Retirement Benefit Plans

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

Retirement Benefit Plans

The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. The Company's policy is to make contributions to fund these plans within the range allowed by applicable regulations. Plan assets consist primarily of publicly traded stocks and government and corporate bonds.

Pension benefits for employees covered under the Company's U.S. and U.K. plans are frozen. Only certain grandfathered employees in the Netherlands still earn retirement benefits under a defined benefit pension plan. All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans.

During the third quarter of 2020, the Company recognized a settlement loss of $1.2 million resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for one of its U.S. pension plans. The Company remeasured the plan as of September 30, 2020 using a discount rate of 2.27%, compared to the December 31, 2019 discount

rate of 3.02%. As a result of the remeasurement, the funded status of the plan decreased by $2.7 million and accumulated other comprehensive income increased by $3.6 million ($2.8 million net of tax).

The Company presents the components of net benefit cost, other than service cost, in other (income) expense in the unaudited condensed consolidated statements of operations for its pension plans. Service cost for the Company's pension plans is reported in operating profit. The components of pension (income) expense are set forth below:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
U.S. Pension
Interest cost	$	0.5	$	0.6	$	1.5	$	1.9
Expected return on plan assets	(1.3)		(1.1)		(3.6)		(3.4)
Settlement loss	1.2		—		1.2		—
Amortization of actuarial loss	0.5		0.5		1.5		1.5
Total	$	0.9	$	—	$	0.6	$	—
Non-U.S. Pension
Service cost	$	0.1	$	—	$	0.1	$	0.1
Interest cost	0.8		1.1		2.3		3.1
Expected return on plan assets	(2.7)		(2.5)		(8.1)		(7.7)
Amortization of actuarial loss	0.6		0.4		1.9		1.4
Total	$	(1.2)	$	(1.0)	$	(3.8)	$	(3.1)