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Pension and Postretirement Benefit Obligations
 9 Months Ended
Oct. 01, 2021
Retirement Benefits [Abstract]  
Pension and Postretirement Benefit Obligations Pension and Postretirement Benefit Obligations
Pension Plans

There are two Company-sponsored pension plans. The primary Company-sponsored pension plan was frozen as of June 30, 2006 and no benefits accrued to participants after that date. The second Company-sponsored pension plan (the “Bargaining Plan”) is for certain employees under collective bargaining agreements. Benefits under the Bargaining Plan are determined in accordance with negotiated formulas for the respective participants. Contributions to the plans are based on actuarially determined amounts and are limited to the amounts currently deductible for income tax purposes.
The components of net periodic pension cost were as follows:

Third QuarterFirst Nine Months
(in thousands)2021202020212020
Service cost$1,863 $1,659 $5,589 $4,976 
Interest cost2,452 2,760 7,360 8,280 
Expected return on plan assets(3,250)(3,382)(9,748)(10,148)
Recognized net actuarial loss1,219 1,189 3,654 3,568 
Amortization of prior service cost1 5 2 14 
Net periodic pension cost$2,285 $2,231 $6,857 $6,690 

The Company contributed $6.8 million to the two Company-sponsored pension plans during the first nine months of 2021 and does not anticipate making additional contributions during the fourth quarter of 2021.

Postretirement Benefits

The Company provides postretirement benefits for employees meeting specified criteria. The Company recognizes the cost of postretirement benefits, which consist principally of medical benefits, during employees’ periods of active service. The Company does not prefund these benefits and has the right to modify or terminate certain of these benefits in the future.

The components of net periodic postretirement benefit cost were as follows:

Third QuarterFirst Nine Months
(in thousands)2021202020212020
Service cost$403 $376 $1,209 $1,128 
Interest cost447 504 1,342 1,511 
Recognized net actuarial loss186 88 557 263 
Net periodic postretirement benefit cost$1,036 $968 $3,108 $2,902