Pensions and Other Postretirement Benefits

9 Months Ended

Oct. 01, 2022

Pensions and Other Postretirement Benefits [Abstract]

Pensions and Other Postretirement Benefits

Note 10 – 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 third fiscal quarters of 2022 and 2021 for the Company’s defined benefit pension plans:

	Fiscal quarter ended October 1, 2022					Fiscal quarter ended October 2, 2021
	U.S. Plans		Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-	$	1,010		$	-	$	1,167
Interest cost		280		768			254		738
Expected return on plan assets		-		(418	)		-		(414	)
Amortization of prior service cost		36		50			36		49
Amortization of losses		427		1,140			447		1,851
Curtailment and settlement losses		-		257			-		203
Net periodic benefit cost	$	743	$	2,807		$	737	$	3,594

The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 1, 2022 and October 2, 2021 for the Company’s defined benefit pension plans:

	Nine fiscal months ended October 1, 2022					Nine fiscal months ended October 2, 2021
	U.S. Plans		Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-	$	3,195		$	-	$	3,548
Interest cost		841		2,433			762		2,246
Expected return on plan assets		-		(1,318	)		-		(1,250	)
Amortization of prior service cost		108		159			108		150
Amortization of losses		1,280		3,616			1,340		5,622
Curtailment and settlement losses		-		801			-		604
Net periodic benefit cost	$	2,229	$	8,886		$	2,210	$	10,920

Other Postretirement Benefits

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

	Fiscal quarter ended October 1, 2022				Fiscal quarter ended October 2, 2021
	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
Service cost	$	10	$	57	$	25	$	70
Interest cost		45		13		41		10
Amortization of losses		86		20		13		29
Net periodic benefit cost	$	141	$	90	$	79	$	109

The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 1, 2022 and October 2, 2021 for the Company’s other postretirement benefit plans:

	Nine fiscal months ended October 1, 2022				Nine fiscal months ended October 2, 2021
	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
Service cost	$	29	$	180	$	76	$	211
Interest cost		134		42		123		32
Amortization of losses		257		64		39		88
Net periodic benefit cost	$	420	$	286	$	238	$	331