Note 6 - Components of Net Periodic Benefit Related to Pension and Other Postretirement Benefit Plans

9 Months Ended

Aug. 28, 2021

Notes to Financial Statements

Retirement Benefits [Text Block]

Note 6: Components of Net Periodic Benefit related to Pension and Other Postretirement Benefit Plans

	Three Months Ended August 28, 2021 and August 29, 2020
													Other
	Pension Benefits												Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
Net periodic cost (benefit):	2021			2020			2021			2020			2021			2020
Service cost	$	-		$	-		$	824		$	743		$	5		$	18
Interest cost		2,325			2,935			743			785			206			284
Expected return on assets		(7,781	)		(6,439	)		(3,120	)		(2,812	)		(2,236	)		(1,994	)
Amortization:
Prior service cost (benefit)		(1	)		(1	)		17			16			-			-
Actuarial loss		799			1,799			1,020			959			18			15
Net periodic benefit	$	(4,658	)	$	(1,706	)	$	(516	)	$	(309	)	$	(2,007	)	$	(1,677	)

	Nine Months Ended August 28, 2021 and August 29, 2020
													Other
	Pension Benefits												Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
Net periodic cost (benefit):	2021			2020			2021			2020			2021			2020
Service cost	$	-		$	-		$	2,478		$	2,184		$	16		$	55
Interest cost		6,974			8,803			2,215			2,348			616			851
Expected return on assets		(23,342	)		(19,318	)		(9,301	)		(8,408	)		(6,708	)		(5,982	)
Amortization:
Prior service cost (benefit)		(2	)		(2	)		51			48			-			-
Actuarial loss		2,398			5,397			3,059			2,839			55			46
Net periodic benefit	$	(13,972	)	$	(5,120	)	$	(1,498	)	$	(989	)	$	(6,021	)	$	(5,030	)

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, net in the Consolidated Statements of Income.