RETIREMENT AND DEFERRED COMPENSATION PLANS

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

RETIREMENT AND DEFERRED COMPENSATION PLANS

RETIREMENT AND DEFERRED COMPENSATION PLANSEffective January 1, 2021, our domestic noncontributory retirement plans were amended to provide that no individual who became an employee after December 31, 2020 could become a participant and that no employee whose employment terminated and who was rehired after December 31, 2020 may accrue benefits under the plan with respect to the period of employment which begins on the date that reemployment commences. These employees will instead be eligible for additional contribution to their defined contribution 401(k) employee savings plan. All domestic employees with hire/rehire dates prior to January 1, 2021 will still be eligible for the domestic pension plans and will still continue to accrue plan benefits after this date.

Components of Net Periodic Benefit Cost:

	Domestic Plans				Foreign Plans
Three Months Ended June 30,	2021		2020		2021		2020
Service cost	$	3,941	$	3,562	$	2,071	$	1,767
Interest cost	1,604		1,536		208		340
Expected return on plan assets	(3,064)		(2,702)		(721)		(631)
Amortization of net loss	2,501		1,294		591		514
Amortization of prior service cost	—		—		44		95
Net periodic benefit cost	$	4,982	$	3,690	$	2,193	$	2,085

	Domestic Plans				Foreign Plans
Six Months Ended June 30,	2021		2020		2021		2020
Service cost	$	8,168	$	7,139	$	4,149	$	3,535
Interest cost	3,215		3,523		426		680
Expected return on plan assets	(6,137)		(6,124)		(1,444)		(1,265)
Amortization of net loss	5,004		2,842		1,180		1,028
Amortization of prior service cost	—		—		89		192
Net periodic benefit cost	$	10,250	$	7,380	$	4,400	$	4,170

The components of net periodic benefit cost, other than the service cost component, are included in the line Miscellaneous, net in the Condensed Consolidated Statements of Income.

EMPLOYER CONTRIBUTIONS

We currently have no minimum funding requirements for our domestic and foreign plans. We contributed $1.0 million to our ongoing domestic supplemental executive retirement plan (SERP) annuity contracts during the six months ended June 30, 2021 and we do not expect additional significant payments during 2021. We have contributed approximately $2.3 million to our foreign defined benefit plans during the six months ended June 30, 2021 and do not expect additional significant contributions during 2021.