Quarterly report pursuant to Section 13 or 15(d)

Pension and Other Postretirement Benefits

 v2.3.0.11
Pension and Other Postretirement Benefits
 6 Months Ended
Jul. 02, 2011
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 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 2010 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 2, 2011 and July 3, 2010:

   
Pension Benefits
    
Other
Postretirement Benefits
  
   
Three Months Ended
    
Three Months Ended
  
(in millions)
  
July 2,
2011
    
July 3,
2010
    
July 2,
2011
    
July 3,
2010
  
                         
Service cost
   $ 0.3     $ 0.2     $ 0.1     $ 0.1  
Interest cost
     15.6       16.2       0.8       1.0  
Expected return on plan assets
     (13.3 )     (12.4 )     -       -  
Amortization of prior service costs (credits)
     -       0.1       (1.2 )     (1.0 )
Amortization of net actuarial loss
     5.4       5.6       0.2       -  
Curtailment loss
     0.3       -       -       -  
                                 
Net pension and other benefit costs
   $ 8.3     $ 9.7     $ (0.1 )   $ 0.1  

Pension and other postretirement benefit costs included the following components for the six months ended July 2, 2011 and July 3, 2010:

   
Pension Benefits
    
Other
Postretirement Benefits
  
   
Six Months Ended
    
Six Months Ended
  
(in millions)
  
July 2,
2011
    
July 3,
2010
    
July 2,
2011
    
July 3,
2010
  
                         
Service cost
   $ 0.6     $ 0.5     $ 0.2     $ 0.2  
Interest cost
     31.2       32.4       1.7       2.0  
Expected return on plan assets
     (26.6 )     (24.7 )     -       -  
Amortization of prior service costs (credits)
     0.1       0.2       (2.2 )     (2.0 )
Amortization of net actuarial loss
     10.8       11.1       0.4       -  
Curtailment loss
     0.3       -       -       -  
                                 
Net pension and other benefit costs
   $ 16.4     $ 19.5     $ 0.1     $ 0.2  

Employer Contributions and Benefit Payments. During the six months ended July 2, 2011 and July 3, 2010, the Company contributed $1.4 million and $1.5 million, respectively, to fund benefit payments to its nonqualified pension plan.  During the six months ended July 2, 2011 and July 3, 2010, the Company contributed $20.0 million and $7.4 million, respectively, to its qualified pension plans.  Company contributions are subject to changes in the plans' funded position and Company discretion.