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Pension and Postretirement Benefits | 9 Months Ended
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Sep. 30, 2018
Pension and Postretirement Benefits (Thousands of Dollars) [Abstract] |
Pension and Postretirement Benefits | (9) Pension and Postretirement Benefits The components of the net periodic cost of the Company's defined benefit pension and other postretireme nt plans for the quarter and nine-month periods ended September 30, 2018 and October 1, 2017 are as follows:
| Quarter Ended
| Pension |  | Postretirement
| September 30, |  | October 1, |  | September 30, |  | October 1,
| 2018 |  | 2017 |  | 2018 |  | 2017
Service cost | $ | 678 |  |  | 925 |  |  | 189 |  |  | 172
Interest cost |  | 3,997 |  |  | 4,443 |  |  | 292 |  |  | 295
Expected return on assets |  | (5,190) |  |  | (5,896) |  |  | - |  |  | -
Net amortization and deferrals |  | 2,971 |  |  | 2,525 |  |  | 42 |  |  | -
Net periodic benefit cost | $ | 2,456 |  |  | 1,997 |  |  | 523 |  |  | 467
| Nine Months Ended
| Pension |  | Postretirement
| September 30, |  | October 1, |  | September 30, |  | October 1,
| 2018 |  | 2017 |  | 2018 |  | 2017
Service cost | $ | 2,030 |  |  | 2,798 |  |  | 566 |  |  | 517
Interest cost |  | 11,993 |  |  | 13,598 |  |  | 877 |  |  | 885
Expected return on assets |  | (15,569) |  |  | (18,057) |  |  | - |  |  | -
Net amortization and deferrals |  | 8,913 |  |  | 7,738 |  |  | 127 |  |  | -
Net periodic benefit cost | $ | 7,367 |  |  | 6,077 |  |  | 1,570 |  |  | 1,402
During the nine months ended September 30, 2018, the Company made cash contributions of $770 to its defined benefit pe nsion plans. During fiscal 2018, t he Company expects to make cash contribut ions to its defined benefit pension plans of approximately $1,300 in the aggregate. In February 2018, the Compensation Committee of the Company’s Board of Directors approved a resolution to terminate the Company’s U.S. defined benefit pension plan (“Plan”). During the first quarter of 2018 the Company commenced t he plan termination process and expects to complete the transfer of the Plan’s assets to a third-party administrator over a period of eighteen months. The decision to terminate the Plan follows the 2015 decision to freeze benefits being accrued covering n on-union employees after the sale of the Company’s manufacturing facility in East Longmeadow, MA. Benefits covering non-union employees were frozen in December 2007. In connection with the decision to terminate the Plan, the Company remeasured the project ed benefit obligation based on the expected Plan termination costs. This remeasurement utilized a discount rate of 3.2% compared to the discount rate of 3.7% utilized in the December 31, 2017 measurement and resulted in an increase in the projected benefit obligation of $35,192 with offsetting amounts recorded to accumulated other comprehensive losses and deferred taxes. Upon settlement of the pension liability, the Company will reclassify the related pension losses currently recorded to accumulated other c omprehensive loss, to the consolidated statements of operations. As of September 30, 2018, the Company had unrecognized losses related to the Plan of $142,997. The Company will recognize this loss upon termination of the Plan, adjusted for year-end remeasu rement, as well as the total required payout to plan participants which will be determined based on employee elections and market conditions present at the time of termination.

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- References No definition available. + Details
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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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