Retirement Benefit Plans

9 Months Ended

Sep. 30, 2021

Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Retirement Benefit Plans

Note 14 - Retirement Benefit Plans

The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans. The amounts for the three and nine months ended September 30, 2021 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of that period’s proportionate share of the amounts to be recorded for the year ending December 31, 2021.

	U.S. Plans				International Plans				Total
	Three Months Ended September 30,				Three Months Ended September 30,				Three Months Ended September 30,
	2021		2020		2021		2020		2021		2020
Components of net periodic benefit    cost (credit):
Service cost	$	2.4	$	2.7	$	0.5	$	0.5	$	2.9	$	3.2
Interest cost	4.3		5.2		1.1		1.4		5.4		6.6
Expected return on plan assets	(5.5)		(6.3)		(2.5)		(2.2)		(8.0)		(8.5)
Amortization of prior service cost	0.4		0.4		—		—		0.4		0.4
Recognition of net actuarial losses   (gains)	3.9		(12.8)		—		—		3.9		(12.8)
Curtailment loss	—		0.9		—		—		—		0.9
Net periodic benefit cost (credit)	$	5.5	$	(9.9)	$	(0.9)	$	(0.3)	$	4.6	$	(10.2)

	U.S. Plans				International Plans				Total
	Nine Months Ended September 30,				Nine Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020		2021		2020
Components of net periodic benefit    cost (credit):
Service cost	$	7.2	$	8.1	$	1.5	$	1.3	$	8.7	$	9.4
Interest cost	13.2		15.7		3.3		4.2		16.5		19.9
Expected return on plan assets	(17.7)		(19.0)		(7.6)		(6.5)		(25.3)		(25.5)
Amortization of prior service cost	1.0		1.2		0.1		0.1		1.1		1.3
Recognition of net actuarial losses    (gains)	8.3		(4.0)		—		—		8.3		(4.0)
Curtailment loss	—		0.9		—		—		—		0.9
Net periodic benefit cost (credit)	$	12.0	$	2.9	$	(2.7)	$	(0.9)	$	9.3	$	2.0

Note 14 - Retirement Benefit Plans (continued)

The Company currently expects to make contributions and payments related to its global defined benefit pension plans totaling approximately $17 million in 2021. Approximately $9.6 million of this amount related to the payout of deferred compensation in June 2021 to a former executive officer of the Company. This payment triggered a remeasurement of the pension obligation for one of the Company's U.S. defined benefit pension plans during the six months ended June 30, 2021. No remeasurement was required for this defined benefit pension plan during the three months ended September 30, 2021. In addition, the Company made lump sum payments to new retirees in 2021 in excess of annual interest and service costs for two of its other U.S. defined benefit pension plans. These payments triggered a remeasurement of assets and obligations for these U.S. defined benefit pension plans during the three and nine months ended September 30, 2021. As a result of these remeasurements, the Company recognized net actuarial losses ("remeasurement losses") of $3.9 million and $8.3 million during the three and nine months ended September 30, 2021, respectively.

During the three months ended September 30, 2020, the Company announced the reorganization of its bearing plant in Canton, Ohio. The reorganization triggered a curtailment of one of the Company's U.S. defined benefit pension plans. The Company recognized a curtailment loss of $0.9 million and an actuarial gain of $0.7 million as a result of this reorganization.

During the three and nine months ended September 30, 2020, the Company made lump sum payments to new retirees in 2020 in excess of annual interest and service costs for one of the Company's U.S. defined benefit pension plans. This triggered a remeasurement of assets and obligations for this plan during the three and nine months ended September 30, 2020. As a result of these remeasurements, the Company recognized actuarial gains of $12.1 million and $3.3 million during the three and nine months ended September 30, 2020, respectively.