Pensions and Other Benefit Programs

3 Months Ended

Mar. 31, 2024

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
	March 31,
	2024			2023
U.S. defined benefit plans:
Pension benefits
Service cost of benefits earned during the period	$	0.6		$	0.7
Interest cost on projected benefit obligation		4.2			4.2
Expected return on plan assets		(6.1	)		(6.2	)
Amortization of net actuarial loss		1.3			1.3
Net periodic pension cost	$	-		$	-
Retiree health and life insurance benefits
Interest cost on projected benefit obligation	$	0.5		$	0.7
Amortization of prior service cost		(0.1	)		-
Amortization of net actuarial gain		(2.1	)		(1.5	)
Net periodic postretirement credit	$	(1.7	)	$	(0.8	)

Excluded from the table above is the net periodic pension cost associated with an unfunded defined benefit pension plan in Germany that 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 months ended March 31, 2024 and 2023.

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, net.