PENSION PLANS

6 Months Ended

Jun. 30, 2024

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 2023 Annual Report on Form 10-K filed with the SEC.  

The components of net periodic pension cost for the three and six months ended June 30, 2024 and 2023 were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2024		2023		2024		2023
Service cost	$	4,270	$	4,137	$	8,552	$	8,264
Interest cost	8,585		8,811		17,178		17,601
Expected return on plan assets	(16,538)		(15,858)		(33,091)		(31,678)
Amortization of prior service cost	(7)		(33)		(15)		(66)
Amortization of unrecognized actuarial loss	266		76		532		153
Net periodic pension cost	$	(3,424)	$	(2,867)	$	(6,844)	$	(5,726)

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the six months ended June 30, 2024, 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 2024.

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 six months ended June 30, 2024, the expense relating to the plan was $6.7 million and $14.3 million, respectively. During the three and six months ended June 30, 2023, the expense relating to the plan was $6.1 million and $12.2 million, respectively.