XML 30 R19.htm IDEA: XBRL DOCUMENT v3.19.2
Retirement Plans
 6 Months Ended
Jun. 29, 2019
Retirement Benefits [Abstract]  
Retirement Plans
12 Retirement Plans
The Company sponsors various retirement plans. The components of net periodic benefit cost other than the service cost component are included in other expense in the consolidated statements of operations. The summary of the components of net periodic pension costs for the plans for the three and six months ended June 29, 2019 and June 30, 2018 is as follows (in thousands):
 
Three Months Ended
 
  
June 29, 2019
   
June 30, 2018
 
  
U.S.
   
U.S. Retiree
   
Non-U.S.
   
U.S.
   
U.S. Retiree
   
Non-U.S.
 
  
Pension
   
Healthcare
   
Pension
   
Pension
   
Healthcare
   
Pension
 
  
Plans
   
Plan
   
Plans
   
Plans
   
Plan
   
Plans
 
Service cost
  $
—  
    $
108
    $
1,075
    $
142
    $
151
    $
1,339
 
Interest cost
   
10
     
230
     
430
     
1,627
     
162
     
416
 
Expected return on plan assets
   
—  
     
(177
 )    
(538
 )    
(630
 )    
(175
 )    
(481
 )
Net amortization:
   
     
     
     
     
     
 
Prior service credit
   
—  
     
(5
 )    
(37
 )    
—  
      
(2
 )    
(32
 )
Net actuarial loss
   
—  
     
—  
     
132
     
772
     
—  
      
171
 
                                                 
Net periodic pension cost
  $
10
    $
156
    $
1,062
    $
1,911
    $
136
    $
1,413
 
                                                 
  
Six Months Ended
 
  
June 29, 2019
   
June 30, 2018
 
  
U.S.
   
U.S. Retiree
   
Non-U.S.
   
U.S.
   
U.S. Retiree
   
Non-U.S.
 
  
Pension
   
Healthcare
   
Pension
   
Pension
   
Healthcare
   
Pension
 
  
Plans
   
Plan
   
Plans
   
Plans
   
Plan
   
Plans
 
Service cost
   $
—  
     $
250
     $
2,157
     $
284
     $
283
     $
2,713
  
Interest cost
    
23
     
389
      
864
      
3,246
      
318
      
844
  
Expected return on plan assets
    
—  
      
(354
 )    
(1,081
 )    
(3,415
 )    
(353
 )    
(974
 )
Net amortization:
    
     
     
     
     
     
 
Prior service credit
    
—  
      
(10
 )    
(74
 )    
—  
      
(10
 )    
(63
 )
Net actuarial loss
    
—  
      
—  
      
267
      
1,541
      
—  
      
348
  
                                                 
Net periodic pension cost
   $
23
     $
275
     $
2,133
     $
1,656
     $
238
     $
2,868
  
                                                 
 
In 2018, the Company terminated and settled its frozen U.S. defined benefit pension plan, the Waters Retirement Plan, by making lump-sum cash payments and purchasing annuity contracts for participants to permanently extinguish the pension plan’s obligations. The Company also anticipates that it will settle the Waters Retirement Restoration Plan during 2019, and the Company may incur pension accounting charges in connection with the termination of this plan.
 
 
 
 
 
 
 
 
 
 
During fiscal year 2019, the Company expects to contribute a total of approximately $3 million to $6 million to the Company’s defined benefit plans.