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Defined Benefit Pension Plans (Tables)
3 Months Ended
Apr. 01, 2022
Compensation And Retirement Disclosure [Abstract]  
Schedule of Net Benefit Costs

 

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

 

 

 

April 1, 2022

 

 

April 2, 2021

 

Service cost(1)

 

$

326

 

 

$

348

 

Interest cost(2)

 

 

20

 

 

 

14

 

Expected return on plan assets(2)

 

 

(118

)

 

 

(99

)

Prior service credit(2),(3)

 

 

(45

)

 

 

(11

)

Actuarial loss recognized in current period(2),(3)

 

 

97

 

 

 

131

 

Net periodic pension cost

 

$

280

 

 

$

383

 

 

(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).

Schedule of Defined Benefit Plans Disclosures

 

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

 

 

 

April 1, 2022

 

 

April 2, 2021

 

Employer contribution

 

$

216

 

 

$

193