Quarterly report pursuant to Section 13 or 15(d)

Supplemental Retirement Plan and Related Post Retirement Benefits

v3.21.2
Supplemental Retirement Plan and Related Post Retirement Benefits
 6 Months Ended
Jul. 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.
Six Months Ended Three Months Ended
(In thousands) July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020
Service Cost $ 97  $ 111  $ 48  $ 56 
Interest Cost 381  418  190  209 
Amortization of Prior Service Cost 193  193  96  96 
Amortization of Net Actuarial Losses 646  324  323  162 
Net Periodic Cost $ 1,317  $ 1,046  $ 657  $ 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 and six months ended July 3, 2021 and June 27, 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.