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Defined Benefit Pension Plans | 9 Months Ended
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Sep. 27, 2024
Retirement Benefits [Abstract] |
Defined Benefit Pension Plans | Note 9 – 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 27, 2024 |  |  | September 29, 2023 |  |  | September 27, 2024 |  |  | September 29, 2023 |
Service cost(1) |  | $ | 327 |  |  | $ | 256 |  |  | $ | 965 |  |  | $ | 759 |
Interest cost(2) |  |  | 88 |  |  |  | 91 |  |  |  | 259 |  |  |  | 268 |
Expected return on plan assets(2) |  |  | (140 | ) |  |  | (92 | ) |  |  | (408 | ) |  |  | (270 | )
Prior service credit(2),(3) |  |  | (45 | ) |  |  | (45 | ) |  |  | (135 | ) |  |  | (135 | )
Actuarial loss recognized in current period(2),(3) |  |  | 28 |  |  |  | (6 | ) |  |  | 84 |  |  |  | (19 | )
Net periodic pension cost |  | $ | 258 |  |  | $ | 204 |  |  | $ | 765 |  |  | $ | 603 |
(1) Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Income. (2) Recognized in other income, 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 27, 2024 |  |  | September 29, 2023 |  |  | September 27, 2024 |  |  | September 29, 2023 |
Employer contribution |  | $ | 285 |  |  | $ | 269 |  |  | $ | 824 |  |  | $ | 731 |

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