Retirement Plans

9 Months Ended

Sep. 29, 2012

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

Retirement Plans

The Company sponsors defined benefit pension plans which cover hourly workers at its West Salem, Ohio plant, and hourly union employees at its Woodbridge, New Jersey plant, and a defined benefit retirement plan covering U.S. salaried employees, which was frozen in 1998 and subsequently replaced with a defined contribution plan (the “Domestic Plans”). The Company also sponsors a defined benefit pension plan covering the Canadian salaried employees and hourly union employees at its Lambeth, Ontario plant, a defined benefit pension plan for the hourly union employees at its Burlington, Ontario plant and a defined benefit pension plan for the hourly union employees at its Pointe Claire, Quebec plant (the “Foreign Plans”). Accrued pension liabilities are included in accrued and other long-term liabilities in the accompanying balance sheets. The actuarial valuation measurement date for the defined benefit pension plans is December 31st.

Components of defined benefit pension plan costs are as follows (in thousands):

	Quarters Ended
	September 29, 2012						October 1, 2011
	Domestic Plans			Foreign Plans			Domestic Plans			Foreign Plans
Net periodic pension cost
Service cost	$	208		$	611		$	93		$	628
Interest cost	771			990			777			927
Expected return on assets	(792		)	(940		)	(853		)	(974		)
Amortization of unrecognized:
Prior service costs	—			5			—			—
Cumulative net (gain) loss	(1		)	12			—			—
Net periodic pension cost	$	186		$	678		$	17		$	581

	Nine Months Ended
	September 29, 2012						October 1, 2011
	Domestic Plans			Foreign Plans			Domestic Plans			Foreign Plans
Net periodic pension cost
Service cost	$	564		$	1,814		$	465		$	1,928
Interest cost	2,292			2,940			2,321			2,843
Expected return on assets	(2,418		)	(2,791		)	(2,543		)	(2,988		)
Amortization of unrecognized:
Prior service costs	—			16			—			—
Cumulative net loss	3			34			—			—
Net periodic pension cost	$	441		$	2,013		$	243		$	1,783

Although changes in market conditions, current pension law and uncertainties regarding significant assumptions used in the actuarial valuations may have a material impact on future required contributions to the Company’s pension plans, the Company currently does not expect funding requirements to have a material adverse impact on current or future liquidity.

The actuarial valuations require significant estimates and assumptions to be made by management, primarily the funding interest rate, discount rate and expected long-term return on plan assets. These assumptions are all susceptible to changes in market conditions. The funding interest rate and discount rate are based on representative bond yield curves maintained and monitored by independent third parties. In determining the expected long-term rate of return on plan assets, the Company considers historical market and portfolio rates of return, asset allocations and expectations of future rates of return.