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PENSION PLANS
 9 Months Ended
Sep. 30, 2023
Retirement Benefits, Description [Abstract]  
PENSION PLANS PENSION PLANS
Defined Benefit Pension Plans

The following table is a consolidated disclosure of all domestic and foreign defined benefit pension plans as described in the Corporation’s 2022 Annual Report on Form 10-K.  

The components of net periodic pension cost for the three and nine months ended September 30, 2023 and 2022 were as follows:

Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2023202220232022
Service cost$4,167 $5,770 $12,431 $17,803 
Interest cost8,665 5,442 26,266 16,148 
Expected return on plan assets(15,582)(13,525)(47,260)(41,240)
Amortization of prior service cost(34)155 (100)(18)
Amortization of unrecognized actuarial loss(89)4,785 64 12,636 
Cost of settlements— — — 1,842 
Net periodic pension cost$(2,873)$2,627 $(8,599)$7,171 

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the nine months ended September 30, 2023, and does not expect to do so throughout the remainder of the year. Contributions to the foreign benefit plans are not expected to be material in 2023.

During the nine months ended September 30, 2022, the Company recognized settlement charges related to the retirement of former executives. The settlement charges represent events that are accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans.

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 and nine months ended September 30, 2023, the expense relating to the plan was $5.2 million and $17.4 million, respectively. During the
three and nine months ended September 30, 2022, the expense relating to the plan was $5.5 million and $15.8 million, respectively.