Pensions and Other Postretirement Benefits

3 Months Ended

Apr. 03, 2021

Pensions and Other Postretirement Benefits [Abstract]

Pensions and Other Postretirement Benefits

Note 8 – 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 2021 and 2020 for the Company’s defined benefit pension plans:

	Fiscal quarter ended April 3, 2021					Fiscal quarter ended April 4, 2020
	U.S. Plans		Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-	$	1,190		$	-	$	1,074
Interest cost		254		754			342		924
Expected return on plan assets		-		(417	)		-		(495	)
Amortization of prior service cost		36		51			36		30
Amortization of losses		447		1,884			298		1,592
Curtailment and settlement losses		-		199			-		229
Net periodic benefit cost	$	737	$	3,661		$	676	$	3,354

Other Postretirement Benefits

The following table shows the components of the net periodic benefit cost for the first fiscal quarters of 2021 and 2020 for the Company’s other postretirement benefit plans:

	Fiscal quarter ended April 3, 2021				Fiscal quarter ended April 4, 2020
	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
Service cost	$	25	$	71	$	28	$	69
Interest cost		41		11		59		15
Amortization of losses (gains)		13		29		7		31
Net periodic benefit cost	$	79	$	111	$	94	$	115