Pension and other postretirement benefits

9 Months Ended

Sep. 25, 2016

Compensation and Retirement Disclosure [Abstract]

Pension and other postretirement benefits

Note 12 — 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 25, 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 Nine Months Ended						Other Postretirement Benefits Nine Months Ended
	September 25, 2016			September 27, 2015			September 25, 2016		September 27, 2015		September 25, 2016			September 27, 2015			September 25, 2016		September 27, 2015
	(Dollars in thousands)
Service cost	$	656		$	470		$	44	$	157	$	1,963		$	1,410		$	266	$	371
Interest cost	3,948			4,492			383		452		11,797			13,463			1,196		1,476
Expected return on plan assets	(6,209		)	(6,606		)	—		—		(18,606		)	(19,457		)	—		—
Net amortization and deferral	1,781			1,563			63		8		4,937			4,620			177		162
Net benefits expense (income)	$	176		$	(81	)	$	490	$	617	$	91		$	36		$	1,639	$	2,009

The Company’s pension contributions are expected to be approximately $12.4 million during 2016, of which $12.2 million was contributed during the nine months ended September 25, 2016.