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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 29, 2023
Schedule of Defined Contribution, Net of Forfeitures, 401(k) Plan | The Company’s contributions, net of forfeitures, to the 401(k) Plan were as follows (in thousands):
|  | Years Ended |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Employer contributions, net of forfeitures |  | $ | 2,720 |  |  | $ | 2,004 |  |  | $ | 1,563 |
Swiss Plan |
Schedule of Defined Benefit Plans Disclosures | The following table shows the changes in the benefit obligation and plan assets and the Swiss Plan’s funded status (in thousands):
|  | 2023 |  |  | 2022 |
Change in Projected Benefit Obligation: |  |  |  |  |  |
Projected benefit obligation, beginning of period |  | $ | 21,463 |  |  | $ | 26,247 |
Service cost |  |  | 916 |  |  |  | 1,133 |
Interest cost |  |  | 413 |  |  |  | 82 |
Participant contributions |  |  | 863 |  |  |  | 772 |
Benefits deposited (paid) |  |  | (7,101 | ) |  |  | 208 |
Actuarial (gain) loss |  |  | 5,411 |  |  |  | (6,979 | )
Projected benefit obligation, end of period |  | $ | 21,965 |  |  | $ | 21,463 |
Change in Plan Assets: |  |  |  |  |  |
Plan assets at fair value, beginning of period |  | $ | 20,709 |  |  | $ | 18,809 |
Actual return on plan assets (including foreign currency impact) |  |  | 1,922 |  |  |  | 12 |
Employer contributions |  |  | 988 |  |  |  | 908 |
Participant contributions |  |  | 863 |  |  |  | 772 |
Benefits deposited (paid) |  |  | (7,101 | ) |  |  | 208 |
Plan assets at fair value, end of period |  | $ | 17,381 |  |  | $ | 20,709 |
Funded status (pension liability), end of year(1) |  | $ | (4,584 | ) |  | $ | (754 | )
Amount Recognized in Accumulated Other Comprehensive Income (Loss), net of tax: |  |  |  |  |  |
Actuarial loss on plan assets |  | $ | (38 | ) |  | $ | (1,354 | )
Actuarial loss on benefit obligation |  |  | (5,378 | ) |  |  | (531 | )
Actuarial gain recognized in current year |  |  | 1,849 |  |  |  | 1,847 |
Prior service credit |  |  | 1,122 |  |  |  | 1,283 |
Effect of curtailments |  |  | 610 |  |  |  | 610 |
Accumulated other comprehensive income (loss) |  | $ | (1,835 | ) |  | $ | 1,855 |
Accumulated benefit obligation at year end |  | $ | (20,729 | ) |  | $ | (20,784 | )
(1) The underfunded balance was included in pension liability on the Consolidated Balance Sheets.
Schedule of Net Benefit Costs | Net periodic pension cost associated with the Swiss Plan included the following components (in thousands):
|  | Years Ended |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Service cost(1) |  | $ | 916 |  |  | $ | 1,133 |  |  | $ | 1,089 |
Interest cost(2) |  |  | 413 |  |  |  | 82 |  |  |  | 55 |
Expected return on plan assets(2) |  |  | (452 | ) |  |  | (494 | ) |  |  | (434 | )
Prior service credit(2),(3) |  |  | (179 | ) |  |  | (179 | ) |  |  | (42 | )
Actuarial loss recognized in current period(2),(3) |  |  | — |  |  |  | 390 |  |  |  | 524 |
Net periodic pension cost |  | $ | 698 |  |  | $ | 932 |  |  | $ | 1,192 |
(1) Recognized in selling general and administrative expenses on the Consolidated Statements of Income. (2) Recognized in other income (expense), net, on the Consolidated Statements of Income. (3) Amounts reclassified from accumulated other comprehensive income (loss).
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Changes in other comprehensive income (loss), net of tax, associated with the Swiss Plan included the following components (in thousands):
|  | Years Ended |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current year actuarial gain (loss) on plan assets |  | $ | 1,316 |  |  | $ | (432 | ) |  | $ | (724 | )
Current year actuarial gain (loss) on benefit obligation |  |  | (4,847 | ) |  |  | 6,251 |  |  |  | 1,671 |
Actuarial gain recorded in current year |  |  | 2 |  |  |  | 348 |  |  |  | 470 |
Prior service credit |  |  | (161 | ) |  |  | (160 | ) |  |  | 1,142 |
Change in other comprehensive gain (loss) |  | $ | (3,690 | ) |  | $ | 6,007 |  |  | $ | 2,559 |
Schedule of Assumptions Used | Net periodic pension cost and projected and accumulated pension obligation for the Company’s Swiss Plan were calculated using the following assumptions:
|  | 2023 |  |  | 2022 |
Discount rate |  |  | 1.5 | % |  |  | 2.2 | %
Salary increases |  |  | 2.5 | % |  |  | 2.0 | %
Expected return on plan assets |  |  | 3.0 | % |  |  | 2.5 | %
Expected average remaining working lives in years |  |  | 9.5 |  |  |  | 9.3 |
Schedule of Changes in Fair Value of Plan Assets | The table below sets forth the fair value of Plan assets at December 29, 2023 and December 30, 2022, and the related activity in years ended 2023 and 2022 (in thousands):
|  | Insurance Contracts (Level 3) |
