Pension and other postretirement benefits

3 Months Ended

Mar. 27, 2016

Compensation and Retirement Disclosure [Abstract]

Pension and other postretirement benefits

The Company has a number of defined benefit pension and postretirement plans covering eligible U.S. and non-U.S. employees. The defined benefit pension plans are noncontributory. The benefits under these plans are based primarily on years of service and employees’ pay near retirement. The Company’s funding policy for U.S. plans is to contribute annually, at a minimum, amounts required by applicable laws and regulations. Obligations under non-U.S. plans are systematically provided for by depositing funds with trustees or by book reserves. As of March 27, 2016, no further benefits are being accrued under the Company’s U.S. defined benefit pension plans and the Company’s other postretirement benefit plans, other than certain postretirement benefit plans covering employees subject to a collective bargaining agreement.

The Company and certain of its subsidiaries provide medical, dental and life insurance benefits to pensioners or their survivors. The associated plans are unfunded and approved claims are paid from Company funds.

The following table provides summarized information regarding net benefits expense (income), measured as of March 27, 2016 and March 29, 2015:



	Pension Three Months Ended						Other Postretirement Benefits Three Months Ended
	March 27, 2016			March 29, 2015			March 27, 2016		March 29, 2015
	(Dollars in thousands)
Service cost	$	652		$	471		$	111	$	107
Interest cost	3,920			4,486			406		512
Expected return on plan assets	(6,198		)	(6,425		)	—		—
Net amortization and deferral	1,579			1,530			57		77
Net benefits expense (income)	$	(47	)	$	62		$	574	$	696

The Company’s pension contributions are expected to be approximately $2.4 million during 2016, of which $1.1 million was contributed during the three months ended March 27, 2016.