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PENSION AND POSTRETIREMENT PLANS | 6 Months Ended
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Jun. 30, 2024
PENSION AND POSTRETIREMENT PLANS |
PENSION AND POSTRETIREMENT PLANS | 14. PENSION AND POSTRETIREMENT PLANS ​ The Company has a non-contributory, qualified, defined benefit pension plan covering the majority of its U.S. employees. The Company also has non-contributory, non-qualified, defined benefit pension plans, which provide for benefits to employees in excess of limits permitted under its U.S. pension plans. Various international subsidiaries also have defined benefit pension plans. The Company also provides postretirement health care and life insurance benefits to certain U.S. employees and retirees. ​ The components of net periodic pension and postretirement health care benefit expense for the second quarter ended June 30 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | International | ​ | U.S. Postretirement | ​
​ | ​ | Pension | ​ | Pension | ​ | Health Care | ​
(millions) |  | 2024 | ​ | 2023 |  | 2024 | ​ | 2023 |  | 2024 | ​ | 2023 |
Service cost | ​ | ​ | $11.6 | ​ | ​ | ​ | $10.6 | ​ | ​ | $4.9 | ​ | ​ | ​ | $5.4 | ​ | ​ | $0.1 | ​ | ​ | ​ | $0.1 | ​
Interest cost on benefit obligation |  | ​ | 21.8 | ​ | ​ | ​ | 22.0 | ​ | ​ | 12.2 | ​ | ​ | ​ | 11.6 | ​ | ​ | 1.3 | ​ | ​ | ​ | 1.4 | ​
Expected return on plan assets |  | ​ | (37.7) | ​ | ​ | ​ | (36.3) | ​ | ​ | (12.5) | ​ | ​ | ​ | (14.0) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Recognition of net actuarial loss (gain) | ​ | ​ | 1.5 | ​ | ​ | ​ | - | ​ | ​ | 2.8 | ​ | ​ | ​ | 3.3 | ​ | ​ | (0.8) | ​ | ​ | ​ | (0.8) | ​
Amortization of prior service benefit | ​ | ​ | (1.1) | ​ | ​ | ​ | (1.5) | ​ | ​ | (0.1) | ​ | ​ | ​ | (0.1) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Total expense (benefit) | ​ | ​ | ($3.9) | ​ | ​ | ​ | ($5.2) | ​ | ​ | $7.3 | ​ | ​ | ​ | $6.2 | ​ | ​ | $0.6 | ​ | ​ | ​ | $0.7 | ​
​ The components of net periodic pension and postretirement health care benefit expense for the six months ended June 30 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | International | ​ | U.S. Postretirement | ​
​ | ​ | Pension | ​ | Pension | ​ | Health Care | ​
(millions) |  | 2024 | ​ | 2023 |  | 2024 | ​ | 2023 |  | 2024 | ​ | 2023 |
Service cost | ​ | ​ | $23.2 | ​ | ​ | ​ | $20.8 | ​ | ​ | $9.8 | ​ | ​ | ​ | $10.8 | ​ | ​ | $0.2 | ​ | ​ | ​ | $0.2 | ​
Interest cost on benefit obligation | ​ | ​ | 43.6 | ​ | ​ | ​ | 44.0 | ​ | ​ | 24.6 | ​ | ​ | ​ | 23.0 | ​ | ​ | 2.6 | ​ | ​ | ​ | 2.8 | ​
Expected return on plan assets | ​ | ​ | (75.4) | ​ | ​ | ​ | (72.6) | ​ | ​ | (25.0) | ​ | ​ | ​ | (27.8) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Recognition of net actuarial loss (gain) | ​ | ​ | 3.0 | ​ | ​ | ​ | - | ​ | ​ | 5.0 | ​ | ​ | ​ | 6.8 | ​ | ​ | (1.6) | ​ | ​ | ​ | (1.6) | ​
Amortization of prior service benefit | ​ | ​ | (2.2) | ​ | ​ | ​ | (2.5) | ​ | ​ | (0.2) | ​ | ​ | ​ | (0.2) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Curtailments and settlements | ​ | ​ | 0.4 | ​ | ​ | ​ | 0.7 | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​ | ​ | (0.1) | ​
Total expense (benefit) | ​ | ​ | ($7.4) | ​ | ​ | ​ | ($9.6) | ​ | ​ | $14.2 | ​ | ​ | ​ | $12.6 | ​ | ​ | $1.2 | ​ | ​ | ​ | $1.3 | ​
​ Service cost is included as employee compensation cost in either cost of sales or selling, general and administrative expenses on the Consolidated Statements of Income based on employee roles, while non-service components are included in other (income) expense in the Consolidated Statements of Income. ​ As of June 30, 2024, the Company is in compliance with all funding requirements of each of its defined benefit plans. ​ During the first six months of 2024, the Company made contributions of $4 million to its U.S. non-contributory non-qualified defined benefit plans and estimates it will contribute an additional $5 million to such plans during the remainder of 2024. During the first six months of 2024, the Company made contributions of $21 million to its international pension plans and estimates it will contribute an additional $24 million to such plans during the remainder of 2024. ​ During the first six months of 2024, the Company made contributions of $6 million to its U.S. postretirement health care plans and estimates it will contribute an additional $5 million to such plans during the remainder of 2024.

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