Pension and Other Post-Retirement Benefit Plans

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Pension and Other Post-Retirement Benefit Plans

Pension and Other Post-Retirement Benefit Plans

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

	U.S. Pension and Other Post-Retirement Benefit Plans				Non-U.S. Pension Plan
	Three Months Ended September 30,				Three Months Ended September 30,
	2022		2021		2022		2021
Interest cost	$	193	$	207	$	187	$	160
Expected return on plan assets	(208)		(553)		(244)		(251)
Amortization of prior service cost 1	1,118		2		11		12
Recognized actuarial loss	82		70		142		239
Net (benefit) cost	$	1,185	$	(274)	$	96	$	160

	U.S. Pension and Other Post-Retirement Benefit Plans				Non-U.S. Pension Plan
	Nine months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Interest cost	$	581	$	621	$	602	$	483
Expected return on plan assets	(623)		(1,659)		(777)		(755)
Amortization of prior service cost 1	1,122		6		37		40
Recognized actuarial loss	247		210		459		721
Net (benefit) cost	$	1,327	$	(822)	$	321	$	489

1.Includes $1.1 million non-cash settlement charge.

Net periodic (benefit) cost components, not inclusive of service costs, are recognized in other expense (income) within the Condensed Consolidated Statements of Operations.

During the year ended December 31, 2021, the Audit Committee of the Board of Directors approved amendments to the U.S. Pension Plan to terminate the plan. The plan participants were notified of the Company's intention to terminate the plan effective December 31, 2021 and settle plan liabilities through either lump sum distributions to plan participants or annuity contracts that cover vested benefits.

During the nine months ended September 30, 2022, the Company partially settled the U.S. Pension Plan liabilities. Payouts totaling $4.4 million were made out of plan assets and, as reflected in amortization of prior service cost in the table above, resulted in a non-cash settlement charge of $1.1 million, which was recorded in other expense in the Condensed Consolidated Statements of Income.

On October 3, 2022, the Company settled the remaining U.S. Pension Plan liabilities through purchase of an annuity contract. The contract totaling $25.2 million was paid out of plan assets and is expected to result in an $8.1 million non-cash settlement charge, which will be recognized in the three months ending December 31, 2022.