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Pensions and Other Postretirement Benefits | 6 Months Ended
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Jun. 29, 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 second fiscal quarters of 2024 and 2023 for the Company’s defined benefit pension plans:
|  | Fiscal quarter ended June 29, 2024 |  |  | Fiscal quarter ended July 1, 2023 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Net service cost |  | $ | - |  |  | $ | 776 |  |  | $ | - |  |  | $ | 723 |
Interest cost |  |  | 382 |  |  |  | 1,664 |  |  |  | 500 |  |  |  | 1,711 |
Expected return on plan assets |  |  | - |  |  |  | (582 | ) |  |  | - |  |  |  | (570 | )
Amortization of prior service cost |  |  | 17 |  |  |  | 57 |  |  |  | 36 |  |  |  | 56 |
Amortization of losses (gains) |  |  | (109 | ) |  |  | 453 |  |  |  | (30 | ) |  |  | 87 |
Curtailment and settlement losses |  |  | - |  |  |  | 101 |  |  |  | - |  |  |  | 106 |
Net periodic benefit cost |  | $ | 290 |  |  | $ | 2,469 |  |  | $ | 506 |  |  | $ | 2,113 |
The following table shows the components of the net periodic pension cost for the six fiscal months ended June 29, 2024 and July 1, 2023 for the Company’s defined benefit pension plans:
|  | Six fiscal months ended June 29, 2024 |  |  | Six fiscal months ended July 1, 2023 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Net service cost |  | $ | - |  |  | $ | 1,566 |  |  | $ | - |  |  | $ | 1,447 |
Interest cost |  |  | 763 |  |  |  | 3,350 |  |  |  | 999 |  |  |  | 3,406 |
Expected return on plan assets |  |  | - |  |  |  | (1,178 | ) |  |  | - |  |  |  | (1,140 | )
Amortization of prior service cost |  |  | 33 |  |  |  | 114 |  |  |  | 72 |  |  |  | 111 |
Amortization of losses (gains) |  |  | (217 | ) |  |  | 910 |  |  |  | (60 | ) |  |  | 173 |
Curtailment and settlement losses |  |  | - |  |  |  | 206 |  |  |  | - |  |  |  | 213 |
Net periodic benefit cost |  | $ | 579 |  |  | $ | 4,968 |  |  | $ | 1,011 |  |  | $ | 4,210 |
Other Postretirement Benefits The following table shows the components of the net periodic benefit cost for the second fiscal quarters of 2024 and 2023 for the Company’s other postretirement benefit plans:
| Fiscal quarter ended June 29, 2024 |  | Fiscal quarter ended July 1, 2023 |
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |
Service cost |  | $ | 5 |  |  | $ | 60 |  |  | $ | 6 |  |  | $ | 34 |
Interest cost |  |  | 52 |  |  |  | 61 |  |  |  | 56 |  |  |  | 31 |
Amortization of losses (gains) |  |  | (60 | ) |  |  | 20 |  |  |  | (81 | ) |  |  | 4 |
Net periodic benefit cost |  | $ | (3 | ) |  | $ | 141 |  |  | $ | (19 | ) |  | $ | 69 |
The following table shows the components of the net periodic pension cost for the six fiscal months ended June 29, 2024 and July 1, 2023 for the Company’s other postretirement benefit plans:
| Six fiscal months ended June 29, 2024 |  | Six fiscal months ended July 1, 2023 |
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |
Service cost |  | $ | 10 |  |  | $ | 120 |  |  | $ | 11 |  |  | $ | 68 |
Interest cost |  |  | 105 |  |  |  | 122 |  |  |  | 112 |  |  |  | 62 |
Amortization of losses (gains) |  |  | (120 | ) |  |  | 41 |  |  |  | (161 | ) |  |  | 7 |
Net periodic benefit cost |  | $ | (5 | ) |  | $ | 283 |  |  | $ | (38 | ) |  | $ | 137 |

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