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Retirement Benefits | 6 Months Ended
--- | ---
Jun. 30, 2020
Retirement Benefits [Abstract] |
Retirement Benefits | Retirement Benefits The Company sponsors several qualified and nonqualified defined benefit and defined contribution pension plans and other postretirement plans for its employees. The following tables provide the components of net periodic benefit cost for its major defined benefit plans and its other postretirement plans.
| Pension Benefits |  |  |  |  |  |
| Three Months Ended June 30, |  |  |  |  |  |
| 2020 |  |  |  | 2019 |  |
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Service cost | $ | 35 |  |  | $ | 541 |  |  | $ | 209 |  |  | $ | 460 |
Interest cost | 190 |  |  | 263 |  |  | 764 |  |  | 361 |
Expected return on plan assets | (978) |  |  | (291) |  |  | (801) |  |  | (262) |
Net amortization | (159) |  |  | 426 |  |  | 486 |  |  | 280 |
Net periodic benefit cost | $ | (912) |  |  | $ | 939 |  |  | $ | 658 |  |  | $ | 839 |
| Pension Benefits |  |  |  |  |  |
| Six Months Ended June 30, |  |  |  |  |  |
| 2020 |  |  |  | 2019 |  |
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Service cost | $ | 69 |  |  | $ | 1,081 |  |  | $ | 417 |  |  | $ | 924 |
Interest cost | 651 |  |  | 526 |  |  | 1,528 |  |  | 726 |
Expected return on plan assets | (1,877) |  |  | (582) |  |  | (1,602) |  |  | (526) |
Net amortization and settlement effect | 585 |  |  | 852 |  |  | 973 |  |  | 564 |
Net periodic benefit cost | $ | (572) |  |  | $ | 1,877 |  |  | $ | 1,316 |  |  | $ | 1,688 |
| Other Postretirement Benefits |  |  |  |  |  |
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Service cost | $ | 154 |  |  | $ | 140 |  |  | $ | 309 |  |  | $ | 280 |
Interest cost | 157 |  |  | 212 |  |  | 313 |  |  | 424 |
Net amortization | (136) |  |  | (158) |  |  | (272) |  |  | (317) |
Net periodic benefit cost | $ | 175 |  |  | $ | 194 |  |  | $ | 350 |  |  | $ | 387 |
The Company expects to contribute approximately $3.0 million to its defined benefit plans and $1.1 million to its other postretirement benefit plans in 2020. During the first six months of 2020, the Company contributed a total of $0.1 million to fund these plans. Effective September 30, 2019, the IDEX Corporation Retirement Plan (“Plan”), a U.S. defined benefit plan, was amended to freeze the accrual of retirement benefits for all participants. This action impacted fewer than 60 participants, as the Plan had been closed to new entrants as of December 31, 2004 and frozen as of December 31, 2005 for all but certain older, longer service participants. Subsequent to the freeze, termination of the Plan was approved in November 2019. Participants were notified in February 2020 and the Plan was terminated in May 2020. As a result of the termination, the settlement threshold was reached during the first half of 2020 and the Company recorded a charge of $0.4 million to Other (income) expense - net in the Condensed Consolidated Statements of Operations for the six months ended June 30, 2020. The settlement also triggered the remeasurement of net periodic benefit cost resulting in a reduction of $0.6 million to Other (income) expense - net in the Condensed Consolidated Statements of Operations for the six months ended June 30, 2020 as a result of significant decreases in discount rates and strong asset performance in the first half of 2020. As of June 30, 2020, the Plan’s funded status is 108%, with assets valued at $94.8 million and liabilities of $87.6 million.

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