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Pension Plans | 3 Months Ended
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Mar. 31, 2021
Retirement Benefits [Abstract] |
Pension Plans | PENSION PLANSThe acquisition of Polyplastic in January 2020 included the assumption of two partially-funded defined benefit pension plans (the "Dutch pension plans") based in the Netherlands. The Dutch pension plans, which are qualified defined benefit pension plans, provide benefits based on years of service and average pay. The benefits earned by the employees are immediately vested. The Company funds the future obligations of the Dutch pension plans by purchasing an insurance contract from a large multi-national insurance company. Each year, the Company makes premium payments to the insurance company (1) to provide for the benefit obligation of the current year of service based on each employee's age, gender, and current salary, and (2) for indexations for both active and post-active participants. The Company determines the fair value of the plan assets with the assistance of an actuary using unobservable inputs (Level 3), which is determined as the present value of the accrued benefits guaranteed by the insurer. The components of net periodic pension cost for the Dutch pension plans were as follows:
| Three Months Ended March 31,
(In thousands) | 2021 |  | 2020
Net service cost | $ | (1,109) |  |  | $ | (270) |
Interest cost | (166) |  |  | (81) |
Expected return on plan assets | 108 |  |  | 50 |
Administrative charges | (71) |  |  | (22) |
Net periodic pension cost | $ | (1,238) |  |  | $ | (323) |

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- Definition The entire disclosure for defined benefit plan. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2235042 + Details
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