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Employee Benefit Plans
 9 Months Ended
Sep. 28, 2013
Employee Benefit Plans [Abstract]  
Employee Benefit Plans
8.Employee Benefit Plans

The Company sponsors a noncontributory defined benefit retirement plan for the benefit of eligible employees at its Kadant Solutions division and its corporate office (included in the table below in "Pension Benefits"). The Company also sponsors a restoration plan for the benefit of certain executive officers who also participate in the noncontributory defined benefit retirement plan (included in the table below in "Other Benefits"). In addition, employees at certain of the Company's subsidiaries participate in defined benefit retirement and post-retirement welfare benefit plans (included in the table below in "Other Benefits").

The components of the net periodic benefit cost for the pension benefits and other benefits plans are as follows:

 
 
Three Months Ended
  
Three Months Ended
 
 
 
September 28, 2013
  
September 29, 2012
 
(In thousands)
 
Pension
Benefits
  
Other
Benefits
  
Pension
Benefits
  
Other
Benefits
 
 
 
  
  
  
 
Components of Net Periodic Benefit Cost:
 
  
  
  
 
Service cost
 
$
245
  
$
54
  
$
243
  
$
34
 
Interest cost
  
289
   
69
   
331
   
56
 
Expected return on plan assets
  
(375
)
  
(13
)
  
(407
)
  
–
 
Recognized net actuarial loss
  
127
   
23
   
160
   
8
 
Amortization of prior service cost
  
14
   
21
   
14
   
6
 
Net periodic benefit cost
 
$
300
  
$
154
  
$
341
  
$
104
 
 
                
The weighted average assumptions used to determine net periodic benefit cost are as follows:
     
 
                
Discount rate
  
3.89
%
  
3.90
%
  
4.28
%
  
4.43
%
Expected long-term return on plan assets
  
5.75
%
  
–
   
6.25
%
  
–
 
Rate of compensation increase
  
3.50
%
  
3.65
%
  
4.00
%
  
3.45
%

 
 
Nine Months Ended
  
Nine Months Ended
 
 
 
September 28, 2013
  
September 29, 2012
 
(In thousands)
 
Pension
Benefits
  
Other
Benefits
  
Pension
Benefits
  
Other
Benefits
 
 
 
  
  
  
 
Components of Net Periodic Benefit Cost:
 
  
  
  
 
Service cost
 
$
744
  
$
160
  
$
748
  
$
107
 
Interest cost
  
873
   
208
   
982
   
171
 
Expected return on plan assets
  
(1,128
)
  
(39
)
  
(1,208
)
  
–
 
Recognized net actuarial loss
  
393
   
66
   
474
   
25
 
Amortization of prior service cost
  
42
   
63
   
42
   
17
 
Net periodic benefit cost
 
$
924
  
$
458
  
$
1,038
  
$
320
 
 
                
The weighted average assumptions used to determine net periodic benefit cost are as follows:
     
 
                
Discount rate
  
3.89
%
  
3.92
%
  
4.28
%
  
4.43
%
Expected long-term return on plan assets
  
5.75
%
  
–
   
6.25
%
  
–
 
Rate of compensation increase
  
3.50
%
  
3.66
%
  
4.00
%
  
3.46
%

The Company made cash contributions of $810,000 to its Kadant Solutions division's noncontributory defined benefit retirement plan in the first nine months of 2013 and expects to make cash contributions of $270,000 over the remainder of 2013. For the remaining pension and post-retirement welfare benefits plans, the Company does not expect to make cash contributions other than to fund current benefit payments.