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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 3 Months Ended
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Mar. 31, 2023
Retirement Benefits, Description [Abstract] |
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | PENSION PLANS Defined Benefit Pension Plans The following table is a consolidated disclosure of all domestic and foreign defined pension plans as described in the Corporation’s 2022 Annual Report on Form 10-K filed with the SEC. The components of net periodic pension cost/(benefit) were as follows:
| Three Months Ended
| March 31,
(In thousands) | 2023 |  | 2022
Service cost | $ | 4,127 |  |  | $ | 6,063 |
Interest cost | 8,790 |  |  | 5,288 |
Expected return on plan assets | (15,820) |  |  | (13,857) |
Amortization of prior service cost | (33) |  |  | (86) |
Amortization of unrecognized actuarial loss | 77 |  |  | 4,006 |
Cost of settlements | — |  |  | 1,842 |
Net periodic pension cost/(benefit) | $ | (2,859) |  |  | $ | 3,256 |
The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the three months ended March 31, 2023, and does not expect to do so throughout the remainder of the year. Contributions to the foreign benefit plans are not expected to be material in 2023. During the three months ended March 31, 2022, the Company recognized a settlement charge related to the retirement of a former executive. The settlement charge represents an event that is accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans. Defined Contribution Retirement Plan The Company also maintains a defined contribution plan for all non-union employees who are not currently receiving final or career average pay benefits for its U.S. subsidiaries. The employer contributions include both employer match and non-elective contribution components up to a maximum employer contribution o f 7% of eligible compensation. During the three months ended March 31, 2023 and 2022, the expense relating to the plan was $6.1 million and $5.7 million, respectively.

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