Pensions and Other Postretirement Benefits

9 Months Ended

Sep. 30, 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 third fiscal quarters of 2023 and 2022 for the Company’s defined benefit pension plans:

	Fiscal quarter ended September 30, 2023						Fiscal quarter ended October 1, 2022
	U.S. Plans			Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-		$	717		$	-	$	1,010
Interest cost		499			1,708			280		768
Expected return on plan assets		-			(568	)		-		(418	)
Amortization of prior service cost		36			56			36		50
Amortization of losses (gains)		(30	)		575			427		1,140
Curtailment and settlement losses		-			102			-		257
Net periodic benefit cost	$	505		$	2,590		$	743	$	2,807

The following table shows the components of the net periodic pension cost for the nine fiscal months ended September 30, 2023 and October 1, 2022 for the Company’s defined benefit pension plans:

	Nine fiscal months ended September 30, 2023						Nine fiscal months ended October 1, 2022
	U.S. Plans			Non-U.S. Plans			U.S. Plans		Non-U.S. Plans
Net service cost	$	-		$	2,164		$	-	$	3,195
Interest cost		1,498			5,114			841		2,433
Expected return on plan assets		-			(1,708	)		-		(1,318	)
Amortization of prior service cost		108			167			108		159
Amortization of losses (gains)		(90	)		748			1,280		3,616
Curtailment and settlement losses		-			315			-		801
Net periodic benefit cost	$	1,516		$	6,800		$	2,229	$	8,886

Other Postretirement Benefits

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

	Fiscal quarter ended September 30, 2023							Fiscal quarter ended October 1, 2022
	U.S. Plans				Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Service cost		$	5			$	34		$	10		$	57
Interest cost			56				32			45			13
Amortization of losses (gains)			(80	)			3			86			20
Net periodic benefit cost		$	(19	)		$	69		$	141		$	90

The following table shows the components of the net periodic pension cost for the nine fiscal months ended September 30, 2023 and October 1, 2022 for the Company’s other postretirement benefit plans:

	Nine fiscal months ended September 30, 2023							Nine fiscal months ended October 1, 2022
	U.S. Plans				Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Service cost		$	16			$	102		$	29		$	180
Interest cost			168				94			134			42
Amortization of losses (gains)			(241	)			10			257			64
Net periodic benefit cost		$	(57	)		$	206		$	420		$	286