Pensions and Other Postretirement Benefits

3 Months Ended

Apr. 01, 2023

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 2023 and 2022 for the Company’s defined benefit pension plans:

	Fiscal quarter ended April 1, 2023						Fiscal quarter ended April 2, 2022
	U.S. Plans			Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-		$	724		$	-	$	1,117
Interest cost		499			1,695			280		852
Expected return on plan assets		-			(570	)		-		(460	)
Amortization of prior service cost		36			55			36		56
Amortization of losses (gains)		(30	)		86			427		1,271
Curtailment and settlement losses		-			107			-		279
Net periodic benefit cost	$	505		$	2,097		$	743	$	3,115

Other Postretirement Benefits

The following table shows the components of the net periodic benefit cost for the first fiscal quarters of 2023 and 2022 for the Company’s other postretirement benefit plans:

	Fiscal quarter ended April 1, 2023							Fiscal quarter ended April 2, 2022
	U.S. Plans				Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Service cost		$	5			$	34		$	10		$	63
Interest cost			56				31			45			15
Amortization of losses (gains)			(80	)			3			86			23
Net periodic benefit cost		$	(19	)		$	68		$	141		$	101