Pension and other postretirement benefits

6 Months Ended

Jun. 28, 2015

Compensation and Retirement Disclosure [Abstract]

Pension and other postretirement benefits

Pension and other postretirement benefits

The Company has a number of defined benefit pension and postretirement plans covering eligible U.S. and non-U.S. employees. The defined benefit pension plans are noncontributory. The benefits under these plans are based primarily on years of service and employees’ pay near retirement. The Company’s funding policy for U.S. plans is to contribute annually, at a minimum, amounts required by applicable laws and regulations. Obligations under non-U.S. plans are systematically provided for by depositing funds with trustees or by book reserves. As of June 28, 2015, the Company’s U.S. defined benefit pension plans and the Company’s other postretirement benefit plans, other than certain postretirement benefit plans covering employees subject to a collective bargaining agreement, are frozen.

The Company and certain of its subsidiaries provide medical, dental and life insurance benefits to pensioners and survivors. The associated plans are unfunded and approved claims are paid from Company funds.

Net benefit cost of pension and postretirement benefit plans consisted of the following:

	Pension Three Months Ended						Other Postretirement Benefits Three Months Ended				Pension Six Months Ended						Other Postretirement Benefits Six Months Ended
	June 28, 2015			June 29, 2014			June 28, 2015		June 29, 2014		June 28, 2015			June 29, 2014			June 28, 2015		June 29, 2014
	(Dollars in thousands)
Service cost	$	469		$	447		$	107	$	138	$	940		$	897		$	214	$	276
Interest cost	4,485			4,486			$	511	596		8,971			8,969			1,023		1,193
Expected return on plan assets	(6,427		)	(6,264		)	$	—	—		(12,852		)	(12,524		)	—		—
Net amortization and deferral	1,528			1,070			$	78	27		3,058			2,141			155		53
Net benefit expense (income)	$	55		$	(261	)	$	696	$	761	$	117		$	(517	)	$	1,392	$	1,522

The Company’s pension contributions are expected to be approximately $2.9 million during 2015, of which $0.5 million and $1.7 million were contributed during the three and six months ended June 28, 2015, respectively.