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Pension Benefits
 3 Months Ended
Mar. 29, 2025
Pension Benefits  
Pension Benefits

(11)

Pension Benefits

Company-Sponsored Defined Benefit Pension Plans. As of March 29, 2025, we had four company-sponsored defined benefit pension plans covering approximately 20% of our employees. Three of these defined benefit pension plans are for the benefit of certain of our union employees and one is for the benefit of salaried and certain hourly employees. The benefits in the salaried and hourly plan are based on each employee’s years of service and compensation, as defined. Newly hired employees are no longer eligible to participate in any of our four company-sponsored defined benefit pension plans. Net periodic pension cost for our four company-sponsored defined benefit pension plans for the first quarter of 2025 and 2024 includes the following components (in thousands):

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Thirteen Weeks Ended

​

March 29,

​

March 30,

​

2025

    

2024

Service cost—benefits earned during the period

$

1,098

​

$

1,288

Interest cost on projected benefit obligation

 

2,063

​

 

1,899

Expected return on plan assets

 

(3,135)

​

 

(2,930)

Amortization of unrecognized gain

 

(75)

​

 

(11)

Net periodic pension cost

$

(49)

​

$

246

​

During the first quarter of 2025 and 2024, we did not make any contributions to our company-sponsored defined benefit pension plans. During the remainder of fiscal 2025, we expect to make approximately $2.5 million of contributions.

Multi-Employer Defined Benefit Pension Plan. Prior to the closure of our Portland, Maine manufacturing facility during the fourth quarter of 2021, we also contributed to the Bakery and Confectionery Union and Industry International Pension Fund (EIN 52-6118572, Plan No. 001), a multi-employer defined benefit pension plan, sponsored by the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM) on behalf of certain employees at the Portland, Maine facility.

In connection with the closure and sale of the Portland manufacturing facility, we withdrew from participation in the plan during the fourth quarter of 2021. As a result, we are required to make monthly withdrawal liability payments to the plan over 20 years. These payments amount to approximately $0.9 million on an annual basis beginning March 1, 2022. As of March 29, 2025, the present value of the remaining payments amounting to $12.2 million is reflected as a liability on our unaudited consolidated balance sheet.