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PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS (Tables)

6 Months Ended

Jul. 02, 2023

Retirement Benefits [Abstract]

Schedule of Components of 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

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

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- References

No definition available.

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- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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