Pensions and Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Pensions and Other Postretirement Benefit Plans

Pensions and Other Postretirement Benefit Plans

The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing these benefits during the active service period of the employees.

The composition of the net periodic benefit cost for the six months ended June 30, 2021 and 2020, was as follows:

	Pension plans				Other postretirement benefits
(in thousands)	2021		2020		2021		2020
Components of net periodic benefit cost:
Service cost	$	1,090	$	1,148	$	66	$	100
Interest cost	2,674		3,071		551		857
Expected return on assets	(3,211)		(3,415)		—		—
Settlement	—		145		—		—
Curtailment	—		233		—		—
Amortization of prior service cost/(credit)	7		16		(2,244)		(2,244)
Amortization of net actuarial loss	1,087		1,180		1,130		1,296
Net periodic benefit cost	$	1,647	$	2,378	$	(497)	$	9

The amount of net periodic benefit cost is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. There were no such events in the first six months of 2021. In the second quarter of 2020, the Company recorded expense of $0.4 million related to curtailments and settlements.

Service cost for defined benefit pension and postretirement plans are reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are included in the line item Other (income)/expense, net in the Consolidated Statements of Income.