Retirement Plans

3 Months Ended

Apr. 03, 2022

Retirement Benefits [Abstract]

Retirement Plans

RETIREMENT PLANS

We provide retirement benefits to eligible employees through a variety of plans:

•Defined contribution

•Defined benefit

◦Pension (qualified and non-qualified)

◦Other post-retirement benefit

For our defined benefit plans, net periodic benefit credit for the three-month periods ended April 3, 2022, and April 4, 2021, consisted of the following:

	Pension Benefits				Other Post-retirement Benefits
Three Months Ended	April 3, 2022		April 4, 2021		April 3, 2022		April 4, 2021
Service cost	$	26	$	30	$	1	$	2
Interest cost	100		90		5		5
Expected return on plan assets	(228)		(241)		(8)		(9)
Net actuarial loss (gain)	54		103		(4)		—
Prior service credit	(5)		(5)		—		—
Net periodic benefit credit	$	(53)	$	(23)	$	(6)	$	(2)

Our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs related to employees working on government contracts. As we expect to recover these costs, we defer them in other contract costs in other current assets on the Consolidated Balance Sheet until they can be allocated to contracts, which is generally after they are paid. To the extent there is a non-service component of net periodic benefit credit for our defined benefit plans, it is reported in other income (expense) in the Consolidated Statement of Earnings.