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Pension and Other Postretirement Plans | 9 Months Ended
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Sep. 29, 2024
Retirement Benefits [Abstract] |
Pension and Other Postretirement Plans | Pension and Other Postretirement Plans We have a defined benefit pension plan in the United States covering many of the Company’s associates. In addition, the Company provides postretirement health care and life insurance benefits to certain retirees. The defined benefit pension plan has been frozen to new participants and benefit accruals were frozen for active participants on or before December 31, 2016. During 2023, our Board of Directors approved a plan to terminate the defined benefit pension plan. The termination and settlement process, which preserves retirement benefits due to participants but changes the ultimate payor of such benefits, is expected to take up to 24 months to complete, subject to receipt of customary regulatory approvals. During 2024, the Company is offering a lump-sum benefit payout option to certain plan participants. During 2025, we expect to complete the purchase of group annuity contracts that will transfer any remaining pension benefit obligation to an insurance company. The components of net periodic cost (benefit) for pension and other postretirement plans for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023, respectively, are as set forth in the tables below. Service cost is classified as either a component of cost of products sold or within selling, general and administrative expenses in the condensed consolidated statements of income, based on the nature of the job responsibilities of the associates participating in the plans. All other components of net periodic cost (benefit) are classified as other income, net in the condensed consolidated statements of income.
|  | Pension Benefits |  | Postretirement Benefits
|  | 13 Weeks Ended |  | 13 Weeks Ended
(U.S. Dollars presented in millions) |  | September 29, 2024 |  | September 24, 2023 |  | September 29, 2024 |  | September 24, 2023
Service cost |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost |  | 1.3 |  |  | 1.7 |  |  | 0.1 |  |  | 0.1 |
Expected return on plan assets |  | (1.0) |  |  | (1.8) |  |  | — |  |  | — |
Net periodic cost (benefit) |  | $ | 0.3 |  |  | $ | (0.1) |  |  | $ | 0.2 |  |  | $ | 0.2 |
|  | Pension Benefits |  | Postretirement Benefits
|  | 39 Weeks Ended |  | 39 Weeks Ended
(U.S. Dollars presented in millions) |  | September 29, 2024 |  | September 24, 2023 |  | September 29, 2024 |  | September 24, 2023
Service cost |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 0.3 |
Interest cost |  | 3.9 |  |  | 4.9 |  |  | 0.3 |  |  | 0.2 |
Expected return on plan assets |  | (3.1) |  |  | (5.3) |  |  | — |  |  | — |
Net periodic cost (benefit) |  | $ | 0.8 |  |  | $ | (0.4) |  |  | $ | 0.7 |  |  | $ | 0.5 |

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