XML 63 R13.htm IDEA: XBRL DOCUMENT v3.19.2
Net Periodic Pension Cost
 6 Months Ended
Jun. 29, 2019
Retirement Benefits [Abstract]  
Net Periodic Pension Cost Net Periodic Pension Cost
The following table shows the components of our net periodic pension cost:
 
Three Months Ended
 
Six Months Ended
(In thousands)
June 29, 2019
 
June 30, 2018
 
June 29, 2019
 
June 30, 2018
Service cost
$
48

 
$
133

 
$
161

 
$
266

Interest cost on projected benefit obligation
973

 
963

 
2,018

 
1,926

Expected return on plan assets
(1,295
)
 
(1,327
)
 
(2,489
)
 
(2,654
)
Amortization of unrecognized loss
279

 
271

 
580

 
542

Net periodic pension cost
$
5

 
$
40

 
$
270

 
$
80


During the first six months of fiscal 2019, we renegotiated our collective bargaining agreement with 3 unionized locations. This collective bargaining agreement covers a number of specific items such as wages, medical coverage, and certain other benefit programs, including pension plan participation. As a result of these renegotiations, 38 of the participants in the plan are no longer accruing future years of service under the applicable pension plan, which triggered a curtailment. As a result of the curtailment, we performed a revaluation of plan assets and liabilities. The related pension benefit obligation decreased $0.3 million for the six months ended June 29, 2019, as a result of changes in valuation assumptions. An overall increase in plan asset valuation was accompanied by a decrease to accumulated other comprehensive income of $0.2 million, which was recorded in other comprehensive loss on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). No intraperiod income tax effect was required to be recorded as a result of the curtailment.