Retirement Plans

3 Months Ended

Mar. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

(10) Retirement Plans

The components of the net periodic benefit cost (credit) for our plans were as follows:

	3 Months Ended March 31,
	Defined Benefit Pension Plans						Retiree Health Care Plan
	2021			2020			2021			2020
Service cost	$	5.6		$	5.1		$	—		$	—
Interest cost		1.5			2.3			0.1			0.1
Expected return on assets		(3.1	)		(3.4	)		—			—
Settlement loss		-			10.2			—			—
Other		1.4			0.9			(0.2	)		(0.2	)
Total benefit cost (credit)	$	5.4		$	15.1		$	(0.1	)	$	(0.1	)

During the three months ended March 31, 2021, contributions made to our pension plans were $4.4 and contributions made to our retiree health care plan were $0.3. During 2021, we expect to make total contributions of approximately $16.0 to our pension plans and to fund our retiree health care payments as incurred.  

Pension Settlement

During the three months ended March 31, 2020, we fully settled our United States Qualified Retirement Plan (the “Plan”) liability. We purchased annuities of $19.2 and settled lump sum payments of $3.2 from the Plan in January and February 2020, respectively. The completion of lump sum payments in February and transfer of remaining participants to the Pension Benefit Guarantee Corporation (PBGC) in March triggered final settlement of the plan. Upon settlement of the pension liability, we reclassified the related pension losses of $6.6, net of tax, recorded in accumulated other comprehensive loss to the Consolidated Statements of Comprehensive (Loss) Income. The total amount of the required payout to plan participants was determined based on employee elections and market conditions at the time of settlement. The standard PBGC audit was completed in March 2021, and the remaining plan assets of $16.6 which were in excess of the pension liability upon settlement will be utilized to fund future qualified 401(k) plan contributions.