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Employee Benefits | 6 Months Ended
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Jun. 28, 2014
Employee Benefits |
Employee Benefits | Note 6 – Employee Benefits Seaboard maintains two defined benefit pension plans for its domestic salaried and clerical employees. At this time, no contributions are expected to be made to these plans for the remainder of 2014. Seaboard also sponsors non-qualified, unfunded supplemental executive plans, and has certain individual, non-qualified, unfunded supplemental retirement agreements for certain retired employees. Management has no plans to provide funding for these supplemental plans in advance of when the benefits are paid. The net periodic benefit cost for all of these plans was as follows:
|  | Three Months Ended |  | Six Months Ended |
|  | June 28, |  | June 29, |  | June 28, |  | June 29, |
(Thousands of dollars) |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |
Service cost |  | $ | 2,004 |  |  | $ | 2,263 |  |  | $ | 3,860 |  |  | $ | 4,684 |  |
Interest cost |  | 2,418 |  |  | 2,035 |  |  | 4,821 |  |  | 4,103 |  |
Expected return on plan assets |  | (2,179 | ) |  | (1,614 | ) |  | (4,364 | ) |  | (3,226 | ) |
Amortization and other |  | 581 |  |  | 1,543 |  |  | 1,051 |  |  | 3,179 |  |
Agreement termination gain |  | - |  |  | (3,204 | ) |  | - |  |  | (3,204 | ) |
Net periodic benefit cost |  | $ | 2,824 |  |  | $ | 1,023 |  |  | $ | 5,368 |  |  | $ | 5,536 |  |
In late April 2013, Mr. Joseph E. Rodrigues, Seaboard’s board member and retired former Executive Vice President and Treasurer of Seaboard Corporation, passed away. During retirement, Mr. Rodrigues received retirement payments under an individual, non-qualified, unfunded supplemental retirement agreement. Upon his death, this agreement terminated which eliminated the remaining accrued pension liability. This resulted in a one-time agreement termination gain of $3,204,000, or $1,954,000 net of tax, which was recognized in net earnings in addition to a gain of $2,148,000, or $1,310,000 net of tax, from the elimination of unrecognized pension cost in other comprehensive income during the second quarter of 2013.

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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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