Benefit Plans

9 Months Ended

Sep. 30, 2022

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Benefit Plans

Benefit Plans

The components of net periodic benefit cost for the three months ended September 30 were as follows:

	Pension benefits				Other retirement benefits				Total
($ in millions)	2022		2021		2022		2021		2022		2021
Service cost	$	0.3	$	0.1	$	—	$	—	$	0.3	$	0.1
Interest cost	0.5		1.6		0.1		—		0.6		1.6
Expected return on assets	(0.8)		(2.9)		—		—		(0.8)		(2.9)
Amortization of prior service credit	—		—		—		(0.1)		—		(0.1)
Recognized actuarial losses (gains)	0.3		0.5		(0.4)		(0.3)		(0.1)		0.2
Settlements	49.6		—		—		—		49.6		—
Net periodic benefit cost	$	49.9	$	(0.7)	$	(0.3)	$	(0.4)	$	49.6	$	(1.1)

	Pension benefits				Other retirement benefits				Total
($ in millions)	2022		2021		2022		2021		2022		2021
U.S. plans	$	49.6	$	(0.9)	$	(0.3)	$	(0.4)	$	49.3	$	(1.3)
International plans	0.3		0.2		—		—		0.3		0.2
Net periodic benefit cost	$	49.9	$	(0.7)	$	(0.3)	$	(0.4)	$	49.6	$	(1.1)

The components of net periodic benefit cost for the nine months ended September 30 were as follows:

	Pension benefits				Other retirement benefits				Total
($ in millions)	2022		2021		2022		2021		2022		2021
Service cost	$	1.0	$	0.9	$	—	$	—	$	1.0	$	0.9
Interest cost	3.7		4.5		0.1		0.1		3.8		4.6
Expected return on assets	(5.4)		(9.0)		—		—		(5.4)		(9.0)
Amortization of prior service credit	—		0.1		—		(0.3)		—		(0.2)
Recognized actuarial losses (gains)	1.0		1.5		(1.1)		(1.2)		(0.1)		0.3
Settlements	50.8		0.7		—		—		50.8		0.7
Net periodic benefit cost	$	51.1	$	(1.3)	$	(1.0)	$	(1.4)	$	50.1	$	(2.7)

	Pension benefits				Other retirement benefits				Total
($ in millions)	2022		2021		2022		2021		2022		2021
U.S. plans	$	50.3	$	(2.4)	$	(1.0)	$	(1.4)	$	49.3	$	(3.8)
International plans	0.8		1.1		—		—		0.8		1.1
Net periodic benefit cost	$	51.1	$	(1.3)	$	(1.0)	$	(1.4)	$	50.1	$	(2.7)

During 2021, the Company approved the termination of our U.S. qualified defined benefit pension plan (the "U.S. pension plan"). Prior to the third quarter of 2022, a Notice of Intent to Terminate was sent to all interested parties and a favorable determination letter was received from the Internal Revenue Service. During the three months ended September 30, 2022, lump sum payments were offered to all current employees and former employees with vested benefits under the U.S. pension plan. A cash contribution of $6.5 million was then made by the Company to ensure the U.S. pension plan was fully funded in preparation for the group annuity contract purchase which was executed in August of 2022 to settle the outstanding benefit obligations. During the three and nine months ended September 30, 2022, we recorded $49.6 million and $50.8 million in pension settlement charges, respectively, within other nonoperating expense (income), which for the nine months ended September 30, 2022 relieved the historical balance sheet position, inclusive of accumulated other comprehensive income, of the U.S. pension plan. During the nine months ended September 30, 2021, we recorded a $0.7 million pension settlement charge within other nonoperating expense (income), as we determined that normal-course lump-sum payments for the U.S. pension plan exceeded the threshold for settlement accounting under U.S. GAAP for the year.