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Pensions and Post-Retirement Benefit Plans
6 Months Ended
Jun. 30, 2020
Compensation And Retirement Disclosure [Abstract]  
Pensions and Post-Retirement Benefit Plans

13. Pensions and Post-Retirement Benefit Plans

We maintain a number of defined benefit and defined contribution plans to provide retirement benefits for employees in the United States, as well as employees outside the United States These plans are maintained and contributions are made in accordance with the Employee Retirement Income Security Act of 1974 (“ERISA”), local statutory law or as determined by the board of directors. The defined benefit pension plans generally provide benefits based upon years of service and compensation. Pension plans are funded except for three domestic non-qualified defined benefit pension plans for certain key executives.

In the United States, all qualified and two of the non-qualified defined benefit pension plans for salaried and hourly employees have been closed to new participants and have been frozen. Accordingly, these pension plans no longer accrue additional years of service or recognize future increases in compensation for benefit purposes.

The defined contribution plans generally provide retirement assets to employee participants based upon employer and employee contributions to the participant’s individual investment account. We also provide retiree medical insurance coverage to certain U.S. employees and a life insurance benefit to most U.S. employees. For salaried employees, the retiree medical and retiree insurance plans have been closed to new participants.

The following table provides the components of net periodic benefit cost for the pension plans for the three and six months ended June 30, 2020 and 2019:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

0.4

 

 

$

0.3

 

 

$

0.7

 

 

$

0.7

 

Interest cost

 

 

1.5

 

 

 

2.0

 

 

 

3.1

 

 

 

4.0

 

Expected return on plan assets

 

 

(1.8

)

 

 

(2.0

)

 

 

(3.8

)

 

 

(4.0

)

Amortization of net loss

 

 

0.3

 

 

 

0.4

 

 

 

0.7

 

 

 

0.8

 

Net periodic benefit cost

 

$

0.4

 

 

$

0.7

 

 

$

0.7

 

 

$

1.5

 

Defined contribution plan expense

 

$

2.3

 

 

$

2.5

 

 

$

4.0

 

 

$

4.1