Pension and Postretirement Benefits

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Pension and Postretirement Benefits

Pension and Postretirement Benefits

Net periodic pension expense for the three and nine months ended September 30, 2020 and 2019 is presented below:

	Three Months Ended September 30, 2020						Three Months Ended September 30, 2019
	Total		U.S. Plans		International Plans		Total		U.S. Plans		International Plans
Service cost(i)	$	0.8	$	—	$	0.8	$	0.7	$	—	$	0.7
Interest cost	54.1		40.6		13.5		66.1		49.6		16.5
Expected return on plan assets	(75.0)		(52.1)		(22.9)		(80.1)		(54.7)		(25.4)
Amortization of prior service benefit	(1.3)		(0.6)		(0.7)		(1.2)		(0.6)		(0.6)
Recognized net actuarial loss	44.8		33.8		11.0		37.9		29.6		8.3
Net periodic pension expense (benefit)	$	23.4	$	21.7	$	1.7	$	23.4	$	23.9	$	(0.5)

	Nine Months Ended September 30, 2020						Nine Months Ended September 30, 2019
	Total		U.S. Plans		International Plans		Total		U.S. Plans		International Plans
Service cost(i)	$	2.2	$	—	$	2.2	$	2.1	$	—	$	2.1
Interest cost	161.7		121.8		39.9		199.3		148.1		51.2
Expected return on plan assets	(224.0)		(156.4)		(67.6)		(242.2)		(163.7)		(78.5)
Amortization of prior service benefit	(3.8)		(1.9)		(1.9)		(3.7)		(1.9)		(1.8)
Recognized net actuarial loss	133.8		101.6		32.2		113.1		87.5		25.6
Net periodic pension expense (benefit)	$	69.9	$	65.1	$	4.8	$	68.6	$	70.0	$	(1.4)

⁽ⁱ⁾Service cost is reported in selling, general and administrative expense. All other components of net periodic pension expense are reported in other expense, net in the consolidated statements of income (loss).

For the nine months ended September 30, 2020 and 2019, the company made cash contributions of $340.2 million and $78.8 million, respectively. For the remainder of 2020, the company expects to make additional cash contributions of approximately $485.6 million resulting in total 2020 cash contributions of approximately $825.8 million to its worldwide defined benefit pension plans, which are comprised of $793.1 million for the company’s U.S. qualified defined benefit pension plans and $32.7 million primarily for the company’s international defined benefit pension plans. In 2019, the company made cash contributions of $103.9 million to its worldwide defined benefit pension plans.

Net periodic postretirement benefit expense for the three and nine months ended September 30, 2020 and 2019 is presented below:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Service cost(i)	$	0.1	$	0.1	$	0.3	$	0.3
Interest cost	1.1		1.2		3.3		3.6
Expected return on assets	(0.1)		(0.1)		(0.3)		(0.3)
Recognized net actuarial loss	0.3		0.2		0.8		0.5
Amortization of prior service cost	(0.4)		(0.4)		(1.2)		(1.2)
Net periodic postretirement benefit expense	$	1.0	$	1.0	$	2.9	$	2.9

⁽ⁱ⁾Service cost is reported in selling, general and administrative expense. All other components of net periodic postretirement benefit expense are reported in other expense, net in the consolidated statements of income (loss).

The company expects to make cash contributions of approximately $6.0 million to its postretirement benefit plan in 2020 compared to $5.5 million in 2019. For the nine months ended September 30, 2020 and 2019, the company made cash contributions of $4.3 million and $3.5 million, respectively.