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Pension Plans and Other Postretirement Benefits | 6 Months Ended
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Jun. 30, 2024
Retirement Benefits [Abstract] |
Pension Plans and Other Postretirement Benefits | Pension Plans and Other Postretirement Benefits The table below shows cash contributions made during the six months ended June 30, 2024, as well as the remaining cash contributions we expect to make during the year ending December 31, 2024, for our domestic and foreign pension plans and domestic postretirement benefit plan.
(in thousands) |  | Actual Cash Contributions for Six Months Ended June 30, 2024 |  | Expected Remaining Cash Contributions for Year Ending December 31, 2024
Domestic plans |  |  |  |
Pension benefits |  | $ | 2,373 |  |  | $ | 1,992 |
Postretirement benefits |  | 790 |  |  | 790 |
Foreign plans |  |  |  |
Pension benefits |  | 2,618 |  |  | 2,375 |
The tables below present information on net periodic benefit cost (income) for our domestic and foreign pension plans and domestic postretirement benefit plan. The service cost component of net periodic benefit cost (income) is reflected in cost of goods sold; selling, general, and administrative expenses; or research, development, and testing expenses, according to where other compensation costs arising from services rendered by the pertinent employee are recorded on the Consolidated Statements of Income. The remaining components of net periodic benefit cost (income) are recorded in other income (expense), net on the Consolidated Statements of Income.
|  | Domestic
|  | Pension Benefits |  | Postretirement Benefits
|  | Second Quarter Ended June 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost |  | $ | 3,062 |  |  | $ | 2,659 |  |  | $ | 134 |  |  | $ | 130 |
Interest cost |  | 5,927 |  |  | 4,536 |  |  | 418 |  |  | 391 |
Expected return on plan assets |  | (13,724) |  |  | (11,510) |  |  | (193) |  |  | (201) |
Amortization of prior service cost (credit) |  | 46 |  |  | 6 |  |  | (757) |  |  | (757) |
Amortization of actuarial net (gain) loss |  | (458) |  |  | (412) |  |  | (15) |  |  | (75) |
Net periodic benefit cost (income) |  | $ | (5,147) |  |  | $ | (4,721) |  |  | $ | (413) |  |  | $ | (512) |
|  | Domestic
|  | Pension Benefits |  | Postretirement Benefits
|  | Six Months Ended June 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost |  | $ | 6,078 |  |  | $ | 5,317 |  |  | $ | 269 |  |  | $ | 260 |
Interest cost |  | 11,649 |  |  | 9,072 |  |  | 836 |  |  | 782 |
Expected return on plan assets |  | (27,265) |  |  | (23,019) |  |  | (385) |  |  | (403) |
Amortization of prior service cost (credit) |  | 93 |  |  | 12 |  |  | (1,514) |  |  | (1,514) |
Amortization of actuarial net (gain) loss |  | (915) |  |  | (823) |  |  | (31) |  |  | (151) |
Net periodic benefit cost (income) |  | $ | (10,360) |  |  | $ | (9,441) |  |  | $ | (825) |  |  | $ | (1,026) |
|  | Foreign
|  | Pension Benefits
|  | Second Quarter Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost |  | $ | 1,075 |  |  | $ | 1,074 |  |  | $ | 2,162 |  |  | $ | 2,128 |
Interest cost |  | 1,608 |  |  | 1,577 |  |  | 3,226 |  |  | 3,121 |
Expected return on plan assets |  | (3,316) |  |  | (2,899) |  |  | (6,649) |  |  | (5,740) |
Amortization of prior service cost (credit) |  | 35 |  |  | 34 |  |  | 70 |  |  | 68 |
Amortization of actuarial net (gain) loss |  | (6) |  |  | (6) |  |  | (13) |  |  | (12) |
Net periodic benefit cost (income) |  | $ | (604) |  |  | $ | (220) |  |  | $ | (1,204) |  |  | $ | (435) |

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