Pensions and Other Postretirement Benefits

9 Months Ended

Sep. 28, 2024

Pensions and Other Postretirement Benefits [Abstract]

Pensions and Other Postretirement Benefits

Note 11 – 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 2024 and 2023 for the Company’s defined benefit pension plans:

	Fiscal quarter ended September 28, 2024						Fiscal quarter ended September 30, 2023
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Net service cost	$	-		$	783		$	-		$	717
Interest cost		381			1,688			499			1,708
Expected return on plan assets		-			(586	)		-			(568	)
Amortization of prior service cost		16			57			36			56
Amortization of losses (gains)		(108	)		463			(30	)		575
Curtailment and settlement losses		-			102			-			102
Net periodic benefit cost	$	289		$	2,507		$	505		$	2,590

The following table shows the components of the net periodic pension cost for the nine fiscal months ended September 28, 2024 and September 30, 2023 for the Company’s defined benefit pension plans:

	Nine fiscal months ended September 28, 2024						Nine fiscal months ended September 30, 2023
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Net service cost	$	-		$	2,349		$	-		$	2,164
Interest cost		1,144			5,038			1,498			5,114
Expected return on plan assets		-			(1,764	)		-			(1,708	)
Amortization of prior service cost		49			171			108			167
Amortization of losses (gains)		(325	)		1,373			(90	)		748
Curtailment and settlement losses		-			308			-			315
Net periodic benefit cost	$	868		$	7,475		$	1,516		$	6,800

Other Postretirement Benefits

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

	Fiscal quarter ended September 28, 2024							Fiscal quarter ended September 30, 2023
	U.S. Plans				Non-U.S. Plans			U.S. Plans				Non-U.S. Plans
Service cost		$	6			$	61		$	5			$	34
Interest cost			53				62			56				32
Amortization of losses (gains)			(60	)			21			(80	)			3
Net periodic benefit cost		$	(1	)		$	144		$	(19	)		$	69

The following table shows the components of the net periodic pension cost for the nine fiscal months ended September 28, 2024 and September 30, 2023 for the Company’s other postretirement benefit plans:

	Nine fiscal months ended September 28, 2024							Nine fiscal months ended September 30, 2023
	U.S. Plans				Non-U.S. Plans			U.S. Plans				Non-U.S. Plans
Service cost		$	16			$	181		$	16			$	102
Interest cost			158				184			168				94
Amortization of losses (gains)			(180	)			62			(241	)			10
Net periodic benefit cost		$	(6	)		$	427		$	(57	)		$	206