Defined Benefit Pension Plans

6 Months Ended

Jul. 01, 2022

Compensation And Retirement Disclosure [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
	July 1, 2022			July 2, 2021			July 1, 2022			July 2, 2021
Service cost(1)	$	309		$	329		$	635		$	677
Interest cost(2)		21			14			41			28
Expected return on plan assets(2)		(123	)		(101	)		(241	)		(200	)
Prior service credit(2),(3)		(46	)		(11	)		(91	)		(22	)
Actuarial loss recognized in current period(2),(3)		79			131			176			262
Net periodic pension cost	$	240		$	362		$	520		$	745

⁽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
	July 1, 2022		July 2, 2021		July 1, 2022		July 2, 2021
Employer contribution	$	220	$	204	$	436	$	397