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Pension and Postretirement Benefit Obligations | 6 Months Ended
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Jul. 01, 2022
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 (the “Primary 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:
|  | Second Quarter |  | First Half
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Service cost |  | $ | 1,861 |  |  | $ | 1,863 |  |  | $ | 3,721 |  |  | $ | 3,726 |
Interest cost |  | 2,659 |  |  | 2,455 |  |  | 5,318 |  |  | 4,908 |
Expected return on plan assets |  | (2,036) |  |  | (3,248) |  |  | (4,071) |  |  | (6,498) |
Recognized net actuarial loss |  | 988 |  |  | 1,216 |  |  | 1,977 |  |  | 2,435 |
Amortization of prior service cost |  | — |  |  | — |  |  | — |  |  | 1 |
Net periodic pension cost |  | $ | 3,472 |  |  | $ | 2,286 |  |  | $ | 6,945 |  |  | $ | 4,572 |
The Company did not make any contributions to the two Company-sponsored pension plans during the first half of 2022. Contributions to the two Company-sponsored pension plans in 2022 are expected to be in the range of $20 million to $30 million. During the first half of 2022, the Company began the process of terminating the Primary Plan. The Company expects to offer a lump sum benefit payout option to certain plan participants prior to completing the purchase of group annuity contracts that will transfer the pension benefit obligation to an insurance company. 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:
|  | Second Quarter |  | First Half
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Service cost |  | $ | 384 |  |  | $ | 403 |  |  | $ | 767 |  |  | $ | 806 |
Interest cost |  | 475 |  |  | 448 |  |  | 949 |  |  | 895 |
Recognized net actuarial loss |  | 91 |  |  | 185 |  |  | 183 |  |  | 371 |
Net periodic postretirement benefit cost |  | $ | 950 |  |  | $ | 1,036 |  |  | $ | 1,899 |  |  | $ | 2,072 |

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