Defined Benefit Pension Plans

6 Months Ended

Jun. 30, 2023

Compensation And Retirement Disclosure [Abstract]

Defined Benefit Pension Plans

Note 11 – Defined benefit pension plans:

The components of our net periodic defined benefit pension cost are presented in the table below.

	Three months ended				Six months ended
	June 30,				June 30,
	2022		2023		2022		2023
	(In millions)
Service cost	$	2.9	$	1.5	$	5.9	$	3.1
Interest cost		3.0		5.5		6.2		11.1
Expected return on plan assets		(3.4)		(5.2)		(6.9)		(10.4)
Recognized net actuarial losses		3.7		1.0		7.5		1.9
Settlements		—		6.2		—		6.2
Total	$	6.2	$	9.0	$	12.7	$	11.9

We previously maintained a defined benefit pension plan in the United Kingdom (U.K.) related to a former disposed U.K. business unit. In accordance with applicable U.K. pension regulations, we entered into an agreement in March 2021 for the bulk annuity purchase, or “buy-in”, with a specialist insurer of defined benefit pension plans. Following the buy-in, individual policies replaced the bulk annuity policy in a “buy-out” which was completed as of May 1, 2023. The buy-out was completed with existing plan funds. At the completion of the buy-out, the assets and liabilities of the U.K. pension plan were removed from our Consolidated Financial Statements and a non-cash pension plan termination loss of $6.2 million was recognized in the second quarter of 2023.

We expect to contribute the equivalent of approximately $18 million to all of our defined benefit pension plans during 2023.