Benefit Plans

9 Months Ended

Oct. 01, 2022

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 (income) expense, net in the Condensed Consolidated Statements of Net Income. The components of net periodic benefit cost for the three and nine months ended October 1, 2022 and September 25, 2021 were as follows: 

	For the Three Months Ended				For the Nine Months Ended
(in thousands)	October 1, 2022		September 25, 2021		October 1, 2022		September 25, 2021
Components of net periodic benefit cost:
Service cost	$	725	$	684	$	2,243	$	2,086
Interest cost	607		434		1,879		1,317
Expected return on plan assets	(361)		(361)		(1,144)		(1,099)
Amortization of prior service and net actuarial loss	92		327		289		992
Net periodic benefit cost	$	1,063	$	1,084	$	3,267	$	3,296

The Company expects to make approximately $2.6 million of contributions to the plans and pay $1.8 million of benefits directly in 2022.

The Company also sponsors certain post-employment plans in foreign countries and other statutory benefit plans. The Company recorded expense of $0.5 million and $0.6 million for the three months ended October 1, 2022 and September 25, 2021, respectively, and $1.5 million and $1.6 million for the nine months ended October 1, 2022 and September 25, 2021, respectively, in Cost of Sales and Other (income) expense, net within the Condensed Consolidated Statements of Net Income. The pre-tax amounts recognized in other comprehensive loss (income) as components of net periodic benefit costs for these plans were $0.1 million and $0.2 million for the three months ended October 1, 2022 and September 25, 2021, respectively, and $0.3 million and $0.5 million for the nine months ended October 1, 2022 and September 25, 2021, respectively.