Employee Benefit Plans

3 Months Ended

Apr. 01, 2012

Employee Benefit Plans

Employee Benefit Plans

10.Employee Benefit Plans

The Company sponsors funded and unfunded non-contributing defined benefit pension plans that together cover substantially all of its U.S. employees. Benefits are based primarily on years of service and employees’ compensation. The funding policy of the Company for these plans is to contribute an annual amount that does not exceed the maximum amount that can be deducted for federal income tax purposes.

On October 31, 2011, the Company’s Board of Directors voted to cease accruals of additional benefits effective December 31, 2011 under both the Company’s Pension Plan and Supplemental Employees Retirement Plan.  In 2011, the Company recorded a curtailment charge of approximately $1.5 million to write-off previously unrecognized prior service costs and reduced the projected benefit obligation by $12.5 million.

The components of net periodic benefit cost are as follows:

	First Quarter Ended
	April 1, 2012			April 3, 2011
	(in millions)
Service cost—benefits earned and administrative costs	$	0.2		$	1.3
Interest costs on benefits obligation	1.4			1.5
Expected return on assets	(1.7		)	(1.8		)
Prior service costs and net actuarial loss amortization	0.1			0.8
Net periodic benefit cost	$	—		$	1.8

The information related to the Company’s pension funds cash flow is as follows:

	First Quarter Ended
	April 1, 2012		April 3, 2011
	(in millions)
Employer contributions	$	0.2	$	2.6

The Company expects to contribute approximately $0.4 million to its pension plans for the remainder of 2012.