Defined Benefit Plans

6 Months Ended

Jun. 29, 2016

Compensation and Retirement Disclosure [Abstract]

The components of net periodic benefit cost were as follows:



	Quarter Ended					Two Quarters Ended
	June 29, 2016		July 1, 2015			June 29, 2016		July 1, 2015
	(In thousands)
Pension Plan:
Service cost	$	—	$	95		$	105	$	190
Interest cost	—		746			—		1,492
Expected return on plan assets	—		(877		)	—		(1,754		)
Amortization of net loss	—		433			—		866
Net periodic benefit cost	$	—	$	397		$	105	$	794

Other Defined Benefit Plans:
Interest cost	$	23	$	27		$	46	$	54
Amortization of net loss	22		19			43		39
Net periodic benefit cost	$	45	$	46		$	89	$	93

During 2014, our Board of Directors approved the termination and liquidation of the Advantica Pension Plan (the "Pension Plan") as of December 31, 2014. During the quarter ended June 29, 2016, we completed the liquidation of the Pension Plan. Accordingly, we made a final contribution of $9.5 million to the Pension Plan. The resulting $67.7 million in Pension Plan assets were used to make lump sum payments and purchase annuity contracts, which are administered by a third-party provider. In addition, during the quarter, we recognized a pre-tax settlement loss of $24.3 million related to the liquidation, reflecting the recognition of unamortized actuarial losses that were recorded in accumulated other comprehensive income. See Note 14.

We made no contributions to the Pension Plan during the two quarters ended July 1, 2015. We made contributions of $0.1 million to our other defined benefit plans during both the two quarters ended June 29, 2016 and the two quarters ended July 1, 2015. We expect to contribute $0.1 million to our other defined benefit plans over the remainder of fiscal 2016.

Additional minimum pension liability, net of tax, of $0.9 million and $22.8 million is reported as a component of accumulated other comprehensive loss in our Condensed Consolidated Statement of Shareholders’ Equity as of June 29, 2016 and December 30, 2015, respectively.