Quarterly report pursuant to Section 13 or 15(d)

Supplemental Retirement Plan and Related Post Retirement Benefits

v3.21.1
Supplemental Retirement Plan and Related Post Retirement Benefits
 3 Months Ended
Apr. 03, 2021
Retirement Benefits [Abstract]  
Supplemental Retirement Plan and Related Post Retirement Benefits Supplemental Retirement Plan and Related Post Retirement Benefits
The Company has two non-qualified supplemental retirement defined benefit plans (“SERP” and “SERP II”) for certain executive officers. The following table sets forth information regarding the net periodic pension cost for the plans. 
Three Months Ended
(In thousands) April 3, 2021 March 28, 2020
Service Cost $ 49  $ 55 
Interest Cost 191  209 
Amortization of Prior Service Cost 97  97 
Amortization of Net Actuarial Losses 323  162 
Net Periodic Cost $ 660  $ 523 
Participants in the SERP are entitled to paid medical, dental and long-term care insurance benefits upon retirement under the plan. The net periodic cost was insignificant for the three months ended April 3, 2021 and March 28, 2020.
The service cost component of net periodic benefit costs above is recorded in Selling, General and Administrative Expenses within the Consolidated Condensed Statements of Operations, while the remaining components are recorded in Other Expense, Net of Other Income.