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Defined Benefit Plans
6 Months Ended
Jun. 30, 2018
Defined Benefit Plans
12. Defined Benefit Plans

The components of net periodic benefit cost for pension and postretirement benefits for the six and three months ended June 30, 2018 and 2017 were as follows:

 

(In millions)    Six Months Ended June 30,  
     Pension Benefits      Postretirement Benefits  
     2018      2017      2018      2017  
Service cost    $ 0.3      $ 0.3      $ —        $ —    
Interest cost      15.3        16.7        —          —    
Expected return on plan assets      (20.5      (18.7      —          —    

Recognition of prior service credits

     —          —          —          (5.1
  

 

 

    

 

 

    

 

 

    

 

 

 

Net periodic benefit income

   $ (4.9    $ (1.7    $ —        $ (5.1

 

(In millions)    Three Months Ended June 30,  
     Pension Benefits      Postretirement Benefits  
     2018      2017      2018      2017  
Service cost    $ 0.1      $ 0.2      $ —        $ —    
Interest cost      7.7        8.3        —          —    
Expected return on plan assets      (10.2      (9.4      —          —    

Recognition of prior service credits

     —          —          —          (2.1
  

 

 

    

 

 

    

 

 

    

 

 

 

Net periodic benefit income

   $ (2.4    $ (0.9    $ —        $ (2.1

Service cost for 2018 relates to benefit accruals in an hourly Union defined benefit plan in our Security segment. All other defined benefit pension plans were frozen as of December 31, 2016.

In March 2017, the FASB issued ASU 2017-07, which requires entities to present the defined benefit plan non-service related costs outside the operating income subtotal. The new guidance was applied retrospectively in the condensed consolidated statement of comprehensive income. As a result, we reclassified $7.1 million of income from the operating income subtotal to the other income, net subtotal in the six months ended June 30, 2017 and $3.2 in the three months ended June 30, 2017. The retrospective impact of adopting ASU 2017-07 on the six and three months ended June 30, 2017 was as follows:

 

(In millions)              
     Six Months Ended
June 30
     Three Months Ended
June 30,
 
     2017      2017  

Increase to cost of products sold

   $ 5.1      $ 2.2  

Increase to selling, general and administrative expenses

     2.0        1.0  
  

 

 

    

 

 

 

Decrease to operating income

   $ (7.1    $ (3.2