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Pension and Postretirement Benefit Obligations
 9 Months Ended
Sep. 27, 2020
Retirement Benefits [Abstract]  
Pension and Postretirement Benefit Obligations 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 amounts currently deductible for income tax purposes.

The components of net periodic pension cost were as follows:

Third QuarterFirst Nine Months
(in thousands)2020201920202019
Service cost$1,659 $1,207 $4,976 $3,620 
Interest cost2,760 3,063 8,280 9,188 
Expected return on plan assets(3,382)(2,574)(10,148)(7,722)
Recognized net actuarial loss1,189 901 3,568 2,702 
Amortization of prior service cost5 5 14 17 
Net periodic pension cost$2,231 $2,602 $6,690 $7,805 

The Company contributed $16.3 million to the two Company-sponsored pension plans during the first nine months of 2020 and does not anticipate making additional contributions during the fourth quarter of 2020.

Postretirement Benefits

The Company provides postretirement benefits for employees meeting specified criteria. The Company recognizes the cost of postretirement benefits, which consist principally of medical benefits, during 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 QuarterFirst Nine Months
(in thousands)2020201920202019
Service cost$376 $389 $1,128 $1,167 
Interest cost504 694 1,511 2,080 
Recognized net actuarial loss88 196 263 587 
Amortization of prior service cost— (324)— (970)
Net periodic postretirement benefit cost$968 $955 $2,902 $2,864