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Benefit Plans | 3 Months Ended
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Mar. 29, 2025
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 29, 2025 and March 30, 2024 were as follows:
|  | For the Three Months Ended |  |
(in thousands) |  | March 29, 2025 |  | March 30, 2024 |  |  |  |
Components of net periodic benefit cost: |  |  |  |  |  |  |  |
Service cost |  | $ | 727 |  |  | $ | 795 |  |  |  |  |
Interest cost |  | 954 |  |  | 995 |  |  |  |  |
Expected return on plan assets |  | (459) |  |  | (518) |  |  |  |  |
Amortization of prior service and net actuarial loss |  | 69 |  |  | 46 |  |  |  |  |
Net periodic benefit cost |  | $ | 1,291 |  |  | $ | 1,318 |  |  |  |  |
The Company expects to make approximately $1.2 million of contributions to the plans and pay $2.1 million of benefits directly in 2025. On October 4, 2024, the Company entered into a definitive agreement to purchase a group annuity contract, under which an insurance company is required to pay pension payments to the Company’s United Kingdom pension plan to match required pension payments until a later buyout, at which point the insurance company will directly pay and administer the benefits to the plan's participants, or to their designated beneficiaries. The purchase of this group annuity contract will reduce the Company’s outstanding pension benefit obligation by approximately $23 million, representing approximately 33% of the total obligations of the Company’s qualified pension plans, and will be funded with pension plan assets and additional cash on hand. In connection with this transaction, the Company currently expects to record a one-time non-cash settlement charge in 2026 estimated between $6 million and $8 million, reflecting the accelerated recognition of a portion of unamortized actuarial losses in the plan. The actual settlement charge could differ from this estimate due to final data and plan wind-up expenses. The Company also sponsors certain post-employment plans in foreign countries and other statutory benefit plans. The Company recorded expense of $0.7 million for both of the three months ended March 29, 2025 and March 30, 2024, respectively, in Cost of sales and Other income, net within the Condensed Consolidated Statements of Net Income. The pre-tax losses amount recognized in other comprehensive income (loss) for these plans were $0.4 million and $0.3 million for the three months ended March 29, 2025 and March 30, 2024, respectively.

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