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Employee Benefit Plans
 6 Months Ended
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.