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v3.25.1

Pension and Postretirement Benefits | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and 2024 were as follows:
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Postretirement Medical Benefits
(Amounts in millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Service cost | $ | 0.2 |  |  | $ | 5.7 |  |  | $ | 1.5 |  |  | $ | 1.3 |  |  | $ | — |  |  | $ | — |
Interest cost | 5.6 |  |  | 5.4 |  |  | 3.2 |  |  | 3.0 |  |  | 0.2 |  |  | 0.2 |
Expected return on plan assets | (6.0) |  |  | (6.0) |  |  | (2.0) |  |  | (1.9) |  |  | — |  |  | — |
Settlement loss (1) | 1.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of unrecognized prior service cost and other costs | 0.1 |  |  | — |  |  | 0.2 |  |  | 0.1 |  |  | — |  |  | — |
Amortization of unrecognized net loss | 0.1 |  |  | — |  |  | 0.5 |  |  | 0.6 |  |  | — |  |  | — |
Net periodic cost recognized | $ | 1.5 |  |  | $ | 5.1 |  |  | $ | 3.4 |  |  | $ | 3.1 |  |  | $ | 0.2 |  |  | $ | 0.2 |
____________________ (1) Represents a pension settlement accounting loss incurred in conjunction with the freeze of our Company-sponsored qualified defined benefit pension plan in the United States (the "Qualified Plan") for non-union employees. Full year cash outflows are expected to exceed the service and interest cost components and trigger a settlement loss later in 2025 in the range of $6 million - $7 million. The first quarter loss was recorded based on this full year estimate. 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 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, and 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. During the first quarter of 2025, a one-time cash transition benefit was paid to a limited group of employees in the United States that met certain criteria. We recorded a $5.0 million liability for this obligation prior to payment which is included within accrued liabilities in our condensed consolidated balance sheet at December 31, 2024. We also issued approximately the same amount of value in the form of restricted shares to an additional group of employees in the United States during the first quarter of 2025. The restricted shares are subject to three-year cliff-vesting.

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