Retirement Benefits

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Retirement Benefits

Retirement Benefits

The Company has defined contribution retirement plans or defined benefit pension plans covering substantially all employees. Company contributions to defined contribution retirement plans are generally based on a percentage of eligible pay or based on hours worked. Benefits under the defined benefit pension plans are generally based on years of service and/or final average pay. The Company funds the U.S. pension plans in accordance with the Employee Retirement Income Security Act of 1974, as amended, and the Internal Revenue Code (IRC). The Company also sponsors several postretirement plans covering certain collectively-bargained salaried and hourly employees. The plans provide health care and life insurance benefits for eligible retirees. In most retiree health care plans, Company contributions towards premiums are capped based on the cost as of a certain date, thereby creating a defined contribution. All defined benefit pension and retiree health care plans are closed to new entrants.

For the three month periods ended June 30, 2020 and 2019, the components of pension and other postretirement benefit expense for the Company’s defined benefit plans included the following (in millions): 

	Pension Benefits				Other Postretirement Benefits
	Three months ended June 30,				Three months ended June 30,
	2020		2019		2020		2019
Service cost - benefits earned during the year	$	3.1	$	3.1	$	0.6	$	0.4
Interest cost on benefits earned in prior years	21.6		26.4		2.7		3.7
Expected return on plan assets	(33.6)		(32.9)		—		—
Amortization of prior service cost (credit)	0.2		0.1		(1.0)		(0.7)
Amortization of net actuarial loss	18.6		18.4		2.7		3.4
Total retirement benefit expense	$	9.9	$	15.1	$	5.0	$	6.8

For the six month periods ended June 30, 2020 and 2019, the components of pension and other postretirement benefit expense for the Company’s defined benefit plans included the following (in millions): 

	Pension Benefits				Other Postretirement Benefits
	Six months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
Service cost - benefits earned during the year	$	6.3	$	6.3	$	1.1	$	0.9
Interest cost on benefits earned in prior years	43.1		52.7		5.4		7.4
Expected return on plan assets	(67.2)		(65.7)		—		—
Amortization of prior service cost (credit)	0.4		0.2		(1.9)		(1.4)
Amortization of net actuarial loss	37.2		36.8		5.4		6.7
Total retirement benefit expense	$	19.8	$	30.3	$	10.0	$	13.6