Pension Plans And Other Postretirement Benefits

9 Months Ended

Sep. 30, 2022

Pension Plans and Other Postretirement Benefits

Pension Plans and Other Postretirement Benefits

NOTE 14—PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS

The components of net periodic benefit costs for all significant plans were as follows:

	Three Months Ended				Three Months Ended
	September 30,				September 30,
	Non-U.S. Defined Benefit Pension Plans				U.S. Defined Benefit Pension (1)
	2022		2021		2022		2021
Net periodic benefit cost
Service cost	$	3.0	$	4.0	$	0.2	$	0.2
Interest cost		0.6		0.2		0.2		0.2
Expected return on plan assets		(0.1)		(0.1)		(0.2)		(0.2)
Amortization of prior service credit		(0.1)		(0.5)		—		—
Amortization of net loss		0.6		1.6		—		—
Settlement and curtailment gain		(1.2)		(2.3)		(0.2)		—
Net periodic benefit cost	$	2.8	$	2.9	$	—	$	0.2

	Nine Months Ended				Nine Months Ended
	September 30,				September 30,
	Non-U.S. Defined Benefit Pension Plans				U.S. Defined Benefit Pension (1)
	2022		2021		2022		2021
Net periodic benefit cost
Service cost	$	9.3	$	12.1	$	0.7	$	0.3
Interest cost		2.0		1.1		0.5		0.3
Expected return on plan assets		(0.2)		(0.2)		(0.7)		(0.4)
Amortization of prior service credit		(0.3)		(0.9)		—		—
Amortization of net loss		1.9		4.7		—		—
Settlement and curtailment gain		(3.1)		(2.3)		(0.2)		—
Net periodic benefit cost	$	9.6	$	14.5	$	0.3	$	0.2

(1) The Company’s U.S. defined benefit pension plans were acquired in 2021, primarily in conjunction with the PMMA Acquisition.

The Company had less than $0.1 million of net periodic benefit costs for its other postretirement plans for the three and nine months ended September 30, 2022 and 2021.

Service cost related to the Company’s defined benefit pension plans and other postretirement plans is included within “Cost of sales” and “Selling, general and administrative expenses,” whereas all other components of net periodic benefit cost are included within “Other expense, net” in the condensed consolidated statements of operations. As of September 30, 2022 and December 31, 2021, the Company’s benefit obligations included primarily in “Other noncurrent obligations” in the condensed consolidated balance sheets were $237.8 million and $274.7 million, respectively.

The Company made cash contributions and benefit payments to unfunded plans of approximately $1.4 million and $6.1 million during the three and nine months ended September 30, 2022, respectively. The Company expects to make additional cash contributions, including benefit payments to unfunded plans, of approximately $2.7 million to its defined benefit plans for the remainder of 2022.