Defined Benefit Pension Plans

6 Months Ended

Jun. 28, 2024

Retirement Benefits [Abstract]

Defined Benefit Pension Plans

Note 9 – Defined Benefit Pension Plans

The Company has defined benefit plans covering employees of its Switzerland and Japan operations. The following table summarizes the components of net periodic pension cost recorded for the Company’s defined benefit pension plans (in thousands):

	Three Months Ended						Six Months Ended
	June 28, 2024			June 30, 2023			June 28, 2024			June 30, 2023
Service cost(1)	$	313		$	254		$	638		$	503
Interest cost(2)		87			90			171			177
Expected return on plan assets(2)		(136	)		(91	)		(268	)		(178	)
Prior service credit(2),(3)		(45	)		(45	)		(90	)		(90	)
Actuarial loss recognized in current period(2),(3)		28			(6	)		56			(13	)
Net periodic pension cost	$	247		$	202		$	507		$	399

(1)Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Income.

(2)Recognized in other expense, net on the Condensed Consolidated Statements of Income.

(3)Amounts reclassified from accumulated other comprehensive income (loss).

The Company currently is not required to and does not make contributions to its Japan pension plan. The Company’s contributions to its Swiss pension plan are as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 28, 2024		June 30, 2023		June 28, 2024		June 30, 2023
Employer contribution	$	272	$	245	$	539	$	462