Pension and other postretirement benefits

3 Months Ended

Mar. 31, 2013

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 March 31, 2013, the Company’s U.S. defined benefit pension plans and the Company’s other postretirement benefit plans, except certain postretirement benefit plans covering employees subject to a collective bargaining agreement, are effectively 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
	March 31, 2013			April 1, 2012			March 31, 2013		April 1, 2012
	(Dollars in thousands)
Service cost	$	465		$	678		$	164	$	158
Interest cost		4,139			4,126			999		473
Expected return on plan assets		(5,770	)		(5,043	)		—		—
Net amortization and deferral		1,410			1,606			730		123
Net benefit cost	$	244		$	1,367		$	1,893	$	754

The Company’s pension contributions are expected to be approximately $17.5 million during 2013, of which $11.7 million were made during the three months ended March 31, 2013.