v2.4.0.6
Pension and Postretirement Benefit Plans
 6 Months Ended
Jun. 30, 2012
Pension and Postretirement Benefit Plans [Abstract]  
Pension and Postretirement Benefit Plans

Note 9.  Pension and Postretirement Benefit Plans

PGI and its subsidiaries sponsor multiple defined benefit plans and other postretirement benefits that cover certain employees. Benefits are primarily based on years of service and the employee’s compensation. It is the Company’s policy to fund such plans in accordance with applicable laws and regulations.

Components of net periodic benefit costs for the specified periods are as follows (in thousands):

 

                                             
    Successor          Predecessor  
Pension Benefits   Three Months
Ended
June 30,
2012		     Three Months
Ended
July 2,
2011		     Six Months
Ended
June 30,
2012		     Five Months
Ended
July 2,
2011		          One Month
Ended
January 28,
2011		  

Components of net periodic benefit cost:

                                            

Current service costs

   $ 504     $ 531     $ 1,014     $ 890         $ 159  

Interest costs on projected benefit obligation and other

     1,429       1,631       2,871       2,738           492  

Return on plan assets

     (1,602 )      (1,785 )      (3,218 )      (2,997 )          (539 ) 

Curtailment / settlement loss

     233       —         233       —             —    

Amortization of transition costs and other

     (15 )      (30 )      (31 )      (49 )          (8 ) 
   

 

 

    

 

 

    

 

 

    

 

 

        

 

 

  

Periodic benefit cost, net

   $ 549     $ 347     $ 869     $ 582         $ 104  
   

 

 

    

 

 

    

 

 

    

 

 

        

 

 

  

The components of net periodic benefit cost for the 2011 periods have been reclassified in order to conform to the 2012 presentation.

 

                                             
    Successor          Predecessor  
Postretirement Benefit Plans   Three Months
Ended
June  30,
2012		     Three Months
Ended
July  2,
2011		     Six Months
Ended
June  30,
2012		     Five Months
Ended
July  2,
2011		          One Month
Ended
January 28,
2011		  

Components of net periodic benefit cost:

                                            

Current service costs

   $ 17     $ 22     $ 35     $ 37         $ 7  

Interest costs on projected benefit obligation and other

     54       75       108       126           23  

Curtailment / settlement loss

     15       —         15       —             —    

Amortization of transition costs and other

     6       (81 )      12       (136 )          (25 ) 
   

 

 

    

 

 

    

 

 

    

 

 

        

 

 

  

Periodic benefit cost, net

   $ 92     $ 16     $ 170     $ 27         $ 5  
   

 

 

    

 

 

    

 

 

    

 

 

        

 

 

  

As of June 30, 2012, the Company had contributed $2.5 million to its pension and postretirement benefit plans for the 2012 benefit year. The Company’s contributions include amounts required to be funded with respect to a defined benefit pension plan relating to the Company’s Canadian operations. The Company presently anticipates contributing an additional $2.5 million to fund its plans in 2012, for a total of $5.0 million.