BENEFIT PLANS:

9 Months Ended

Sep. 30, 2022

BENEFIT PLANS:

BENEFIT PLANS:

NOTE 9 — BENEFIT PLANS:

Post retirement defined benefit plans:

The Company has two non-contributory defined benefit pension plans to cover former salaried employees in the United States and certain former expatriate employees in Peru. Effective October 31, 2000, the Board of Directors amended the qualified pension plan to suspend the accrual of benefits.

In addition, the Company’s Mexican subsidiaries have a defined contribution pension plan for salaried employees and a non-contributory defined benefit pension plan for union employees.

The components of net periodic benefit costs for the nine-month periods ended September 30, 2022 and 2021 are as follows (in millions):

(in millions)	2022		2021
Service cost	$	1.3	$	1.1
Interest cost		1.7		1.2
Expected return on plan assets		(2.9)		(2.6)
Amortization of prior service cost / (credit)		0.1		0.1
Amortization of net loss/(gain)		0.3		0.2
Net periodic benefit cost	$	0.5	$	(0.0)

Post-retirement health care plans:

United States: The Company adopted a post-retirement health care plan for retired salaried employees eligible for Medicare in 1996. The Company manages the plan and is currently providing health benefits to retirees. The plan is accounted for in accordance with ASC 715 “Compensation retirement benefits”. As of December 31, 2021, because there has been a significant reduction in participants and in the amount of liability, the Company considered that this plan was not material enough to run a valuation.

In Mexico, health services are provided by the Mexican Social Security Institute.

The components of net periodic benefit cost for the nine-month periods ended September 30, 2022 and 2021 are as follows (in millions):

(in millions)	2022		2021
Interest cost	$	1.2	$	1.3
Amortization of net loss (gain)		0.1		0.1
Amortization of prior service cost/ (credit)		(*)		(*)
Net periodic benefit cost	$	1.3	$	1.4