Pension and Postretirement Benefits

6 Months Ended

Jul. 02, 2017

Pension and Postretirement Benefits (Thousands of Dollars) [Abstract]

Pension and Postretirement Benefits

(7) Pension and Postretirement Benefits

The components of the net periodic cost of the Company's defined benefit pension and other postretirement plans for the quarter and six-month periods ended July 2, 2017 and June 26, 2016 are as follows:

	Quarter Ended
	Pension				Postretirement
	July 2,		June 26,		July 2,		June 26,
	2017		2016		2017		2016
Service cost	$	921		995		173		133
Interest cost		4,430		4,604		295		293
Expected return on assets		(5,880)		(5,504)		-		-
Net amortization and deferrals		2,519		2,132		-		-
Net periodic benefit cost	$	1,990		2,227		468		426

	Six Months Ended
	Pension				Postretirement
	July 2,		June 26,		July 2,		June 26,
	2017		2016		2017		2016
Service cost	$	1,873		1,993		345		265
Interest cost		9,155		9,210		590		587
Expected return on assets		(12,161)		(11,011)		-		-
Net amortization and deferrals		5,213		4,264		-		-
Net periodic benefit cost	$	4,080		4,456		935		852

During the six months ended July 2, 2017, the Company made cash contributions to its defined benefit pension plans of approximately $1,050in the aggregate. The Company expects to contribute approximately $27,550 during the remainder of fiscal 2017.