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Pensions and Other Postretirement Benefit Plans
 9 Months Ended
Sep. 30, 2021
Retirement Benefits [Abstract]  
Pensions and Other Postretirement Benefit Plans Pensions and Other Postretirement Benefit Plans
The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing these benefits during the active service period of the employees.
The composition of the net periodic benefit cost for the nine months ended September 30, 2021 and 2020, was as follows:
Pension plans
Other postretirement benefits
(in thousands)
2021202020212020
Components of net periodic benefit cost:
Service cost
$1,630 $1,728 $99 $150 
Interest cost3,999 4,621 827 1,285 
Expected return on assets(4,802)(5,139)— — 
Settlement— 145 — — 
Curtailment— 233 — — 
Amortization of prior service cost/(credit)10 24 (3,366)(3,366)
Amortization of net actuarial loss1,625 1,776 1,695 1,944 
Net periodic benefit cost$2,462 $3,388 $(745)$13 

The amount of net periodic benefit cost is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. There were no such events in the first nine months of 2021.

On July 29, 2021, the Company notified the participants of the U.S. Pension Plus Plan (the "Plan") of its intent to terminate the Plan. In order to facilitate such termination, the Company has amended the Plan to, among other things, establish the termination date and set forth the procedures for termination. The Company also filed the necessary application with the Internal Revenue Service requesting the issuance of a determination letter regarding the Plan’s qualification status at termination. The Plan was terminated on September 30, 2021. This has not resulted in a curtailment or settlement charge during the nine month period ended September 30, 2021.
In the second quarter of 2020, the Company recorded expense of $0.4 million related to curtailments and settlements.
Service cost for defined benefit pension and postretirement plans are reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are included in the line item Other (income)/expense, net in the Consolidated Statements of Income.