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Retirement Plans | 6 Months Ended
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Jul. 04, 2021
Retirement Benefits [Abstract] |
Retirement Plans | RETIREMENT PLANS We provide retirement benefits to eligible employees through a variety of plans: •Defined contribution •Defined benefit ◦Pension (qualified and non-qualified) ◦Other post-retirement benefit For our defined benefit plans, net periodic benefit credit for the three- and six-month periods ended July 4, 2021, and June 28, 2020, consisted of the following:
| Pension Benefits | Other Post-retirement Benefits
Three Months Ended | July 4, 2021 |  | June 28, 2020 | July 4, 2021 |  | June 28, 2020
Service cost | $ | 29 |  |  | $ | 30 |  | $ | 3 |  |  | $ | 3 |
Interest cost | 90 |  |  | 123 |  | 4 |  |  | 7 |
Expected return on plan assets | (241) |  |  | (235) |  | (9) |  |  | (9) |
Net actuarial loss (gain) | 80 |  |  | 71 |  | — |  |  | (1) |
Prior service credit | (5) |  |  | (5) |  | — |  |  | — |
Net periodic benefit credit | $ | (47) |  |  | $ | (16) |  | $ | (2) |  |  | $ | — |
Six Months Ended |  |  |  |  |  |
Service cost | $ | 59 |  |  | $ | 59 |  | $ | 5 |  |  | $ | 5 |
Interest cost | 180 |  |  | 246 |  | 9 |  |  | 14 |
Expected return on plan assets | (482) |  |  | (469) |  | (18) |  |  | (18) |
Net actuarial loss (gain) | 183 |  |  | 140 |  | — |  |  | (2) |
Prior service credit | (10) |  |  | (9) |  | — |  |  | — |
Net periodic benefit credit | $ | (70) |  |  | $ | (33) |  | $ | (4) |  |  | $ | (1) |
Our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs related to employees working on government contracts. For these plans, the amount allocated to contracts is determined in accordance with the Cost Accounting Standards and Federal Acquisition Regulation. At this time, cumulative benefit costs exceed the amount allocated to contracts. To the extent we consider recovery of benefit costs to be probable based on our backlog and probable follow-on contracts, we defer the excess in other contract costs in other current assets on the Consolidated Balance Sheet until the cost is allocable to contracts. To the extent there is a non-service component of net periodic benefit credit for our defined benefit plans, it is reported in other income (expense) in the Consolidated Statement of Earnings.

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