Pension and Other Postretirement Benefits
|6 Months Ended|
Jul. 04, 2015
|Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]|
|Pension and Other Postretirement Benefits||
Note 13 – Pension and Other Postretirement Benefits
The Company has defined contribution plans, qualified and nonqualified defined benefit pension plans, and other postretirement benefit plans covering substantially all of its employees. The Company's contributions to its defined contribution plans include a match and an annual discretionary contribution and are based on various percentages of compensation, and in some instances are based on the amount of the employees' contributions to the plans. See Note 17 in the Notes to Consolidated Financial Statements in the 2014 Form 10-K for further details regarding these plans.
Pension and other postretirement benefit costs included the following components for the three months ended July 4, 2015 and June 28, 2014:
Pension and other postretirement benefit costs included the following components for the six months ended July 4, 2015 and June 28, 2014:
Portions of Net pension and other benefit costs are recorded in Selling, general and administrative expenses as well as capitalized into inventory. Costs capitalized into inventory are eventually realized through Cost of sales in the Condensed Consolidated Statements of Comprehensive Income.
During 2014, the Company initiated the process to offer lump sum payments to certain active pension plan participants, which is expected to be completed in November 2015. The Company expects to make approximately $70.0 million in payments from the plans in connection with this action and to incur an estimated settlement loss of $30.0 million to $35.0 million. However, since the final result of the offering is presently unknown, these amounts are subject to change.
Employer Contributions and Benefit Payments. During the six months ended July 4, 2015 and June 28, 2014, the Company contributed $1.8 million and $1.5 million, respectively, to fund benefit payments to its nonqualified pension plan. During the six months ended July 4, 2015 and June 28, 2014, the Company contributed $70.0 million and $17.3 million to its qualified pension plans, respectively. Company contributions are subject to change based on market conditions, pension funding regulations and Company discretion.
The entire disclosure for pension and other postretirement benefits.
Reference 1: http://www.xbrl.org/2003/role/presentationRef