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Retirement Benefits | 9 Months Ended
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Sep. 24, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Retirement Benefits | Retirement Benefits The components of net periodic benefit cost for retirement benefit plans were as follows (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 24, 2021 |  | September 25, 2020 |  | September 24, 2021 |  | September 25, 2020
Pension Benefits |  |  |  |  |  |  |
Service cost | $ | 1,674 |  |  | $ | 2,392 |  |  | $ | 7,119 |  |  | $ | 7,007 |
Interest cost | 2,519 |  |  | 3,351 |  |  | 8,476 |  |  | 9,985 |
Expected return on assets | (5,412) |  |  | (4,706) |  |  | (15,673) |  |  | (14,107) |
Amortization and other | 2,148 |  |  | 2,777 |  |  | 7,254 |  |  | 8,015 |
Net periodic benefit cost | $ | 929 |  |  | $ | 3,814 |  |  | $ | 7,176 |  |  | $ | 10,900 |
Postretirement Medical |  |  |  |  |  |  |
Service cost | $ | 153 |  |  | $ | 152 |  |  | $ | 503 |  |  | $ | 457 |
Interest cost | 124 |  |  | 254 |  |  | 624 |  |  | 762 |
Amortization | 252 |  |  | 183 |  |  | 752 |  |  | 550 |
Net periodic benefit cost | $ | 529 |  |  | $ | 589 |  |  | $ | 1,879 |  |  | $ | 1,769 |
Subsequent Event | Subsequent Event Subsequent to the end of the third quarter, the Company entered into an agreement under which approximately $63 million of $414 million in pension obligations in its two U.S. funded defined benefit pension plans were transferred to an insurance company. Under the agreement, the Company will purchase a group annuity contract for approximately 421 plan participants that will provide for an irrevocable commitment to make annuity payments to the affected participants. The payment obligation and administration thereof for the affected participants will be transferred from the pension plans to the insurance company. The transfer will not change the amount of the monthly pension benefits received by the affected participants. The smaller of the two pension plans will be merged into the larger plan in the fourth quarter of 2021, with the larger plan being the surviving plan. This arrangement is part of the Company’s effort to reduce the overall size and volatility of its pension plan obligations. The purchase of the group annuity contract will be funded through existing plan assets. The Company expects to recognize a non-cash pension settlement loss of approximately $12 million before tax in the fourth quarter of 2021. This charge represents the acceleration of deferred charges currently accrued in accumulated other comprehensive income. The actual amount of the settlement loss will depend on the value of plan assets and the discount rate as of the measurement date.

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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 + Details
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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