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Employee Benefit Plan Employee Benefit Plan
3 Months Ended
Sep. 27, 2019
Retirement Benefits [Abstract]  
Employee Benefit Plan
Employee Benefit Plan
PENSION PLAN
The Company maintains a defined benefit pension plan (the “Plan”) for its Swiss employees, which is administered by an independent pension fund. The Plan is mandated by Swiss law and meets the criteria for a defined benefit plan under ASC 715, Compensation—Retirement Benefits (“ASC 715”), because participants of the Plan are entitled to a defined rate of return on contributions made. The independent pension fund is a multi-employer plan with unrestricted joint liability for all participating companies for which the Plan’s overfunding or underfunding is allocated to each participating company based on an allocation key determined by the Plan.
The Company recognizes a net asset or liability for the Plan equal to the difference between the projected benefit obligation of the Plan and the fair value of the Plan’s assets as required by ASC 715. The funded status may vary from year to year due to changes in the fair value of the Plan’s assets and variations on the underlying assumptions of the projected benefit obligation of the Plan. The Plan's funded status at September 27, 2019 was a net liability of $9,121, which is recorded in other non-current liabilities on the Consolidated Balance Sheet. The Company recorded a net gain (loss) of $7 and $(15) in AOCI during the first quarters ended September 27, 2019 and September 30, 2018, respectively. The Company recognized net periodic benefit costs of $296 and $202 associated with the Plan for the first quarters ended September 27, 2019 and September 30, 2018, respectively. The Company's total expected employer contributions to the Plan during fiscal 2020 are $822.