Defined Benefit Plans

6 Months Ended

Jun. 30, 2022

Retirement Benefits, Description [Abstract]

Defined Benefit Plans

DEFINED BENEFIT PLANS

The Company sponsors several U.S. and non-U.S. defined benefit pension plans to eligible employees and retirees. The noncontributory defined benefit pension plans covering non-collectively bargained U.S. employees provide benefits on an average pay formula while most plans for collectively bargained U.S. employees provide benefits on a flat dollar benefit formula. The non-U.S. pension plans generally provide benefits based on earnings and years of service. The Company also maintains other supplemental plans for officers and other key employees.

The components of the Company’s Net periodic pension benefit cost (income) for the three and six months ended June 30 were as follows:

	U.S.
	Three months ended				Six months ended
In millions	2022		2021		2022		2021
Service cost	$	1.4	$	1.7	$	2.9	$	3.4
Interest cost	2.0		1.7		4.0		3.4
Expected return on plan assets	(3.4)		(3.4)		(6.8)		(6.9)
Administrative costs and other	0.3		0.3		0.6		0.6
Net amortization of:
Prior service costs	0.1		—		0.1		0.1
Plan net actuarial losses	0.2		0.9		0.5		1.8
Net periodic pension benefit cost	$	0.6	$	1.2	$	1.3	$	2.4

	Non-U.S.
	Three months ended				Six months ended
In millions	2022		2021		2022		2021
Service cost	$	0.4	$	0.5	$	0.7	$	1.1
Interest cost	1.8		1.2		3.6		2.5
Expected return on plan assets	(3.9)		(3.4)		(7.8)		(6.9)
Administrative costs and other	0.3		0.5		0.8		1.0
Net amortization of:
Prior service costs	0.1		0.1		0.1		0.1
Plan net actuarial losses	0.2		0.3		0.4		0.7
Net periodic pension benefit income	$	(1.1)	$	(0.8)	$	(2.2)	$	(1.5)

Service cost is recorded in Cost of goods sold and Selling and administrative expenses, while the remaining components of Net periodic pension benefit cost (income) are recorded in Other income, net within the Condensed and Consolidated Statements of Comprehensive Income. Employer contributions were not material during the six months ended June 30, 2022 and 2021. Contributions of approximately $5 million are expected during the remainder of 2022.