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Net Periodic Pension Cost (Benefit)
 9 Months Ended
Sep. 28, 2024
Retirement Benefits [Abstract]  
Net Periodic Pension Cost (Benefit) Net Periodic Pension Cost (Benefit)
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.
The Company incurred the following net periodic pension (benefit) cost for the following periods:
Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
(In thousands)
Service cost (1)
$— $— $— $— 
Interest cost on projected benefit obligation— 1,105 — 3,314 
Expected return on plan assets— (812)— (2,437)
Amortization of unrecognized gain— 301 — 905 
Settlement loss adjustment(2)
(2,226)— (2,226)— 
Net periodic pension (benefit) cost$(2,226)$594 $(2,226)$1,782 
(1) Service cost not a part of net periodic pension benefit as the pension plan was frozen for all participants.
(2) Represents an adjustment for the settlement charge originally recognized during the fourth quarter of fiscal 2023 related to settlement of the Company’s frozen defined benefit pension plan.
Net periodic pension cost is included in Other expense, net in the Company’s unaudited condensed consolidated statement of operations and comprehensive income. However, the settlement charge and related adjustments are reported on a separate line
under Non-operating expenses on the Company’s unaudited condensed consolidated statement of operations and comprehensive income.