Pensions and Other Benefit Programs

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Pensions and Other Benefit Programs

NOTE 13. PENSIONS AND OTHER BENEFIT PROGRAMS

Following are the components of net periodic benefit costs (credits):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
U.S. defined benefit plans:
Pension benefits
Service cost of benefits earned during the period	$	0.9		$	1.2		$	1.8		$	2.4
Interest cost on projected benefit obligation		2.6			2.3			5.3			4.5
Expected return on plan assets		(4.6	)		(4.2	)		(9.2	)		(8.3	)
Amortization of net actuarial loss		1.1			0.9			2.1			1.8
Net periodic pension cost	$	-		$	0.2		$	-		$	0.4
Retiree health and life insurance benefits
Interest cost on projected benefit obligation	$	0.3		$	0.3		$	0.7		$	0.6
Amortization of prior service credit		-			-			(0.1	)		(0.1	)
Amortization of net actuarial gain		(0.7	)		(0.6	)		(1.4	)		(1.1	)
Net periodic postretirement (credit)	$	(0.4	)	$	(0.3	)	$	(0.8	)	$	(0.6	)

We also have an unfunded defined benefit pension plan in Germany, which was not included as part of prior dispositions. This plan is reported as a component of our Unallocated Corporate segment. Net periodic pension cost for this plan was immaterial for the three and six months ended June 30, 2022 and 2021.

The service cost component of net benefit cost has been presented in the Condensed Consolidated Statements of Earnings and Comprehensive Income within cost of goods sold and selling, general and administrative ("SG&A") expenses for all periods presented, which are the same line items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are presented in the Condensed Consolidated Statements of Earnings and Comprehensive Income separately from the service cost component within other non-operating (income) expense, net.