Benefit Plans

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

BENEFIT PLANS

Benefit PlansQualified Retirement Benefits. The Company has qualified retirement plans covering certain U.S. employees that have been closed to new participants since 2003 and frozen since December 2013. Plans that cover salaried employees provide retirement benefits based on the employee’s compensation during the ten years before the date of the plan freeze or the date of their actual separation from service, if earlier. The Company’s funding policy for salaried plans is to contribute annually based on actuarial projections and applicable regulations. Plans covering hourly employees generally provide benefits of stated amounts for each year of service. The Company’s funding policy for hourly plans is to make at least the minimum annual contributions required by applicable regulations.

The Company has a number of non-U.S. defined benefit plans covering eligible employees located predominately in Europe, the most significant of which are German plans. Benefits for these plans are based primarily on each employee's final salary, with annual adjustments for inflation. The obligations in Germany consist of employer funded pension plans and deferred compensation plans. Each beneficiary receives, depending on individual pay-scale grouping, contractual classification, or income level, different yearly contributions. The contribution is multiplied by an age factor appropriate to the respective pension plan and credited to the individual retirement account of the employee. The retirement accounts may be used up at retirement by either a one-time lump-sum payout or recurring payments.

The Company has other defined benefit plans outside the U.S., which have not been disclosed due to materiality.

Supplemental Executive Retirement Benefits. The Company has non-qualified pension plans in the U.S. to provide supplemental retirement benefits to certain officers, which were also frozen since December 2013. Benefits are payable at retirement based upon a percentage of the participant’s compensation, as defined.

Other Benefits. In addition to providing retirement benefits, the Company provides post-retirement healthcare and life insurance benefits (referred to as other benefits) for certain retired employees. Retired eligible employees in the U.S. may be entitled to these benefits based upon years of service with the Company, age at retirement and collective bargaining agreements. There are no plan assets and the Company funds the benefits as the claims are paid. The post-retirement benefit obligation was determined by application of the terms of medical and life insurance plans together with relevant actuarial assumptions and healthcare cost trend rates.

The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the three months ended September 30, 2021 and September 30, 2020:

	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Other Benefits
	2021		2020		2021		2020		2021		2020
Components of net periodic benefit cost
Service cost	$	0.8	$	1.0	$	2.5	$	2.5	$	0.1	$	—
Interest cost	4.0		4.7		0.7		1.1		0.1		—
Expected return on plan assets	(6.4)		(6.3)		(3.8)		(3.3)		—		—
Recognized net actuarial loss	2.2		1.9		0.8		(0.2)		0.1		—
Other	—		—		(0.1)		0.1		—		—
Net periodic pension benefit cost	$	0.6	$	1.3	$	0.1	$	0.2	$	0.3	$	—

The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the nine months ended September 30, 2021 and September 30, 2020:

	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Other Benefits
	2021		2020		2021		2020		2021		2020
Components of net periodic benefit cost
Service cost	$	2.4	$	2.9	$	7.6	$	7.6	$	0.1	$	—
Interest cost	11.9		14.2		2.2		3.1		0.5		0.1
Expected return on plan assets	(19.1)		(19.1)		(11.3)		(9.8)		—		—
Recognized net actuarial loss	6.7		5.8		0.9		(0.5)		0.2		(0.1)
Other	—		—		(0.1)		0.2		—		—
Net periodic pension benefit cost	$	1.9	$	3.8	$	(0.7)	$	0.6	$	0.8	$	—

Contributions

For the nine months ended September 30, 2021 and September 30, 2020, contributions of $23.6 and $22.0, respectively, were made to the qualified and non-qualified pension plans. In June 2021, the Company received a reimbursement of $16.4 for certain benefits paid from its German plan trustee. In June 2020, the Company received a reimbursement of $13.5 for certain benefits paid from its German plan trustee.