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PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS | 6 Months Ended
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Jul. 02, 2023
Retirement Benefits [Abstract] |
Pension and Other Post-Retirement Benefit Plans | PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS Net Periodic Benefit Cost The components of net periodic benefit cost for the three months ended July 2, 2023 and July 3, 2022 were as follows:
|  | Pension Benefits |  | Other Benefits
|  | Three Months Ended |  | Three Months Ended
|  | July 2, 2023 |  | July 3, 2022 |  | July 2, 2023 |  | July 3, 2022
Service cost |  | $ | 3,769 |  | $ | 4,758 |  | $ | 55 |  | $ | 80
Interest cost |  | 10,288 |  |  | 6,263 |  |  | 2,097 |  |  | 1,158 |
Expected return on plan assets |  | (12,385) |  |  | (12,153) |  |  | — |  |  | — |
Amortization of prior service credit |  | (1,415) |  |  | (1,412) |  |  | — |  |  | — |
Amortization of net loss |  | 5,020 |  |  | 3,108 |  |  | (333) |  |  | 25 |
Settlement loss |  | 4,389 |  |  | 7,760 |  |  | — |  |  | — |
Total net periodic benefit cost |  | $ | 9,666 |  |  | $ | 8,324 |  |  | $ | 1,819 |  |  | $ | 1,263 |
We made contributions of $3,029 and $5,212 to the pension plans and other benefits plans, respectively, during the second quarter of 2023. In the second quarter of 2022, we made contributions of $289 and $5,584 to our pension plans and other benefit plans, respectively. The contributions in 2023 and 2022 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans. The components of net periodic benefit cost for the six months ended July 2, 2023 and July 3, 2022 were as follows:
|  | Pension Benefits |  | Other Benefits
|  | Six Months Ended |  | Six Months Ended
|  | July 2, 2023 |  | July 3, 2022 |  | July 2, 2023 |  | July 3, 2022
Service cost |  | $ | 7,522 |  | $ | 9,611 |  | $ | 109 |  | $ | 158
Interest cost |  | 20,560 |  |  | 11,628 |  |  | 4,190 |  |  | 2,313 |
Expected return on plan assets |  | (24,766) |  |  | (24,815) |  |  | — |  |  | — |
Amortization of prior service credit |  | (2,829) |  |  | (2,825) |  |  | — |  |  | — |
Amortization of net loss |  | 9,987 |  |  | 5,839 |  |  | (659) |  |  | 51 |
Settlement loss |  | 4,389 |  |  | 10,376 |  |  | — |  |  | — |
Total net periodic benefit cost |  | $ | 14,863 |  |  | $ | 9,814 |  |  | $ | 3,640 |  |  | $ | 2,522 |
We made contributions of $3,862 and $10,911 to the pension plans and other benefits plans, respectively, during the first six months of 2023. In the first six months of 2022, we made contributions of $3,756 and $10,575 to our pension plans and other benefit plans, respectively. The contributions in 2023 and 2022 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans. The non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans is reflected within other (income) expense, net in the Consolidated Statements of Income (see Note 17). During the first six months of 2023, we recognized pension settlement charges in our hourly retirement plan due to lump sum withdrawals by employees retiring or leaving the Company. The non-cash settlement charges, which represent the acceleration of a portion of the respective plan’s accumulated unrecognized actuarial loss, were triggered when the cumulative lump sum distributions exceeded the plan’s anticipated annual service and interest costs. In connection with the second quarter 2023 settlements, the related plan assets and liabilities were remeasured using a discount rate as of the remeasurement date that was 8 basis points lower than the rate as of December 31, 2022 and an expected rate of return on plan assets of 6.3%, which was consistent with the rate as of December 31, 2022.

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