Pension and other postretirement benefits

6 Months Ended

Jun. 26, 2016

Compensation and Retirement Disclosure [Abstract]

Pension and other postretirement benefits

Note 11 — 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 26, 2016, no further benefits are being accrued under 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.

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 pension and other postretirement benefits expense (income) consist of the following:

	Pension Three Months Ended						Other Postretirement Benefits Three Months Ended				Pension Six Months Ended						Other Postretirement Benefits Six Months Ended
	June 26, 2016			June 28, 2015			June 26, 2016		June 28, 2015		June 26, 2016			June 28, 2015			June 26, 2016		June 28, 2015
	(Dollars in thousands)
Service cost	$	655		$	469		$	111	$	107	$	1,307		$	940		$	222	$	214
Interest cost	3,929			4,485			407		511		7,849			8,971			813		1,023
Expected return on plan assets	(6,199		)	(6,427		)	—		—		(12,397		)	(12,852		)	—		—
Net amortization and deferral	1,577			1,528			57		78		3,156			3,058			114		155
Net benefits expense (income)	$	(38	)	$	55		$	575	$	696	$	(85	)	$	117		$	1,149	$	1,392

The Company’s pension contributions are required to be approximately $2.4 million during 2016, of which $1.7 million was contributed during the six months ended June 26, 2016.