Employee Retirement Plans

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Employee Retirement Plans

Employee Retirement Plans

Our defined contribution expense for the three and nine months ended September 30, 2022 was $2.5 million and $6.8 million, respectively. Our defined contribution expense for the three and nine months ended September 30, 2021 was $2.5 million and $6.8 million, respectively.

The net periodic benefit cost related to our Supplemental Executive Retirement Plan was $0.2 million and $0.5 million for the three and nine months ended September 30, 2022. The net periodic benefit cost related to our Supplemental Executive Retirement Plan was $0.1 million and $0.5 million for the three and nine months ended September 30, 2021, respectively. The non-service cost components of net periodic benefit cost are included in other, net (income) expense in our Consolidated Statements of Operations.

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 AOCI.

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, which is included in other, net (income) expense in our Consolidated Statements of Operations. There were no pension administrative expenses for the three months ended September 30, 2022 and 2021. During the nine months ended September 30, 2022, we used $0.2 million to fund pension administrative expenses, resulting in a remaining surplus of the Pension Plan of $0.4 million at September 30, 2022.