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Employee Benefit Plans
 9 Months Ended
Sep. 29, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Retirement Plans and Retiree Health and Life Insurance Plans
The Company provides non-contributory defined benefit pension plans for certain of its employees in the United States, Mexico, Belgium, Germany, France, and Turkey. The Company also sponsors contributory defined benefit pension plans covering certain of its employees in the United Kingdom, Canada and the Netherlands, and provides postretirement healthcare and life insurance benefits to a limited number of its retirees and their dependents in the United States and Canada, based on certain age and/or service eligibility requirements.
The components of net periodic benefit cost/(income) include the following:
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Retirement Plans
Service cost$1,233 $704 $2,523 $2,083 
Interest cost4,340 4,770 14,175 13,462 
Expected return on plan assets(2,740)(2,515)(8,312)(7,257)
Amortization of prior service cost220 223 660 669 
Amortization of net actuarial loss1,106 1,074 3,350 3,221 
Effect of settlement loss18 16 529 765 
Net periodic benefit cost$4,177 $4,272 $12,925 $12,943 
Retiree Health and Life Insurance Plans
Service cost$45 $57 $133 $172 
Interest cost228 127 685 383 
Expected return on plan assets(97)(78)(292)(235)
Amortization of prior service cost95 — 287 — 
Amortization of net actuarial gain(223)(194)(670)(584)
Net periodic benefit cost/(income)$48 $(88)$143 $(264)
Settlement Charges
The Company recognized settlement charges of $529 and $765 during the nine-month periods ended September 29, 2024 and October 1, 2023, respectively. These charges resulted from payments made to certain participants in the Company’s non-union Canadian pension plan who elected a lump sum distribution option upon retirement.
Contributions
The Company made aggregate contributions of $14,680 and $10,311 to its defined benefit retirement and retiree health and life insurance plans during the nine-month periods ended September 29, 2024 and October 1, 2023, respectively. The Company expects to make additional aggregate contributions of approximately $6,050 to its defined benefit retirement and retiree health and life insurance plans over the remainder of 2024.
RTS Packaging Pension Plan
On September 8, 2023, the Company completed the acquisition of the remaining 65% ownership interest of the RTS Packaging joint venture, which included the assumption of the RTS Packaging Pension Plan (the “RTS Plan”). At the time of the acquisition, the RTS Plan had a projected benefit obligation of $43,547 and plan assets of $33,109, resulting in an unfunded pension obligation of $10,438.
Since the formation of the original joint venture, as a result of its 35% ownership interest, the Company had recognized a 35% share of actuarial gains and losses related to the RTS Plan in “Accumulated other comprehensive loss.” Upon the acquisition of the remaining 65% ownership interest in RTS Packaging, a pre-tax loss of $4,756 ($3,543 after tax) was reclassified out of “Accumulated other comprehensive loss” into earnings. The pre-tax loss is reflected in “Other income, net” in the Company’s Condensed Consolidated Statements of Income for the three- and nine-month periods ended October 1, 2023.