Defined Benefit Plan

3 Months Ended

Mar. 31, 2020

Employee Benefit Plans

Defined Benefit Plans

The Company recognizes net periodic benefit cost based on the actuarial analysis performed at the previous year end, adjusted if certain significant events occur during the year.

The components of net periodic benefit cost follows:


	Three Months Ended March 31,
(in millions)	2020		2019
Service cost	$	0.7	$	0.7
Interest cost	1.1		1.5
Expected return on plan assets	(2.4)		(2.4)
Amortization of unrecognized loss⁽¹⁾	1.4		0.9
Net periodic benefit cost	$	0.8	$	0.7

⁽¹⁾Includes amortization of unrecognized actuarial (gain) loss and prior service credits and excludes provision for income tax of $(0.3) million and $(0.2) million for the three months ended March 31, 2020, and 2019, respectively.

The components of net periodic benefit cost, other than the service cost component, are included in other non-operating income, net.

Defined Contribution Plans

Deferred Compensation - Cash

The Company has established a Rabbi Trust to provide for a degree of financial security to cover its obligations with its deferred compensation plan. Contributions to the Rabbi Trust by the Company are made at the discretion of management and generally are made in cash and invested in money-market funds. The Company consolidates the Rabbi Trust and therefore includes the investments in its Condensed Consolidated Balance Sheets. As of March 31, 2020 and December 31, 2019, the Company had $7.8 million and $6.1 million of cash, respectively, and $4.2 million and $5.5 million of short-term investments, respectively. The short-term investments are measured at fair value using quoted market prices in active markets (i.e., Level 1 measurements) with changes in fair value recorded in net income and the associated cash flows presented as operating cash flows.