v3.26.1
Pension and Postretirement Benefit Obligations
 6 Months Ended
Jul. 03, 2026
Retirement Benefits [Abstract]  
Pension and Postretirement Benefit Obligations Pension and Postretirement Benefit Obligations
Pension Plan

The Company sponsors a pension plan (the “Bargaining Plan”) for certain employees under collective bargaining agreements. Benefits under the Bargaining Plan are determined in accordance with negotiated formulas for the respective participants.
The components of net periodic pension cost were as follows:

Second QuarterFirst Half
(in thousands)2026202520262025
Service cost$993 $973 $1,986 $1,946 
Interest cost760 653 1,520 1,306 
Expected return on plan assets(963)(819)(1,927)(1,639)
Recognized net actuarial gain— (9)— (18)
Amortization of prior service costs8 4 17 8 
Net periodic pension cost$798 $802 $1,596 $1,603 

Contributions to the Bargaining Plan are based on actuarially determined amounts and are limited to the amounts currently deductible for income tax purposes. The Company did not make any contributions to the Bargaining Plan during the first half of 2026. The Company expects to make cash contributions to the Bargaining Plan of up to $5.0 million during 2026.

Postretirement Benefits

The Company provides postretirement benefits for employees meeting specified qualifying criteria. The Company recognizes the cost of postretirement benefits, which consist principally of medical benefits, during employees’ periods of active service. The Company does not prefund these benefits and has the right to modify or terminate certain of these benefits in the future.

The components of net periodic postretirement benefit cost were as follows:

Second QuarterFirst Half
(in thousands)2026202520262025
Service cost$309 $323 $619 $646 
Interest cost968 857 1,935 1,714 
Recognized net actuarial loss244 — 487 — 
Net periodic postretirement benefit cost$1,521 $1,180 $3,041 $2,360