Employee Benefit Plans

6 Months Ended

Jul. 05, 2020

EMPLOYEE BENEFIT PLANS

On December 31, 2019, a plan amendment was executed to eliminate future service accruals in the Dutch defined benefit plan, resulting in a curtailment of the plan. This plan remains in existence and will continue to pay vested benefits. Active participants will no longer accrue benefits after December 31, 2019, and instead will participate in an industry-wide multi-employer plan beginning in fiscal year 2020. During the three and six months ended July 5, 2020, the Company recorded multi-employer pension expense related to multi-employer contributions of $0.6 million and $1.3 million, respectively.

The following tables provide the components of net periodic benefit cost for the three and six months ended July 5, 2020 and June 30, 2019:



	Three Months Ended						Six Months Ended
Defined Benefit Retirement Plans (Europe)	July 5, 2020			June 30, 2019			July 5, 2020			June 30, 2019
	(In thousands)
Service cost	$	—		$	184		$	—		$	369
Interest cost	870			1,266			1,761			2,547
Expected return on assets	(1,038		)	(1,428		)	(2,102		)	(2,873		)
Amortization of prior service cost	26			16			52			32
Amortization of net actuarial losses	320			249			646			502
Net periodic benefit cost	$	178		$	287		$	357		$	577



	Three Months Ended				Six Months Ended
Salary Continuation Plan	July 5, 2020		June 30, 2019		July 5, 2020		June 30, 2019
	(In thousands)
Interest cost	$	235	$	289	$	469	$	577
Amortization of net actuarial losses	139		93		279		187
Net periodic benefit cost	$	374	$	382	$	748	$	764



	Three Months Ended				Six Months Ended
nora Defined Benefit Plan	July 5, 2020		June 30, 2019		July 5, 2020		June 30, 2019
	(In thousands)
Service cost	$	259	$	216	$	517	$	433
Interest cost	110		171		221		345
Amortization of net actuarial losses	110		—		110		—
Net periodic benefit cost	$	479	$	387	$	848	$	778

In accordance with applicable accounting standards, the service cost component of net periodic benefit costs is presented within Operating Income in the consolidated condensed statements of operations, while all other components of net periodic benefit costs are presented within other expense in the consolidated condensed statements of operations.