Company: MRCY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001049521-25-000017
Chunk: 102

Company: MERCURY SYSTEMS INC
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 102
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, resulting in interest expense of $8,068 and $25,404 for the third quarter and nine months ended March 28, 2025. The borrowing capacity as defined under the Revolver as of March 28, 2025 is approximately $900,000 less outstanding borrowings of $591,500. There were outstanding letters of credit of $7,640 as of March 28, 2025. 

14

I.Employee Benefit Plan

PENSION PLANThe Company maintains a defined benefit pension plan (the “Plan”) for its Swiss employees, which is administered by an independent pension fund. The Plan is mandated by Swiss law and meets the criteria for a defined benefit plan under ASC 715, Compensation—Retirement Benefits (“ASC 715”), because participants of the Plan are entitled to a defined rate of return on contributions made. The independent pension fund is a multi-employer plan with unrestricted joint liability for all participating companies for which the Plan’s overfunding or underfunding is allocated to each participating company based on an allocation key determined by the Plan.The Company recognizes a net asset or liability for the Plan equal to the difference between the projected benefit obligation of the Plan and the fair value of the Plan’s assets as required by ASC 715. The funded status may vary from year to year due to changes in the fair value of the Plan’s assets and variations on the underlying assumptions of the projected benefit obligation of the Plan. The Plan's funded status at March 28, 2025 was a net liability of $5,254, which is recorded in Other non-current liabilities on the Consolidated Balance Sheet. The Company recognized net periodic benefit costs of $227 and $213 associated with the Plan and a net loss of $51 and $56 in AOCI during the third quarters ended March 28, 2025 and March 29, 2024, respectively. The Company recognized net periodic benefit costs of $691 and $628 associated with the Plan and a net loss of $156 and $169 in AOCI during the nine months ended March 28, 2025 and March 29, 2024, respectively. The Company's total expected employer contributions to the Plan during fiscal 2025 are $939.401(k) PlanThe Company maintains a qualified 401(k) plan (the “401(k) Plan”) for its U.S. employees and matches participants' contributions to the plan and/or qualified student loan payments of up to 6% of their eligible