RETIREMENT AND DEFERRED COMPENSATION PLANS

6 Months Ended

Jun. 30, 2020

RETIREMENT AND DEFERRED COMPENSATION PLANS

RETIREMENT AND DEFERRED COMPENSATION PLANS

NOTE 8 – RETIREMENT AND DEFERRED COMPENSATION PLANS

Components of Net Periodic Benefit Cost:

	Domestic Plans				Foreign Plans
Three Months Ended June 30,	2020		2019		2020		2019
Service cost	$	3,562	$	2,775	$	1,767	$	1,445
Interest cost		1,536		1,846		340		495
Expected return on plan assets		(2,702)		(3,095)		(631)		(586)
Amortization of net loss		1,294		489		514		359
Amortization of prior service cost		—		—		95		113
Net periodic benefit cost	$	3,690	$	2,015	$	2,085	$	1,826

	Domestic Plans				Foreign Plans
Six Months Ended June 30,	2020		2019		2020		2019
Service cost	$	7,139	$	5,548	$	3,535	$	2,905
Interest cost		3,523		3,691		680		996
Expected return on plan assets		(6,124)		(6,189)		(1,265)		(1,178)
Amortization of net loss		2,842		978		1,028		722
Amortization of prior service cost		—		—		192		226
Net periodic benefit cost	$	7,380	$	4,028	$	4,170	$	3,671

The components of net periodic benefit cost, other than the service cost component, are included in the line “Miscellaneous, net” in the income statement.

EMPLOYER CONTRIBUTIONS

Although we currently have no minimum funding requirements for our domestic and foreign plans, we contributed $204 thousand to our ongoing domestic supplemental employee retirement plan (“SERP”) annuity contracts during the six months ended June 30, 2020. We plan to contribute approximately an additional $200 thousand to pay our ongoing SERP annuity contracts during 2020. We have contributed approximately $1.1 million to our foreign defined benefit plans during the six months ended June 30, 2020 and do not expect additional significant contributions during 2020.