Retirement Benefits

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Retirement Benefits

Retirement Benefits

The Company sponsors several qualified and nonqualified defined benefit and defined contribution pension plans as well as other post-retirement 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 September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	—	$	0.5	$	—	$	0.5
Interest cost	0.1		0.2		—		0.2
Expected return on plan assets	(0.1)		(0.4)		—		(0.2)
Settlement loss recognized	—		—		—		—
Net amortization	0.1		0.2		0.1		0.5
Net periodic cost	$	0.1	$	0.5	$	0.1	$	1.0

	Pension Benefits
	Nine Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	0.1	$	1.4	$	0.1	$	1.5
Interest cost	0.2		0.7		0.2		0.6
Expected return on plan assets	(0.2)		(1.0)		(0.8)		(0.7)
Settlement loss recognized	—		—		10.5		—
Net amortization	0.2		0.6		0.3		1.6
Net periodic (benefit) cost	$	0.3	$	1.7	$	10.3	$	3.0

	Other Postretirement Benefits
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Service cost	$	0.2	$	0.2	$	0.5	$	0.5
Interest cost	0.1		0.1		0.4		0.3
Net amortization	(0.1)		(0.2)		(0.3)		(0.5)
Net periodic cost	$	0.2	$	0.1	$	0.6	$	0.3

The Company expects to contribute approximately $4.0 million to its defined benefit plans and $1.2 million to its other post-retirement benefit plans in 2022. During the first nine months of 2022, the Company contributed a total of $3.9 million to fund these plans.

The IDEX Corporation Retirement Plan (“Plan”), a U.S. defined benefit plan, was terminated in May 2020. During the nine months ended September 30, 2021, the Company settled its remaining obligations under the Plan. The Company recognized a net loss of $9.7 million, which was recorded within Other expense (income) - net. The net loss consisted of $10.7 million related to previously deferred pension related costs, partially offset by $1.0 million related to an increase in plan assets remaining after the settlement. As of September 30, 2022, the Company has $0.8 million of surplus assets from the Plan included in Other current assets on the Company’s Condensed Consolidated Balance Sheets all of which will be used to fund the Company’s other retirement benefit plans over the next quarter.