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Pension Plans and Postretirement Benefits
 3 Months Ended
Apr. 03, 2016
Compensation and Retirement Disclosure [Abstract]  
Pension Plans and Postretirement Benefits
Pension Plans and Postretirement Benefits
Teledyne’s pension income was $0.5 million for the first quarter of 2016, compared with pension income of $0.2 million for the first quarter of 2015. 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 increased to 4.91 percent in 2016 compared with a 4.5 percent discount rate used in 2015. Pension expense allocated to contracts pursuant to U.S. Government Cost Accounting Standards (“CAS”) was $3.5 million for both the first quarters of 2016 and 2015, respectively. 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 2016 or in 2015. No cash pension contributions are planned for 2016 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.
 
First Quarter
Net periodic pension benefit income - in millions:
2016
 
2015
Service cost — benefits earned during the period
$
2.8

 
$
3.3

Interest cost on benefit obligation
10.1

 
9.9

Expected return on plan assets
(18.7
)
 
(19.2
)
Amortization of prior service cost
(1.5
)
 
(1.5
)
Amortization of net actuarial loss
6.8

 
8.5

Pension plan curtailment
—

 
(1.2
)
Net periodic pension income
$
(0.5
)
 
$
(0.2
)
 
First Quarter
Net periodic Postretirement Benefits expense - in millions:
2016
 
2015
Interest cost on benefit obligation
$
0.1

 
$
0.1

Amortization of net actuarial gain
(0.1
)
 
—

Net periodic postretirement expense
$
—

 
$
0.1