Pension and Postretirement Benefit Plans

6 Months Ended

Jun. 29, 2013

Compensation and Retirement Disclosure [Abstract]

Pension and Postretirement Benefit Plans

Pension and Postretirement Benefit Plans

The Company sponsor's multiple defined benefit plans that cover certain employees. Postretirement benefit plans, other than pensions, provide healthcare benefits for certain eligible employees. Benefits are primarily based on years of service and the employee’s compensation.

Pension Plans

The Company has both funded and unfunded pension benefit plans. It is the Company’s policy to fund such plans in accordance with applicable laws and regulations in order to ensure adequate funds are available in the plans to make benefit payments to plan participants and beneficiaries when required.

The components of the Company's pension related costs for the following periods are as follows:

In thousands	Three Months Ended June 29, 2013			Three Months Ended June 30, 2012			Six Months Ended June 29, 2013			Six Months Ended June 30, 2012
Service cost	$	835		$	504		$	1,679		$	1,014
Interest cost	1,379			1,429			2,770			2,871
Return on plan assets	(1,864		)	(1,602		)	(3,748		)	(3,218		)
Curtailment / settlement (gain) loss	—			233			—			233
Net amortization of:
Transition costs and other	87			(15		)	175			(31		)
Net periodic benefit cost	$	437		$	549		$	876		$	869

During the fourth quarter of 2012, the Company completed the liquidation of two pension plans related to its former Dominion Textile, Inc. business in Canada. All pension benefits legally owed to plan participants were fully paid from plan assets by the end of 2012. Excess plan assets left in the trust after all participants were paid was $0.3 million and is reported within Other current assets in the Company's Consolidated Balance Sheet at December 29, 2012. The surplus was received by the Company in the first quarter of 2013. As a result of the liquidation of these plans during 2012, the Company recognized a settlement loss of $0.8 million within Special charges, net in the Company's Consolidated Statements of Comprehensive Income (Loss).

The Company’s practice is to fund amounts for its qualified pension plans at least sufficient to meet the minimum requirements set forth in applicable employee benefit laws and local tax laws. In addition, the Company manages these plans to ensure that all present and future benefit obligations are met as they come due. During the three and six months ended June 29, 2013, employer contributions totaled $1.0 million and $2.7 million, respectively. Full year contributions are expected to approximate $5.3 million.

Postretirement Plans

The Company sponsors several non-U.S. postretirement plans that provide healthcare benefits to cover certain eligible employees. These plans have no plan assets, but instead are funded by the Company on a pay-as-you-go basis in the form of direct benefit payments.

The components of the Company's postretirement related costs for the following periods are as follows:

In thousands	Three Months Ended June 29, 2013		Three Months Ended June 30, 2012		Six Months Ended June 29, 2013		Six Months Ended June 30, 2012
Service cost	$	15	$	17	$	30	$	35
Interest cost	46		54		92		108
Curtailment / settlement (gain) loss	—		15		—		15
Net amortization of:
Transition costs and other	9		6		18		12
Net periodic benefit cost	$	70	$	92	$	140	$	170

For the three months ended June 29, 2013 and June 30, 2012, reclassifications out of accumulated other comprehensive income (loss) totaled $0.1 million and less than $0.1 million, respectively. For the six months ended June 29, 2013 and June 30, 2012, reclassifications out of accumulated other comprehensive income (loss) totaled $0.2 million and less than $0.1 million, respectively. These amounts related to net actuarial gains/losses included in the computation of net periodic benefit cost for both pension and postretirement benefit plans.

Defined Contribution Plans

The Company sponsors several defined contribution plans through its domestic subsidiaries covering employees who meet certain service requirements.  The Company makes matching contributions to the plans based upon a percentage of the employee's contribution in the case of its 401(k) plans and makes safe harbor contributions based on the employee's eligibility to participate in the plan.  In the case of the non-qualified Executive Retirement Plan, the Company does not make any contributions.