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Employee Benefit Plans
9 Months Ended
Sep. 28, 2013
Employee Benefit Plans [Abstract]  
Employee Benefit Plans

NOTE G - Employee Benefit Plans
The following table illustrates the components of net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

(THOUSANDS OF DOLLARS)

THREE MONTHS ENDED

 

NINE MONTHS ENDED

 

SEPTEMBER 28,

 

SEPTEMBER 29,

 

SEPTEMBER 28,

 

SEPTEMBER 29,

 

2013

 

2012

 

2013

 

2012

Service cost

$

59 

 

$

12 

 

$

176 

 

$

37 

Interest cost

 

500 

 

 

561 

 

 

1,500 

 

 

1,681 

Expected return on plan assets

 

(709)

 

 

(578)

 

 

(2,128)

 

 

(1,732)

Amortization of unrecognized loss

 

449 

 

 

287 

 

 

1,349 

 

 

863 

Amortization of prior service cost

 

 

 

 

 

 

 

Net Periodic Benefit Cost

$

302 

 

$

285 

 

$

906 

 

$

858 

 

 

The Company contributed $1.8 million to its defined benefit pension plans in the first nine months of 2013.  The Company expects to contribute a total of $2.3 million to its defined benefit pension plans in 2013.  Additionally, the Company expects to contribute $0.6 million to its defined contribution retirement plans in 2013.

 

In the second quarter of 2013, the Company settled a defined benefit pension plan that covered certain employees of its former manufacturing facility in Ireland.  The Company incurred approximately $1.4 million in non-cash charges that are included in discontinued operations.