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Retirement Benefits | 6 Months Ended
--- | ---
Jun. 30, 2021
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,
| 2021 |  | 2020
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Service cost | $ | 37 |  |  | $ | 507 |  |  | $ | 35 |  |  | $ | 541 |
Interest cost | 102 |  |  | 183 |  |  | 190 |  |  | 263 |
Expected return on plan assets | (560) |  |  | (252) |  |  | (978) |  |  | (291) |
Settlement loss recognized | 10,448 |  |  | — |  |  | 75 |  |  | — |
Net amortization | 136 |  |  | 549 |  |  | (234) |  |  | 426 |
Net periodic (benefit) cost | $ | 10,163 |  |  | $ | 987 |  |  | $ | (912) |  |  | $ | 939 |
| Pension Benefits
| Six Months Ended June 30,
| 2021 |  | 2020
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Service cost | $ | 75 |  |  | $ | 1,015 |  |  | $ | 69 |  |  | $ | 1,081 |
Interest cost | 166 |  |  | 366 |  |  | 651 |  |  | 526 |
Expected return on plan assets | (776) |  |  | (505) |  |  | (1,877) |  |  | (582) |
Settlement loss recognized | 10,496 |  |  | — |  |  | 377 |  |  | — |
Net amortization | 225 |  |  | 1,097 |  |  | 208 |  |  | 852 |
Net periodic (benefit) cost | $ | 10,186 |  |  | $ | 1,973 |  |  | $ | (572) |  |  | $ | 1,877 |
| Other Postretirement Benefits
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Service cost | $ | 178 |  |  | $ | 154 |  |  | $ | 356 |  |  | $ | 309 |
Interest cost | 103 |  |  | 157 |  |  | 205 |  |  | 313 |
Net amortization | (170) |  |  | (136) |  |  | (339) |  |  | (272) |
Net periodic (benefit) cost | $ | 111 |  |  | $ | 175 |  |  | $ | 222 |  |  | $ | 350 |
The Company expects to contribute approximately $3.4 million to its defined benefit plans and $1.0 million to its other postretirement benefit plans in 2021. During the first six months of 2021, the Company contributed a total of $2.2 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. During the six months ended June 30, 2021, the Company settled its remaining obligations under the U.S. pension plan through a combination of lump-sum payments to eligible participants who elected them, and through the purchase of annuities from Legal and General, an A rated third-party insurer. The Company recognized a net loss of $9.7 million which was recorded within Other (income) expense - net. The net loss consisted of $10.7 million related to previously deferred pension related costs, partially offset by $1.0 million related to an increase in plan assets remaining after the settlement. The plan assets of $11.2 million remaining after the settlement were recorded as a current asset. These assets will be used to fund the Company’s other retirement benefit plans over the next twelve months.

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