PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Post-Retirement Benefit Plans | PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS Net Periodic Benefit Cost The components of net periodic benefit cost for the three months ended September 29, 2019 and September 30, 2018 were as follows:
We made contributions of $901 and $4,039 to the pension plans and other benefits plans, respectively, during the third quarter of 2019. In the third quarter of 2018, we made contributions of $6,350 and $6,276 to our pension plans and other benefit plans, respectively. The contributions in 2019 and 2018 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans. The components of net periodic benefit cost for the nine months ended September 29, 2019 and September 30, 2018 were as follows:
We made contributions of $2,071 and $11,788 to the pension plans and other benefits plans, respectively, during the first nine months of 2019. In the first nine months of 2018, we made contributions of $7,651 and $19,054 to our pension plans and other benefit plans, respectively. The contributions in 2019 and 2018 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans. During the third quarter of 2019, we recognized pension settlement charges in our hourly retirement plan due to lump sum withdrawals by employees retiring or leaving the Company as a result of the Margin for Growth Program. During the third quarter of 2018, we recognized pension settlement charges in our hourly retirement plan due to lump sum withdrawals by employees retiring or leaving the Company as a result of the Operational Optimization Program and due to lump sum distributions in our supplemental executive retirement plan. In each case, the non-cash settlement charges, which represent the acceleration of a portion of the respective plan’s accumulated unrecognized actuarial loss, were triggered when the cumulative lump sum distributions exceeded the plan's anticipated annual service and interest costs. In connection with the third quarter 2019 settlements, the related plan assets and liabilities were remeasured using a discount rate as of the remeasurement date that was 111 basis points lower than the rate as of December 31, 2018 and an expected rate of return on plan assets of 6.0%.
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