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

6 Months Ended

Jun. 01, 2024

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 1, 2024 and June 3, 2023
													Other
	Pension Benefits												Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
Net periodic (benefit) cost:	2024			2023			2024			2023			2024			2023
Service cost	$	-		$	-		$	347		$	413		$	-		$	-
Interest cost		3,464			3,475			1,560			1,410			291			301
Expected return on assets		(6,555	)		(7,205	)		(1,627	)		(1,730	)		(2,727	)		(2,465	)
Amortization:
Prior service cost		-			-			16			15			-			-
Actuarial loss		1,159			635			510			491			-			-
Net periodic (benefit) cost	$	(1,932	)	$	(3,095	)	$	806		$	599		$	(2,436	)	$	(2,164	)

	Six Months Ended June 1, 2024 and June 3, 2023
													Other
	Pension Benefits												Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
Net periodic (benefit) cost:	2024			2023			2024			2023			2024			2023
Service cost	$	-		$	-		$	697		$	833		$	-		$	-
Interest cost		6,928			6,951			3,129			2,846			583			602
Expected return on assets		(13,110	)		(14,412	)		(3,264	)		(3,492	)		(5,454	)		(4,929	)
Amortization:
Prior service (benefit) cost		-			-			32			30			-			-
Actuarial loss (gain)		2,318			1,271			1,024			990			-			-
Net periodic (benefit) cost	$	(3,864	)	$	(6,190	)	$	1,618		$	1,207		$	(4,871	)	$	(4,327	)

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.