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Pension and Other Postretirement Benefit Plans
6 Months Ended
Jun. 29, 2013
Pension and Other Postretirement Benefit Plans

(8) Pension and Other Postretirement Benefit Plans

Net Periodic Pension and Other Postretirement Benefit Cost

The components of the Company’s net periodic pension benefit cost are shown below (in millions):

 

     Three Months Ended     Six Months Ended  
     June 29, 2013     June 30, 2012     June 29, 2013     June 30, 2012  
     U.S.     Foreign     U.S.     Foreign     U.S.     Foreign     U.S.     Foreign  

Service cost

   $ 0.7      $ 2.5      $ 0.8      $ 1.9      $ 1.4      $ 5.0      $ 1.6      $ 3.8   

Interest cost

     6.5        5.1        5.8        4.7        13.1        10.4        11.7        9.4   

Expected return on plan assets

     (8.1     (6.3     (6.6     (5.5     (16.2     (12.7     (13.2     (10.9

Amortization of actuarial loss

     1.1        1.6        1.0        1.4        2.1        3.2        2.0        2.8   

Settlement loss

     —          —          —          —          —          —          0.6        —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

   $ 0.2      $ 2.9      $ 1.0      $ 2.5      $ 0.4      $ 5.9      $ 2.7      $ 5.1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

The components of the Company’s net periodic other postretirement benefit cost are shown below (in millions):

 

     Three Months Ended      Six Months Ended  
     June 29, 2013     June 30, 2012      June 29, 2013     June 30, 2012  
     U.S.     Foreign     U.S.      Foreign      U.S.     Foreign     U.S.      Foreign  

Service cost

   $ 0.1      $ 0.2      $ 0.1       $ 0.2       $ 0.1      $ 0.5      $ 0.2       $ 0.5   

Interest cost

     0.9        0.8        1.1         0.7         1.8        1.6        2.2         1.5   

Amortization of actuarial loss (gain)

     (0.1     0.1        0.1         0.1         (0.1     0.2        0.2         0.1   

Amortization of prior service credit

     —          (0.1     —           —           —          (0.2     —           —     

Special termination benefits

     —          0.2        —           0.1         —          0.2        —           0.2   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Net periodic benefit cost

   $ 0.9      $ 1.2      $ 1.3       $ 1.1       $ 1.8      $ 2.3      $ 2.6       $ 2.3   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Contributions

Employer contributions to the Company’s domestic and foreign pension plans for the six months ended June 29, 2013, were $8.0 million. The Company expects contributions to its domestic and foreign pension plans of $20 to $25 million in 2013. The Company may elect to make contributions in excess of minimum funding requirements in response to investment performance or changes in interest rates or when the Company believes that it is financially advantageous to do so and based on its other cash requirements.

Employer contributions to the Company’s defined contribution retirement program for its salaried employees, determined as a percentage of each covered employee’s eligible compensation, for the six months ended June 29, 2013, were $8.2 million. The Company expects total contributions of approximately $15 million to this program in 2013.