Pension and Other Postretirement Benefits
|3 Months Ended|
Apr. 01, 2017
|Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]|
|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 matching and annual discretionary contributions which 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 2016 Form 10-K for further details regarding these plans.
Pension and other postretirement benefit costs included the following components for the three months ended April 1, 2017 and April 2, 2016:
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.
Employer Contributions and Benefit Payments. During the three months ended April 1, 2017 and April 2, 2016, the Company contributed $1.2 million and $0.9 million, respectively, to fund benefit payments to its nonqualified pension plan. During both the three months ended April 1, 2017 and April 2, 2016, the Company contributed $35.0 million to its qualified pension plans. Company contributions are subject to change based on funding regulations and Company discretion.
The entire disclosure for pension and other postretirement benefits.
Reference 1: http://www.xbrl.org/2003/role/presentationRef