Employee Benefit Plans

6 Months Ended

Jun. 30, 2020

Defined Benefit Plan [Abstract]

Employee Benefit Plans

15. Employee Benefit Plans

Retirement Plans

The Company sponsors qualified defined benefit pension plans covering certain employees of the Company and its subsidiaries, although the U.S. qualified and non-qualified defined benefit plans are closed to new entrants. The plans’ benefits are generally based on years of service and employee compensation. The Company also provides to certain management employees, through non-qualified plans, supplemental retirement benefits in excess of qualified plan limits imposed by federal tax law.

The tables below set forth the components of the Company’s net periodic (income) expense relating to retirement benefit plans. The service cost component is recognized within selling, general and administrative expenses and cost of goods and services, depending on the functional area of the underlying employees included in the plans, and the non-operating components of pension costs are included within other income, net in the Condensed Consolidated Statements of Earnings.

Qualified Defined Benefits

	Three Months Ended June 30,								Six Months Ended June 30,
	U.S. Plan				Non-U.S. Plans				U.S. Plan				Non-U.S. Plans
	2020		2019		2020		2019		2020		2019		2020		2019
Service cost	$	1,706	$	1,754	$	1,295	$	1,291	$	3,412	$	3,508	$	2,588	$	2,836
Interest cost	4,068		4,756		796		1,207		8,136		9,513		1,621		2,448
Expected return on plan assets	(7,869)		(8,534)		(1,637)		(1,608)		(15,738)		(17,068)		(3,314)		(3,126)
Amortization:
Prior service cost (credit)	57		76		(120)		(138)		114		151		(239)		(196)
Recognized actuarial loss	1,884		—		735		708		3,768		—		1,476		1,525
Net periodic (income) expense	$	(154)	$	(1,948)	$	1,069	$	1,460	$	(308)	$	(3,896)	$	2,132	$	3,487

Non-Qualified Supplemental Benefits

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Service cost	$	318	$	486	$	636	$	971
Interest cost	442		668		883		1,335
Amortization:
Prior service cost	424		703		848		1,406
Recognized actuarial gain	(465)		(570)		(929)		(1,140)
Net periodic expense	$	719	$	1,287	$	1,438	$	2,572

Post-Retirement Benefit Plans

The Company also maintains post-retirement benefit plans, although these plans are closed to new entrants. The supplemental and post-retirement benefit plans are supported by the general assets of the Company. The following table sets forth the components of the Company’s net periodic expense relating to its post-retirement benefit plans:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Service cost	$	5	$	5	$	10	$	10
Interest cost	61		78		121		156
Amortization:
Prior service cost	4		3		7		7
Recognized actuarial gain	(4)		(16)		(8)		(35)
Net periodic expense	$	66	$	70	$	130	$	138

The total amount amortized out of accumulated other comprehensive earnings into net periodic pension and post-retirement expense totaled $2,515 and $766 for the three months ended June 30, 2020 and 2019, respectively, and $5,037 and $1,718 for the six months ended June 30, 2020 and 2019, respectively.

Defined Contribution Retirement Plans

The Company also offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. The Company’s expense relating to defined contribution plans was $12,493, and $13,247 for the three months ended June 30, 2020 and 2019, respectively, and $26,541 and $26,153 for the six months ended June 30, 2020 and 2019.