XML 24 R13.htm IDEA: XBRL DOCUMENT v3.4.0.3
EMPLOYEE BENEFIT PLANS
3 Months Ended
Apr. 02, 2016
Compensation and Retirement Disclosure [Abstract]  
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS
Defined Benefit Plans - As of April 2, 2016, the Company maintained two domestic pension plans and three German pension plans. The Company used a January 2, 2016 measurement date for these plans. One of the Company's domestic pension plans covers two management employees (one active employee and one former employee), while the other domestic plan covers all other eligible employees. The two domestic and three German plans collectively comprise the 'Pension Benefits' disclosure caption.

Other Benefits - The Company's other postretirement benefit plan provides health and life insurance to domestic employees hired prior to 1992.

The following table sets forth the aggregated net periodic benefit cost for all pension and postretirement plans for the first quarters ended April 2, 2016 and April 4, 2015, respectively:
(In millions)
Pension Benefits
 
Other Benefits
 
First Quarter Ended
 
First Quarter Ended
 
April 2, 2016
 
April 4, 2015
 
April 2, 2016
 
April 4, 2015
Service cost
$
0.2

 
$
0.3

 
$

 
$

Interest cost
1.5

 
1.8

 
0.1

 
0.1

Expected return on assets
(2.3
)
 
(2.5
)
 

 

Amortization of prior service cost

 

 
0.1

 
0.1

Amortization of loss
0.6

 
0.8

 

 
0.1

Net periodic benefit cost
$

 
$
0.4

 
$
0.2

 
$
0.3

Settlement cost
0.3

 
0.3

 

 

Total net periodic benefit cost
$
0.3

 
$
0.7

 
$
0.2

 
$
0.3

 
 
 
 
 
 
 
 

In the first quarter ended April 2, 2016, the Company made contributions of $0.6 million to the funded plans. The amount of contributions to be made to the plans during the calendar year 2016 will be finalized by September 15, 2016, based upon the plans' year-end valuation at January 2, 2016, and the funding level required for the plans' year ended January 2, 2016.