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PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS
 9 Months Ended
Sep. 26, 2020
Retirement Benefits [Abstract]  
PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS
The following table provides the components of net periodic cost for the Company’s pension, deferred compensation and executive supplemental life insurance retirement plans:
 Three Months EndedNine Months Ended
September 26, 2020September 28, 2019September 26, 2020September 28, 2019
(in thousands)
Service cost$797 $701 $2,392 $2,088 
Interest cost2,355 2,902 7,064 8,652 
Expected return on plan assets(2,981)(3,236)(8,944)(9,706)
Amortization of prior service cost (credit)(125)92 (376)274 
Amortization of net loss1,586 489 4,758 1,466 
Other adjustments125 — 375 — 
Net periodic cost$1,757 $948 $5,269 $2,774 
Service cost is recorded as an operating expense within the accompanying unaudited condensed consolidated statements of income. All other components of net periodic costs are recorded in Other expense, net in the accompanying unaudited condensed consolidated statements of income. The net periodic cost for the Company’s other post-retirement benefit plan for the three and nine months ended September 26, 2020 and September 28, 2019 was not significant.
U.S. Pension Plan Termination
The Charles River Laboratories, Inc. Pension Plan (U.S. Pension Plan) is a qualified, non-contributory defined benefit plan covering certain U.S. employees. The U.S. Pension Plan was amended in 2002 to exclude new participants and in 2008 the accrual of benefits was frozen. In January 2019, the Company commenced the process to terminate this plan and received regulatory approval in April 2020. In October 2020, the Company settled all remaining benefits directly with vested participants through either lump sum payouts or the purchase of a group annuity contract from a qualified insurance company to administer all future payments. Prior to the settlement, the U.S. Pension Plan was underfunded with a benefit obligation of approximately $94 million and plan assets of approximately $93 million. In the fourth quarter of fiscal year 2020, the Company made a contribution of approximately $1 million to fully fund this plan to cover the lump sum payments, purchase the group annuity contract, and settle remaining termination costs. Upon settlement of the pension liability, the Company recognized a non-cash settlement charge of approximately $10 million related to pension losses, reclassified from accumulated other comprehensive loss to other expense in the Company's consolidated statement of income subsequent to September 26, 2020.