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Employee Retirement Plans | 6 Months Ended
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Jun. 30, 2018
Notes To Financial Statements [Abstract] |
Employee Retirement Plans | Employee Retirement Plans
(a) | Pension Plans
U.S. Plans: The company maintains a non-contributory defined benefit plan for its union employees at the Elgin, Illinois facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2002, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2002 upon reaching retirement age. The company maintains a non-contributory defined benefit plan for its employees at the Smithville, Tennessee facility, which was acquired as part of the Star acquisition. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 1, 2008, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 1, 2008 upon reaching retirement age. The company also maintains a retirement benefit agreement with its Chairman ("Chairman Plan"). The retirement benefits are based upon a percentage of the Chairman’s final base salary. Non-U.S. Plans: The company maintains a defined benefit plan for its employees at the Wrexham, the United Kingdom facility, which was acquired as part of the Lincat acquisition. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2010 prior to Middleby’s acquisition of the company. No further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2010 upon reaching retirement age. The company maintains several pension plans related to AGA and its subsidiaries (collectively, the "AGA Group"), the most significant being the Aga Rangemaster Group Pension Scheme, which covers the majority of employees in the United Kingdom. Membership in the plan on a defined benefit basis of pension provision was closed to new entrants in 2001. The plan became open to new entrants on a defined contribution basis of pension provision in 2002, but was generally closed to new entrants on this basis during 2014. The other, much smaller, defined benefit pension plans operating within the AGA Group cover employees in France, Ireland and the United Kingdom. All pension plan assets are held in separate trust funds although the net defined benefit pension obligations are included in the company's consolidated balance sheet. The following table summarizes the company's net periodic pension benefit related to the AGA Group pension plans (in thousands):
|  | Three Months Ended |  | Six Months Ended
|  | June 30, 2018 |  | July 1, 2017 |  | June 30, 2018 |  | July 1, 2017
Net Periodic Pension Benefit: |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 957 |  |  | $ | 996 |  |  | $ | 1,934 |  |  | $ | 1,960 |
Interest cost |  | 8,113 |  |  | 8,017 |  |  | 16,391 |  |  | 15,781 |
Expected return on assets |  | (18,895 | ) |  | (17,323 | ) |  | (38,173 | ) |  | (34,097 | )
Amortization of net (gain) loss |  | 1,012 |  |  | 743 |  |  | 2,044 |  |  | 1,463 |
Curtailment loss (gain) |  | 677 |  |  | — |  |  | 964 |  |  | — |
Pension settlement gain |  | (23 | ) |  | (49 | ) |  | (47 | ) |  | (97 | )
|  | $ | (8,159 | ) |  | $ | (7,616 | ) |  | $ | (16,887 | ) |  | $ | (14,990 | )
The pension costs for all other plans of the company were not material during the period. On December 31, 2017, the company adopted ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". The service cost component is recognized within Selling, general and administrative expenses and the non-operating components of pension benefit are included within Net periodic pension benefit (other than service cost) in the Condensed Consolidated Statements of Comprehensive Income. The adoption of this standard resulted in a reclassification for the three months period ended July 1, 2017 and six months period ended July 1, 2017, in which previously reported selling, general and administrative expenses was increased by $8.6 million and $17.0 million, respectively. Net income did not change as a result of the adoption of this standard.
(b) | Defined Contribution Plans
The company maintains two separate defined contribution savings plans covering all employees in the United States. These two plans separately cover the union employees at the Elgin, Illinois facility and all other remaining union and non-union employees in the United States. The company also maintains defined contribution plans for its United Kingdom based employees.

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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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