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Employee Benefits
 3 Months Ended
Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract]  
Employee Benefits

NOTE 8: EMPLOYEE BENEFITS

The following table summarizes the components of net periodic benefit cost (credit) for the three months ended March 31, 2020 and 2019 for the Ryerson pension plans and postretirement benefit plans other than pension:

 

 

 

Three Months Ended March 31,

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In millions)

 

Components of net periodic benefit (credit) cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

0.9

 

 

$

0.8

 

 

$

0.1

 

 

$

0.1

 

Interest cost

 

 

5.2

 

 

 

7.3

 

 

 

0.4

 

 

 

0.6

 

Expected return on assets

 

 

(8.1

)

 

 

(9.1

)

 

 

—

 

 

 

—

 

Settlement expense

 

 

0.4

 

 

 

0.1

 

 

 

—

 

 

 

—

 

Recognized actuarial (gain) loss

 

 

4.3

 

 

 

3.7

 

 

 

(1.7

)

 

 

(1.9

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

(0.5

)

 

 

(0.7

)

Net periodic benefit (credit) cost

 

$

2.7

 

 

$

2.8

 

 

$

(1.7

)

 

$

(1.9

)

 

Components of net periodic benefit cost (credit), excluding service cost, are included in Other income and (expense), net in our Condensed Consolidated Statement of Comprehensive Income.

The Company contributed $7 million to the pension plan funds through the three months ended March 31, 2020. The Company has elected to defer the remaining expected 2020 U.S. contributions of $13 million until December 31, 2020, as permitted under The Coronavirus Aid, Relief, and Economic Security Act (“The CARES Act”) that was passed in March 2020.