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Employee Benefit Plans
 9 Months Ended
Sep. 27, 2014
Compensation and Retirement Disclosure [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 September 27, 2014
 
Three Months Ended September 28, 2013
(In thousands)
 
Pension
Benefits
 
Other
Benefits
 
Pension
Benefits
 
Other
Benefits
 
 
 
 
 
 
 
 
 
Components of Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
Service cost
 
$
213

 
$
73

 
$
245

 
$
54

Interest cost
 
321

 
74

 
289

 
69

Expected return on plan assets
 
(370
)
 
(12
)
 
(375
)
 
(13
)
Recognized net actuarial loss
 
79

 
9

 
127

 
23

Amortization of prior service cost
 
14

 
22

 
14

 
21

Net periodic benefit cost
 
$
257

 
$
166

 
$
300

 
$
154

 
 
 
 
 
 
 
 
 
The weighted average assumptions used to determine net periodic benefit cost are as follows:
 
 

 
 
 
 
 
 
 
 
 
Discount rate
 
4.79
%
 
4.28
%
 
3.89
%
 
3.90
%
Expected long-term return on plan assets
 
5.75
%
 
—

 
5.75
%
 
—

Rate of compensation increase
 
3.50
%
 
3.23
%
 
3.50
%
 
3.65
%
 
 
Nine Months Ended September 27, 2014
 
Nine Months Ended September 28, 2013
(In thousands)
 
Pension
Benefits
 
Other
Benefits
 
Pension
Benefits
 
Other
Benefits
 
 
 
 
 
 
 
 
 
Components of Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
Service cost
 
$
639

 
$
223

 
$
744

 
$
160

Interest cost
 
963

 
220

 
873

 
208

Expected return on plan assets
 
(1,110
)
 
(36
)
 
(1,128
)
 
(39
)
Recognized net actuarial loss
 
237

 
27

 
393

 
66

Amortization of prior service cost
 
42

 
67

 
42

 
63

Net periodic benefit cost
 
$
771

 
$
501

 
$
924

 
$
458

 
 
 
 
 
 
 
 
 
The weighted average assumptions used to determine net periodic benefit cost are as follows:
 
 

 
 
 
 
 
 
 
 
 
Discount rate
 
4.79
%
 
4.28
%
 
3.89
%
 
3.92
%
Expected long-term return on plan assets
 
5.75
%
 
—

 
5.75
%
 
—

Rate of compensation increase
 
3.50
%
 
3.23
%
 
3.50
%
 
3.66
%


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 2014 and expects to make cash contributions of $270,000 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.