Pensions and Other Postretirement Benefits

6 Months Ended

Jun. 29, 2024

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 2024 and 2023 for the Company’s defined benefit pension plans:

	Fiscal quarter ended June 29, 2024						Fiscal quarter ended July 1, 2023
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Net service cost	$	-		$	776		$	-		$	723
Interest cost		382			1,664			500			1,711
Expected return on plan assets		-			(582	)		-			(570	)
Amortization of prior service cost		17			57			36			56
Amortization of losses (gains)		(109	)		453			(30	)		87
Curtailment and settlement losses		-			101			-			106
Net periodic benefit cost	$	290		$	2,469		$	506		$	2,113

The following table shows the components of the net periodic pension cost for the six fiscal months ended June 29, 2024 and July 1, 2023 for the Company’s defined benefit pension plans:

	Six fiscal months ended June 29, 2024						Six fiscal months ended July 1, 2023
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Net service cost	$	-		$	1,566		$	-		$	1,447
Interest cost		763			3,350			999			3,406
Expected return on plan assets		-			(1,178	)		-			(1,140	)
Amortization of prior service cost		33			114			72			111
Amortization of losses (gains)		(217	)		910			(60	)		173
Curtailment and settlement losses		-			206			-			213
Net periodic benefit cost	$	579		$	4,968		$	1,011		$	4,210

Other Postretirement Benefits

The following table shows the components of the net periodic benefit cost for the second fiscal quarters of 2024 and 2023 for the Company’s other postretirement benefit plans:

	Fiscal quarter ended June 29, 2024							Fiscal quarter ended July 1, 2023
	U.S. Plans				Non-U.S. Plans			U.S. Plans				Non-U.S. Plans
Service cost		$	5			$	60		$	6			$	34
Interest cost			52				61			56				31
Amortization of losses (gains)			(60	)			20			(81	)			4
Net periodic benefit cost		$	(3	)		$	141		$	(19	)		$	69

The following table shows the components of the net periodic pension cost for the six fiscal months ended June 29, 2024 and July 1, 2023 for the Company’s other postretirement benefit plans:

	Six fiscal months ended June 29, 2024							Six fiscal months ended July 1, 2023
	U.S. Plans				Non-U.S. Plans			U.S. Plans				Non-U.S. Plans
Service cost		$	10			$	120		$	11			$	68
Interest cost			105				122			112				62
Amortization of losses (gains)			(120	)			41			(161	)			7
Net periodic benefit cost		$	(5	)		$	283		$	(38	)		$	137