Employee Benefit Plans

9 Months Ended

Sep. 30, 2020

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [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 September 30,								Nine Months Ended September 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	$	1,366	$	1,429	$	5,118	$	5,262	$	3,954	$	4,265
Interest cost	4,068		4,756		839		1,193		12,204		14,269		2,460		3,641
Expected return on plan assets	(7,869)		(8,534)		(1,719)		(1,538)		(23,607)		(25,602)		(5,033)		(4,664)
Amortization:
Prior service cost (credit)	57		76		(126)		(102)		170		227		(365)		(298)
Recognized actuarial loss	1,884		—		777		763		5,652		—		2,253		2,288
Net periodic (income) expense	$	(154)	$	(1,948)	$	1,137	$	1,745	$	(463)	$	(5,844)	$	3,269	$	5,232

Non-Qualified Supplemental Benefits

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Service cost	$	318	$	486	$	954	$	1,457
Interest cost	441		668		1,324		2,003
Amortization:
Prior service cost	424		703		1,271		2,109
Recognized actuarial gain	(464)		(570)		(1,393)		(1,710)
Net periodic expense	$	719	$	1,287	$	2,156	$	3,859

Post-Retirement Benefit Plans

The Company also maintains post-retirement benefit plans, although these plans are closed to new entrants. The 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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Service cost	$	5	$	5	$	15	$	15
Interest cost	60		78		181		234
Amortization:
Prior service cost	3		3		10		10
Recognized actuarial gain	(3)		(17)		(11)		(52)
Net periodic expense	$	65	$	69	$	195	$	207

The total amount amortized out of accumulated other comprehensive earnings into net periodic pension and post-retirement expense totaled $2,552 and $856 for the three months ended September 30, 2020 and 2019, respectively, and $7,587 and $2,574 for the nine months ended September 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 related expense 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. The Company’s expense relating to defined contribution plans was $12,530, and $12,188 for the three months ended September 30, 2020 and 2019, respectively, and $39,071 and $38,340 for the nine months ended September 30, 2020 and 2019.