XML 32 R21.htm IDEA: XBRL DOCUMENT v3.20.2
Post-retirement Plan
9 Months Ended
Sep. 30, 2020
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
Post-retirement Plans Post-retirement Plans
PCLI has union and non-union pension plans which are closed to new entrants. In addition, Sonneborn employees in the Netherlands have a defined benefit pension plan which was frozen and all plan participants became inactive in 2016. Our net periodic pension expense consisted of the following components:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
(In thousands)
Service cost - benefit earned during the period$1,117 $1,209 $3,321 $3,605 
Interest cost on projected benefit obligations428 450 1,287 1,325 
Expected return on plan assets(1,016)(822)(3,029)(2,441)
Amortization of loss— 15 — 45 
Net periodic pension expense$529 $852 $1,579 $2,534 

The expected long-term annual rates of return on plan assets are 5.75% and 1.50% for the PCLI and Sonneborn plans, respectively. These rates were used in measuring 2020 net periodic benefit costs.
We have post-retirement healthcare and other benefits that are available to certain of our employees who satisfy certain age and service requirements. The net periodic benefit credit of our post-retirement healthcare and other benefits plans consisted of the following components
 Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
 (In thousands)
Service cost – benefit earned during the period$451 $387 $1,352 $1,161 
Interest cost on projected benefit obligations237 267 710 801 
Amortization of prior service credit(870)(870)(2,611)(2,611)
Amortization of (gain) loss13 (22)38 (66)
Net periodic post-retirement credit$(169)$(238)$(511)$(715)

The components, other than service cost, of our net periodic pension expense and net periodic post-retirement credit are recorded in Other, net in our consolidated statements of income.