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Employee Benefits (Tables)
6 Months Ended
Jun. 30, 2020
Compensation And Retirement Disclosure [Abstract]  
Schedule of Total Expense Related to Benefit Plans

The following table presents the total expense related to all postretirement benefit plans for the periods presented (in millions of dollars):

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Defined contribution plans1

 

$

1.7

 

 

$

1.7

 

 

$

5.6

 

 

$

5.6

 

Deferred compensation plan1

 

 

0.8

 

 

 

0.3

 

 

 

0.4

 

 

 

1.0

 

Multiemployer pension plans1

 

 

1.2

 

 

 

1.2

 

 

 

2.5

 

 

 

2.4

 

Net periodic postretirement benefit cost relating to Salaried VEBA2

 

 

1.2

 

 

 

1.6

 

 

 

2.4

 

 

 

3.3

 

Total

 

$

4.9

 

 

$

4.8

 

 

$

10.9

 

 

$

12.3

 

 

1

Substantially all of the expense related to employee benefits are in Cost of products sold, excluding depreciation and amortization and other items ("COGS") with the remaining balance in Selling, general, administrative, research and development ("SG&A and R&D").

2

The current service cost component of Net periodic postretirement benefit cost relating to Salaried VEBA is included within our Statements of Consolidated (Loss) Income in SG&A and R&D for all periods presented. All other components of Net periodic postretirement benefit cost relating to Salaried VEBA are included within Other income (expense), net, on our Statements of Consolidated (Loss) Income.

Schedule of Net Benefit Costs

The following table presents the components of Net periodic postretirement benefit cost relating to Salaried VEBA for the periods presented (in millions of dollars):

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Salaried VEBA1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest cost

 

$

0.7

 

 

$

0.8

 

 

$

1.3

 

 

$

1.6

 

Expected return on plan assets

 

 

(0.7

)

 

 

(0.7

)

 

 

(1.4

)

 

 

(1.3

)

Amortization of prior service cost2

 

 

1.1

 

 

 

1.4

 

 

 

2.3

 

 

 

2.8

 

Amortization of net actuarial loss

 

 

0.1

 

 

 

0.1

 

 

 

0.2

 

 

 

0.2

 

Total net periodic postretirement benefit cost relating to Salaried VEBA

 

$

1.2

 

 

$

1.6

 

 

$

2.4

 

 

$

3.3

 

 

1

The service cost was insignificant for all periods presented.

2

We amortize prior service cost on a straight-line basis over the average remaining years of service to full eligibility for benefits of the active plan participants.