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RETIREMENT AND DEFERRED COMPENSATION PLANS | 6 Months Ended
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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 Plans |  | Foreign Plans
Three Months Ended June 30, | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | 2,366 |  |  | $ | 2,410 |  |  | $ | 1,603 |  |  | $ | 1,487 |
Interest cost | 2,252 |  |  | 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 Plans |  | Foreign Plans
Six Months Ended June 30, | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | 4,731 |  |  | $ | 4,819 |  |  | $ | 3,233 |  |  | $ | 2,957 |
Interest cost | 4,484 |  |  | 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.

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