Employee Benefit Plans

9 Months Ended

Sep. 30, 2021

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Employee Benefit Plans

15. Employee Benefit Plans

Retirement Plans

The Company sponsors qualified defined benefit pension plans covering certain employees of the Company and its subsidiaries, although the U.S. qualified and non-qualified defined benefit plans are closed to new entrants. The plans’ benefits are generally based on years of service and employee compensation. The Company also provides to certain management employees, through non-qualified plans, supplemental retirement benefits in excess of qualified plan limits imposed by federal tax law.

The tables below set forth the components of the Company’s net periodic expense (income) relating to retirement benefit plans. The service cost component is recognized within selling, general and administrative expenses and cost of goods and services, depending on the functional area of the underlying employees included in the plans, and the non-operating components of pension costs are included within other income, net in the Condensed Consolidated Statements of Earnings.

Qualified Defined Benefits

	Three Months Ended September 30,								Nine Months Ended September 30,
	U.S. Plan				Non-U.S. Plans				U.S. Plan				Non-U.S. Plans
	2021		2020		2021		2020		2021		2020		2021		2020
Service cost	$	1,784	$	1,706	$	1,398	$	1,366	$	5,351	$	5,118	$	4,238	$	3,954
Interest cost	3,401		4,068		674		839		10,204		12,204		2,036		2,460
Expected return on plan assets	(7,245)		(7,869)		(1,793)		(1,719)		(21,735)		(23,607)		(5,412)		(5,033)
Amortization:
Prior service cost (credit)	53		57		(163)		(126)		159		170		(494)		(365)
Recognized actuarial loss	2,503		1,884		979		777		7,509		5,652		2,968		2,253
Net periodic expense (income)	$	496	$	(154)	$	1,095	$	1,137	$	1,488	$	(463)	$	3,336	$	3,269

Non-Qualified Supplemental Benefits

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Service cost	$	390	$	318	$	1,171	$	954
Interest cost	308		441		924		1,324
Amortization:
Prior service cost	383		424		1,148		1,271
Recognized actuarial gain	(418)		(464)		(1,254)		(1,393)
Net periodic expense	$	663	$	719	$	1,989	$	2,156

Defined Contribution Retirement Plans

The Company also offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. The related expense is recognized within selling, general and administrative expenses and cost of goods and services, depending on the functional area of the underlying employees included in the plans. The Company’s expense relating to defined contribution plans was $15,001 and $12,530 for the three months ended September 30, 2021 and 2020, respectively, and $46,114 and $39,071 for the nine months ended September 30, 2021 and 2020, respectively.