Pensions and Other Postretirement Benefits

3 Months Ended

Mar. 30, 2024

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 2024 and 2023 for the Company’s defined benefit pension plans:

	Fiscal quarter ended March 30, 2024						Fiscal quarter ended April 1, 2023
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Net service cost	$	-		$	790		$	-		$	724
Interest cost		381			1,686			499			1,695
Expected return on plan assets		-			(596	)		-			(570	)
Amortization of prior service cost		16			57			36			55
Amortization of losses (gains)		(108	)		457			(30	)		86
Curtailment and settlement losses		-			105			-			107
Net periodic benefit cost	$	289		$	2,499		$	505		$	2,097

Other Postretirement Benefits

The following table shows the components of the net periodic benefit cost for the first fiscal quarters of 2024 and 2023 for the Company’s other postretirement benefit plans:

	Fiscal quarter ended March 30, 2024							Fiscal quarter ended April 1, 2023
	U.S. Plans				Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Service cost		$	5			$	60		$	5		$	34
Interest cost			53				61			56			31
Amortization of losses (gains)			(60	)			21			(80)			3
Net periodic benefit cost		$	(2	)		$	142		$	(19)		$	68