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Employee Benefit Plans | 6 Months Ended
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Jun. 29, 2024
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans Net pension cost for the three and six months ended June 29, 2024 and July 1, 2023 includes the following components (in thousands):
| Pension Benefits |  | Pension Benefits
| Three Months Ended |  | Six Months Ended
| June 29, 2024 | July 1, 2023 |  | June 29, 2024 | July 1, 2023
Service cost | $ | 783 |  | $ | 683 |  |  | $ | 1,574 |  | $ | 1,358 |
Interest cost | 1,906 |  | 1,961 |  |  | 3,817 |  | 3,917 |
Expected return on plan assets | (1,806) |  | (1,805) |  |  | (3,616) |  | (3,608) |
Amortization of prior service cost | (6) |  | — |  |  | (12) |  | — |
Amortization of actuarial loss | 349 |  | 434 |  |  | 698 |  | 868 |
Net pension cost | $ | 1,226 |  | $ | 1,273 |  |  | $ | 2,461 |  | $ | 2,535 |
Based on annual actuarial estimates, at June 29, 2024 the Company expects to contribute approximately $4.2 million to its pension plans to meet funding requirements during the next twelve months. Additionally, the Company has made tax deductible discretionary and required contributions to its pension plans for the six months ended June 29, 2024 and July 1, 2023 of approximately $1.2 million and $1.6 million, respectively. The Company participates in various multiemployer pension plans which provide defined benefits to certain employees covered by labor contracts. These plans are not administered by the Company and contributions are determined in accordance with provisions of negotiated labor contracts to meet their pension benefit obligations to their participants. The Company’s contributions to each multiemployer plan represent less than 5% of the total contributions to each plan. Based on the most currently available information, the Company has determined that, if a withdrawal were to occur, withdrawal liabilities on two of the plans in which the Company currently participates could be material to the Company. With respect to the other multiemployer pension plans in which the Company participates and which are not individually significant, five plans have certified as critical or red zone as defined by the Pension Protection Act of 2006. The Company currently has withdrawal liabilities recorded on four U.S. multiemployer plans in which it participated. As of June 29, 2024, the Company has an aggregate accrued liability of approximately $4.5 million representing the present value of scheduled withdrawal liability payments on the multiemployer plans that have given notice of withdrawal. While the Company has no ability to calculate a possible current liability for under-funded multiemployer plans that could terminate or could require additional funding under the Pension Protection Act of 2006, the amounts could be material.

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