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PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS | 9 Months Ended
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Sep. 29, 2024
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 September 29, 2024 and October 1, 2023 were as follows:
|  | Pension Benefits |  | Other Benefits
|  | Three Months Ended |  | Three Months Ended
|  | September 29, 2024 |  | October 1, 2023 |  | September 29, 2024 |  | October 1, 2023
Service cost |  | $ | 3,827 |  | $ | 3,747 |  | $ | 33 |  | $ | 57
Interest cost |  | 9,662 |  |  | 10,259 |  |  | 1,215 |  |  | 1,794 |
Expected return on plan assets |  | (12,800) |  |  | (12,275) |  |  | — |  |  | — |
Amortization of prior service credit |  | (1,374) |  |  | (1,414) |  |  | (38) |  |  | (13) |
Amortization of net loss (gain) |  | 3,814 |  |  | 4,974 |  |  | 138 |  |  | (242) |
Settlement loss |  | — |  |  | 943 |  |  | — |  |  | 926 |
Total net periodic benefit cost |  | $ | 3,129 |  |  | $ | 6,234 |  |  | $ | 1,348 |  |  | $ | 2,522 |
We made contributions of $1,134 and $3,498 to the pension plans and other benefits plans, respectively, during the third quarter of 2024. In the third quarter of 2023, we made contributions of $987 and $5,314 to our pension plans and other benefit plans, respectively. The contributions in 2024 and 2023 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans. The components of net periodic benefit cost for the nine months ended September 29, 2024 and October 1, 2023 were as follows:
|  | Pension Benefits |  | Other Benefits
|  | Nine Months Ended |  | Nine Months Ended
|  | September 29, 2024 |  | October 1, 2023 |  | September 29, 2024 |  | October 1, 2023
Service cost |  | $ | 11,512 |  | $ | 11,269 |  | $ | 100 |  | $ | 166
Interest cost |  | 28,995 |  |  | 30,819 |  |  | 3,646 |  |  | 5,984 |
Expected return on plan assets |  | (38,407) |  |  | (37,041) |  |  | — |  |  | — |
Amortization of prior service credit |  | (4,120) |  |  | (4,243) |  |  | (113) |  |  | (13) |
Amortization of net loss (gain) |  | 11,435 |  |  | 14,961 |  |  | 416 |  |  | (901) |
Settlement loss |  | — |  |  | 5,332 |  |  | — |  |  | 926 |
Total net periodic benefit cost |  | $ | 9,415 |  |  | $ | 21,097 |  |  | $ | 4,049 |  |  | $ | 6,162 |
We made contributions of $2,120 and $7,980 to the pension plans and other benefits plans, respectively, during the first nine months of 2024. In the first nine months of 2023, we made contributions of $4,849 and $16,224 to our pension plans and other benefit plans, respectively. The contributions in 2024 and 2023 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). Annuitization of Other Post Employment Benefits On August 21, 2023, the Hershey Employee Benefits Committee approved the purchase of an irrevocable group annuity contract with an insurance company for eligible retirees of The Hershey Company Retiree Medical and Life Insurance Plan to cover their medical benefits. On August 31, 2023, we paid $88,689 for the irrevocable group annuity contract. As a result of this transaction, we remeasured the projected benefit obligation and recognized a $926 non-cash pre-tax settlement charge during the quarter ended October 1, 2023

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