XML 35 R25.htm IDEA: XBRL DOCUMENT v3.22.2
Defined Benefit Plans
6 Months Ended
Jun. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Defined Benefit Plans Defined Benefit Plans
Net periodic pension benefit costs for the Company's defined benefit pension plans cover certain foreign employees, union hourly employees and salaried employees. The components of net periodic pension cost are as follows (dollars in thousands):
 Pension Plans
 Three months ended
June 30,
Six months ended
June 30,
 2022202120222021
Service costs$160 $320 $360 $650 
Interest costs230 200 460 400 
Expected return on plan assets(420)(390)(830)(780)
Settlement/curtailment loss— — 150 — 
Amortization of net loss150 230 290 460 
Net periodic benefit cost$120 $360 $430 $730 
The service cost component of net periodic benefit cost is recorded in cost of goods sold and selling, general and administrative expenses, while non-service cost components are recorded in other income (expense), net in the accompanying consolidated statement of income.
During the six months ended June 30, 2022, the Company recorded a non-cash curtailment expense of approximately $0.2 million, as it transitioned certain active employees previously participating in a defined benefit plan in the United Kingdom to a defined contribution plan, thereby eliminating future service cost accruals for all employees under this defined benefit plan.
The Company contributed approximately $0.5 million and $0.8 million to its defined benefit pension plans during the three and six months ended June 30, 2022, respectively. The Company expects to contribute approximately $1.7 million to its defined benefit pension plans for the full year 2022.