Retirement Benefit Plans

6 Months Ended

Jun. 30, 2021

Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Retirement Benefit Plans

Note 14 - Retirement Benefit Plans

The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans. The amounts for the three and six months ended June 30, 2021 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of that period’s proportionate share of the amounts to be recorded for the year ending December 31, 2021.

	U.S. Plans				International Plans				Total
	Three Months Ended June 30,				Three Months Ended June 30,				Three Months Ended June 30,
	2021		2020		2021		2020		2021		2020
Components of net periodic benefit    cost (credit):
Service cost	$	2.3	$	2.7	$	0.5	$	0.4	$	2.8	$	3.1
Interest cost	4.5		5.3		1.1		1.3		5.6		6.6
Expected return on plan assets	(6.1)		(6.4)		(2.6)		(2.1)		(8.7)		(8.5)
Amortization of prior service cost	0.3		0.4		0.1		0.1		0.4		0.5
Recognition of net actuarial losses	3.5		8.8		—		—		3.5		8.8
Net periodic benefit cost (credit)	$	4.5	$	10.8	$	(0.9)	$	(0.3)	$	3.6	$	10.5

	U.S. Plans				International Plans				Total
	Six Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020		2021		2020
Components of net periodic benefit    cost (credit):
Service cost	$	4.8	$	5.4	$	1.0	$	0.8	$	5.8	$	6.2
Interest cost	8.9		10.5		2.2		2.8		11.1		13.3
Expected return on plan assets	(12.2)		(12.7)		(5.1)		(4.3)		(17.3)		(17.0)
Amortization of prior service cost	0.6		0.8		0.1		0.1		0.7		0.9
Recognition of net actuarial losses	4.4		8.8		—		—		4.4		8.8
Net periodic benefit cost (credit)	$	6.5	$	12.8	$	(1.8)	$	(0.6)	$	4.7	$	12.2

The Company currently expects to make contributions and payments related to its global defined benefit pension plans totaling approximately $15 million in 2021. Approximately $9.6 million of this amount related to the 2021 payout of deferred compensation in June 2021 to a former executive officer of the Company. The payment triggered a remeasurement of the pension obligation for one of the Company's U.S. defined benefit pension plans during the six months ended June 30, 2021. In addition, the Company made lump sum payments to new retirees in 2021 in excess of annual interest and service costs for two of its other U.S. defined benefit pension plans as of June 30, 2021. These payments triggered a remeasurement of assets and obligations for these U.S. defined benefit pension plans during the six months ended June 30, 2021. As a result of these remeasurements, the Company recognized net actuarial losses of $3.5 million and $4.4 million during the three and six months ended June 30, 2021, respectively.

During the three and six months ended June 30, 2020, the Company recognized actuarial losses of $8.8 million. The remeasurement was a result of expected lump sum payments to new retirees exceeding service and interest costs for one of the Company's U.S. defined benefit pension plans.