Retirement Benefits

3 Months Ended

Mar. 31, 2020

The Company sponsors several qualified and nonqualified defined benefit and defined contribution pension plans and other postretirement plans for its employees. The following tables provide the components of net periodic benefit cost for its major defined benefit plans and its other postretirement plans.



	Pension Benefits
	Three Months Ended March 31,
	2020						2019
	U.S.			Non-U.S.			U.S.			Non-U.S.
Service cost	$	34		$	540		$	208		$	464
Interest cost	461			263			764			365
Expected return on plan assets	(899		)	(291		)	(801		)	(264		)
Net amortization and settlement effect	744			426			487			284
Net periodic benefit cost	$	340		$	938		$	658		$	849



	Other Postretirement Benefits
		Three Months Ended March 31,
		2020			2019
Service cost		$	155		$	140
Interest cost		156			212
Net amortization		(136		)	(159		)
Net periodic benefit cost		$	175		$	193

The Company previously disclosed in its financial statements for the year ended December 31, 2019, that it expected to contribute approximately $3.0 million to its defined benefit plans and $1.1 million to its other postretirement benefit plans in 2020. During the first three months of 2020, the Company contributed a total of $0.1 million to fund these plans.

Effective September 30, 2019, the IDEX Corporation Retirement Plan (“Plan”), a U.S. defined benefit plan, was amended to freeze the accrual of retirement benefits for all participants. This action impacted fewer than 60 participants, as the Plan had been closed to new entrants as of December 31, 2004 and frozen as of December 31, 2005 for all but certain older, longer service participants. Subsequent to the freeze, termination of the Plan was approved in November 2019. Participants were notified in February 2020 and the Plan will be terminated in May 2020. As a result, settlements have been triggered in the first quarter of 2020 and the Company recorded a charge of $0.3 million to Other (income) expense - net in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2020. In addition, the Plan’s funded status at March 31, 2020 is 105%, with assets valued at $89.1 million and liabilities of $84.6 million.