Defined benefit pension plans

6 Months Ended

Jun. 30, 2024

Defined benefit pension plans

Defined benefit pension plans

Note 11 – Defined benefit pension plans:

The components of our net periodic defined benefit pension cost are presented in the table below.

	Three months ended				Six months ended
	June 30,				June 30,
	2023		2024		2023		2024
	(In millions)
Service cost	$	1.5	$	1.6	$	3.1	$	3.3
Interest cost		5.5		5.2		11.1		10.6
Expected return on plan assets		(5.2)		(5.6)		(10.4)		(11.2)
Recognized net actuarial losses		1.0		1.0		1.9		1.9
Settlements		6.2		—		6.2		—
Total	$	9.0	$	2.2	$	11.9	$	4.6

In the second quarter of 2023, we completed a termination and buy-out of our United Kingdom pension plan resulting in a $6.2 million settlement loss. We expect to contribute the equivalent of approximately $18 million to all of our defined benefit pension plans during 2024.