Pensions and Other Postretirement Benefits

6 Months Ended

Jul. 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 second fiscal quarters of 2021 and 2020 for the Company’s defined benefit pension plans:

	Fiscal quarter ended July 3, 2021					Fiscal quarter ended July 4, 2020
	U.S. Plans		Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-	$	1,191		$	-	$	1,071
Interest cost		254		754			341		919
Expected return on plan assets		-		(419	)		-		(491	)
Amortization of prior service cost		36		50			36		30
Amortization of losses		446		1,887			297		1,588
Curtailment and settlement losses		-		202			-		231
Net periodic benefit cost	$	736	$	3,665		$	674	$	3,348

The following table shows the components of the net periodic pension cost for the six fiscal months ended July 3, 2021 and July 4, 2020 for the Company’s defined benefit pension plans:

	Six fiscal months ended July 3, 2021					Six fiscal months ended July 4, 2020
	U.S. Plans		Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-	$	2,381		$	-	$	2,145
Interest cost		508		1,508			683		1,843
Expected return on plan assets		-		(836	)		-		(986	)
Amortization of prior service cost		72		101			72		60
Amortization of losses		893		3,771			595		3,180
Curtailment and settlement losses		-		401			-		460
Net periodic benefit cost	$	1,473	$	7,326		$	1,350	$	6,702

Other Postretirement Benefits

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

	Fiscal quarter ended July 3, 2021				Fiscal quarter ended July 4, 2020
	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
Service cost	$	26	$	70	$	28	$	68
Interest cost		41		11		59		16
Amortization of losses (gains)		13		30		6		31
Net periodic benefit cost	$	80	$	111	$	93	$	115

The following table shows the components of the net periodic pension cost for the six fiscal months ended July 3, 2021 and July 4, 2020 for the Company’s other postretirement benefit plans:

	Six fiscal months ended July 3, 2021				Six fiscal months ended July 4, 2020
	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
Service cost	$	51	$	141	$	56	$	137
Interest cost		82		22		118		31
Amortization of losses (gains)		26		59		13		62
Net periodic benefit cost	$	159	$	222	$	187	$	230