Pension and Postretirement Benefits

9 Months Ended

Sep. 30, 2021

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 and nine months ended September 30, 2021 and 2020 are as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

Other

Other

Postretirement

Postretirement

Pension Benefits

Benefits

Pension Benefits

Benefits

2021

2020

2021

2020

2021

2020

2021

2020

Service cost

$

289

$

1,227

$

(2)

$

2

$

921

$

3,565

$

1

$

5

Interest cost

1,078

1,527

(1)

25

3,262

4,782

20

77

Expected return on plan assets

(2,075)

(3,526)

—

—

(6,250)

(7,246)

—

—

Settlement charge

—

—

—

—

—

22,667

—

—

Actuarial loss amortization

737

626

(85)

15

2,449

2,288

(85)

46

Prior service cost amortization

3

(42)

—

—

8

(123)

—

—

Net periodic benefit cost

$

32

$

(188)

$

(88)

$

42

$

390

$

25,933

$

(64)

$

128

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 resulting in a refund in premium received in the third

quarter of 2020 of approximately $

1.6

 million. 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

As of September 30, 2021, $

5.7

 million and $

0.2

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

pension plans and its other postretirement benefit plans, respectively . Taking into consideration current minimum cash contribution

requirements, the Company expects to make full year cash contributions of approximately $

6

 million to its U.S. and foreign pension

plans and less than $

1

 million to its other postretirement benefit plans in 2021