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Pension and Postretirement Benefit Obligations | 9 Months Ended
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Sep. 29, 2023
Retirement Benefits [Abstract] |
Pension and Postretirement Benefit Obligations | Pension and Postretirement Benefit Obligations Pension Plans The Company has historically sponsored two 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. In 2022, the Company began the process of terminating the Primary Plan. In connection with the termination process, the Company offered a lump sum benefit payout option to certain plan participants. During the second quarter of 2023, payments were made to those participants who selected the lump sum benefit payout option. The Company recognized a settlement expense of $39.8 million in the second quarter of 2023 related primarily to pre-tax actuarial losses associated with the lump sum benefit payments that were reclassified out of accumulated other comprehensive income (loss). The remaining assets of the Primary Plan were used to purchase a group annuity contract that transferred the remaining Primary Plan benefit liabilities to an insurance company during the third quarter of 2023. Upon full settlement of the Primary Plan benefit liabilities, the remainder of the gross actuarial losses associated with the Primary Plan were reclassified out of accumulated other comprehensive income (loss), resulting in a settlement expense of $77.3 million during the third quarter of 2023. There was no remaining liability for the unfunded portion of the Primary Plan as of September 29, 2023. As of September 29, 2023, there were no gross actuarial losses included in accumulated other comprehensive income (loss) associated with the Primary Plan. As of December 31, 2022, there were approximately $117 million of gross actuarial losses included in accumulated other comprehensive income (loss) associated with the Primary Plan. The components of total pension expense were as follows:
|  | Third Quarter |  | First Nine Months
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost |  | $ | 1,099 |  |  | $ | 1,860 |  |  | $ | 3,298 |  |  | $ | 5,581 |
Interest cost |  | 517 |  |  | 2,659 |  |  | 7,533 |  |  | 7,977 |
Expected return on plan assets |  | (609) |  |  | (2,036) |  |  | (6,437) |  |  | (6,107) |
Recognized net actuarial loss |  | — |  |  | 989 |  |  | 1,946 |  |  | 2,966 |
Amortization of prior service cost |  | 4 |  |  | — |  |  | 12 |  |  | — |
Net periodic pension cost |  | 1,011 |  |  | 3,472 |  |  | 6,352 |  |  | 10,417 |
Settlement expense |  | 77,319 |  |  | — |  |  | 117,096 |  |  | — |
Total pension expense |  | $ | 78,330 |  |  | $ | 3,472 |  |  | $ | 123,448 |  |  | $ | 10,417 |
The Company contributed $12.0 million to fund the termination of the Primary Plan during the first nine months of 2023. The Company contributed $4.3 million to the Bargaining Plan during the first nine months of 2023 to fund the ongoing projected benefit obligation of the Bargaining Plan. The Company does not anticipate making additional contributions to the Bargaining Plan during the fourth quarter of 2023. Postretirement Benefits The Company provides postretirement benefits for employees meeting specified qualifying 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 Quarter |  | First Nine Months
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost |  | $ | 294 |  |  | $ | 383 |  |  | $ | 882 |  |  | $ | 1,150 |
Interest cost |  | 697 |  |  | 474 |  |  | 2,092 |  |  | 1,423 |
Recognized net actuarial loss |  | — |  |  | 92 |  |  | — |  |  | 275 |
Net periodic postretirement benefit cost |  | $ | 991 |  |  | $ | 949 |  |  | $ | 2,974 |  |  | $ | 2,848 |

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