PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS

9 Months Ended

Oct. 03, 2021

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 October 3, 2021 and September 27, 2020 were as follows:

	Pension Benefits				Other Benefits
	Three Months Ended				Three Months Ended
	October 3, 2021		September 27, 2020		October 3, 2021		September 27, 2020
Service cost	$	5,256	$	5,431	$	45	$	39
Interest cost	4,785		6,125		964		1,508
Expected return on plan assets	(12,249)		(13,243)		—		—
Amortization of prior service (credit) cost	(1,536)		(1,823)		—		75
Amortization of net loss (gain)	4,585		7,026		—		(10)
Settlement loss	5,408		1,282		—		—
Total net periodic benefit cost	$	6,249	$	4,798	$	1,009	$	1,612

We made contributions of $25,711 and $3,527 to the pension plans and other benefits plans, respectively, during the third quarter of 2021. In the third quarter of 2020, we made contributions of $748 and $3,157 to our pension plans and other benefit plans, respectively. The contributions in 2021 and 2020 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 October 3, 2021 and September 27, 2020 were as follows:

 

	Pension Benefits				Other Benefits
	Nine Months Ended				Nine Months Ended
	October 3, 2021		September 27, 2020		October 3, 2021		September 27, 2020
Service cost	$	16,178	$	16,274	$	135	$	119
Interest cost	13,511		20,081		2,893		4,520
Expected return on plan assets	(36,861)		(39,553)		—		—
Amortization of prior service (credit) cost	(4,607)		(5,474)		—		225
Amortization of net loss (gain)	16,005		20,190		—		(29)
Settlement loss	12,848		4,935		—		—
Total net periodic benefit cost	$	17,074	$	16,453	$	3,028	$	4,835

We made contributions of $26,894 and $11,682 to the pension plans and other benefits plans, respectively, during the first nine months of 2021. In the first nine months of 2020, we made contributions of $1,753 and $10,485 to our pension plans and other benefit plans, respectively. The contributions in 2021 and 2020 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans.

The non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans is reflected within other (income) expense, net in the Consolidated Statements of Income (see Note 18).

During the first nine months of 2021, we recognized pension settlement charges in our hourly retirement plan and salaried retirement plan due to lump sum withdrawals by employees retiring or leaving the Company. 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 2021 settlements, the related plan assets and liabilities were remeasured using a discount rate as of the remeasurement date that was 39 basis points higher than the rate as of December 31, 2020 and an expected rate of return on plan assets of 4.8%.