Retirement Benefit Plans

9 Months Ended

Sep. 28, 2019

The Company includes the service cost component 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 September 28, 2019									Three Months Ended September 29, 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	283			27			37			298			30			43
Expected Return on Plan Assets	(248		)	(16		)	(1		)	(322		)	(11		)	(1		)
Recognized Net Actuarial Loss	8			5			3			135			15			34
Amortization of Prior Service Cost	—			—			—			—			2			22
	$	43		$	59		$	40		$	286		$	71		$	151

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

Discount Rate	4.10		%	2.82		%	4.44		%	3.51		%	3.86		%	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		%	3.72		%	3.07		%



	Nine Months Ended September 28, 2019									Nine Months Ended September 29, 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	$	—		$	129		$	3		$	525		$	106		$	159
Interest Cost	850			84			112			894			90			129
Expected Return on Plan Assets	(745		)	(50		)	(3		)	(966		)	(33		)	(3		)
Recognized Net Actuarial Loss	24			15			9			405			46			102
Amortization of Prior Service Cost	—			—			—			—			6			66
	$	129		$	178		$	121		$	858		$	215		$	453

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

Discount Rate	4.10		%	2.81		%	4.44		%	3.51		%	3.82		%	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		%	3.70		%	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. In November 2019, the Company will finalize the settlement amount of its Retirement Plan obligation, which requires remeasurement at the settlement date based on the participants' elections to receive either a lump sum payment or an annuity, current discount rates, asset returns, and economic conditions. The Company expects to recognize a settlement loss of approximately $7,192,000 in the fourth quarter of 2019, which is calculated as the sum of the unrecognized actuarial loss and an estimated $5,144,000 of additional cash to be paid, less the accrued pension liability. The Company expects to settle liabilities under the Restoration Plan by paying a lump sum to plan participants of $2,370,000 in early 2020. The Company does not plan to make any material cash contributions to its other pension and post-retirement plans in 2019.