Employee Retirement Plans

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Employee Retirement Plans

Employee Retirement Plans

Our defined contribution expense for the three months ended March 31, 2023 and 2022 was $2.4 million and $2.1 million, respectively.

The net periodic benefit cost related to our Supplemental Executive Retirement Plan was $0.2 million for each of the three months ended March 31, 2023 and 2022. 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. During the three months ended March 31, 2023, we reverted the remaining surplus pension assets of $0.4 million to the Company and incurred an excise tax of approximately $0.1 million. Following the completion of this transaction, there are no longer any pension assets reported in our Consolidated Balance Sheet.