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Retirement Benefits
 9 Months Ended
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 EndedNine 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.