Retirement benefits

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Retirement benefits

Retirement benefits

Pension plans

We have various defined-benefit pension plans covering eligible current and former employees.  Benefits under most plans are based on salary and years of service.

The components of net periodic pension cost for our pension plans were as follows:

	U.S. Plans			Non-U.S. Plans		Total
(In millions)	2023		2022	2023	2022	2023	2022
Three months ended September 30,
Service cost	$	—	—	1.9	2.0	1.9	2.0
Interest cost on projected benefit obligation	8.1		5.8	4.6	3.2	12.7	9.0
Return on assets – expected	(11.8)		(12.1)	(2.8)	(3.2)	(14.6)	(15.3)
Amortization of losses	0.3		5.9	0.5	0.5	0.8	6.4
Amortization of prior service credit	—		—	0.1	(0.1)	0.1	(0.1)
Settlement loss	—		—	0.1	0.1	0.1	0.1
Net periodic pension cost	$	(3.4)	(0.4)	4.4	2.5	1.0	2.1
Nine months ended September 30,
Service cost	$	—	—	5.6	6.1	5.6	6.1
Interest cost on projected benefit obligation	24.3		17.2	13.5	9.8	37.8	27.0
Return on assets – expected	(35.4)		(36.5)	(8.3)	(9.5)	(43.7)	(46.0)
Amortization of losses	1.2		18.0	1.3	1.5	2.5	19.5
Amortization of prior service cost	—		—	0.1	(0.1)	0.1	(0.1)
Settlement loss	—		—	0.4	0.6	0.4	0.6
Net periodic pension cost	$	(9.9)	(1.3)	12.6	8.4	2.7	7.1

The components of net periodic pension cost and net periodic postretirement cost other than the service cost component are included in interest and other nonoperating income (expense) in the condensed consolidated statements of operations.

We did not make cash contributions to the primary U.S. pension plan in 2022 or the first nine months of 2023. Based on current assumptions described in our Annual Report on Form 10-K for the year ended December 31, 2022, we do not expect to make contributions to the primary U.S. pension plan until 2026.

Retirement benefits other than pensions

We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees. Retirement benefits related to our former U.S. coal operations include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for United Mine Workers of America Represented Employees (the “UMWA plans”) as well as costs related to Black Lung obligations.

The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows:

	UMWA Plans			Black Lung and Other Plans		Total
(In millions)	2023		2022	2023	2022	2023	2022
Three months ended September 30,
Interest cost on accumulated postretirement benefit obligations	$	2.7	2.5	1.4	0.9	4.1	3.4
Return on assets – expected	(2.6)		(3.3)	—	—	(2.6)	(3.3)
Amortization of losses	1.1		2.4	1.3	1.8	2.4	4.2
Amortization of prior service cost	(2.7)		(1.2)	(0.1)	(0.1)	(2.8)	(1.3)
Net periodic postretirement cost	$	(1.5)	0.4	2.6	2.6	1.1	3.0
Nine months ended September 30,
Service cost	$	—	—	0.2	0.1	0.2	0.1
Interest cost on accumulated postretirement benefit obligations	8.4		7.8	4.0	2.7	12.4	10.5
Return on assets – expected	(7.8)		(9.9)	—	—	(7.8)	(9.9)
Amortization of losses	4.0		7.7	3.6	5.5	7.6	13.2
Amortization of prior service cost	(8.2)		(3.5)	(0.1)	(0.2)	(8.3)	(3.7)
Net periodic postretirement cost	$	(3.6)	2.1	7.7	8.1	4.1	10.2

The components of net periodic pension cost and net periodic postretirement cost other than the service cost component are included in interest and other nonoperating income (expense) in the condensed consolidated statements of operations.