XML 50 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Employee Benefit Plans
 3 Months Ended
Mar. 30, 2013
Employee Benefit Plans [Abstract]  
Employee Benefit Plans
7.        Employee Benefit Plans
 
The Company sponsors a noncontributory defined benefit retirement plan for the benefit of eligible employees at its Kadant Solutions division and its corporate office (included in the table below in "Pension Benefits"). The Company also sponsors a restoration plan for the benefit of certain executive officers who also participate in the noncontributory defined benefit retirement plan (included in the table below in "Other Benefits"). In addition, employees at certain of the Company's subsidiaries participate in defined benefit retirement and post-retirement welfare benefit plans (included in the table below in "Other Benefits").
 
The components of the net periodic benefit cost for the pension benefits and other benefits plans are as follows:

   
Three Months Ended
  
Three Months Ended
 
(In thousands)
 
March 30, 2013
  
March 31, 2012
 
   
Pension
Benefits
  
Other
Benefits
  
Pension
Benefits
  
Other
Benefits
 
              
Components of Net Periodic Benefit Cost:
          
Service cost
 $263  $53  $262  $39 
Interest cost
  301   70   320   58 
Expected return on plan assets
  (381)  (13)  (394)  – 
Recognized net actuarial loss
  151   21   154   9 
Amortization of prior service cost
  14   21   14   5 
Net periodic benefit cost
 $348  $152  $356  $111 
                  
The weighted average assumptions used to determine net periodic benefit cost are as follows:
 
                  
Discount rate
  3.89%  3.92%  4.28%  4.43%
Expected long-term return on plan assets
  5.75%  –   6.25%  – 
Rate of compensation increase
  3.50%  3.67%  4.00%  3.48%

The Company made cash contributions of $270,000 to its Kadant Solutions division's noncontributory defined benefit retirement plan in the first quarter of 2013 and expects to make cash contributions of $810,000 over the remainder of 2013. For the remaining pension and post-retirement welfare benefits plans, the Company does not expect to make cash contributions other than to fund current benefit payments.