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Employee Benefit Plans
 9 Months Ended
Oct. 01, 2016
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans
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 under "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 under "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 under "Other Benefits").

The components of net periodic benefit cost for the pension benefits and other benefits plans are as follows:
 
 
Three Months Ended 
 October 1, 2016
 
Three Months Ended 
 October 3, 2015
(In thousands, except percentages)
 
Pension
Benefits
 
Other
Benefits
 
Pension
Benefits
 
Other
Benefits
Components of Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
Service cost
 
$
181

 
$
58

 
$
211

 
$
55

Interest cost
 
318

 
64

 
307

 
62

Expected return on plan assets
 
(322
)
 
(6
)
 
(356
)
 
(10
)
Recognized net actuarial loss
 
124

 
21

 
127

 
17

Amortization of prior service cost
 
14

 
24

 
15

 
22

Net Periodic Benefit Cost
 
$
315

 
$
161

 
$
304

 
$
146

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

 
 
 
 
 
 
 
 
 
Discount Rate
 
4.22
%
 
4.09
%
 
3.87
%
 
3.72
%
Expected Long-Term Return on Plan Assets
 
5.00
%
 
—

 
5.25
%
 
—

Rate of Compensation Increase
 
3.00
%
 
3.01
%
 
3.00
%
 
2.98
%
 
 
Nine Months Ended 
 October 1, 2016
 
Nine Months Ended 
 October 3, 2015
(In thousands, except percentages)
 
Pension
Benefits
 
Other
Benefits
 
Pension
Benefits
 
Other
Benefits
Components of Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
Service cost
 
$
543

 
$
176

 
$
633

 
$
167

Interest cost
 
954

 
192

 
921

 
190

Expected return on plan assets
 
(966
)
 
(20
)
 
(1,068
)
 
(31
)
Recognized net actuarial loss
 
372

 
65

 
381

 
52

Amortization of prior service cost
 
42

 
71

 
42

 
68

Settlement loss
 
—

 
114

 
—

 
—

Net Periodic Benefit Cost
 
$
945

 
$
598

 
$
909

 
$
446

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

 
 
 
 
 
 
 
 
 
Discount Rate
 
4.22
%
 
4.08
%
 
3.87
%
 
3.74
%
Expected Long-Term Return on Plan Assets
 
5.00
%
 
—

 
5.25
%
 
—

Rate of Compensation Increase
 
3.00
%
 
3.01
%
 
3.00
%
 
2.99
%


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 2016 and expects to make cash contributions of $270,000 over the remainder of 2016. For the remaining pension and post-retirement welfare benefits plans, the Company does not expect to make any cash contributions other than to fund current benefit payments in 2016.