XML 50 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Employee Benefits
 6 Months Ended
Jun. 30, 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 fiscal 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’s minimum required cash contribution is required to be paid in fiscal 2012 and fiscal 2013. 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 million with cash in 2012. However, in an effort to preserve additional cash for operations, we have requested 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 (in thousands):

 

 

                 
    Second Quarter  
    Period from April  1,
2012 to June 30, 2012		     Period from April 3,
2011 to July 2, 2011		  

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  
   

 

 

    

 

 

  

 

                 
    Six Months Ended  
    Period from January  1,
2012 to June 30, 2012		     Period from January  2,
2011 to July 2, 2011		  

Service cost

   $ 938     $ 1,046  

Interest cost on projected benefit obligation

     2,442       2,304  

Expected return on plan assets

     (2,448 )      (2,753 ) 

Amortization of unrecognized loss

     1,038       290  
   

 

 

    

 

 

  

Net periodic pension cost

   $ 1,970     $ 887