PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

3 Months Ended

Mar. 31, 2020

Retirement Benefits, Description [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

PENSION PLANS

Defined Benefit Pension Plans

The following table is a consolidated disclosure of all domestic and foreign defined pension plans as described in the Corporation’s 2019 Annual Report on Form 10-K.  

The components of net periodic pension cost for the three months ended March 31, 2020 and 2019 were as follows:

	Three Months Ended
	March 31,
(In thousands)	2020		2019
Service cost	$	6,611	$	5,826
Interest cost	6,058		7,372
Expected return on plan assets	(16,896)		(14,884)
Amortization of prior service cost	(71)		(71)
Amortization of unrecognized actuarial loss	5,749		2,592
Net periodic pension cost	$	1,451	$	835

During three months ended March 31, 2020, the Corporation made a $150 million voluntary contribution to the Curtiss-Wright Pension Plan. The Corporation does not expect to make any further contributions to the Curtiss-Wright Pension Plan in 2020. Contributions to the foreign benefit plans are not expected to be material in 2020.

Defined Contribution Retirement Plan

Effective January 1, 2014, all non-union employees who were not currently receiving final or career average pay benefits became eligible to receive employer contributions in the Corporation’s sponsored 401(k) plan. The employer contributions include both employer match and non-elective contribution components up to a maximum employer contribution of 7% of eligible compensation. During the three months ended March 31, 2020 and 2019, the expense relating to the plan was $6.0 million and $5.4 million, respectively. The Corporation made $11.9 million in contributions to the plan during the three months ended March 31, 2020 and expects to make total contributions of $18.0 million in 2020.