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v3.25.1

Pension and Postretirement Benefit Obligations | 3 Months Ended
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Mar. 28, 2025
Retirement Benefits [Abstract] |
Pension and Postretirement Benefit Obligations | Pension and Postretirement Benefit Obligations Pension Plan The Company sponsors a pension plan, the Bargaining Plan (the “Bargaining 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. The components of net periodic pension cost were as follows:
|  | First Quarter |  |
(in thousands) |  | 2025 |  | 2024 |  |  |  |
Service cost |  | $ | 973 |  |  | $ | 1,091 |  |  |  |  |
Interest cost |  | 653 |  |  | 589 |  |  |  |  |
Expected return on plan assets |  | (820) |  |  | (763) |  |  |  |  |
Recognized net actuarial gain |  | (9) |  |  | — |  |  |  |  |
Amortization of prior service costs |  | 4 |  |  | 4 |  |  |  |  |
Net periodic pension cost |  | $ | 801 |  |  | $ | 921 |  |  |  |  |
Contributions to the Bargaining Plan are based on actuarially determined amounts and are limited to the amounts currently deductible for income tax purposes. The Company did not make any contributions to the Bargaining Plan during the first quarter of 2025. The Company expects to make cash contributions to the Bargaining Plan of up to $5 million during 2025. 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:
|  | First Quarter |  |
(in thousands) |  | 2025 |  | 2024 |  |  |  |
Service cost |  | $ | 323 |  |  | $ | 310 |  |  |  |  |
Interest cost |  | 857 |  |  | 781 |  |  |  |  |
Recognized net actuarial loss |  | — |  |  | 26 |  |  |  |  |
Net periodic postretirement benefit cost |  | $ | 1,180 |  |  | $ | 1,117 |  |  |  |  |

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