Retirement Plans

9 Months Ended

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