certain employees. Benefits are primarily based on years of service and the employee’s compensation. It is the Company’s policy to fund such plans in accordance with applicable laws and regulations.

Components of net periodic benefit costs for the specified periods are as follows (in thousands):

	Successor												Predecessor
Pension Benefits	Three Months Ended September 29, 2012			Three Months Ended October 1, 2011			Nine Months Ended September 29, 2012			Eight Months Ended October 1, 2011			One Month Ended January 28, 2011
Components of net periodic benefit cost:
Current service costs	$	495		$	531		$	1,509		$	1,421		$	159
Interest costs on projected benefit obligation and other	1,417			1,631			4,288			4,370			492
Return on plan assets	(1,590		)	(1,788		)	(4,808		)	(4,784		)	(539		)
Curtailment / settlement loss	—			—			38			—			—
Amortization of transition costs and other	(14		)	(30		)	(45		)	(81		)	(8		)
Periodic benefit cost, net	$	308		$	344		$	982		$	926		$	104

The components of net periodic benefit cost for the 2011 periods have been reclassified in order to conform to the 2012 presentation.

	Successor											Predecessor
Postretirement Benefit Plans	Three Months Ended September 29, 2012			Three Months Ended October 1, 2011			Nine Months Ended September 29, 2012		Eight Months Ended October 1, 2011			One Month Ended January 28, 2011
Components of net periodic benefit cost:
Current service costs	$	14		$	22		$	49	$	59		$	7
Interest costs on projected benefit obligation and other	55			75			163		201			23
Curtailment / settlement loss	(4		)	—			218		—			—
Amortization of transition costs and other	7			(81		)	19		(218		)	(25		)
Periodic benefit cost, net	$	72		$	16		$	449	$	42		$	5

As of September 29, 2012, the Company had contributed $4.8 million to its pension and postretirement benefit plans for the 2012 benefit year. The Company’s contributions include amounts required to be funded with respect to a defined benefit pension plan relating to the Company’s Canadian operations. The Company presently anticipates contributing an additional $0.7 million to fund its plans in 2012, for a total of $5.5 million.