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Net Periodic Pension Cost | 3 Months Ended
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Mar. 30, 2024
Retirement Benefits [Abstract] |
Net Periodic Pension Cost | Net Periodic Pension Cost As previously disclosed, effective December 5, 2023, the Company settled its noncontributory defined benefit pension plan (the “DB Plan”) by purchasing an irrevocable nonparticipating annuity contract with an insurance company (the “buy-out contract”). The buyout contract met the requirements for a settlement, as that term is defined in ASC No. 715, Compensation-Retirement Benefits, and the DB Plan and Company, as sponsor, were relieved of primary responsibility for the benefits obligations. Prior to settlement, during the three months ended April 1, 2023 the Company incurred the following net periodic pension cost:
|  |  | Three Months Ended
|  |  | April 1, 2023
|  |  | (In thousands)
Service cost (1) |  |  | $ | — |
Interest cost on projected benefit obligation |  |  | 1,104 |
Expected return on plan assets |  |  | (812) |
Amortization of unrecognized gain |  |  | 302 |
Net periodic pension cost |  |  | $ | 594 |
(1) Service cost was not a part of net periodic pension benefit since the pension plan was frozen for all participants. The net periodic pension cost is included in other expense, net in the Company’s unaudited condensed consolidated statement of operations and comprehensive income.

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