Pensions and Other Postretirement Benefits

6 Months Ended

Jul. 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 second fiscal quarters of 2023 and 2022 for the Company’s defined benefit pension plans:

	Fiscal quarter ended July 1, 2023						Fiscal quarter ended July 2, 2022
	U.S. Plans			Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-		$	723		$	-	$	1,068
Interest cost		500			1,711			281		813
Expected return on plan assets		-			(570	)		-		(440	)
Amortization of prior service cost		36			56			36		53
Amortization of losses (gains)		(30	)		87			426		1,205
Curtailment and settlement losses		-			106			-		265
Net periodic benefit cost	$	506		$	2,113		$	743	$	2,964

The following table shows the components of the net periodic pension cost for the six fiscal months ended July 1, 2023 and July 2, 2022 for the Company’s defined benefit pension plans:

	Six fiscal months ended July 1, 2023						Six fiscal months ended July 2, 2022
	U.S. Plans			Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-		$	1,447		$	-	$	2,185
Interest cost		999			3,406			561		1,665
Expected return on plan assets		-			(1,140	)		-		(900	)
Amortization of prior service cost		72			111			72		109
Amortization of losses (gains)		(60	)		173			853		2,476
Curtailment and settlement losses		-			213			-		544
Net periodic benefit cost	$	1,011		$	4,210		$	1,486	$	6,079

Other Postretirement Benefits

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

	Fiscal quarter ended July 1, 2023							Fiscal quarter ended July 2, 2022
	U.S. Plans				Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Service cost		$	6			$	34		$	9		$	60
Interest cost			56				31			44			14
Amortization of losses (gains)			(81	)			4			85			21
Net periodic benefit cost		$	(19	)		$	69		$	138		$	95

The following table shows the components of the net periodic pension cost for the six fiscal months ended July 1, 2023 and July 2, 2022 for the Company’s other postretirement benefit plans:

	Six fiscal months ended July 1, 2023							Six fiscal months ended July 2, 2022
	U.S. Plans				Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Service cost		$	11			$	68		$	19		$	123
Interest cost			112				62			89			29
Amortization of losses (gains)			(161	)			7			171			44
Net periodic benefit cost		$	(38	)		$	137		$	279		$	196