Pension Plans And Other Postretirement Benefits

6 Months Ended

Jun. 30, 2023

Pension Plans and Other Postretirement Benefits

Pension Plans and Other Postretirement Benefits

NOTE 14—PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS

The components of net periodic benefit costs for all significant plans were as follows:

	Three Months Ended				Three Months Ended
	June 30,				June 30,
	Non-U.S. Defined Benefit Pension Plans				U.S. Defined Benefit Pension
	2023		2022		2023		2022
Net periodic benefit cost
Service cost	$	2.0	$	3.1	$	0.1	$	0.3
Interest cost		1.7		0.6		0.2		0.1
Expected return on plan assets		(0.2)		—		(0.1)		(0.3)
Amortization of prior service credit		(0.1)		(0.1)		—		—
Amortization of net (gain) loss		(0.8)		0.6		—		—
Settlement and curtailment gain		—		(1.9)		—		—
Net periodic benefit cost	$	2.6	$	2.3	$	0.2	$	0.1

	Six Months Ended				Six Months Ended
	June 30,				June 30,
	Non-U.S. Defined Benefit Pension Plans				U.S. Defined Benefit Pension
	2023		2022		2023		2022
Net periodic benefit cost
Service cost	$	4.1	$	6.3	$	0.3	$	0.5
Interest cost		3.4		1.3		0.4		0.3
Expected return on plan assets		(0.3)		(0.1)		(0.3)		(0.5)
Amortization of prior service credit		(0.1)		(0.2)		—		—
Amortization of net (gain) loss		(1.5)		1.3		—		—
Settlement and curtailment gain		—		(1.9)		—		—
Net periodic benefit cost	$	5.6	$	6.7	$	0.4	$	0.3

The Company had less than $0.3 million of net periodic benefit costs for its other postretirement plans for the three and six months ended June 30, 2023 and 2022.

Service cost related to the Company’s defined benefit pension plans and other postretirement plans is included within “Cost of sales” and “Selling, general and administrative expenses,” whereas all other components of net periodic benefit cost are included within “Other expense (income), net” in the condensed consolidated statements of operations. As of June 30, 2023 and December 31, 2022, the Company’s benefit obligations included primarily in “Other noncurrent obligations” in the condensed consolidated balance sheets were $183.9 million and $177.8 million, respectively.

The Company made cash contributions and benefit payments to unfunded plans of approximately $2.7 million and $4.4 million during the three and six months ended June 30, 2023, respectively. The Company expects to make additional cash contributions, including benefit payments to unfunded plans, of approximately $8.9 million to its defined benefit plans for the remainder of 2023.