Pension Benefits

6 Months Ended

Jul. 02, 2023

Pension Benefits

Pension Benefits

8.  Pension Benefits

We froze our pension plan effective March 31, 2006, and effective February 16, 2009, the remaining participants in the pension plan no longer earned future benefits. The following summarizes our pension costs during the three and six months ended July 2, 2023, and July 3, 2022, respectively:

	Three Months Ended				Six Months Ended
(Amounts in thousands)	July 2, 2023		July 3, 2022		July 2, 2023		July 3, 2022
Service cost	$	—	$	—	$	—	$	—
Interest cost		1,954		1,384		3,908		2,768
Expected return on plan assets		(2,402)		(3,060)		(4,804)		(6,119)
Amortization of net actuarial loss		234		229		468		458
Administrative fees		650		300		1,300		600
Total net periodic expense (benefit)	$	436	$	(1,147)	$	872	$	(2,293)

The components of net periodic pension (benefit) expense were included in "Other (income) expense" in the condensed consolidated statements of operations.

Weighted-Average Assumptions Used To Determine Net Cost

	Three Months Ended				Six Months Ended
	July 2, 2023		July 3, 2022		July 2, 2023		July 3, 2022
Discount rate	4.95	%	2.60	%	4.95	%	2.60	%
Rate of compensation increase	N/A		N/A		N/A		N/A
Expected return on plan assets	5.75	%	5.75	%	5.75	%	5.75	%

Employer Contributions

We did not make any pension contributions during the three month or six month periods ended July 2, 2023 and July 3, 2022.