Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

Pension Plans

Substantially all active employees of the Company’s U.S. operations participate in defined benefit pension plans and/or defined contribution retirement plans. The Company has defined benefit plans for substantially all its employees in Germany and the United Kingdom. In addition, the Company maintains a SERP, which is a non-qualified defined benefit plan, and a supplemental retirement contribution plan (the "SRCP"), which is a non-qualified, unfunded defined contribution plan. The Company provides benefits under the non-qualified SERP and SRCP plans to the extent necessary to fulfill the intent of its retirement plans without regard to the limitations set by the Internal Revenue Code on qualified retirement benefit plans.

The following table presents the components of net periodic benefit cost for the Company’s defined benefit plans and postretirement plans other than pensions:

Components of Net Periodic Benefit Cost for Defined Benefit Plans 

	Pension Benefits				Postretirement Benefits Other than Pensions
	Three Months Ended March 31,
	2022		2021		2022		2021
Service cost	$	0.9	$	1.1	$	0.2	$	0.3
Interest cost	2.7		3.0		0.2		0.1
Expected return on plan assets (a)	(4.2)		(4.9)		—		—
Recognized net actuarial loss	0.8		1.4		0.2		0.2
Amortization of prior service benefit	—		0.1		—		—
Net periodic benefit cost	$	0.2	$	0.7	$	0.6	$	0.6

(a)    The expected return on plan assets is determined by multiplying the fair value of plan assets at the prior year-end (adjusted for estimated current year cash benefit payments and contributions) by the expected long-term rate of return. The Dutch pension plan is funded through an insurance contract, and the expected return on plan assets is calculated based on the discount rate of the insured obligations.

The Company records the service cost component of net periodic benefit cost as part of cost of sales and selling, general and administrative ("SG&A") expenses; and the non-service cost components of net periodic benefit cost (i.e., interest cost, expected return on plan assets, net actuarial gains or losses, and amortization of prior service cost or credits) as part of "Other income, net" on the Condensed Consolidated Statements of Operations.

For the three months ended March 31, 2022, the Company made $1.9 million of aggregate contributions to qualified and nonqualified defined benefit pension trusts and payments of pension benefits for unfunded pension and other post-employment benefit plans. The Company expects to make $10.0 million of such payments in calendar 2022. The Company made similar payments of $2.7 million and $11.5 million for the three months ended March 31, 2021 and for the year ended December 31, 2021, respectively.