Retirement Benefit Plans

3 Months Ended

Mar. 28, 2020

The Company includes the service cost component of net periodic benefit cost in operating income and all other components are included in other expense, net in the accompanying condensed consolidated statement of income.

In 2018, the Company's board of directors and its compensation committee approved amendments to freeze and terminate the Company's U.S. pension plan (Retirement Plan) and its restoration plan (Restoration Plan). In the fourth quarter of 2019, the Company settled its Retirement Plan obligation. In the first quarter of 2020, the Company settled its Restoration Plan obligation of $2,427,000 by paying a lump sum to its plan participants.

The components of net periodic benefit cost are as follows:



	Three Months Ended March 28, 2020						Three Months Ended March 30, 2019
(In thousands, except percentages)	Non-U.S. Pension			Other Post-Retirement			U.S. Pension			Non-U.S. Pension			Other Post-Retirement
Service Cost	$	44		$	2		$	—		$	43		$	1
Interest Cost	23			9			283			29			38
Expected Return on Plan Assets	(16		)	(1		)	(249		)	(17		)	(1		)
Recognized Net Actuarial Loss	11			4			8			5			3
Amortization of Prior Service Cost	2			—			—			—			—
	$	64		$	14		$	42		$	60		$	41

The weighted average assumptions used to determine net periodic benefit cost are as follows:

Discount Rate	2.25		%	3.92		%	4.10		%	2.80		%	4.44		%
Expected Long-Term Return on Plan Assets	7.21		%	7.21		%	4.10		%	9.22		%	9.22		%
Rate of Compensation Increase	3.23		%	5.57		%	—		%	2.98		%	5.57		%

The Company does not plan to make any other material cash contributions to its other pension and post-retirement plans in 2020.