Retirement Benefit Plans

6 Months Ended

Jun. 30, 2022

Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Retirement Benefit Plans

Note 15 - 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, 2022 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, 2022.

	U.S. Plans				International Plans				Total
	Three Months Ended June 30,				Three Months Ended June 30,				Three Months Ended June 30,
	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost (credit):
Service cost	$	1.8	$	2.3	$	0.4	$	0.5	$	2.2	$	2.8
Interest cost	4.1		4.5		1.4		1.1		5.5		5.6
Expected return on plan assets	(5.0)		(6.1)		(2.4)		(2.6)		(7.4)		(8.7)
Amortization of prior service cost	0.3		0.3		0.1		0.1		0.4		0.4
Recognition of net actuarial losses	11.6		3.5		—		—		11.6		3.5
Net periodic benefit cost (credit)	$	12.8	$	4.5	$	(0.5)	$	(0.9)	$	12.3	$	3.6

	U.S. Plans				International Plans				Total
	Six Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost (credit):
Service cost	$	3.7	$	4.8	$	0.8	$	1.0	$	4.5	$	5.8
Interest cost	8.2		8.9		2.9		2.2		11.1		11.1
Expected return on plan assets	(10.2)		(12.2)		(4.9)		(5.1)		(15.1)		(17.3)
Amortization of prior service cost	0.6		0.6		0.1		0.1		0.7		0.7
Recognition of net actuarial losses	14.2		4.4		—		—		14.2		4.4
Net periodic benefit cost (credit)	$	16.5	$	6.5	$	(1.1)	$	(1.8)	$	15.4	$	4.7

The Company expects full year 2022 lump sum payments related to new retirees to exceed annual interest and service costs for two of the Company's U.S. defined benefit pension plans in 2022. This expectation triggered a remeasurement of assets and obligations for both plans. During the three months ended March 31, 2022, the Company only expected to make lump sum payments related to new retirees in excess of annual interest and service costs for one of its U.S. defined benefit pension plans resulting in only one plan being remeasured. As a result of these remeasurements, the Company recognized net actuarial losses ("mark-to-market charges") of $11.6 million and $14.2 million during the three and six months ended June 30, 2022, respectively.

For the three and six months ended June 30, 2021, the Company expected to make lump sum payments related to new retirees in excess of annual interest and service costs for three of the Company's U.S. defined benefit pension plans in 2021. This expectation, along with the payout of deferred compensation to a former executive officer of the Company in June 2021, triggered a remeasurement of assets and obligations for these plans. As a result of this remeasurement, 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.