Benefit Plans

6 Months Ended

Jun. 29, 2019

Retirement Benefits [Abstract]

Benefit Plans

Benefit Plans

The Company has company-sponsored defined benefit pension plans covering employees in the U.K., Germany, the Philippines, China, Japan, Mexico, Italy and France. The amount of the retirement benefits provided under the plans is based on years of service and final average pay.

The Company recognizes interest cost, expected return on plan assets, and amortization of prior service, net within Other expense (income), net in the Condensed Consolidated Statements of Net Income. The components of net periodic benefit cost for the three and six months ended June 29, 2019 and June 30, 2018 were as follows: 

	For the Three Months Ended						For the Six Months Ended
(in thousands)	June 29, 2019			June 30, 2018			June 29, 2019			June 30, 2018
Components of net periodic benefit cost:
Service cost	$	514		$	533		$	1,014		$	1,066
Interest cost	813			501			1,597			1,002
Expected return on plan assets	(821		)	(540		)	(1,611		)	(1,080		)
Amortization of prior service	62			74			124			148
Net periodic benefit cost	$	568		$	568		$	1,124		$	1,136

The Company expects to make approximately $2.3 million of cash contributions to its pension plans in 2019.