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Employee Benefits
 3 Months Ended
Mar. 31, 2012
Employee Benefits [Abstract]  
Employee Benefits

5. Employee Benefits

Defined Benefit Pension Plans

Most of our hourly employees participate in noncontributory defined benefit pension plans. These include a plan that is administered solely by us (the “hourly pension plan”) and union-administered multiemployer plans. Our funding policy for the hourly pension plan is based on actuarial calculations and the applicable requirements of federal law. We believe that each multiemployer pension plan is immaterial to our financial statements and that we represent an immaterial portion of the total contributions and future obligations of these plans. The Company’s required cash contribution to the pension plan in 2012 is approximately $4.1 million. This contribution is comprised of approximately $1.2 million related to our 2011 minimum required contribution and approximately $2.9 million related to our 2012 minimum required contribution. The Company’s minimum required contribution for plan year 2012 is $5.4 million. The Company has funded approximately $0.4 million of the 2011 minimum required contribution and will fund the remaining 2011 minimum required contribution of $0.8 with cash in 2012. However, in an effort to preserve additional cash for operations, we intend to seek a waiver from the IRS for our 2012 minimum required contribution. If we are granted the requested waiver, our contribution for 2012 will be deferred and amortized over the next five years, increasing our future minimum required contributions. Benefits under the majority of plans for hourly employees (including multiemployer plans) are primarily related to years of service.

Net periodic pension cost for our pension plans included the following:

 

                 
    Period from
January 1,  2012,
to March 31,
2012		     Period from
January 2,  2011,
to April 2,
2011		  
    (In thousands)  

Service cost

   $ 469     $ 523  

Interest cost on projected benefit obligation

     1,221       1,152  

Expected return on plan assets

     (1,224 )      (1,376 ) 

Amortization of unrecognized loss

     519       145  
   

 

 

    

 

 

  

Net periodic pension cost

   $ 985     $ 444