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BENEFIT PLANS:
 9 Months Ended
Sep. 30, 2025
BENEFIT PLANS:  
BENEFIT PLANS:

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NOTE 9 — BENEFIT PLANS:

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Post retirement defined benefit plans:

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The Company’s Mexican subsidiaries have a defined contribution pension plan for salaried employees and a non-contributory defined benefit pension plan for union employees. On July 24, 2025, the Board of Directors of the Company authorized the termination of the non-contributory defined benefit pension plan covering former salaried employees in the United States and certain former expatriate employees in Peru. This termination will be effective December 1, 2025.

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The components of net periodic benefit costs for the nine-month periods ended September 30, 2025 and 2024 are as follows (in millions):

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​

​

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Nine months ended

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September 30, 

(in millions)

    

2025

    

2024

Service cost

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$

1.9

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$

1.9

Interest cost

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2.8

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2.8

Expected return on plan assets

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(5.5)

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(4.7)

Amortization of prior service cost / (credit)

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0.1

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0.2

Amortization of net loss/(gain)

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0.1

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0.3

Net periodic (benefit) cost

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$

(0.6)

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$

0.5

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Post-retirement health care plans:

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In Mexico, health services are provided by the Mexican Institute of Social Security.

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The components of net periodic benefit cost for the nine-month periods ended September 30, 2025 and 2024 are as follows (in millions):

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​

​

​

​

​

​

​

​

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Nine months ended September 30, 

(in millions)

    

2025

    

2024

Interest cost

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$

1.6

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$

1.5

Amortization of net loss (gain)

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—

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—

Amortization of prior service cost/ (credit)

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(*)

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(*)

Net periodic benefit cost

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$

1.6

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$

1.5

(*) Less than $0.1 million.

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