Benefit Plans

3 Months Ended

Mar. 30, 2024

Retirement Benefits [Abstract]

Benefit Plans

Benefit Plans

The Company has Company-sponsored and mandatory defined benefit pension plans covering employees in the United Kingdom ("U.K."), Germany, the Philippines, China, Japan, Mexico, Italy and France. The amount of the retirement benefits provided under the plans is generally 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, net in the Condensed Consolidated Statements of Net Income. The components of net periodic benefit cost for the three months ended March 30, 2024 and April 1, 2023 were as follows: 

	For the Three Months Ended
(in thousands)	March 30, 2024		April 1, 2023
Components of net periodic benefit cost:
Service cost	$	795	$	692
Interest cost	995		937
Expected return on plan assets	(518)		(469)
Amortization of prior service and net actuarial loss	46		11
Net periodic benefit cost	$	1,318	$	1,171

The Company expects to make approximately $2.2 million of contributions to the plans and pay $2.1 million of benefits directly in 2024.

The Company also sponsors certain post-employment plans in foreign countries and other statutory benefit plans. The Company recorded expense of $0.7 million and $0.4 million for the three months ended March 30, 2024 and April 1, 2023, respectively, in Cost of Sales and Other income, net within the Condensed Consolidated Statements of Net Income. The pre-tax (gains) losses amount recognized in other comprehensive income (loss) as components of net periodic benefit costs for these plans were $0.3 million and nominal for the three months ended March 30, 2024 and April 1, 2023, respectively.