Defined Benefit Pension Plans

3 Months Ended

Mar. 31, 2023

Compensation And Retirement Disclosure [Abstract]

Defined Benefit Pension Plans

Note 10 – 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
	March 31, 2023			April 1, 2022
Service cost(1)	$	249		$	326
Interest cost(2)		87			20
Expected return on plan assets(2)		(87	)		(118	)
Prior service credit(2),(3)		(45	)		(45	)
Actuarial loss recognized in current period(2),(3)		(7	)		97
Net periodic pension cost	$	197		$	280

(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
	March 31, 2023		April 1, 2022
Employer contribution	$	217	$	216