Pensions and Other Postretirement Benefits

6 Months Ended

Jul. 04, 2020

Pensions and Other Postretirement Benefits [Abstract]

Pensions and Other Postretirement Benefits

Note 9 – Pensions and Other Postretirement Benefits

The Company maintains various retirement benefit plans.  The service cost component of net periodic pension cost is classified in costs of products sold or selling, general, and administrative expenses on the consolidated condensed statements of operations based on the respective employee's function.  The other components of net periodic pension cost are classified as other expense on the consolidated condensed statements of operations.

Defined Benefit Pension Plans

The following table shows the components of the net periodic pension cost for the second fiscal quarters of 2020 and 2019 for the Company’s defined benefit pension plans:

	Fiscal quarter ended July 4, 2020					Fiscal quarter ended June 29, 2019
	U.S. Plans		Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-	$	1,071		$	-	$	845
Interest cost		341		919			424		1,281
Expected return on plan assets		-		(491	)		-		(489	)
Amortization of prior service cost		36		30			36		50
Amortization of losses		297		1,588			118		1,344
Curtailment and settlement losses		-		231			-		500
Net periodic benefit cost	$	674	$	3,348		$	578	$	3,531

The following table shows the components of the net periodic pension cost for the six fiscal months ended July 4, 2020 and June 29, 2019 for the Company’s defined benefit pension plans:

	Six fiscal months ended July 4, 2020					Six fiscal months ended June 29, 2019
	U.S. Plans		Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-	$	2,145		$	-	$	1,697
Interest cost		683		1,843			848		2,572
Expected return on plan assets		-		(986	)		-		(979	)
Amortization of prior service cost		72		60			72		101
Amortization of losses		595		3,180			236		2,703
Curtailment and settlement losses		-		460			-		1,005
Net periodic benefit cost	$	1,350	$	6,702		$	1,156	$	7,099

Other Postretirement Benefits

The following table shows the components of the net periodic benefit cost for the second fiscal quarters of 2020 and 2019 for the Company’s other postretirement benefit plans:

	Fiscal quarter ended July 4, 2020				Fiscal quarter ended June 29, 2019
	U.S. Plans		Non-U.S. Plans		U.S. Plans			Non-U.S. Plans
Service cost	$	28	$	68	$	35		$	72
Interest cost		59		16		78			30
Amortization of losses (gains)		6		31		(32	)		27
Net periodic benefit cost	$	93	$	115	$	81		$	129

The following table shows the components of the net periodic pension cost for the six fiscal months ended July 4, 2020 and June 29, 2019 for the Company’s other postretirement benefit plans:

	Six fiscal months ended July 4, 2020				Six fiscal months ended June 29, 2019
	U.S. Plans		Non-U.S. Plans		U.S. Plans			Non-U.S. Plans
Service cost	$	56	$	137	$	70		$	144
Interest cost		118		31		155			60
Amortization of losses (gains)		13		62		(64	)		54
Net periodic benefit cost	$	187	$	230	$	161		$	258