Quarterly report pursuant to Section 13 or 15(d)

Pension and Other Postretirement Benefits

v2.4.0.8
Pension and Other Postretirement Benefits
 9 Months Ended
Sep. 28, 2013
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Postretirement Benefits
Note 15 – 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 16 to the consolidated financial statements in the Company's 2012 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 28, 2013 and September 29, 2012:
 
Pension Benefits
 
Other Postretirement Benefits
 
Three Months Ended
 
Three Months Ended
(in millions)
September 28,
2013
 
September 29,
2012
 
September 28,
2013
 
September 29,
2012
Service cost
$
—

 
$
0.1

 
$
—

 
$
—

Interest cost
13.5

 
14.4

 
0.5

 
0.4

Expected return on plan assets
(14.2
)
 
(13.7
)
 
—

 
—

Amortization of prior service credits
—

 
—

 
(1.4
)
 
(1.6
)
Amortization of net actuarial losses (gains)
5.3

 
5.4

 
0.3

 
(0.6
)
Net pension and other benefit costs
$
4.6

 
$
6.2

 
$
(0.6
)
 
$
(1.8
)

Pension and other postretirement benefit costs included the following components for the nine months ended September 28, 2013 and September 29, 2012:
 
Pension Benefits
 
Other Postretirement Benefits
 
Nine Months Ended
 
Nine Months Ended
(in millions)
September 28,
2013
 
September 29,
2012
 
September 28,
2013
 
September 29,
2012
Service cost
$
0.1

 
$
0.2

 
$
—

 
$
—

Interest cost
40.5

 
43.2

 
1.5

 
1.8

Expected return on plan assets
(42.7
)
 
(41.3
)
 
—

 
—

Amortization of prior service credits
—

 
—

 
(4.3
)
 
(4.7
)
Amortization of net actuarial losses
16.0

 
16.4

 
0.9

 
0.5

Net pension and other benefit costs
$
13.9

 
$
18.5

 
$
(1.9
)
 
$
(2.4
)


Portions of Net pension and other benefit costs are capitalized into inventory and recorded in Cost of sales and Selling, general and administrative expenses in the Condensed Consolidated Statements of Comprehensive Income.

Employer Contributions and Benefit Payments. During the nine months ended September 28, 2013 and September 29, 2012, the Company contributed $2.5 million and $2.3 million, respectively, to fund benefit payments to its nonqualified pension plan.  During the nine months ended September 28, 2013 and September 29, 2012, the Company contributed $23.3 million and $40.0 million to its qualified pension plans, respectively.  Company contributions are subject to change based on market conditions, pension funding regulations and Company discretion.