Quarterly report pursuant to Section 13 or 15(d)

Pension and Other Postretirement Benefits

v2.4.0.6
Pension and Other Postretirement Benefits
 9 Months Ended
Sep. 29, 2012
General Discussion of Pension and Other Postretirement Benefits [Abstract]  
Pension and Other Postretirement Benefits
Note 14 – 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 are largely discretionary 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 15 to the consolidated financial statements in the Company’s 2011 Form 10-K for further details regarding these plans.

Pension and other postretirement benefit costs included the following components for the three months ended September 29, 2012 and October 1, 2011:
 
Pension Benefits
 
Other
Postretirement Benefits
 
Three Months Ended
 
Three Months Ended
(in millions)
September 29,
2012
 
October 1,
2011
 
September 29,
2012
 
October 1,
2011
Service cost
$
0.1

 
$
0.3

 
$
—

 
$
—

Interest cost
14.4

 
15.6

 
0.4

 
0.8

Expected return on plan assets
(13.7
)
 
(13.3
)
 
—

 
—

Amortization of prior service costs (credits)
—

 
0.1

 
(1.6
)
 
(1.5
)
Amortization of net actuarial loss (gain)
5.4

 
5.2

 
(0.6
)
 
0.3

Net pension and other benefit costs
$
6.2

 
$
7.9

 
$
(1.8
)
 
$
(0.4
)

Pension and other postretirement benefit costs included the following components for the nine months ended September 29, 2012 and October 1, 2011:
 
Pension Benefits
 
Other
Postretirement Benefits
 
Nine Months Ended
 
Nine Months Ended
(in millions)
September 29,
2012
 
October 1,
2011
 
September 29,
2012
 
October 1,
2011
Service cost
$
0.2

 
$
0.9

 
$
—

 
$
0.2

Interest cost
43.2

 
46.8

 
1.8

 
2.5

Expected return on plan assets
(41.3
)
 
(39.9
)
 
—

 
—

Amortization of prior service costs (credits)
—

 
0.2

 
(4.7
)
 
(3.7
)
Amortization of net actuarial loss
16.4

 
16.0

 
0.5

 
0.7

Curtailment loss
—

 
0.3

 
—

 
—

Net pension and other benefit costs
$
18.5

 
$
24.3

 
$
(2.4
)
 
$
(0.3
)

Employer Contributions and Benefit Payments. During the nine months ended September 29, 2012 and October 1, 2011, the Company contributed $2.3 million and $2.6 million to fund benefit payments to its nonqualified pension plan.  During both the nine months ended September 29, 2012 and October 1, 2011, the Company contributed $40.0 million to its qualified pension plans.  Company contributions are subject to change based on market conditions, pension funding regulations and Company discretion.