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Pensions and Other Postretirement Benefits | 6 Months Ended
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Jul. 01, 2017
Pensions and Other Postretirement Benefits [Abstract] |
Pensions and Other Postretirement Benefits | Note 7 – Pensions and Other Postretirement Benefits The Company maintains various retirement benefit plans. Defined Benefit Pension Plans The following table shows the components of the net periodic pension cost for the second fiscal quarters of 2017 and 2016 for the Company's defined benefit pension plans:
|  | Fiscal quarter ended July 1, 2017 |  |  | Fiscal quarter ended July 2, 2016 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Net service cost |  | $ | - |  |  | $ | 925 |  |  | $ | - |  |  | $ | 791 |
Interest cost |  |  | 411 |  |  |  | 1,199 |  |  |  | 2,889 |  |  |  | 1,383 |
Expected return on plan assets |  |  | - |  |  |  | (518 | ) |  |  | (2,826 | ) |  |  | (542 | )
Amortization of prior service cost |  |  | 36 |  |  |  | 18 |  |  |  | 36 |  |  |  | 13 |
Amortization of losses |  |  | 83 |  |  |  | 1,523 |  |  |  | 1,651 |  |  |  | 1,201 |
Curtailment and settlement losses |  |  | - |  |  |  | 330 |  |  |  | - |  |  |  | 201 |
Net periodic benefit cost |  | $ | 530 |  |  | $ | 3,477 |  |  | $ | 1,750 |  |  | $ | 3,047 |
The following table shows the components of the net periodic pension cost for the six fiscal months ended July 1, 2017 and July 2, 2016 for the Company's defined benefit pension plans:
|  | Six fiscal months ended July 1, 2017 |  |  | Six fiscal months ended July 2, 2016 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Net service cost |  | $ | - |  |  | $ | 1,828 |  |  | $ | - |  |  | $ | 1,565 |
Interest cost |  |  | 821 |  |  |  | 2,366 |  |  |  | 5,889 |  |  |  | 2,736 |
Expected return on plan assets |  |  | - |  |  |  | (1,024 | ) |  |  | (5,651 | ) |  |  | (1,076 | )
Amortization of prior service cost |  |  | 72 |  |  |  | 36 |  |  |  | 72 |  |  |  | 25 |
Amortization of losses |  |  | 165 |  |  |  | 3,001 |  |  |  | 3,301 |  |  |  | 2,372 |
Curtailment and settlement losses |  |  | - |  |  |  | 652 |  |  |  | - |  |  |  | 396 |
Net periodic benefit cost |  | $ | 1,058 |  |  | $ | 6,859 |  |  | $ | 3,611 |  |  | $ | 6,018 |
Net periodic benefit cost in 2017 was significantly impacted by the termination and settlement of the Company's qualified U.S. pension plan in December 2016. The settlement resulted in the immediate recognition of previously unrecognized actuarial items related to the plan in 2016 that were recorded in accumulated other comprehensive income and were being amortized into net periodic pension cost. A final reconciliation of participant data subject to the settlement annuity contract was completed during the second fiscal quarter of 2017. The final annuity pricing adjustment and related items did not have a material impact on the Company's financial results. The Company contributed $4,409 to the Company's Taiwanese pension plans to improve the funded status of those plans in 2017. Other Postretirement Benefits The following table shows the components of the net periodic benefit cost for the second fiscal quarters of 2017 and 2016 for the Company's other postretirement benefit plans:
|  | Fiscal quarter ended July 1, 2017 |  |  | Fiscal quarter ended July 2, 2016 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Service cost |  | $ | 33 |  |  | $ | 67 |  |  | $ | 32 |  |  | $ | 68 |
Interest cost |  |  | 78 |  |  |  | 26 |  |  |  | 85 |  |  |  | 36 |
Amortization of prior service (credit) |  |  | (209 | ) |  |  | - |  |  |  | (209 | ) |  |  | - |
Amortization of losses (gains) |  |  | (23 | ) |  |  | 15 |  |  |  | (7 | ) |  |  | 17 |
Net periodic benefit cost |  | $ | (121 | ) |  | $ | 108 |  |  | $ | (99 | ) |  | $ | 121 |
The following table shows the components of the net periodic pension cost for the six fiscal months ended July 1, 2017 and July 2, 2016 for the Company's other postretirement benefit plans:
|  | Six fiscal months ended July 1, 2017 |  |  | Six fiscal months ended July 2, 2016 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Service cost |  | $ | 66 |  |  | $ | 131 |  |  | $ | 63 |  |  | $ | 135 |
Interest cost |  |  | 155 |  |  |  | 50 |  |  |  | 170 |  |  |  | 72 |
Amortization of prior service (credit) |  |  | (418 | ) |  |  | - |  |  |  | (418 | ) |  |  | - |
Amortization of losses (gains) |  |  | (46 | ) |  |  | 29 |  |  |  | (15 | ) |  |  | 34 |
Net periodic benefit cost |  | $ | (243 | ) |  | $ | 210 |  |  | $ | (200 | ) |  | $ | 241 |

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