PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

3 Months Ended

Mar. 31, 2024

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 2023 Annual Report on Form 10-K filed with the SEC.

The components of net periodic pension cost/(benefit) were as follows:

	Three Months Ended
	March 31,
(In thousands)	2024		2023
Service cost	$	4,282	$	4,127
Interest cost	8,593		8,790
Expected return on plan assets	(16,553)		(15,820)
Amortization of prior service cost	(8)		(33)
Amortization of unrecognized actuarial loss	266		77
Net periodic pension cost/(benefit)	$	(3,420)	$	(2,859)

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the three months ended March 31, 2024, and does not expect to do so throughout the remainder of the year. Contributions to the foreign benefit plans are not expected to be material in 2024.

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 months ended March 31, 2024 and 2023, the expense relating to the plan was $7.6 million and $6.1 million, respectively.