Pension and Postretirement Benefit Obligations

9 Months Ended

Sep. 29, 2019

Compensation And Retirement Disclosure [Abstract]

Pension and Postretirement Benefit Obligations

17.Pension and Postretirement Benefit Obligations

Pension Plans

There are two Company-sponsored pension plans. The primary Company-sponsored pension plan was frozen as of June 30, 2006 and no benefits accrued to participants after this date. The second Company-sponsored pension plan (the “Bargaining Plan”) is for certain employees under collective bargaining agreements. Benefits under the Bargaining Plan are determined in accordance with negotiated formulas for the respective participants. Contributions to the plans are based on actuarially determined amounts and are limited to the amounts currently deductible for income tax purposes.

The components of net periodic pension cost were as follows:

	Third Quarter						First Nine Months
(in thousands)	2019			2018			2019			2018
Service cost	$	1,207		$	1,412		$	3,620		$	4,237
Interest cost		3,063			2,856			9,188			8,568
Expected return on plan assets		(2,574	)		(3,853	)		(7,722	)		(11,557	)
Recognized net actuarial loss		901			934			2,702			2,800
Amortization of prior service cost		5			6			17			18
Net periodic pension cost	$	2,602		$	1,355		$	7,805		$	4,066

The Company contributed $4.9 million to the two Company-sponsored pension plans during the third quarter of 2019 and does not anticipate making additional contributions during the fourth quarter of 2019.

Postretirement Benefits

The Company provides postretirement benefits for a portion of its current employees. The Company recognizes the cost of postretirement benefits, which consist principally of medical benefits, during covered employees’ periods of active service. The Company does not pre-fund these benefits and has the right to modify or terminate certain of these benefits in the future.

The components of net periodic postretirement benefit cost were as follows:

	Third Quarter						First Nine Months
(in thousands)	2019			2018			2019			2018
Service cost	$	389		$	502		$	1,167		$	1,507
Interest cost		694			696			2,080			2,088
Recognized net actuarial loss		196			499			587			1,497
Amortization of prior service cost		(324	)		(462	)		(970	)		(1,386	)
Net periodic postretirement benefit cost	$	955		$	1,235		$	2,864		$	3,706