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POSTRETIREMENT BENEFIT PLANS | 6 Months Ended
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Jun. 30, 2020
Retirement Benefits [Abstract] |
POSTRETIREMENT BENEFIT PLANS | POSTRETIREMENT BENEFIT PLANS The following table provides the components of net periodic benefit cost for pension plans and other employee-related benefit plans for the three and six months ended June 30, 2020 and 2019.
| 2020 |  |  |  |  |  |  |  |  |  |  |  | 2019 |  |  |  |  |  |  |  |  |  |
For the Three Months Ended June 30 | Pension |  |  |  | Other Benefits |  |  |  | Total |  |  |  | Pension |  |  |  | Other Benefits |  |  |  | Total |  |
Service cost |  | $ | 0.3 |  |  |  |  | $ | 0.2 |  |  |  |  | $ | 0.5 |  |  |  |  | $ | 0.3 |  |  |  |  | $ | 0.1 |  |  |  |  | $ | 0.4 |  |
Interest cost |  | 2.3 |  |  |  |  | 0.7 |  |  |  |  | 3.0 |  |  |  |  | 3.2 |  |  |  |  | 1.0 |  |  |  |  | 4.2 |  |
Expected return on plan assets |  | (2.1) |  |  |  |  | — |  |  |  |  | (2.1) |  |  |  |  | (3.4) |  |  |  |  | — |  |  |  |  | (3.4) |  |
Amortization of prior service (benefit) cost |  | — |  |  |  |  | (1.3) |  |  |  |  | (1.3) |  |  |  |  | 0.2 |  |  |  |  | (1.3) |  |  |  |  | (1.1) |  |
Amortization of net actuarial loss |  | 1.7 |  |  |  |  | 0.8 |  |  |  |  | 2.5 |  |  |  |  | 1.3 |  |  |  |  | 0.5 |  |  |  |  | 1.8 |  |
Total net periodic benefit cost |  | $ | 2.2 |  |  |  |  | $ | 0.4 |  |  |  |  | $ | 2.6 |  |  |  |  | $ | 1.6 |  |  |  |  | $ | 0.3 |  |  |  |  | $ | 1.9 |  |
| 2020 |  |  |  |  |  |  |  |  |  |  |  | 2019 |  |  |  |  |  |  |  |  |  |
For the Six Months Ended June 30 | Pension |  |  |  | Other Benefits |  |  |  | Total |  |  |  | Pension |  |  |  | Other Benefits |  |  |  | Total |  |
Service cost |  | $ | 0.6 |  |  |  |  | $ | 0.4 |  |  |  |  | $ | 1.0 |  |  |  |  | $ | 0.7 |  |  |  |  | $ | 0.3 |  |  |  |  | $ | 1.0 |  |
Interest cost |  | 4.6 |  |  |  |  | 1.4 |  |  |  |  | 6.0 |  |  |  |  | 6.3 |  |  |  |  | 2.0 |  |  |  |  | 8.3 |  |
Expected return on plan assets |  | (4.3) |  |  |  |  | — |  |  |  |  | (4.3) |  |  |  |  | (7.2) |  |  |  |  | — |  |  |  |  | (7.2) |  |
Amortization of prior service (benefit) cost |  | — |  |  |  |  | (2.5) |  |  |  |  | (2.5) |  |  |  |  | 0.4 |  |  |  |  | (2.6) |  |  |  |  | (2.2) |  |
Amortization of net actuarial loss |  | 3.5 |  |  |  |  | 1.4 |  |  |  |  | 4.9 |  |  |  |  | 2.6 |  |  |  |  | 1.1 |  |  |  |  | 3.7 |  |
Total net periodic benefit cost |  | $ | 4.4 |  |  |  |  | $ | 0.7 |  |  |  |  | $ | 5.1 |  |  |  |  | $ | 2.8 |  |  |  |  | $ | 0.8 |  |  |  |  | $ | 3.6 |  |
We made contributions to our global postretirement plans of $4.2 and $7.1 during the six months ended June 30, 2020 and 2019, respectively. We expect to make contributions of approximately $8 to $10 during the remainder of 2020, principally related to our other employee-related benefit plans. Amortization from accumulated other comprehensive income into earnings related to prior service cost and net actuarial loss was $0.9 and $0.5, and $1.8 and $1.1, net of tax, during the three and six months ended June 30, 2020 and 2019, respectively. No other reclassifications from accumulated other comprehensive income into earnings were recognized during any of the presented periods. U.S. Qualified Pension Plan Termination On February 19, 2020, the Company’s Board of Directors conditionally authorized the termination of our U.S. qualified pension plan by offering lump sum distributions to certain participants and transferring the plan’s remaining benefit obligations to an insurance company through one or more group annuity contracts. The current projected benefit obligation is $303.2. Ultimate plan termination is subject to certain considerations, including regulatory review, interest rates and annuity pricing. If we proceed with the termination of the plan, the transaction is expected to occur in the second half of 2020 and would be funded with plan assets, that were $326.1 as of the end of the second quarter. Any additional funding, if necessary, would be made with cash. Our investment strategy was updated in 2019 to reduce risk by increasing the asset allocation to 100% fixed income and cash. At the time such a transaction were to close, an insurance company (or companies) would assume responsibility for paying and administering pension benefits that had been an obligation of the plan to plan participants and their beneficiaries. Upon transfer of the pension obligation, we expect to recognize a non-cash pension settlement charge of approximately $130 to $140 before tax, which includes recognition of the remaining pension losses, currently recorded in accumulated other comprehensive loss, and derecognition of the net assets of the plan. As a result of the plan transfer, the amount of benefits to be received by participants will be protected by state guaranty associations.

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