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PENSION AND POSTRETIREMENT PLANS (Tables) | 6 Months Ended
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Jun. 30, 2024
PENSION AND POSTRETIREMENT PLANS |
Net periodic pension and postretirement health care benefit costs | 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 | ​
​

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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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