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PENSION AND OTHER POSTRETIREMENT BENEFITS

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFITS

PENSION AND OTHER POSTRETIREMENT BENEFITS

The following table summarizes the components of the Company’s net periodic benefit cost for domestic and foreign defined benefit pension plans and other postretirement benefits:

			Domestic Defined Benefit Pension Plan												Foreign Defined Benefit Pension Plans												Other Postretirement Benefits
			2021						2020						2021						2020						2021						2020
Three Months Ended March 31:
Net periodic benefit cost:
Service cost			$	1.3					$	1.1					$	1.9					$	1.7					$	0.3					$	0.4
Interest cost			0.6						0.8						1.4						1.8						1.3						1.9
Expected return on assets			(1.8)						(1.5)						(2.5)						(2.6)
Recognition of:
Unrecognized prior service cost (credit)			0.3						0.3																		—						(0.3)
Unrecognized actuarial loss															0.4						0.3						1.2						0.5
Ongoing pension cost			0.4						0.7						1.2						1.2						2.8						2.5
Divestiture of business															0.7
Net periodic benefit cost			$	0.4					$	0.7					$	1.9					$	1.2					$	2.8					$	2.5

Service cost is recorded in Cost of goods sold and Selling, general and administrative expenses. All other components are recorded in Other (income) expense - net. For further details on the Company’s pension and other postretirement benefits, see Note 7 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

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- Definition

The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 712
-URI http://asc.fasb.org/topic&trid=2197446

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 710
-URI http://asc.fasb.org/topic&trid=2127225

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

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