Employee Benefits

6 Months Ended

Jul. 04, 2015

Employee Benefits

Employee Benefits

Note 6 – Employee Benefits

Seaboard maintains two defined benefit pension plans for its domestic salaried and clerical employees.  At this time, no contributions are expected to be made to these plans for the remainder of 2015. Seaboard also sponsors non-qualified, unfunded supplemental executive plans, and has certain individual, non-qualified, unfunded supplemental retirement agreements for certain retired employees. Management has no plans to provide funding for these supplemental plans in advance of when the benefits are paid.

The net periodic benefit cost for all of these plans was as follows:

	Three Months Ended				Six Months Ended
(Thousands of dollars)	July 4, 2015		June 28, 2014		July 4, 2015		June 28, 2014
Components of net periodic benefit cost:
Service cost	$	2,495	$	2,004	$	4,942	$	3,860
Interest cost	2,587		2,418		5,137		4,821
Expected return on plan assets	(2,173)		(2,179)		(4,288)		(4,364)
Amortization and other	1,377		581		2,126		1,051
Net periodic benefit cost	$	4,286	$	2,824	$	7,917	$	5,368