Retirement Benefits

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Retirement Benefits

Retirement Benefits

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 June 30,
	2020				2019
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	35	$	541	$	209	$	460
Interest cost	190		263		764		361
Expected return on plan assets	(978)		(291)		(801)		(262)
Net amortization	(159)		426		486		280
Net periodic benefit cost	$	(912)	$	939	$	658	$	839

	Pension Benefits
	Six Months Ended June 30,
	2020				2019
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	69	$	1,081	$	417	$	924
Interest cost	651		526		1,528		726
Expected return on plan assets	(1,877)		(582)		(1,602)		(526)
Net amortization and settlement effect	585		852		973		564
Net periodic benefit cost	$	(572)	$	1,877	$	1,316	$	1,688

	Other Postretirement Benefits
	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Service cost	$	154	$	140	$	309	$	280
Interest cost	157		212		313		424
Net amortization	(136)		(158)		(272)		(317)
Net periodic benefit cost	$	175	$	194	$	350	$	387

The Company expects 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 six 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 was terminated in May 2020. As a result of the termination, the settlement threshold was reached during the first half of 2020 and the Company recorded a charge of $0.4 million to Other (income) expense - net in the Condensed Consolidated Statements of Operations for the six months ended June 30, 2020. The settlement also triggered the remeasurement of net periodic benefit cost resulting in a reduction of $0.6 million to Other (income) expense - net in the Condensed Consolidated Statements of Operations for the six months ended June 30, 2020 as a result of significant decreases in discount rates and strong asset performance in the first half of 2020. As of June 30, 2020, the Plan’s funded status is 108%, with assets valued at $94.8 million and liabilities of $87.6 million.