v2.4.0.6
Defined Benefit Plans
 6 Months Ended
Jun. 29, 2012
Defined Benefit Plans [Abstract]  
DEFINED BENEFIT PLANS

7. DEFINED BENEFIT PLANS

 

The Company is required to provide its employees located in Switzerland, Mexico and France certain statutorily mandated defined benefits. Under these plans, benefits accrue to employees based upon years of service, position, age and compensation. The defined benefit plan provided to the Company's employees located in Switzerland is a funded contributory plan while the plans that provide benefits to the Company's employees located in Mexico and France are unfunded and noncontributory. The liability and corresponding expense related to these benefit plans is based on actuarial computations of current and future benefits for employees. As discussed in Note 9 “Other Operating (Income) Expense, Net,” in the third quarter of 2012, the Company finalized its plan to transfer most major functions currently performed at its facilities in Switzerland into other existing facilities. As a result of this decision, the Company will curtail its defined benefit plan provided to employees at those Swiss facilities in the third quarter of 2012. The Company is currently estimating the impact this defined benefit plan curtailment will have on its Condensed Consolidated Financial Statements.

 The change in net defined benefit plan liability is as follows (in thousands):
     
 AtDecember 30, 2011$5,569
 Net defined benefit cost 617
 Benefit payments (561)
 Foreign currency translation (77)
 AtJune 29, 2012$5,548

 Net defined benefit cost is comprised of the following (in thousands):      
             
  Three Months Ended Six Months Ended
   June 29,  July 1,  June 29,  July 1,
   2012  2011  2012  2011
 Service cost$ 278 $ 278 $ 563 $ 535
 Interest cost  103   120   207   231
 Amortization of net loss   31   20   62   39
 Expected return on plan assets  (107)   (119)   (215)   (229)
 Net defined benefit cost$ 305 $ 299 $ 617 $ 576