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

9 Months Ended

Aug. 27, 2022

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 27, 2022 and August 28, 2021
													Other
	Pension Benefits												Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
Net periodic cost (benefit):	2022			2021			2022			2021			2022			2021
Service cost	$	-		$	-		$	666		$	824		$	-		$	5
Interest cost		2,368			2,325			679			743			184			206
Expected return on assets		(7,117	)		(7,781	)		(1,525	)		(3,120	)		(2,719	)		(2,236	)
Amortization:
Prior service cost (benefit)		(1	)		(1	)		15			17			-			-
Actuarial loss (gain)		1,013			799			570			1,020			(845	)		18
Settlement charge		-			-			-			-			-			-
Net periodic benefit	$	(3,737	)	$	(4,658	)	$	405		$	(516	)	$	(3,380	)	$	(2,007	)

	Nine Months Ended August 27, 2022 and August 28, 2021
													Other
	Pension Benefits												Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
Net periodic cost (benefit):	2022			2021			2022			2021			2022			2021
Service cost	$	-		$	-		$	2,086		$	2,478		$	-		$	16
Interest cost		7,103			6,974			2,204			2,215			551			616
Expected return on assets		(21,353	)		(23,342	)		(4,916	)		(9,301	)		(8,156	)		(6,708	)
Amortization:
Prior service cost (benefit)		(2	)		(2	)		47			51			-			-
Actuarial loss (gain)		3,040			2,398			1,830			3,059			(2,535	)		55
Settlement charge		-			-			3,329			-			-			-
Net periodic benefit	$	(11,212	)	$	(13,972	)	$	4,580		$	(1,498	)	$	(10,140	)	$	(6,021	)

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.

In the second quarter of 2022, we recognized a non-cash settlement charge of $3,329 related to the termination of our Canadian defined benefit pension plan. The settlement charge is included in other income, net in the Consolidated Statements of Income.