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Retirement and Other Postretirement Benefit Plans
6 Months Ended
Jun. 30, 2020
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract]  
Retirement and Other Postretirement Benefit Plans

Note 4 Retirement and Other Postretirement Benefit Plans

We maintain qualified and nonqualified defined benefit retirement plans covering certain current and former U.S. and European employees, retirement savings plans covering eligible U.S. and U.K. employees and certain postretirement health care and life insurance benefit plans covering eligible U.S. retirees. We also participate in a union sponsored multi-employer pension plan covering certain U.S. employees with union affiliations.

Defined Benefit Retirement Plans

Net Periodic Benefit Costs

Net periodic benefit costs of our defined benefit retirement plans for the quarter and six months ended June 30, 2020 and 2019 were as follows:

 

 

 

 

Quarter Ended June 30,

 

 

Six Months Ended June 30,

 

(In millions)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

U.S. Nonqualified Defined Benefit Retirement Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

0.3

 

 

$

0.3

 

 

$

0.6

 

 

$

0.6

 

Interest cost

 

 

0.1

 

 

 

0.1

 

 

 

0.2

 

 

 

0.3

 

Net amortization

 

 

0.1

 

 

 

 

 

0.2

 

 

 

Net periodic benefit cost

 

$

0.5

 

 

$

0.4

 

 

$

1.0

 

 

$

0.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

 

June 30, 2020

 

 

December 31, 2019

 

Amounts recognized on the balance sheet for U.S. nonqualified defined benefit retirement plans:

 

 

 

 

 

 

 

 

Accrued liabilities

 

$

1.3

 

 

$

1.4

 

Other non-current liabilities

 

 

19.4

 

 

 

18.9

 

Total accrued benefit

 

$

20.7

 

 

$

20.3

 

 

 

 

Quarter Ended June 30,

 

 

Six Months Ended June 30,

 

(In millions)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

European Defined Benefit Retirement Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

0.3

 

 

$

0.2

 

 

$

0.5

 

 

$

0.5

 

Interest cost

 

 

0.8

 

 

 

1.1

 

 

 

1.7

 

 

 

2.2

 

Expected return on plan assets

 

 

(1.7

)

 

 

(2.2

)

 

 

(3.4

)

 

 

(4.4

)

Net amortization and deferral

 

 

0.1

 

 

 

0.1

 

 

 

0.2

 

 

 

0.2

 

Net periodic benefit credit

 

$

(0.5

)

 

$

(0.8

)

 

$

(1.0

)

 

$

(1.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

 

June 30, 2020

 

 

December 31, 2019

 

Amounts recognized on the balance sheet for European defined benefit retirement plans:

 

 

 

 

 

 

 

 

Other assets

 

$

45.7

 

 

$

45.2

 

 

 

 

 

 

 

 

 

 

Accrued liabilities

 

 

1.7

 

 

 

0.6

 

Other non-current liabilities

 

 

19.3

 

 

 

18.9

 

Total accrued benefit

 

$

21.0

 

 

$

19.5

 

 

 

All costs related to our pensions are included as a component of operating income in our condensed consolidated statements of operations. For the quarters ended June 30, 2020 and 2019, amounts unrelated to service costs were a benefit of $0.6 million and $0.9 million, respectively. For the six months ended June 30, 2020 and 2019, amounts unrelated to service costs were a benefit of $1.1 million and $1.7 million, respectively.

 

 

 

Contributions

We generally fund our U.S. non-qualified defined benefit retirement plans when benefit payments are incurred.  We have contributed approximately $0.3 million in the first six months of 2020 to cover unfunded benefits.  We expect to contribute a total of $1.4 million in 2020 to cover unfunded benefits.  We contributed $0.3 million to our U.S. non-qualified defined benefit retirement plans during the first six months of 2019.

We contributed $1.9 million and $2.3 million to our European defined benefit retirement plans during the six months ended June 30, 2020 and 2019, respectively.  We plan to contribute approximately $5.0 million during 2020 to our European plans.

Postretirement Health Care and Life Insurance Benefit Plans

We recorded $0.2 million of net amortization gain deferral for both the quarters ended June 30, 2020 and 2019; and $0.5 million for both the six months ended June 30, 2020 and 2019. Net periodic benefit costs of our postretirement health care and life insurance benefit plans for the quarter and six months ended June 30, 2020 and 2019 were immaterial.

 

(In millions)

 

June 30, 2020

 

 

December 31, 2019

 

Amounts recognized on the balance sheet:

 

 

 

 

 

 

 

 

Accrued liabilities

 

$

0.5

 

 

$

0.5

 

Other non-current liabilities

 

2.6

 

 

2.6

 

Total accrued benefit

 

$

3.1

 

 

$

3.1

 

Amounts contributed in connection with our postretirement plans were immaterial for both the six months ended June 30, 2020 and 2019. We periodically fund our postretirement plans to pay covered expenses as they are incurred. We expect to contribute less than $0.5 million in 2020 to cover unfunded benefits.