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RETIREMENT AND DEFERRED COMPENSATION PLANS
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
RETIREMENT AND DEFERRED COMPENSATION PLANS RETIREMENT AND DEFERRED COMPENSATION PLANS
We have various noncontributory retirement plans covering certain of our domestic and foreign employees. Benefits under our retirement plans are based on participants’ years of service and annual compensation as defined by each plan. Annual cash contributions to fund pension costs accrued under our domestic plans are generally at least equal to the minimum funding amounts required by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Certain pension commitments under our foreign plans are also funded according to local requirements or at our discretion.
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 PlansForeign Plans
Three Months Ended June 30,2024202320242023
Service cost$2,366 $2,410 $1,603 $1,487 
Interest cost2,252 2,157 867 917 
Expected return on plan assets(3,130)(3,095)(558)(589)
Amortization of net loss— — 257 229 
Amortization of prior service cost— — 26 45 
Net periodic benefit cost$1,488 $1,472 $2,195 $2,089 
Domestic PlansForeign Plans
Six Months Ended June 30,2024202320242023
Service cost$4,731 $4,819 $3,233 $2,957 
Interest cost4,484 4,315 1,742 1,820 
Expected return on plan assets(6,231)(6,189)(1,122)(1,169)
Amortization of net loss— — 516 457 
Amortization of prior service cost— — 54 88 
Net periodic benefit cost$2,984 $2,945 $4,423 $4,153 
The components of net periodic benefit cost, other than the service cost component, are included in the line miscellaneous income (expense), net in the Condensed Consolidated Statements of Income.
Employer Contributions
We currently have no minimum funding requirements for our domestic and foreign plans. There were no contributions to our domestic defined benefit plans during the six months ended June 30, 2024 and we do not expect significant payments during the rest of 2024. We contributed $0.7 million to our foreign defined benefit plans during the six months ended June 30, 2024 and do not expect additional significant contributions during the rest of 2024.