Pension and Other Post-Retirement Benefit Plans

We sponsor two defined benefit pension plans and other post-retirement benefit plans that cover certain hourly and salaried employees in the United States and United Kingdom. Each of the defined benefit pension plans are frozen to new participants. We make contributions to the plans as required by local regulations.

During the six months ended June 30, 2019, the Company offered employees with deferred vested balances in the U.S. defined benefit pension plan the opportunity to voluntarily elect an early payout of their benefits. Payouts totaling $7.8 million were made during the three months ended June 30, 2019 and were paid out of plan assets resulting in a non-cash settlement charge of $2.5 million, which was recorded in interest and other expense in the Condensed Consolidated Statements of Income and is reflected in amortization of prior service cost in the table below.

The components of net periodic (benefit) cost related to pension and other post-retirement benefit plans is as follows:



	U.S. Pension Plans and Other Post-Retirement Benefit Plans						Non-U.S. Pension Plans
	Three Months Ended June 30,						Three Months Ended June 30,
	2019			2018			2019			2018
Interest cost	447			418			279			270
Expected return on plan assets	(573		)	(787		)	(280		)	(316		)
Amortization of prior service cost¹	2,496			2			12			—
Recognized actuarial loss	83			69			131			130
Net cost (benefit)	$	2,453		$	(298	)	$	142		$	84

¹Includes $2.5 million non-cash settlement charge.



	U.S. Pension Plans and Other Post-Retirement Benefit Plans						Non-U.S. Pension Plans
	Six Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Interest cost	894			836			563			556
Expected return on plan assets	(1,324		)	(1,574		)	(566		)	(650		)
Amortization of prior service cost¹	2,497			3			24			—
Recognized actuarial loss	165			138			269			267
Net cost (benefit)	$	2,232		$	(597	)	$	290		$	173

¹Includes $2.5 million non-cash settlement charge.

Net periodic cost (benefit) components, not inclusive of service costs, are recognized in interest and other expense in the Condensed Consolidated Statements of Income.

We expect to contribute approximately $1.7 million to our pension plans and our other post-retirement benefit plans in 2019. As of June 30, 2019, contributions totaling $1.2 million have been made.