v3.25.2
Employee Benefit Plans
 6 Months Ended
Jun. 28, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Employee Benefit Plans
15. Employee Benefit Plans
Defined Benefit Plans
The Company has defined benefit pension and other long-term and postretirement benefit plans covering certain union and non-union employees, primarily in the U.S. and Canada. The defined benefit pension plans are closed to new participants. The liabilities for these plans are calculated using actuarial estimates and management assumptions. These estimates are based on historical information and certain assumptions about future events.
During the quarter and six months ended June 29, 2024, the Company recorded a $1 million loss on pension curtailment charges associated with early retirements driven by the indefinite suspension of operations at the Temiscaming High Purity Cellulose plant. The loss on curtailment was recognized in “indefinite suspension charges” in the Company’s condensed consolidated statements of operations. Additionally, the Company decreased its pension liability by $3 million. See Note 2—Indefinite Suspension of Operations for further information.
The following tables present the components of net periodic benefit costs of these plans:
PensionPostretirement
Three Months EndedThree Months Ended
June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Service cost$1,188 $1,527 $111 $138 
Interest cost6,911 6,889 239 247 
Expected return on plan assets(7,701)(8,052)— — 
Amortization of prior service cost (credit)108 203 (43)(25)
Amortization of (gain) loss57 (11)(244)(184)
Curtailment— 736 — — 
Net periodic benefit cost$563 $1,292 $63 $176 
PensionPostretirement
Six Months EndedSix Months Ended
June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Service cost$2,358 $3,064 $221 $276 
Interest cost13,740 13,812 476 495 
Expected return on plan assets(15,273)(16,128)— — 
Amortization of prior service cost (credit)211 408 (86)(49)
Amortization of (gain) loss114 (22)(487)(369)
Curtailment— 736 — — 
Net periodic benefit cost$1,150 $1,870 $124 $353 
Service cost is included in “cost of sales” or “selling, general and administrative expense” in the condensed consolidated statements of operations, as appropriate. Interest cost, expected return on plan assets, amortization of prior service cost (credit) and amortization of gain (loss) are included in “components of pension and OPEB, excluding service costs” in the condensed consolidated statements of operations.