Benefit Plans

9 Months Ended

Sep. 28, 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 nine months ended September 28, 2019 and September 29, 2018 were as follows: 

	For the Three Months Ended						For the Nine Months Ended
(in thousands)	September 28, 2019			September 29, 2018			September 28, 2019			September 29, 2018
Components of net periodic benefit cost:
Service cost	$	509		$	533		$	1,523		$	1,599
Interest cost	777			501			2,374			1,503
Expected return on plan assets	(773		)	(540		)	(2,384		)	(1,620		)
Amortization of prior service	60			74			184			222
Net periodic benefit cost	$	573		$	568		$	1,697		$	1,704

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