Retirement Plans

3 Months Ended

Mar. 31, 2020

Retirement Benefits [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
	March 31,		March 31,
	2020		2019
Net pension expense	$	664	$	250

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
	March 31,			March 31,			March 31,			March 31,
	2020			2019			2020			2019
Service cost	$	—		$	—		$	7		$	9
Interest cost	1,443			1,931			7			7
Expected return on plan assets(1)	(2,454		)	(3,047		)	(4		)	(4		)
Amortization of loss	1,622			1,312			43			42
Total expense, net	$	611		$	196		$	53		$	54

 

(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 plans at management's discretion, subject to certain conditions. Management has not yet made a final decision on whether to pursue a plan termination and the potential timing thereof.

Other Post-retirement Benefit Plan

Net post-retirement expense for our other post-retirement plan includes the following components:

	Three Months Ended
	March 31,			March 31,
	2020			2019
Service cost	$	—		$	—
Interest cost	30			42
Amortization of gain	(21		)	(41		)
Total expense, net	$	9		$	1