Pensions and Other Postretirement Benefits

3 Months Ended

Apr. 02, 2022

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 2022 and 2021 for the Company’s defined benefit pension plans:

	Fiscal quarters ended April 2, 2022					Fiscal quarters ended April 3, 2021
	U.S. Plans		Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-	$	1,117		$	-	$	1,190
Interest cost		280		852			254		754
Expected return on plan assets		-		(460	)		-		(417	)
Amortization of prior service cost		36		56			36		51
Amortization of losses		427		1,271			447		1,884
Curtailment and settlement losses		-		279			-		199
Net periodic benefit cost	$	743	$	3,115		$	737	$	3,661

Other Postretirement Benefits

The following table shows the components of the net periodic benefit cost for the first fiscal quarters of 2022 and 2021 for the Company’s other postretirement benefit plans:

	Fiscal quarters ended April 2, 2022				Fiscal quarters ended April 3, 2021
	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
Service cost	$	10	$	63	$	25	$	71
Interest cost		45		15		41		11
Amortization of losses (gains)		86		23		13		29
Net periodic benefit cost	$	141	$	101	$	79	$	111