Employee Retirement and Pension Benefits

3 Months Ended

Mar. 28, 2020

Employee Retirement and Pension Benefits

U.S. Defined Benefit Pension Plan – Certain U.S. hourly employees participate in our defined benefit pension plan. The plan is not open to new employees. Pension expense, as recorded in the accompanying unaudited consolidated statements of operations, is determined by using spot rate assumptions made on January 1 of each year as summarized below:



	Three Months Ended
(amounts in thousands)	March 28, 2020			March 30, 2019
Components of pension benefit expense - U.S. benefit plan:
Administrative cost	$	1,250		$	1,250
Interest cost	3,725			3,725
Expected return on plan assets	(4,650		)	(4,650		)
Amortization of net actuarial pension loss	2,225			2,225
Pension benefit expense	$	2,550		$	2,550

During the three months ended March 28, 2020, we made required contributions to our U.S. defined benefit pension plan or (“the Plan”) of $1.6 million. During the three months ended March 30, 2019, we made required contributions to the Plan of $1.4 million. We did not make any voluntary contributions during any of the periods described above. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act ( the“Act”) was enacted. In conjunction with the CARES Act, companies were provided relief for defined benefit pension plans, which allows for the deferral of the remaining $6.5 million of minimum contributions for 2020.