Benefit Plans

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Benefit Plans

Benefit Plans

Components of net periodic benefit expense (income) for our pension plans for the three and nine months ended September 30, 2020 and 2019 were as follows:

	Three months ended				Nine months ended
In millions	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Service cost	$	0.8	$	0.7	$	2.4	$	1.8
Interest cost	0.7		0.9		2.1		6.3
Expected return on plan assets	(0.2)		(0.2)		(0.6)		(3.6)
Plan settlement loss (gain) (1)	—		0.4		—		(11.8)
Net periodic benefit expense (income)	$	1.3	$	1.8	$	3.9	$	(7.3)
(1) In 2019, we received all required government approvals to terminate the Pentair Salaried Plan (the “Salaried Plan”) and entered into an agreement with an insurance company to purchase from us, through an annuity contract, our remaining obligations under the Salaried Plan. For the nine months ended September 30, 2019, we contributed $11.1 million to the Salaried Plan as part of the process to settle our obligations. As a result of these actions, a non-cash pre-tax settlement gain of $11.8 million was recorded for the nine months ended September 30, 2019.

Components of net periodic benefit expense (income) for our other post-retirement plans for the three and nine months ended September 30, 2020 and 2019 were not material.