Pension and Postretirement Benefits

3 Months Ended

Mar. 31, 2021

General Discussion Of Pension And Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits Disclosure [Text Block]

Note 9 – Pension and Other Postretirement Benefits

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

Three Months Ended March 31, 

Other

Pension Benefits

Postretirement Benefits

2021

2020

2021

2020

Service cost

$

316

$

1,174

$

1

$

2

Interest cost

1,090

1,769

11

26

Expected return on plan assets

(2,082)

(1,959)

—

—

Settlement loss

—

22,667

—

—

Actuarial loss amortization

855

1,047

—

15

Prior service (credit) cost amortization

2

(40)

—

—

Total net periodic benefit cost

$

181

$

24,658

$

12

$

43

As disclosed in the Company’s 2020 Form 10-K, in the fourth quarter of 2018, the Company began the process of terminating its

legacy Quaker non-contributory U.S. pension plan (“Legacy Quaker U.S. Pension Plan”). During the third quarter of 2019, the

Company received a favorable termination determination letter from the Internal Revenue Service (“I.R.S.”) and completed the

Legacy Quaker U.S. Pension Plan termination during the first quarter of 2020. In order to terminate the Legacy Quaker U.S. Pension

Plan in accordance with I.R.S. and Pension Benefit Guaranty Corporation requirements, the Company was required to fully fund the

Legacy Quaker U.S. Pension Plan on a termination basis and the amount necessary to do so was approximately $

1.8

 million, subject to

final true up adjustments, which were completed in the third quarter of 2020. In addition, the Company recorded a non-cash pension

settlement charge at plan termination of approximately $

22.7

 million. This settlement charge included the immediate recognition into

expense of the related unrecognized losses within accumulated other comprehensive (loss) income (“AOCI”) on the balance sheet as

of the plan termination date.

Employer Contributions

The Company previously disclosed in its 2020 Form 10-K that it expected to make minimum cash contributions of $

10.0

 million

to its U.S. and foreign pension plans and approximately $

0.3

 million to its other postretirement benefit plans in 2021. As of March 31,

2021, $

1.0

 million and $

0.1

 million of contributions have been made to the Company’s U.S. and foreign pension plans and its other

postretirement benefit plans, respectively.