Employee Benefit Plans

9 Months Ended

Sep. 30, 2022

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Employee Benefit Plans

14. 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
	2022		2021		2022		2021		2022		2021		2022		2021
Service cost	$	1,426	$	1,784	$	1,139	$	1,398	$	4,278	$	5,351	$	3,533	$	4,238
Interest cost	3,436		3,401		799		674		10,309		10,204		2,529		2,036
Expected return on plan assets	(7,276)		(7,245)		(1,748)		(1,793)		(21,828)		(21,735)		(5,454)		(5,412)
Amortization:
Prior service cost (credit)	27		53		(131)		(163)		82		159		(395)		(494)
Recognized actuarial loss	575		2,503		411		979		1,725		7,509		1,305		2,968
Net periodic (income) expense	$	(1,812)	$	496	$	470	$	1,095	$	(5,434)	$	1,488	$	1,518	$	3,336

Non-Qualified Supplemental Benefits

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Service cost	$	356	$	390	$	1,069	$	1,171
Interest cost	304		308		912		924
Amortization:
Prior service cost	372		383		1,117		1,148
Recognized actuarial gain	(504)		(418)		(1,512)		(1,254)
Net periodic expense	$	528	$	663	$	1,586	$	1,989

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 $14,044 and $15,001 for the three months ended September 30, 2022 and 2021, respectively, and $46,301 and $46,114 for the nine months ended September 30, 2022 and 2021, respectively.