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Pension and Postretirement Benefits
 9 Months Ended
Sep. 30, 2020
Compensation And Retirement Disclosure [Abstract]  
Pension and Postretirement Benefits

8.

Pension and Postretirement Benefits

The estimated components of the recorded net periodic benefit cost (credit) for pension and postretirement benefits are as follows:

 

 

Pension

 

 

Postretirement Benefits

 

 

 

Three Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(Dollars in Millions)

 

Service cost

 

$

9.8

 

 

$

7.7

 

 

$

—

 

 

$

—

 

Interest cost

 

 

9.3

 

 

 

9.4

 

 

 

0.1

 

 

 

0.1

 

Expected return on assets

 

 

(15.2

)

 

 

(11.9

)

 

 

—

 

 

 

—

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost (credit)

 

 

0.2

 

 

 

—

 

 

 

(0.2

)

 

 

(0.2

)

Actuarial loss (gain)

 

 

4.2

 

 

 

3.9

 

 

 

—

 

 

 

(0.1

)

Net periodic benefit cost (credit)

 

$

8.3

 

 

$

9.1

 

 

$

(0.1

)

 

$

(0.2

)

 

 

 

Pension

 

 

Postretirement Benefits

 

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(Dollars in Millions)

 

Service cost

 

$

29.4

 

 

$

23.1

 

 

$

—

 

 

$

—

 

Interest cost

 

 

27.8

 

 

 

28.3

 

 

 

0.3

 

 

 

0.4

 

Expected return on assets

 

 

(43.8

)

 

 

(35.9

)

 

 

—

 

 

 

—

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost (credit)

 

 

0.5

 

 

 

—

 

 

 

(0.6

)

 

 

(0.5

)

Actuarial loss (gain)

 

 

10.9

 

 

 

11.9

 

 

 

(0.1

)

 

 

(0.4

)

Net periodic benefit cost (credit)

 

$

24.8

 

 

$

27.4

 

 

$

(0.4

)

 

$

(0.5

)

 

The service cost component of net periodic benefit cost (credit) is included in cost of revenues – products and services and selling, general and administrative expenses. All other components are included in other nonoperating (income) and expenses, net, in the consolidated statements of earnings and comprehensive earnings.

For the nine months ended September 30, 2020, the Company made $75.0 million of discretionary contributions to its qualified pension plan. No additional contributions to the qualified pension plan are expected to be made for the remainder of 2020.  The Company currently estimates that it will contribute a total of $14.4 million for the year ending December 31, 2020 to satisfy required payments under the unfunded nonqualified pension plans.