Employee Benefit Plans

6 Months Ended

Jun. 26, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

The Company has a qualified pension plan and postretirement healthcare benefit plans. The plans cover certain eligible employees and retirees of the Motorcycles segment. The Company also has unfunded supplemental employee retirement plan agreements (SERPA) with certain employees. Service cost is allocated among Selling, administrative and engineering expense, Motorcycles cost of goods sold and Inventories, net. Amounts capitalized in inventory are not significant. Non-service cost components of net periodic benefit (income) cost are presented in Other income, net. Components of net periodic benefit (income) cost for the Company's defined benefit plans were as follows (in thousands):

	Three months ended				Six months ended
	June 26, 2022		June 27, 2021		June 26, 2022		June 27, 2021
Pension and SERPA Benefits:
Service cost	$	4,763	$	6,348	$	9,525	$	12,696
Interest cost	15,472		15,472		30,945		30,942
Expected return on plan assets	(31,476)		(32,720)		(62,952)		(65,440)
Amortization of unrecognized:
Prior service credit	(328)		(312)		(656)		(624)
Net loss	7,978		18,386		15,956		36,772
Settlement (gain) loss	—		—		(256)		816
Net periodic benefit (income) cost	$	(3,591)	$	7,174	$	(7,438)	$	15,162
Postretirement Healthcare Benefits:
Service cost	$	1,161	$	1,288	$	2,322	$	2,576
Interest cost	1,904		1,626		3,808		3,252
Expected return on plan assets	(3,809)		(3,495)		(7,618)		(6,990)
Amortization of unrecognized:
Prior service credit	(581)		(581)		(1,162)		(1,162)
Net loss	122		264		244		528
Net periodic benefit income	$	(1,203)	$	(898)	$	(2,406)	$	(1,796)

There are no required or planned voluntary qualified pension plan contributions for 2022. The Company expects it will continue to make ongoing benefit payments under the SERPA and postretirement healthcare plans.