Pension and Postretirement Benefits

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Pension and Postretirement Benefits

Pension and Postretirement Benefits

Net periodic pension expense is presented below:

	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
	Total		U.S. Plans		International Plans		Total		U.S. Plans		International Plans
Service cost(i)	$	0.5	$	—	$	0.5	$	1.2	$	—	$	1.2
Interest cost	38.9		28.3		10.6		39.6		29.4		10.2
Expected return on plan assets	(68.4)		(47.5)		(20.9)		(74.1)		(51.4)		(22.7)
Amortization of prior service benefit	(1.3)		(0.6)		(0.7)		(1.3)		(0.6)		(0.7)
Recognized net actuarial loss	40.9		30.7		10.2		46.2		33.2		13.0
Settlement losses	—		—		—		158.0		158.0		—
Net periodic pension expense	$	10.6	$	10.9	$	(0.3)	$	169.6	$	168.6	$	1.0

(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).

In 2022, the company expects to make cash contributions of approximately $40.2 million primarily for the company’s international defined benefit pension plans. In 2021, the company made cash contributions of $52.4 million to its worldwide defined benefit pension plans. During the three months ended March 31, 2022 and 2021, the company made cash contributions of $15.1 million and $20.2 million, respectively.

Any future material deterioration in the value of the company’s U.S. qualified defined benefit pension plan assets, as well as changes in pension legislation, discount rate changes, asset return changes, or changes in economic or demographic trends, could require the company to make cash contributions to its U.S. defined benefit pension plans.

Net periodic postretirement benefit (income) expense is presented below:

	Three Months Ended March 31,
	2022		2021
Service cost(i)	$	—	$	0.1
Interest cost	0.5		0.4
Expected return on assets	(0.1)		(0.1)
Recognized net actuarial gain	(0.5)		(0.6)
Amortization of prior service cost	(0.3)		(0.4)
Net periodic postretirement benefit income	$	(0.4)	$	(0.6)

(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 million to its postretirement benefit plan in 2022. In 2021, the company made cash contributions of $4.0 million to its postretirement benefit plan. For the three months ended March 31, 2022 and 2021, the company made cash contributions of $1.1 million and $1.4 million, respectively.