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Postretirement Benefits
The Company has defined contribution plans, qualified and nonqualified defined benefit pension plans and other postretirement benefit plans covering substantially all of its employees. The Company's contributions to its defined contribution plans include matching and annual discretionary contributions which are based on various percentages of compensation, and in some instances are based on the amount of the employees' contributions to the plans. See Note 18 in the Notes to Consolidated Financial Statements in the 2018 Form 10-K for further details regarding these plans.
Pension and other postretirement benefit costs included the following components for the three months and six months ended June 29, 2019 and June 30, 2018:
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Pension Benefits |
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Other Postretirement Benefits |
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Three Months Ended |
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Six Months Ended |
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Three Months Ended |
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Six Months Ended |
(in millions) |
June 29,
2019 |
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June 30,
2018 |
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June 29,
2019 |
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June 30,
2018 |
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June 29,
2019 |
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June 30,
2018 |
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June 29,
2019 |
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June 30,
2018 |
Interest cost |
$ |
2.6 |
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$ |
5.7 |
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$ |
5.2 |
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$ |
11.4 |
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$ |
0.3 |
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$ |
0.2 |
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$ |
0.6 |
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$ |
0.5 |
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Expected return on plan assets |
(3.4 |
) |
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(6.4 |
) |
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(6.7 |
) |
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(12.7 |
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— |
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— |
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— |
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— |
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Amortization of prior service credits |
— |
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— |
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— |
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— |
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(0.2 |
) |
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(0.1 |
) |
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(0.4 |
) |
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(0.3 |
) |
Amortization of net actuarial losses |
2.6 |
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2.6 |
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5.1 |
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5.1 |
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— |
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— |
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— |
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— |
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Net pension and other benefit costs |
$ |
1.8 |
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$ |
1.9 |
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$ |
3.6 |
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$ |
3.8 |
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$ |
0.1 |
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$ |
0.1 |
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$ |
0.2 |
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$ |
0.2 |
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Employer Contributions and Benefit Payments. There were no contributions to the Company's qualified pension plans during the six months ended June 29, 2019. For the six months ended June 30, 2018, the company contributed $35.0 million. Company contributions are subject to change based on funding regulations and Company discretion. During the six months ended June 29, 2019 and June 30, 2018, the Company contributed $2.4 million and $2.1 million, respectively, to fund benefit payments to its nonqualified pension plan.
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