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Retirement Plans | 9 Months Ended
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Sep. 30, 2020
Compensation And Retirement Disclosure [Abstract] |
Retirement Plans | NOTE 6 – Retirement Plans Pension Plans Net pension expense for our domestic and foreign plans included in other income (expense) in the Condensed Consolidated Statement of Earnings is as follows:
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net pension expense |  | $ | 666 |  |  | $ | 250 |  |  | $ | 1,996 |  |  | $ | 749 |
The components of net pension expense for our domestic and foreign plans include the following:
|  | Domestic Pension Plans |  |  | Foreign Pension Plans |
|  | Three Months Ended |  |  | Three Months Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | 9 |
Interest cost |  |  | 1,443 |  |  |  | 1,931 |  |  |  | 6 |  |  |  | 8 |
Expected return on plan assets(1) |  |  | (2,454 | ) |  |  | (3,046 | ) |  |  | (3 | ) |  |  | (4 | )
Amortization of loss |  |  | 1,622 |  |  |  | 1,311 |  |  |  | 44 |  |  |  | 41 |
Total expense, net |  | $ | 611 |  |  | $ | 196 |  |  | $ | 55 |  |  | $ | 54 |
(1) | Expected return on plan assets is net of expected investment expenses and certain administrative expenses.
|  | Domestic Pension Plans |  |  | Foreign Pension Plans |
|  | Nine Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | 23 |  |  | $ | 27 |
Interest cost |  |  | 4,329 |  |  |  | 5,793 |  |  |  | 19 |  |  |  | 23 |
Expected return on plan assets(1) |  |  | (7,362 | ) |  |  | (9,140 | ) |  |  | (10 | ) |  |  | (13 | )
Amortization of loss |  |  | 4,866 |  |  |  | 3,934 |  |  |  | 131 |  |  |  | 125 |
Total expense, net |  | $ | 1,833 |  |  | $ | 587 |  |  | $ | 163 |  |  | $ | 162 |
(1) | Expected return on plan assets is net of expected investment expenses and certain administrative expenses.
In February 2020, the CTS Board of Directors authorized management to explore termination of our U.S. based pension plan ("Plan") at management's discretion, subject to certain conditions. On June 1, 2020, we entered the Fifth Amendment to the Plan whereby we set an effective termination date of July 31, 2020. The Plan termination process is expected to take twelve to eighteen months and requires certain approvals from both the Internal Revenue Service and Pension Benefit Guaranty Corporation. Once we receive such approvals, an insurance company will be selected to purchase annuities and fulfill the obligations of the Plan including administering payments to participants. Upon settlement of the pension liabilities, we will reclassify the related pension losses currently recorded in accumulated other comprehensive loss into earnings. We do not expect any cash contributions from the Company to the Plan as a result of this termination because plan assets exceed estimated liabilities. Other Post-retirement Benefit Plan Net post-retirement expense for our other post-retirement plan includes the following components:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Service cost |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Interest cost |  |  | 30 |  |  |  | 42 |  |  |  | 90 |  |  |  | 127 |
Amortization of gain |  |  | (20 | ) |  |  | (42 | ) |  |  | (64 | ) |  |  | (125 | )
Total expense, net |  | $ | 11 |  |  | $ | — |  |  | $ | 27 |  |  | $ | 3 |

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