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Pension and Postretirement Benefit Obligations
 9 Months Ended
Sep. 27, 2024
Retirement Benefits [Abstract]  
Pension and Postretirement Benefit Obligations Pension and Postretirement Benefit Obligations
Pension Plans

The Company has historically sponsored two pension plans. The primary Company-sponsored pension plan (the “Primary Plan”) was frozen as of June 30, 2006 and no benefits accrued to participants after that date. The Primary Plan was terminated during 2023, as discussed below. 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.
During the second quarter of 2023, the Company began recognizing the termination of the Primary Plan. The Company recognized settlement expense of $112.8 million during the final three quarters of 2023 in conjunction with the full settlement of the Primary Plan benefit liabilities. This settlement expense related primarily to the reclassification of the gross actuarial losses associated with the Primary Plan out of accumulated other comprehensive loss and was recorded as pension plan settlement expense in the consolidated statement of operations for 2023. See Note 22 for additional information related to the impact on accumulated other comprehensive loss of the Primary Plan termination during 2023.

The components of total pension expense were as follows:

Third QuarterFirst Nine Months
(in thousands)2024202320242023
Service cost$1,092 $1,099 $3,274 $3,298 
Interest cost588 517 1,765 7,533 
Expected return on plan assets(762)(609)(2,287)(6,437)
Recognized net actuarial loss— — — 1,946 
Amortization of prior service cost4 4 12 12 
Net periodic pension cost922 1,011 2,764 6,352 
Settlement expense— 77,319 — 117,096 
Total pension expense$922 $78,330 $2,764 $123,448 

Contributions to the Bargaining Plan are based on actuarially determined amounts and are limited to the amounts currently deductible for income tax purposes. The Company contributed $2.0 million to the Bargaining Plan during the first nine months of 2024 to fund the ongoing projected benefit obligation of the Bargaining Plan. The Company does not anticipate making additional contributions to the Bargaining Plan during the fourth quarter of 2024.

Postretirement Benefits

The Company provides postretirement benefits for employees meeting specified qualifying 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 prefund 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)2024202320242023
Service cost$310 $294 $930 $882 
Interest cost781 697 2,343 2,092 
Recognized net actuarial loss26 — 78 — 
Net periodic postretirement benefit cost$1,117 $991 $3,351 $2,974