Net Periodic Benefit Cost

3 Months Ended

Jun. 30, 2020

10. Net Periodic Benefit Cost

The following table sets forth the components of net periodic pension cost for the Company’s defined benefit pension plans (in thousands):


	Three Months Ended
	June 30, 2020		June 30, 2019
Service costs	$	261	$	267
Interest cost	3,115		3,699
Expected return on plan assets	(3,479)		(3,973)
Net amortization	881		569
Settlement	2,722		—
Net periodic pension (benefit) cost	$	3,500	$	562

During the quarter ended June 30, 2020, certain employees in one of the Company's U.S. pension plans accepted an offer to settle their pension obligation with a lump sum payment. These lump sum settlements are one of the steps the Company is taking to terminate the plan by transferring the liabilities to a third-party. As a result, the Company recorded a settlement charge in the amount $2,722,000 which was recorded in Other (income) expense, net on the Condensed Consolidated Statements of Operations. The Company expects to complete the plan termination during fiscal 2021, at which point the Company may record another settlement charge.

The Company currently plans to contribute approximately $5,010,000 to its pension plans in fiscal 2021.

The following table sets forth the components of net periodic postretirement benefit cost for the Company’s defined benefit postretirement plans (in thousands):


	Three Months Ended
	June 30, 2020		June 30, 2019
Interest cost	$	14	$	20
Amortization of plan net losses	(52)		(40)
Net periodic postretirement (benefit) cost	$	(38)	$	(20)

For additional information on the Company’s defined benefit pension and postretirement benefit plans, refer to the consolidated financial statements included in the 2020 10-K.