Quarterly report pursuant to Section 13 or 15(d)

Supplemental Retirement Plan and Related Post Retirement Benefits

v3.24.3
Supplemental Retirement Plan and Related Post Retirement Benefits
 9 Months Ended
Sep. 28, 2024
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 current and retired 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) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023
Service Cost $ —  $ 79  $ —  $ 26 
Interest Cost 1,028  976  343  324 
Amortization of Prior Service Cost 290  288  97  95 
Amortization of Net Actuarial Losses 553  269  184  90 
Net Periodic Cost $ 1,871  $ 1,612  $ 624  $ 535 
Participants in the SERP are entitled to paid medical, dental, and long-term care insurance benefits upon retirement under the plan. The Company also has a defined benefit plan related to its subsidiary in France. The net periodic cost for both plans for the three and nine months ended September 28, 2024 and September 30, 2023, is immaterial.
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 (Income), Net.