Net Periodic Benefit Expense - Defined Benefit Pension Plans

3 Months Ended

Mar. 28, 2020

Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]

Net periodic benefit expense--defined benefit pension plans [Text Block]

Net Periodic Benefit Expense--Defined Benefit Pension Plans

The results of operations included the following net periodic benefit expense (income) recognized related to our defined-benefit pension plans.

	Three Months Ended
	March 28, 2020		March 30, 2019
Components of pension expense (income)
Service costs--increase in benefit obligation earned	$	—	$	45
Interest cost on projected benefit obligation	26		75
Expected return on plan assets	—		(23		)
Amortization of net actuarial loss	22		44
Amortization of prior service cost	16		16
Net pension expense of defined benefit pension plans	$	64	$	157

During April 2019, we entered into an agreement to purchase a guaranteed group annuity contract from a third-party insurance company which unconditionally and irrevocably guarantees the full-payment of all annuity payments to the remaining 231 participants in our Employee Retirement Plan (“ERP”) for which benefits were frozen effective December 31, 2008. The April 2019 agreement transferred all remaining ERP benefit obligations to the third-party insurance company, resulting in a pretax actuarial settlement loss of $1,677.

The components of net periodic benefit expense, other than the service cost component, are included in the line item other income (expense) in the statement of operations.