Retirement Benefits

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	38	$	508	$	34	$	540
Interest cost	64		183		461		263
Expected return on plan assets	(216)		(253)		(899)		(291)
Settlement loss recognized	48		—		302		—
Net amortization	89		548		442		426
Net periodic (benefit) cost	$	23	$	986	$	340	$	938

	Other Postretirement Benefits
	Three Months Ended March 31,
	2021		2020
Service cost	$	178	$	155
Interest cost	102		156
Net amortization	(169)		(136)
Net periodic (benefit) cost	$	111	$	175

The Company expects to contribute approximately $3.4 million to its defined benefit plans and $1.0 million to its other postretirement benefit plans in 2021. During the first three months of 2021, the Company contributed a total of $1.1 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, settlements were triggered in the first quarters of 2021 and 2020, resulting in the Company recording a charge of $48 thousand and $0.3 million to Other (income) expense - net in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the Plan’s funded status is 113%, with assets valued at $88.1 million and liabilities of $77.8 million.