Post-retirement Plan

6 Months Ended

Jun. 30, 2020

Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]

Post-retirement Plans

Post-retirement Plans

PCLI has union and non-union pension plans which are closed to new entrants. In addition, Sonneborn employees in the Netherlands have a defined benefit pension plan which was frozen and all plan participants became inactive in 2016. Our net periodic pension expense consisted of the following components:

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
	(In thousands)
Service cost - benefit earned during the period	$	1,072		$	1,198		$	2,200		$	2,397
Interest cost on projected benefit obligations	413			440			856			877
Expected return on plan assets	(976		)	(811		)	(2,009		)	(1,621		)
Amortization of loss	—			830			—			1,660
Net periodic pension expense	$	509		$	1,657		$	1,047		$	3,313

The expected long-term annual rates of return on plan assets are 5.75% and 1.50% for the PCLI and Sonneborn plans, respectively. These rates were used in measuring 2020 net periodic benefit costs.

We have post-retirement healthcare and other benefits that are available to certain of our employees who satisfy certain age and service requirements. The net periodic benefit credit of our post-retirement healthcare and other benefits plans consisted of the following components

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
	(In thousands)
Service cost – benefit earned during the period	$	446		$	386		$	899		$	771
Interest cost on projected benefit obligations	233			266			471			531
Amortization of prior service credit	(870		)	(870		)	(1,741		)	(1,741		)
Amortization of (gain) loss	12			(22		)	25			(44		)
Net periodic post-retirement credit	$	(179	)	$	(240	)	$	(346	)	$	(483	)

The components, other than service cost, of our net periodic pension expense and net periodic post-retirement credit are recorded in Other, net in our consolidated statements of income.