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
 9 Months Ended
Oct. 02, 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.
Nine Months Ended Three Months Ended
(In thousands) October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
Service Cost $ 146  $ 167  $ 49  $ 56 
Interest Cost 573  627  192  209 
Amortization of Prior Service Cost 290  290  97  97 
Amortization of Net Actuarial Losses 970  486  324  162 
Net Periodic Cost $ 1,979  $ 1,570  $ 662  $ 524 
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 nine months ended October 2, 2021 and September 26, 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.