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Defined Benefit Pension Plans
 9 Months Ended
Sep. 29, 2023
Retirement Benefits [Abstract]  
Defined Benefit Pension Plans

Note 10 – 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

 

 

Nine Months Ended

 

 

 

September 29, 2023

 

 

September 30, 2022

 

 

September 29, 2023

 

 

September 30, 2022

 

Service cost(1)

 

$

256

 

 

$

306

 

 

$

759

 

 

$

941

 

Interest cost(2)

 

 

91

 

 

 

22

 

 

 

268

 

 

 

63

 

Expected return on plan assets(2)

 

 

(92

)

 

 

(125

)

 

 

(270

)

 

 

(366

)

Prior service credit(2),(3)

 

 

(45

)

 

 

(44

)

 

 

(135

)

 

 

(135

)

Actuarial loss recognized in current period(2),(3)

 

 

(6

)

 

 

98

 

 

 

(19

)

 

 

274

 

Net periodic pension cost

 

$

204

 

 

$

257

 

 

$

603

 

 

$

777

 

 

(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

 

 

Nine Months Ended

 

 

 

September 29, 2023

 

 

September 30, 2022

 

 

September 29, 2023

 

 

September 30, 2022

 

Employer contribution

 

$

269

 

 

$

230

 

 

$

731

 

 

$

666