POSTRETIREMENT BENEFIT PLANS

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

POSTRETIREMENT BENEFIT PLANS

POSTRETIREMENT BENEFIT PLANS

The following table provides the components of net periodic benefit cost for pension plans and other employee-related benefit plans for the three and nine months ended September 30, 2020 and 2019. 

	2020									2019
For the Three Months Ended September 30	Pension			Other Benefits			Total			Pension			Other Benefits			Total
Service cost		$	0.4		$	0.2		$	0.6		$	0.4		$	0.2		$	0.6
Interest cost		2.2			0.8			3.0			3.1			1.0			4.1
Expected return on plan assets		(2.2)			—			(2.2)			(3.8)			(0.1)			(3.9)
Amortization of prior service (benefit) cost		—			(1.3)			(1.3)			0.2			(1.3)			(1.1)
Amortization of net actuarial loss		1.8			0.6			2.4			1.3			0.6			1.9
Total net periodic benefit cost		$	2.2		$	0.3		$	2.5		$	1.2		$	0.4		$	1.6
	2020									2019
For the Nine Months Ended September 30	Pension			Other Benefits			Total			Pension			Other Benefits			Total
Service cost		$	1.0		$	0.6		$	1.6		$	1.1		$	0.5		$	1.6
Interest cost		6.8			2.2			9.0			9.4			3.0			12.4
Expected return on plan assets		(6.5)			—			(6.5)			(11.0)			(0.1)			(11.1)
Amortization of prior service (benefit) cost		—			(3.8)			(3.8)			0.6			(3.9)			(3.3)
Amortization of net actuarial loss		5.3			2.0			7.3			3.9			1.7			5.6
Total net periodic benefit cost		$	6.6		$	1.0		$	7.6		$	4.0		$	1.2		$	5.2

We made contributions to our global postretirement plans of $7.2 and $19.7 during the nine months ended September 30, 2020 and 2019, respectively, which included a discretionary contribution of $9 to our U.S. pension plan during 2019. Other than the cash contribution related to the U.S. qualified pension plan termination as described below, we expect to make contributions of approximately $3 to $5 during the remainder of 2020, principally related to our other employee-related benefit plans.

Amortization from accumulated other comprehensive income into earnings related to prior service cost and net actuarial loss was $0.8 and $0.6, and $2.6 and $1.7, net of tax, during the three and nine months ended September 30, 2020 and 2019, respectively. No other reclassifications from accumulated other comprehensive income into earnings were recognized during any of the presented periods.

U.S. Qualified Pension Plan Termination

In October 2020, the Company terminated its U.S. qualified pension plan by purchasing a group annuity contract from MassMutual Life Insurance Company (MassMutual), which will fully assume the responsibility for paying and administering pension benefits to approximately five thousand plan participants and their beneficiaries. MassMutual is a highly rated Fortune 100 insurance company that has a long history of efficiently providing and administering pension benefits. In connection with the plan termination, we will settle all future obligations under the plan by providing lump sum payments to eligible participants who elected to receive them, and by transferring the remaining projected benefit obligation to the insurance company. The termination was funded with plan assets of $321 and cash of $8.4. Consequently, in the fourth quarter of 2020, the Company will recognize a settlement charge in the range of $135 to $140 within non-operating expenses, which primarily represents the acceleration of deferred charges currently accrued in accumulated other comprehensive loss and derecognition of the net assets of the plan.