Pensions and Other Postretirement Benefits

6 Months Ended

Jul. 02, 2022

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 2022 and 2021 for the Company’s defined benefit pension plans:

	Fiscal quarter ended July 2, 2022					Fiscal quarter ended July 3, 2021
	U.S. Plans		Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-	$	1,068		$	-	$	1,191
Interest cost		281		813			254		754
Expected return on plan assets		-		(440	)		-		(419	)
Amortization of prior service cost		36		53			36		50
Amortization of losses		426		1,205			446		1,887
Curtailment and settlement losses		-		265			-		202
Net periodic benefit cost	$	743	$	2,964		$	736	$	3,665

The following table shows the components of the net periodic pension cost for the six fiscal months ended July 2, 2022 and July 3, 2021 for the Company’s defined benefit pension plans:

	Six fiscal months ended July 2, 2022					Six fiscal months ended July 3, 2021
	U.S. Plans		Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-	$	2,185		$	-	$	2,381
Interest cost		561		1,665			508		1,508
Expected return on plan assets		-		(900	)		-		(836	)
Amortization of prior service cost		72		109			72		101
Amortization of losses		853		2,476			893		3,771
Curtailment and settlement losses		-		544			-		401
Net periodic benefit cost	$	1,486	$	6,079		$	1,473	$	7,326

Other Postretirement Benefits

The following table shows the components of the net periodic benefit cost for the second fiscal quarters of 2022 and 2021 for the Company’s other postretirement benefit plans:

	Fiscal quarter ended July 2, 2022				Fiscal quarter ended July 3, 2021
	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
Service cost	$	9	$	60	$	26	$	70
Interest cost		44		14		41		11
Amortization of losses		85		21		13		30
Net periodic benefit cost	$	138	$	95	$	80	$	111

The following table shows the components of the net periodic pension cost for the six fiscal months ended July 2, 2022 and July 3, 2021 for the Company’s other postretirement benefit plans:

	Six fiscal months ended July 2, 2022				Six fiscal months ended July 3, 2021
	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
Service cost	$	19	$	123	$	51	$	141
Interest cost		89		29		82		22
Amortization of losses		171		44		26		59
Net periodic benefit cost	$	279	$	196	$	159	$	222