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Retirement Benefit Plans | 6 Months Ended
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Jun. 29, 2019
Retirement Benefits [Abstract] |
Retirement Benefit Plans | Retirement Benefit Plans The Company includes the service cost of net periodic benefit cost in operating income and all other components are included in other expense, net in the accompanying condensed consolidated statement of income. The components of net periodic benefit cost are as follows:
|  | Three Months Ended June 29, 2019 |  | Three Months Ended June 30, 2018
(In thousands, except percentages) |  | U.S. Pension |  | Non-U.S. Pension |  | Other Post-Retirement |  | U.S. Pension |  | Non-U.S. Pension |  | Other Post-Retirement
Service Cost |  | $ | — |  |  | $ | 43 |  |  | $ | 1 |  |  | $ | 175 |  |  | $ | 35 |  |  | $ | 53 |
Interest Cost |  | 284 |  |  | 28 |  |  | 37 |  |  | 298 |  |  | 30 |  |  | 43 |
Expected Return on Plan Assets |  | (248 | ) |  | (17 | ) |  | (1 | ) |  | (322 | ) |  | (11 | ) |  | (1 | )
Recognized Net Actuarial Loss |  | 8 |  |  | 5 |  |  | 3 |  |  | 135 |  |  | 15 |  |  | 34 |
Amortization of Prior Service Cost |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 22 |
|  | $ | 44 |  |  | $ | 59 |  |  | $ | 40 |  |  | $ | 286 |  |  | $ | 71 |  |  | $ | 151 |
The weighted average assumptions used to determine net periodic benefit cost are as follows: |  |  |  |  |
Discount Rate |  | 4.10 | % |  | 2.81 | % |  | 4.44 | % |  | 3.51 | % |  | 3.80 | % |  | 3.64 | %
Expected Long-Term Return on Plan Assets |  | 4.10 | % |  | 9.22 | % |  | 9.22 | % |  | 4.50 | % |  | 7.43 | % |  | 7.43 | %
Rate of Compensation Increase |  | — | % |  | 2.99 | % |  | 5.57 | % |  | 3.00 | % |  | 3.69 | % |  | 3.07 | %
|  | Six Months Ended June 29, 2019 |  | Six Months Ended June 30, 2018
(In thousands, except percentages) |  | U.S. Pension |  | Non-U.S. Pension |  | Other Post-Retirement |  | U.S. Pension |  | Non-U.S. Pension |  | Other Post-Retirement
Service Cost |  | $ | — |  |  | $ | 86 |  |  | $ | 2 |  |  | $ | 350 |  |  | $ | 71 |  |  | $ | 106 |
Interest Cost |  | 567 |  |  | 57 |  |  | 75 |  |  | 596 |  |  | 60 |  |  | 86 |
Expected Return on Plan Assets |  | (497 | ) |  | (34 | ) |  | (2 | ) |  | (644 | ) |  | (22 | ) |  | (2 | )
Recognized Net Actuarial Loss |  | 16 |  |  | 10 |  |  | 6 |  |  | 270 |  |  | 31 |  |  | 68 |
Amortization of Prior Service Cost |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 44 |
|  | $ | 86 |  |  | $ | 119 |  |  | $ | 81 |  |  | $ | 572 |  |  | $ | 144 |  |  | $ | 302 |
The weighted average assumptions used to determine net periodic benefit cost are as follows: |  |  |  |  |
Discount Rate |  | 4.10 | % |  | 2.81 | % |  | 4.44 | % |  | 3.51 | % |  | 3.80 | % |  | 3.64 | %
Expected Long-Term Return on Plan Assets |  | 4.10 | % |  | 9.22 | % |  | 9.22 | % |  | 4.50 | % |  | 7.43 | % |  | 7.43 | %
Rate of Compensation Increase |  | — | % |  | 2.99 | % |  | 5.57 | % |  | 3.00 | % |  | 3.69 | % |  | 3.07 | %
In 2018, the Company's board of directors and its compensation committee approved amendments to freeze and terminate the Company's U.S. pension plan (Retirement Plan) and its restoration plan (Restoration Plan) as of December 29, 2018. Procedures for plan settlement and distribution of the Retirement Plan assets will be initiated once the plan termination satisfies certain regulatory requirements, which is expected to occur in late 2019 or early 2020. At the settlement date, the Company will recognize a loss based on the difference between the unrecognized actuarial loss, unfunded benefit obligation, and any additional cash required to be paid. Participants in the Retirement Plan will have the option to receive either a lump sum payment or an annuity. Retirees will continue to receive payments pursuant to their current annuity elections. The Company will settle liabilities under the Restoration Plan by paying a lump sum to plan participants between twelve and twenty-four months following the termination date. The Company expects to settle the liabilities under the Restoration Plan in early 2020. The Company has included both the Retirement Plan liability of $1,055,000 and the Restoration Plan liability of $2,324,000 at June 29, 2019 in accrued payroll and employee benefits in the accompanying condensed consolidated balance sheet. The Company does not plan to make any material cash contributions to its other pension and post-retirement plans in 2019.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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