Pensions and Other Postretirement Benefits

3 Months Ended

Apr. 04, 2020

Pensions and Other Postretirement Benefits [Abstract]

Pensions and Other Postretirement Benefits

Note 9 – Pensions and Other Postretirement Benefits

The Company maintains various retirement benefit plans.  The service cost component of net periodic pension cost is classified in costs of products sold or selling, general, and administrative expenses on the consolidated condensed statements of operations based on the respective employee's function.  The other components of net periodic pension cost are classified as other expense on the consolidated condensed statements of operations.

Defined Benefit Pension Plans

The following table shows the components of the net periodic pension cost for the first fiscal quarters of 2020 and 2019 for the Company’s defined benefit pension plans:

	Fiscal quarter ended April 4, 2020					Fiscal quarter ended March 30, 2019
	U.S. Plans		Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-	$	1,074		$	-	$	852
Interest cost		342		924			424		1,291
Expected return on plan assets		-		(495	)		-		(490	)
Amortization of prior service cost		36		30			36		51
Amortization of losses		298		1,592			118		1,359
Curtailment and settlement losses		-		229			-		505
Net periodic benefit cost	$	676	$	3,354		$	578	$	3,568

Other Postretirement Benefits

The following table shows the components of the net periodic benefit cost for the first fiscal quarters of 2020 and 2019 for the Company’s other postretirement benefit plans:

	Fiscal quarter ended April 4, 2020				Fiscal quarter ended March 30, 2019
	U.S. Plans		Non-U.S. Plans		U.S. Plans			Non-U.S. Plans
Service cost	$	28	$	69	$	35		$	72
Interest cost		59		15		77			30
Amortization of losses (gains)		7		31		(32	)		27
Net periodic benefit cost	$	94	$	115	$	80		$	129