Ending balance at December 31, 2021 |  | $ | 18,809 |
Actual return on plan assets |  |  | 12 |
Purchases, sales, and settlement |  |  | 1,888 |
Ending balance at December 30, 2022 |  | $ | 20,709 |
Actual return on plan assets |  |  | 1,922 |
Purchases, sales, and settlement |  |  | (5,250 | )
Ending balance at December 29, 2023 |  | $ | 17,381 |
Schedule Of Defined Benefit Plan Estimated Future Benefit Payments | The estimated future benefit payments for the Swiss Plan are as follows (in thousands):
Year Ended |  | Amount |
2024 |  | $ | 196 |
2025 |  |  | 131 |
2026 |  |  | 158 |
2027 |  |  | 202 |
2028 |  |  | 3,897 |
Thereafter |  |  | — |
Total |  | $ | 4,584 |
Japan Plan |
Schedule of Defined Benefit Plans Disclosures | The funded status of the benefit plan was as follows (in thousands):
|  | 2023 |  |  | 2022 |
Change in Projected Benefit Obligation: |  |  |  |  |  |
Projected benefit obligation, beginning of period |  | $ | 1,181 |  |  | $ | 1,320 |
Service cost |  |  | 60 |  |  |  | 116 |
Interest cost |  |  | 3 |  |  |  | 2 |
Actuarial (gain) loss |  |  | 8 |  |  |  | (42 | )
Benefits paid |  |  | (705 | ) |  |  | (46 | )
Foreign exchange adjustment |  |  | (76 | ) |  |  | (169 | )
Projected benefit obligation, end of period |  | $ | 471 |  |  | $ | 1,181 |
Change in Plan Assets: |  |  |  |  |  |
Plan assets at fair value, beginning of period |  | $ | — |  |  | $ | — |
Actual return on plan assets |  |  | — |  |  |  | — |
Employer contributions |  |  | — |  |  |  | — |
Benefits paid |  |  | — |  |  |  | — |
Distribution of plan assets |  |  | — |  |  |  | — |
Foreign exchange adjustment |  |  | — |  |  |  | — |
Plan assets at fair value, end of period |  | $ | — |  |  | $ | — |
Funded status (pension liability), end of year(1) |  | $ | (471 | ) |  | $ | (1,181 | )
Amount Recognized in Accumulated Other Comprehensive Income (Loss), net of tax: |  |  |  |  |  |
Actuarial loss |  | $ | (28 | ) |  | $ | (30 | )
Prior service cost |  |  | 3 |  |  |  | 4 |
Settlement |  |  | (106 | ) |  |  | — |
Curtailment |  |  | (2 | ) |  |  | — |
Net gain (loss) |  |  | 189 |  |  |  | 210 |
Accumulated other comprehensive income |  | $ | 56 |  |  | $ | 184 |
Accumulated benefit obligation at year end |  | $ | (446 | ) |  | $ | (1,134 | )
(1) The underfunded balance was included in pension liability on the Consolidated Balance Sheets.
Schedule of Net Benefit Costs | Net periodic pension cost associated with the Japan Plan included the following components (in thousands):
|  | Years Ended |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Service cost(1) |  | $ | 60 |  |  | $ | 116 |  |  | $ | 177 |
Interest cost(2) |  |  | 3 |  |  |  | 2 |  |  |  | 6 |
Prior service credit(2),(3) |  |  | (14 | ) |  |  | (24 | ) |  |  | 5 |
Settlement gain(2),(3) |  |  | (160 | ) |  |  | — |  |  |  | — |
Curtailment gain(2),(3) |  |  | (4 | ) |  |  | — |  |  |  | — |
Net periodic pension cost |  | $ | (115 | ) |  | $ | 94 |  |  | $ | 188 |
(1) Recognized in selling general and administrative expenses on the Consolidated Statements of Income. (2) Recognized in other income (expense), net, on the Consolidated Statements of Income. (3) Amounts reclassified from accumulated other comprehensive loss.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Changes in other comprehensive income (loss), net of tax, associated with the Japan Plan include the following components (in thousands):
|  | Years Ended |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Amortization of actuarial loss |  | $ | 2 |  |  | $ | 5 |  |  | $ | 3 |
Prior service cost |  |  | (1 | ) |  |  | (2 | ) |  |  | (1 | )
Actuarial income (loss) recorded in current year |  |  | (21 | ) |  |  | (11 | ) |  |  | 175 |
Settlement |  |  | (106 | ) |  |  | — |  |  |  | — |
Curtailment loss |  |  | (2 | ) |  |  | — |  |  |  | — |
Change in other comprehensive income (loss) |  | $ | (128 | ) |  | $ | (8 | ) |  | $ | 177 |
Schedule of Assumptions Used | Net periodic pension cost and projected and accumulated pension obligation for the Company’s Japan Plan were calculated using the following assumptions:
|  | 2023 |  |  | 2022 |
Discount rate |  |  | 0.8 | % |  |  | 0.4 | %
Salary increases |  |  | 4.8 | % |  |  | 3.8 | %
Expected return on plan assets |  | N/A |  |  | N/A |
Expected average remaining working lives in years |  |  | 6.0 |  |  |  | 10.2 |
Schedule Of Defined Benefit Plan Estimated Future Benefit Payments | The estimated future benefit payments for the Japan Plan are as follows (in thousands):
Year Ended |  | Amount |
2024 |  | $ | 40 |
2025 |  |  | 45 |
2026 |  |  | 49 |
2027 |  |  | 51 |
2028 |  |  | 64 |
Thereafter |  |  | 222 |
Total |  | $ | 471 |

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