RETIREMENT BENEFIT PLANS

9 Months Ended

Sep. 30, 2016

Note 5.

RETIREMENT BENEFIT PLANS

Certain subsidiaries have frozen pension plans covering substantially all of their employees. These plans are noncontributory, defined benefit pension plans. The benefits to be paid under these plans are generally based on employees’ retirement age and years of service. The Company’s funding policies, subject to the minimum funding requirements of employee benefit and tax laws and as determined on an actuarial basis, provide the plans with assets sufficient to meet the benefit obligations. Plan assets consist primarily of fixed income investments, corporate equities and government securities. The Company also provides certain health care and life insurance benefits for some of its retired employees. The postretirement health plans are unfunded.

Information regarding the Company’s net periodic benefit cost for pension and other postretirement benefit plans for the three and nine months ended September 30, 2016 and September 25, 2015 is as follows (amounts in thousands):

	Pension Benefits
	Three Months Ended						Nine Months Ended
	September 30, 2016			September 25, 2015			September 30, 2016			September 25, 2015
Components of net periodic benefit cost:
Interest cost	$	15		$	15		$	44		$	44
Expected return on plan assets		(16	)		(16	)		(48	)		(49	)
Amortization of net loss		10			13			30			37
Net periodic benefit cost	$	9		$	12		$	26		$	32

	Other Benefits
	Three Months Ended				Nine Months Ended
	September 30, 2016		September 25, 2015		September 30, 2016		September 25, 2015
Components of net periodic benefit cost:
Interest cost	$	13	$	12	$	38	$	37
Amortization of net loss		4		8		14		25
Net periodic benefit cost	$	17	$	20	$	52	$	62

During the nine months ended September 30, 2016, the Company made contributions of $46,000 to the pension plans. The Company expects to contribute an additional $15,000 to pension plans throughout the remainder of 2016. The Company uses a December 31 measurement date for its pension and other postretirement benefit plans. The fair value of plan assets was determined by inputs to the valuation which include quoted prices for similar assets in active markets that are observable either directly or indirectly (Level 2 inputs). The Company utilized a third-party to evaluate the fair value of the plan assets and reviews all applicable inputs and calculations for purposes of valuing the plan’s assets.