RETIREMENT AND DEFERRED COMPENSATION PLANS

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

RETIREMENT AND DEFERRED COMPENSATION PLANS

RETIREMENT AND DEFERRED COMPENSATION PLANS

Effective January 1, 2021, our domestic noncontributory retirement plans were closed to new employees and employees who were rehired after December 31, 2020. These employees are instead 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 are still eligible for the domestic pension plans and continue to accrue plan benefits after this date.

Components of Net Periodic Benefit Cost:

	Domestic Plans				Foreign Plans
Three Months Ended March 31,	2022		2021		2022		2021
Service cost	$	3,945	$	4,227	$	1,970	$	2,078
Interest cost	1,742		1,611		373		218
Expected return on plan assets	(3,227)		(3,073)		(727)		(723)
Amortization of net loss	1,667		2,503		444		589
Amortization of prior service cost	—		—		38		45
Net periodic benefit cost	$	4,127	$	5,268	$	2,098	$	2,207

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 $15.2 million to our domestic defined benefit plans during the three months ended March 31, 2022 and we do not expect additional significant payments during 2022. We have contributed approximately $0.5 million to our foreign defined benefit plans during the three months ended March 31, 2022 and do not expect additional significant contributions during 2022.