Note 8 - Components of Net Periodic Benefit Related to Pension and Other Postretirement Benefit Plans

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Retirement Benefits [Text Block]

Note 8: Components of Net Periodic Benefit related to Pension and Other Postretirement Benefit Plans

	Three Months Ended August 29, 2020 and August 31, 2019
													Other
	Pension Benefits												Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
Net periodic cost (benefit):	2020			2019			2020			2019			2020			2019
Service cost	$	-		$	1		$	743		$	557		$	18		$	24
Interest cost		2,935			3,673			785			1,154			284			387
Expected return on assets		(6,439	)		(6,326	)		(2,812	)		(2,517	)		(1,994	)		(1,752	)
Amortization:
Prior service cost (benefit)		(1	)		3			16			16			-			-
Actuarial loss		1,799			1,169			959			772			15			8
Net periodic benefit	$	(1,706	)	$	(1,480	)	$	(309	)	$	(18	)	$	(1,677	)	$	(1,333	)

	Nine Months Ended August 29, 2020 and August 31, 2019
													Other
	Pension Benefits												Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
Net periodic cost (benefit):	2020			2019			2020			2019			2020			2019
Service cost	$	-		$	3		$	2,184		$	1,687		$	55		$	73
Interest cost		8,803			7,346			2,348			3,527			851			1,162
Expected return on assets		(19,318	)		(12,652	)		(8,408	)		(7,710	)		(5,982	)		(5,259	)
Amortization:
Prior service cost (benefit)		(2	)		10			48			48			-			-
Actuarial loss		5,397			3,507			2,839			2,347			46			25
Net periodic benefit	$	(5,120	)	$	(1,786	)	$	(989	)	$	(101	)	$	(5,030	)	$	(3,999	)

Service cost is included with employee compensation cost in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Income. The components of our net periodic defined benefit pension and postretirement benefit costs other than service cost are presented in other income (expense), net in the Consolidated Statements of Income.