XML 31 R21.htm IDEA: XBRL DOCUMENT v3.23.1
Employee Benefit Plans
 3 Months Ended
Apr. 01, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Employee Benefit Plans
14. Employee Benefit Plans
Defined Benefit Plans
The Company has defined benefit pension and other long-term and postretirement benefit plans covering certain union and non-union employees, primarily in the U.S. and Canada. The defined benefit pension plans are closed to new participants. The liabilities for these plans are calculated using actuarial estimates and management assumptions. These estimates are based on historical information and certain assumptions about future events.
During the three months ended April 1, 2023, the Company recorded a $2 million loss related to the final asset surplus distribution to the plan participants of certain Canadian pension plans previously wound up. The settlement was recognized in “other components of pension and OPEB, excluding service costs” in the Company’s consolidated statements of operations.
The following table presents the components of net periodic benefit costs from these plans:
PensionPostretirement
Three Months EndedThree Months Ended
April 1, 2023March 26, 2022April 1, 2023March 26, 2022
Service cost$1,217 $2,176 $287 $353 
Interest cost7,145 4,606 357 216 
Expected return on plan assets(7,922)(8,328)— — 
Amortization of prior service cost37 39 (24)(31)
Amortization of (gain) loss(122)2,473 (54)15 
Pension settlement loss2,317 — — — 
Net periodic benefit cost$2,672 $966 $566 $553 
Service cost is included in “cost of sales” or “selling, general and administrative expenses” in the consolidated statements of operations, as appropriate. Interest cost, expected return on plan assets, amortization of prior service cost and amortization of losses are included in “other components of pension and OPEB, excluding service costs” in the consolidated statements of operations.