XML 58 R19.htm IDEA: XBRL DOCUMENT v3.19.3
Retirement Plans
9 Months Ended
Sep. 28, 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 nine months ended September 28, 2019 and September 29, 2018 is as follows (in thousands):
                                                 
 
Three Months Ended
 
 
September 28, 2019
   
September 29, 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
  $
    $
124
    $
1,081
    $
142
    $
142
    $
1,311
 
Interest cost
   
     
194
     
426
     
1,622
     
159
     
406
 
Expected return on plan assets
   
     
(177
)    
(535
)    
(1,708
)    
(177
)    
(486
)
Net amortization:
   
     
     
     
     
     
 
Prior service credit
   
     
(5
)    
(38
)    
     
(4
)    
(30
)
Net actuarial loss
   
     
     
132
     
771
     
     
167
 
                                                 
Net periodic pension cost
  $
    $
136
    $
1,066
    $
827
    $
120
    $
1,368
 
                                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                 
 
Nine Months Ended
 
 
September 28, 2019
   
September 29, 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
  $
    $
374
    $
3,238
    $
426
    $
425
    $
4,024
 
Interest cost
   
23
     
583
     
1,291
     
4,868
     
477
     
1,250
 
Expected return on plan assets
   
     
(531
)    
(1,616
)    
(5,123
)    
(530
)    
(1,442
)
Net amortization:
   
     
     
     
     
     
 
Prior service credit
   
     
(15
)    
(113
)    
     
(14
)    
(93
)
Net actuarial loss
   
     
     
399
     
2,312
     
     
515
 
                                                 
Net periodic pension cost
  $
23
    $
411
    $
3,199
    $
2,483
    $
358
    $
4,254
 
                                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.