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Retirement Benefit Plans
 6 Months Ended
Jun. 27, 2020
Retirement Benefits [Abstract]  
Retirement Benefit Plans Retirement Benefit Plans

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.
In 2018, the Company's board of directors and its compensation committee approved amendments to freeze and terminate its U.S. pension plan (Retirement Plan) and its restoration plan (Restoration Plan). In the fourth quarter of 2019, the Company settled its Retirement Plan obligation. In the first quarter of 2020, the Company settled its Restoration Plan obligation of $2,427,000 by paying a lump sum to its plan participants. No benefit costs were incurred related to these plans in 2020.
The components of net periodic benefit cost are as follows:
 
 
Three Months Ended 
 June 27, 2020
 
Three Months Ended 
 June 29, 2019
(In thousands, except percentages)
 
Non-U.S. Pension
 
Other Post-Retirement
 
U.S. Pension
 
Non-U.S. Pension
 
Other Post-Retirement
Service Cost
 
$
42

 
$
1

 
$
—

 
$
43

 
$
1

Interest Cost
 
21

 
11

 
284

 
28

 
37

Expected Return on Plan Assets
 
(15
)
 
(1
)
 
(248
)
 
(17
)
 
(1
)
Recognized Net Actuarial Loss
 
10

 
4

 
8

 
5

 
3

Amortization of Prior Service Cost
 
1

 
—

 
—

 
—

 
—

 
 
$
59

 
$
15

 
$
44

 
$
59

 
$
40

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

 
 
 
 
 
 
 
 
 
 
 
Discount Rate
 
2.06
%
 
3.75
%
 
4.10
%
 
2.81
%
 
4.44
%
Expected Long-Term Return on Plan Assets
 
7.21
%
 
7.21
%
 
4.10
%
 
9.22
%
 
9.22
%
Rate of Compensation Increase
 
3.14
%
 
5.57
%
 
—
%
 
2.99
%
 
5.57
%

 
 
Six Months Ended 
 June 27, 2020
 
Six Months Ended 
 June 29, 2019
(In thousands, except percentages)
 
Non-U.S. Pension
 
Other Post-Retirement
 
U.S. Pension
 
Non-U.S. Pension
 
Other Post-Retirement
Service Cost
 
$
86

 
$
3

 
$
—

 
$
86

 
$
2

Interest Cost
 
44

 
20

 
567

 
57

 
75

Expected Return on Plan Assets
 
(31
)
 
(2
)
 
(497
)
 
(34
)
 
(2
)
Recognized Net Actuarial Loss
 
21

 
8

 
16

 
10

 
6

Amortization of Prior Service Cost
 
3

 
—

 
—

 
—

 
—

 
 
$
123

 
$
29

 
$
86

 
$
119

 
$
81

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

 
 
 
 
 
 
 
 
 
 
 
Discount Rate
 
2.15
%
 
3.84
%
 
4.10
%
 
2.81
%
 
4.44
%
Expected Long-Term Return on Plan Assets
 
7.21
%
 
7.21
%
 
4.10
%
 
9.22
%
 
9.22
%
Rate of Compensation Increase
 
3.19
%
 
5.57
%
 
—
%
 
2.99
%
 
5.57
%

    
Other than the payment made for the settlement of the Restoration Plan obligations in January 2020, the Company does not plan to make any other material cash contributions to its other pension and post-retirement plans in 2020.