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Employee Benefit Plans | 6 Months Ended
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Jun. 28, 2014
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 |
|  | June 28, 2014 |  |  | June 29, 2013 |
(In thousands) |  | Pension Benefits |  |  | Other Benefits |  |  | Pension Benefits |  |  | Other Benefits |
Components of Net Periodic Benefit Cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 213 |  |  | $ | 81 |  |  | $ | 236 |  |  | $ | 53 |
Interest cost |  |  | 321 |  |  |  | 74 |  |  |  | 283 |  |  |  | 69 |
Expected return on plan assets |  |  | (370 | ) |  |  | (12 | ) |  |  | (372 | ) |  |  | (13 | )
Recognized net actuarial loss |  |  | 79 |  |  |  | 9 |  |  |  | 115 |  |  |  | 22 |
Amortization of prior service cost |  |  | 14 |  |  |  | 24 |  |  |  | 14 |  |  |  | 21 |
Net periodic benefit cost |  | $ | 257 |  |  | $ | 176 |  |  | $ | 276 |  |  | $ | 152 |
The weighted average assumptions used to determine net periodic benefit cost are as follows: |  |  |  |  |
Discount rate |  |  | 4.79 | % |  |  | 4.30 | % |  |  | 3.89 | % |  |  | 4.00 | %
Expected long-term return on plan assets |  |  | 5.75 | % |  |  | – |  |  |  | 5.75 | % |  |  | – |
Rate of compensation increase |  |  | 3.50 | % |  |  | 3.24 | % |  |  | 3.50 | % |  |  | 3.73 | %
|  | Six Months Ended |  |  | Six Months Ended |
|  | June 28, 2014 |  |  | June 29, 2013 |
(In thousands) |  | Pension Benefits |  |  | Other Benefits |  |  | Pension Benefits |  |  | Other Benefits |
Components of Net Periodic Benefit Cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 426 |  |  | $ | 150 |  |  | $ | 499 |  |  | $ | 106 |
Interest cost |  |  | 642 |  |  |  | 146 |  |  |  | 584 |  |  |  | 139 |
Expected return on plan assets |  |  | (740 | ) |  |  | (24 | ) |  |  | (753 | ) |  |  | (26 | )
Recognized net actuarial loss |  |  | 158 |  |  |  | 18 |  |  |  | 266 |  |  |  | 43 |
Amortization of prior service cost |  |  | 28 |  |  |  | 45 |  |  |  | 28 |  |  |  | 42 |
Net periodic benefit cost |  | $ | 514 |  |  | $ | 335 |  |  | $ | 624 |  |  | $ | 304 |
The weighted average assumptions used to determine net periodic benefit cost are as follows: |  |  |  |  |
Discount rate |  |  | 4.79 | % |  |  | 4.28 | % |  |  | 3.89 | % |  |  | 3.97 | %
Expected long-term return on plan assets |  |  | 5.75 | % |  |  | – |  |  |  | 5.75 | % |  |  | – |
Rate of compensation increase |  |  | 3.50 | % |  |  | 3.23 | % |  |  | 3.50 | % |  |  | 3.71 | %
The Company made cash contributions of $540,000 to its Kadant Solutions division's noncontributory defined benefit retirement plan in the first six months of 2014 and expects to make cash contributions of $540,000 over the remainder of 2014. 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.

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