XML 29 R19.htm IDEA: XBRL DOCUMENT v3.21.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
3 Months Ended
Mar. 31, 2021
Retirement Benefits, Description [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS PENSION PLANSDefined Benefit Pension Plans
The following table is a consolidated disclosure of all domestic and foreign defined pension plans as described in the Corporation’s 2020 Annual Report on Form 10-K.  

The components of net periodic pension cost for the three months ended March 31, 2021 and 2020 were as follows:

Three Months Ended
March 31,
(In thousands)20212020
Service cost$6,870 $6,611 
Interest cost4,306 6,058 
Expected return on plan assets(15,180)(16,896)
Amortization of prior service cost(63)(71)
Amortization of unrecognized actuarial loss7,143 5,749 
Net periodic pension cost$3,076 $1,451 

The Corporation does not expect to make any contributions to the Curtiss-Wright Pension Plan in 2021. Contributions to the foreign benefit plans are not expected to be material in 2021. During the three months ended March 31, 2020, the Corporation made a $150 million voluntary contribution to the Curtiss-Wright Pension Plan.

Defined Contribution Retirement Plan

The Company also maintains a defined contribution plan for all non-union employees who are not currently receiving final or career average pay benefits for its U.S. subsidiaries. The employer contributions include both employer match and non-elective contribution components up to a maximum employer contribution of 7% of eligible compensation. During the three months ended March 31, 2021 and 2020, the expense relating to the plan was $5.3 million and $6.0 million, respectively. The Corporation made $11.8 million in contributions to the plan during the three months ended March 31, 2021 and expects to make total contributions of $19.0 million in 2021.