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Retirement Plans
6 Months Ended
Jun. 30, 2018
Retirement Benefits [Abstract]  
Retirement Plans

11 Retirement Plans

The Company sponsors various retirement plans. The Company adopted new accounting guidance which requires that an employer disaggregate the service cost component from other components of net benefit cost. As a result of the adoption of this standard, the components of net periodic benefit cost other than the service cost component are included in other income in the consolidated statements of operations and all previous periods have been adjusted accordingly. The summary of the components of net periodic pension costs for the plans for the three and six months ended June 30, 2018 and July 1, 2017 is as follows (in thousands):

 

     Three Months Ended  
     June 30, 2018     July 1, 2017  
     U.S.
Pension
Plans
    U.S. Retiree
Healthcare
Plan
    Non-U.S.
Pension
Plans
    U.S.
Pension
Plans
    U.S. Retiree
Healthcare
Plan
    Non-U.S.
Pension
Plans
 

Service cost

   $ 142     $ 151     $ 1,339     $ 124     $ 170     $ 1,240  

Interest cost

     1,627       162       416       1,696       159       368  

Expected return on plan assets

     (630     (175     (481     (2,487     (147     (414

Net amortization:

            

Prior service credit

     —         (2     (32     —         —         (47

Net actuarial loss

     772       —         171       734       —         235  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic pension cost

   $ 1,911     $ 136     $ 1,413     $ 67     $ 182     $ 1,382  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

     Six Months Ended  
     June 30, 2018     July 1, 2017  
     U.S.
Pension
Plans
    U.S. Retiree
Healthcare
Plan
    Non-U.S.
Pension
Plans
    U.S.
Pension
Plans
    U.S. Retiree
Healthcare
Plan
    Non-U.S.
Pension
Plans
 

Service cost

   $ 284     $ 283     $ 2,713     $ 225     $ 273     $ 2,491  

Interest cost

     3,246       318       844       3,415       309       726  

Expected return on plan assets

     (3,415     (353     (974     (5,150     (294     (816

Net amortization:

            

Prior service credit

     —         (10     (63     —         —         (93

Net actuarial loss

     1,541       —         348       1,385       —         466  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic pension cost (benefit)

   $ 1,656     $ 238     $ 2,868     $ (125   $ 288     $ 2,774  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

In 2018, the Company’s board of directors approved the termination of the frozen U.S. defined benefit pension plans. The Company anticipates that it will take six months to a year to settle all of these plans’ obligations and, during this timeframe, the Company may incur pension accounting charges in connection with the termination of these plans.

During fiscal year 2018, the Company expects to contribute a total of approximately $4 million to $10 million to the Company’s defined benefit plans for all plans, excluding the U.S. defined benefit pension plans.