Employee Retirement Plans

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Employee Retirement Plans

Employee Retirement Plans

The following table summarizes the components of our net retirement cost:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in millions)
Expense Components
Service cost	$	—	$	—	$	—	$	—
Interest	0.1		3.8		0.3		11.2
Expected return on plan assets	—		(5.3)		—		(15.7)
Amortization of actuarial loss	—		1.5		0.2		4.5
Amortization of prior service cost	—		0.3		—		0.9
Net periodic benefit cost	0.1		0.3		0.5		0.9
Profit sharing	3.1		1.9		8.3		6.5
Net expense	$	3.2	$	2.2	$	8.8	$	7.4

The non-service cost components of net periodic benefit cost in the table above are included in other, net (income) expense in our Consolidated Statements of Operations. For the three and nine months ended September 30, 2021, net periodic benefit cost relates to the Supplemental Executive Retirement Plan.

Pension Plan Termination

In September 2019, our Board of Directors approved the termination of the Trinity Industries, Inc. Consolidated Pension Plan (the "Pension Plan"), effective December 31, 2019. The Pension Plan was settled in the fourth quarter of 2020, which resulted in the Company no longer having any remaining funded pension plan obligations. Upon settlement, we recognized a pre-tax non-cash pension settlement charge in the fourth quarter of 2020 of $151.5 million, which was inclusive of all unamortized losses previously recorded in AOCL.

During the three and nine months ended September 30, 2021, as permitted by applicable regulations, we used $0.7 million and $10.9 million, respectively, of the Pension Plan surplus to fund obligations associated with the Company's profit sharing plans. During the nine months ended September 30, 2021, we used $2.2 million to fund pension administrative expenses required to finalize the settlement of the Pension Plan. There were no pension administrative expenses during the three months ended September 30, 2021. The remaining surplus of the Pension Plan of $10.5 million will be used to fund final pension administrative expenses. We expect that any remaining surplus would be used for other corporate purposes, subject to applicable taxes.