Pension and other postretirement benefits

9 Months Ended

Sep. 27, 2015

Compensation and Retirement Disclosure [Abstract]

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 September 27, 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 or their 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 Nine Months Ended						Other Postretirement Benefits Nine Months Ended
	September 27, 2015			September 28, 2014			September 27, 2015		September 28, 2014			September 27, 2015			September 28, 2014			September 27, 2015		September 28, 2014
	(Dollars in thousands)
Service cost	$	470		$	453		$	157	$	42		$	1,410		$	1,350		$	371	$	318
Interest cost	4,492			4,548			$	452	434			13,463			13,517			1,476		1,627
Expected return on plan assets	(6,606		)	(6,240		)	$	—	—			(19,457		)	(18,764		)	—		—
Net amortization and deferral	1,563			1,143			$	8	(58		)	4,620			3,284			162		(5		)
Net benefit expense (income)	$	(81	)	$	(96	)	$	617	$	418		$	36		$	(613	)	$	2,009	$	1,940

The Company’s pension contributions are expected to be approximately $12.9 million during 2015, of which $10.5 million and $12.2 million were contributed during the three and nine months ended September 27, 2015, respectively.