Pensions and Other Post-employment Benefits

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Pensions and Other Post-employment Benefits

Pensions and Other Post-employment Benefits

The following is a summary of the net periodic benefit cost for the third quarter and first nine months ended September 30, 2022 and October 1, 2021, respectively, for the pension plans as shown below. The Pension Benefits column aggregates defined benefit pension plans in the U.S., Germany, Liechtenstein, England, and the U.S. supplemental retirement plans. The Other Benefits column includes the domestic retiree medical and life insurance plan.

	Pension Benefits				Other Benefits
	Third Quarter Ended				Third Quarter Ended
	September 30,		October 1,		September 30,		October 1,
(Thousands)	2022		2021		2022		2021
Components of net periodic benefit (credit) cost
Service cost	$	281	$	410	$	21	$	20
Interest cost	1,203		1,045		39		29
Expected return on plan assets	(2,380)		(2,459)		—		—
Amortization of prior service (benefit) cost	(19)		(18)		(374)		(374)
Amortization of net loss (gain)	410		565		(68)		(69)
Net periodic benefit (credit) cost	$	(505)	$	(457)	$	(382)	$	(394)
Settlements	—		—		—		—
Total net benefit (credit) cost	$	(505)	$	(457)	$	(382)	$	(394)

	Pension Benefits				Other Benefits
	Nine Months Ended				Nine Months Ended
	September 30,		October 1,		September 30,		October 1,
(Thousands)	2022		2021		2022		2021
Components of net periodic benefit (credit) cost
Service cost	$	891	$	1,284	$	63	$	60
Interest cost	3,639		3,141		117		87
Expected return on plan assets	(7,158)		(7,407)		—		—
Amortization of prior service (benefit) cost	(57)		(60)		(1,122)		(1,122)
Amortization of net loss (gain)	1,260		1,719		(204)		(207)
Net periodic benefit (credit) cost	$	(1,425)	$	(1,323)	$	(1,146)	$	(1,182)
Settlements	—		—		—		—
Total net benefit (credit) cost	$	(1,425)	$	(1,323)	$	(1,146)	$	(1,182)

The Company did not make any contributions to its domestic defined benefit plan in the third quarter or first nine months of 2022 or 2021.

The Company reports the service cost component of net periodic benefit cost in the same line item as other compensation costs in operating expenses and the non-service cost components of net periodic benefit cost in Other non-operating (income) expense.