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Pension and Other Postretirement Plans
 9 Months Ended
Sep. 28, 2025
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, the Board of Directors of MasterBrand, Inc. approved a plan to terminate the defined benefit pension plan. The termination and settlement process preserves retirement benefits due to participants but changes the ultimate payor of such benefits. During 2024, the Company offered a lump-sum benefit payout option to certain plan participants, resulting in $41.9 million of payments to participants who elected this option, equivalent to approximately 34 percent of the Company’s benefit obligation for the plan. Due to the size of the lump-sum distribution, in accordance with U.S. GAAP, the Company was required to recognize a non-cash settlement charge of $2.9 million in the fourth quarter of 2024.

On February 18, 2025, the Company completed the purchase of group annuity contracts with an insurance company, in which the liability, plan administration and payout of benefits were irrevocably transferred. In June 2025, the insurance company began paying plan benefits to eligible plan participants through the group annuity contracts. As a result of the settlement, the Company recognized a non-cash settlement charge of $0.2 million recorded within other income, net in the accompanying condensed consolidated statements of income for the thirty-nine weeks ended September 28, 2025.

As a result of the termination of the defined benefit pension plan, the Company recognized a surplus in plan assets of $5.2 million, recorded within other current assets in the accompanying condensed consolidated balance sheet as of September 28, 2025. The Company intends to use the surplus to satisfy other Company obligations for qualified replacement plans.

The components of net periodic cost for pension and other postretirement plans for the thirteen and thirty-nine weeks ended September 28, 2025 and September 29, 2024, respectively, are as set forth in the table 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 are classified as other income, net in the condensed consolidated statements of income.
Pension BenefitsPostretirement Benefits
13 Weeks Ended13 Weeks Ended
(U.S. Dollars presented in millions)September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Service cost$— $— $0.1 $0.1 
Interest cost— 1.3 0.1 0.1 
Expected return on plan assets— (1.0)— — 
Net periodic cost$— $0.3 $0.2 $0.2 
Pension BenefitsPostretirement Benefits
39 Weeks Ended39 Weeks Ended
(U.S. Dollars presented in millions)September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Service cost$— $— $0.4 $0.4 
Interest cost0.7 3.9 0.3 0.3 
Expected return on plan assets(0.6)(3.1)— — 
Settlement charge0.2 — — — 
Net periodic cost$0.3 $0.8 $0.7 $0.7