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Pension and Postretirement Benefits | 9 Months Ended
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Sep. 30, 2024
Retirement Benefits [Abstract] |
Pension and Postretirement Benefits | Pension and Postretirement Benefits Components of the net periodic cost for pension and postretirement benefits for the three months ended September 30, 2024 and 2023 were as follows:
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Postretirement Medical Benefits
(Amounts in millions) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | 6.0 |  |  | $ | 5.4 |  |  | $ | 1.3 |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | — |
Interest cost | 5.2 |  |  | 5.1 |  |  | 3.2 |  |  | 2.9 |  |  | 0.2 |  |  | 0.2 |
Expected return on plan assets | (5.8) |  |  | (6.0) |  |  | (2.1) |  |  | (1.6) |  |  | — |  |  | — |
Amortization of unrecognized prior service cost and other costs | — |  |  | — |  |  | 0.1 |  |  | (0.1) |  |  | — |  |  | — |
Amortization of unrecognized net loss | — |  |  | — |  |  | 0.7 |  |  | 0.4 |  |  | 0.1 |  |  | — |
Net periodic cost recognized | $ | 5.4 |  |  | $ | 4.5 |  |  | $ | 3.2 |  |  | $ | 2.8 |  |  | $ | 0.3 |  |  | $ | 0.2 |
Components of the net periodic cost for pension and postretirement benefits for the nine months ended September 30, 2024 and 2023 were as follows:
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Postretirement Medical Benefits
(Amounts in millions) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | 18.0 |  |  | $ | 16.1 |  |  | $ | 3.9 |  |  | $ | 3.5 |  |  | $ | — |  |  | $ | — |
Interest cost | 15.6 |  |  | 15.3 |  |  | 9.2 |  |  | 8.9 |  |  | 0.5 |  |  | 0.6 |
Expected return on plan assets | (17.4) |  |  | (18.0) |  |  | (6.0) |  |  | (5.0) |  |  | — |  |  | — |
Amortization of unrecognized prior service cost and other costs | — |  |  | 0.1 |  |  | 0.3 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Amortization of unrecognized net loss | — |  |  | — |  |  | 2.0 |  |  | 1.0 |  |  | 0.1 |  |  | — |
Net periodic cost recognized | $ | 16.2 |  |  | $ | 13.5 |  |  | $ | 9.4 |  |  | $ | 8.5 |  |  | $ | 0.7 |  |  | $ | 0.7 |
The components of net periodic cost for pension and postretirement benefits other than service costs are included in other income (expense), net in our condensed consolidated statements of income. In August 2023, we amended the Company-sponsored qualified defined benefit pension plan in the United States (the "Qualified Plan") for non-union employees to discontinue future benefit accruals under the Qualified Plan and freeze existing accrued benefits effective January 1, 2025. Benefits earned by participants under the Qualified Plan prior to January 1, 2025, are not affected. We also amended the Company-sponsored non-qualified defined benefit pension plan in the United States (the "Non-Qualified Plan") that provides enhanced retirement benefits to select members of management. The Qualified Plan and the Non-Qualified Plan were closed to new entrants effective January 1, 2024, and September 1, 2023, respectively. The amendments resulted in a curtailment of both plans during the year ended December 31, 2023. The curtailment loss incurred and the change in projected benefit obligation was immaterial. In conjunction with the amendment of the Qualified Plan, the Organization and Compensation Committee of our Board of Directors approved certain transition benefits associated with freezing the Qualified Plan. In January 2025, a one-time cash transition benefit will be paid to a limited group of employees in the United States that meet certain criteria. We recorded a $5.0 million liability as of September 30, 2024, included within accrued liabilities in our condensed consolidated balance sheet to recognize this obligation, with corresponding expense included within cost of sales and SG&A in our condensed consolidated statements of income. We expect to issue approximately the same amount of value in the form of restricted shares to an additional group of employees in the United States in 2025. The restricted shares are expected to be subject to three year cliff-vesting.

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