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PENSION PLANS AND RETIREMENT BENEFITS
 9 Months Ended
Sep. 30, 2020
Retirement Benefits [Abstract]  
PENSION PLANS AND RETIREMENT BENEFITS
NOTE 16. PENSION PLANS AND RETIREMENT BENEFITS

We sponsor domestic and foreign defined benefit pension plans for eligible employees and retirees. Most of our domestic employees participate in defined contribution plans.  However, a portion of our bargaining hourly employees continue to participate in our domestic qualified defined benefit pension plans under a flat-benefit formula. Our funding policy for the qualified defined benefit pension plans is consistent with the requirements of federal laws and regulations. Our foreign subsidiaries maintain pension and other benefit plans, which are consistent with local statutory practices.

Our domestic qualified defined benefit pension plan provides that if, within three years following a change of control of Olin, any corporate action is taken or filing made in contemplation of, among other things, a plan termination or merger or other transfer of assets or liabilities of the plan, and such termination, merger, or transfer thereafter takes place, plan benefits would automatically be increased for affected participants (and retired participants) to absorb any plan surplus (subject to applicable collective bargaining requirements).

We also provide certain postretirement healthcare (medical) and life insurance benefits for eligible active and retired domestic employees. The healthcare plans are contributory with participants’ contributions adjusted annually based on medical rates of inflation and plan experience.

 
Pension Benefits
 
Other Postretirement Benefits
 
Three Months Ended September 30,
 
Three Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
Components of Net Periodic Benefit (Income) Cost
($ in millions)
Service cost
$
2.8

 
$
2.7

 
$
0.2

 
$
0.2

Interest cost
18.8

 
23.7

 
0.3

 
0.4

Expected return on plans’ assets
(35.5
)
 
(35.5
)
 
—

 
—

Recognized actuarial loss
11.2

 
6.8

 
0.3

 
0.5

Net periodic benefit (income) cost
$
(2.7
)
 
$
(2.3
)
 
$
0.8

 
$
1.1


 
Pension Benefits

Other Postretirement Benefits
 
Nine Months Ended September 30,

Nine Months Ended September 30,
 
2020

2019

2020

2019
Components of Net Periodic Benefit (Income) Cost
($ in millions)
Service cost
$
8.5


$
8.5


$
0.9


$
0.8

Interest cost
56.3


71.0


1.0


1.3

Expected return on plans’ assets
(106.7
)

(106.3
)

—


—

Recognized actuarial loss
33.5


20.2


1.5


1.6

Net periodic benefit (income) cost
$
(8.4
)

$
(6.6
)

$
3.4


$
3.7



We made cash contributions to our international qualified defined benefit pension plans of $1.3 million and $0.7 million for the nine months ended September 30, 2020 and 2019, respectively.