Note 7 - Pension and Postretirement Benefits

6 Months Ended

Jun. 03, 2023

Notes to Financial Statements

Retirement Benefits [Text Block]

Note 7: Components of Net Periodic Benefit related to Pension and Other Postretirement Benefit Plans

	Three Months Ended June 3, 2023 and May 28, 2022
													Other
	Pension Benefits												Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
Net periodic (benefit) cost:	2023			2022			2023			2022			2023			2022
Service cost	$	-		$	-		$	413		$	700		$	-		$	-
Interest cost		3,475			2,368			1,410			736			301			184
Expected return on assets		(7,205	)		(7,117	)		(1,730	)		(1,644	)		(2,465	)		(2,719	)
Amortization:
Prior service (benefit) cost		-			(1	)		15			16			-			-
Actuarial loss (gain)		635			1,013			491			611			-			(845	)
Settlement charge		-			-			-			3,329			-			-
Net periodic (benefit) cost	$	(3,095	)	$	(3,737	)	$	599		$	3,748		$	(2,164	)	$	(3,380	)

	Six Months Ended June 3, 2023 and May 28, 2022
													Other
	Pension Benefits												Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
Net periodic (benefit) cost:	2023			2022			2023			2022			2023			2022
Service cost	$	-		$	-		$	833		$	1,420		$	-		$	-
Interest cost		6,951			4,735			2,846			1,525			602			367
Expected return on assets		(14,412	)		(14,235	)		(3,492	)		(3,391	)		(4,929	)		(5,437	)
Amortization:
Prior service (benefit) cost		-			(2	)		30			32			-			-
Actuarial loss (gain)		1,271			2,027			990			1,260			-			(1,690	)
Settlement charge		-			-			-			3,329			-			-
Net periodic (benefit) cost	$	(6,190	)	$	(7,475	)	$	1,207		$	4,175		$	(4,327	)	$	(6,760	)

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 Statement of Income.