Pensions and Other Postretirement Benefits

9 Months Ended

Oct. 02, 2021

Pensions and Other Postretirement Benefits [Abstract]

Pensions and Other Postretirement Benefits

Note 8 – 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 third fiscal quarters of 2021 and 2020 for the Company’s defined benefit pension plans:

	Fiscal quarter ended October 2, 2021					Fiscal quarter ended October 3, 2020
	U.S. Plans		Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-	$	1,167		$	-	$	1,115
Interest cost		254		738			342		961
Expected return on plan assets		-		(414	)		-		(504	)
Amortization of prior service cost		36		49			36		31
Amortization of losses		447		1,851			298		1,671
Curtailment and settlement losses		-		203			-		317
Net periodic benefit cost	$	737	$	3,594		$	676	$	3,591

The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 2, 2021 and October 3, 2020 for the Company’s defined benefit pension plans:

	Nine fiscal months ended October 2, 2021					Nine fiscal months ended October 3, 2020
	U.S. Plans		Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-	$	3,548		$	-	$	3,260
Interest cost		762		2,246			1,025		2,804
Expected return on plan assets		-		(1,250	)		-		(1,490	)
Amortization of prior service cost		108		150			108		91
Amortization of losses		1,340		5,622			893		4,851
Curtailment and settlement losses		-		604			-		777
Net periodic benefit cost	$	2,210	$	10,920		$	2,026	$	10,293

Other Postretirement Benefits

The following table shows the components of the net periodic benefit cost for the third fiscal quarters of 2021 and 2020 for the Company’s other postretirement benefit plans:

	Fiscal quarter ended October 2, 2021				Fiscal quarter ended October 3, 2020
	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
Service cost	$	25	$	70	$	28	$	73
Interest cost		41		10		59		16
Amortization of losses (gains)		13		29		7		33
Net periodic benefit cost	$	79	$	109	$	94	$	122

The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 2, 2021 and October 3, 2020 for the Company’s other postretirement benefit plans:

	Nine fiscal months ended October 2, 2021				Nine fiscal months ended October 3, 2020
	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
Service cost	$	76	$	211	$	84	$	210
Interest cost		123		32		177		47
Amortization of losses (gains)		39		88		20		95
Net periodic benefit cost	$	238	$	331	$	281	$	352