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Pension Plans and Postretirement Benefits
 3 Months Ended
Mar. 29, 2015
Compensation and Retirement Disclosure [Abstract]  
Pension Plans and Postretirement Benefits
Pension Plans and Postretirement Benefits
Teledyne’s pension income was $0.2 million for the first quarter of 2015, compared with pension income of $0.3 million for the first quarter of 2014. In the first quarter of 2015, Teledyne froze its non-qualified pension plan for top executives which resulted in a one-time gain of $1.2 million in the first quarter of 2015. For the domestic pension plan, the discount rate decreased to 4.5 percent in 2015 compared with a 5.4 percent discount rate used in 2014. Pension expense allocated to contracts pursuant to U.S. Government Cost Accounting Standards (“CAS”) was $3.5 million for both the first quarter of 2015 and the first quarter of 2014. Pension expense determined under CAS can generally be recovered through the pricing of products and services sold to the U.S. Government. Teledyne did not make any cash pension contributions to its domestic pension plan in the first three months of 2015 or in 2014. No cash pension contributions are planned for 2015 for the domestic pension plan.
The Company sponsors several postretirement defined benefit plans that provide health care and life insurance benefits for certain eligible retirees. The following tables set forth the components of net income/expense for Teledyne’s pension plans and postretirement benefit plans for the first quarter of 2015 and 2014 (in millions):
 
First Quarter
Pension Benefits
2015
 
2014
Service cost — benefits earned during the period
$
3.3

 
$
3.1

Interest cost on benefit obligation
9.9

 
10.7

Expected return on plan assets
(19.2
)
 
(19.1
)
Amortization of prior service cost
(1.5
)
 
(1.2
)
Amortization of net actuarial loss
8.5

 
6.2

Pension plan curtailment
(1.2
)
 
—

Net income
$
(0.2
)
 
$
(0.3
)
 
First Quarter
Postretirement Benefits
2015
 
2014
Interest cost on benefit obligation
$
0.1

 
$
0.2

Amortization of prior service cost
—

 
(0.1
)
Amortization of net actuarial gain
—

 
(0.1
)
Net expense
$
0.1

 
$
—