Retirement and Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2021

Compensation And Retirement 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, 2021 and 2020 were as follows:

	Quarter Ended June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
U.S. Nonqualified Defined Benefit Retirement Plans
Service cost	$	0.3	$	0.3	$	0.5	$	0.6
Interest cost		-		0.1		0.1		0.2
Net amortization		0.2		0.1		0.4		0.2
Net periodic benefit cost	$	0.5	$	0.5	$	1.0	$	1.0

(In millions)	June 30, 2021		December 31, 2020
Amounts recognized on the balance sheet for U.S. nonqualified defined benefit retirement plans:
Accrued liabilities	$	3.8	$	3.8
Other non-current liabilities		19.7		19.4
Total accrued benefit	$	23.5	$	23.2

	Quarter Ended June 30,						Six Months Ended June 30,
(In millions)	2021			2020			2021			2020
European Defined Benefit Retirement Plans
Service cost	$	0.3		$	0.3		$	0.5		$	0.5
Interest cost		0.6			0.8			1.1			1.7
Expected return on plan assets		(0.9	)		(1.7	)		(1.8	)		(3.4	)
Net amortization and deferral		0.2			0.1			0.5			0.2
Net periodic benefit cost (credit)	$	0.2		$	(0.5	)	$	0.3		$	(1.0	)

(In millions)	June 30, 2021		December 31, 2020
Amounts recognized on the balance sheet for European defined benefit retirement plans:
Other assets	$	34.8	$	31.5
Accrued liabilities		1.6		0.9
Other non-current liabilities		19.1		17.7
Total accrued benefit	$	20.6	$	18.6

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, 2021 and 2020, amounts unrelated to service costs were a charge of $0.1 million and a benefit of $0.6 million, respectively. For the six months ended June 30, 2021 and 2020, amounts unrelated to service costs were a charge of $0.3 million and a benefit of $1.1 million, respectively.

Contributions

We generally fund our U.S. non-qualified defined benefit retirement plans when benefit payments are incurred.  We contributed approximately $0.3 million in the first six months of 2021 to cover unfunded benefits.  We expect to contribute a total of $3.4 million in 2021 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 2020.

We contributed $2.2 million and $1.9 million to our European defined benefit retirement plans during the six months ended June 30, 2021 and 2020, respectively. We plan to contribute approximately $5.6 million during 2021 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, 2021 and 2020, and $0.4 million for both the six months ended June 30, 2021 and 2020. Net periodic benefit costs of our postretirement health care and life insurance benefit plans for the quarters and six months ended June 30, 2021 and 2020 were immaterial.

(In millions)	June 30, 2021		December 31, 2020
Amounts recognized on the balance sheet:
Accrued liabilities	$	0.4	$	0.4
Other non-current liabilities	2.2			2.2
Total accrued benefit	$	2.6	$	2.6

Amounts contributed in connection with our postretirement plans were immaterial for both the six months ended June 30, 2021 and 2020. We periodically fund our postretirement plans to pay covered expenses as they are incurred. We expect to contribute less than $0.4 million in 2021 to cover unfunded benefits.