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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 6 Months Ended
Jun. 30, 2021
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 2020 Annual Report on Form 10-K.  

The components of net periodic pension cost for the three and six months ended June 30, 2021 and 2020 were as follows:

Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2021202020212020
Service cost$7,120 $6,611 $13,990 $13,222 
Interest cost4,511 6,058 8,817 12,116 
Expected return on plan assets(15,191)(16,896)(30,371)(33,792)
Amortization of prior service cost(369)(71)(432)(142)
Amortization of unrecognized actuarial loss7,574 5,750 14,717 11,499 
Cost of settlements3,075 — 3,075 — 
Net periodic pension cost$6,720 $1,452 $9,796 $2,903 

The Corporation does not expect to make any contributions to the Curtiss-Wright Pension Plan in 2021. Contributions to the foreign benefit plans are not expected to be material in 2021. During the six months ended June 30, 2020, the Corporation made a $150 million voluntary contribution to the Curtiss-Wright Pension Plan.

During the three and six months ended June 30, 2021, the Company recognized a settlement charge related to the retirement of a former executive. The settlement charge represents an event that is accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans.

Defined Contribution Retirement Plan

The Company also maintains a defined contribution plan for all non-union employees who are not currently receiving final or career average pay benefits for its U.S. subsidiaries. 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 and six months ended June 30, 2021, the expense relating to the plan was $4.3 million and $9.6 million, respectively. During the three and six months ended June 30, 2020, the expense relating to the plan was $4.3 million and $10.3 million, respectively. The
Corporation made $13.9 million in contributions to the plan during the six months ended June 30, 2021, and expects to make total contributions of $19.0 million in 2021.