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Retirement and Other Postretirement Benefit Plans
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Retirement and Other Postretirement Benefit Plans

Note 4 — Retirement and Other Postretirement Benefit Plans

We maintain qualified and nonqualified defined benefit retirement plans covering certain current and former U.S. and European employees, retirement savings plans covering eligible U.S. and U.K. employees and certain postretirement health care and life insurance benefit plans covering eligible U.S. retirees. We also participate in a union sponsored multi-employer pension plan covering certain U.S. employees with union affiliations.

 

Defined Benefit Retirement Plans

Net Periodic Benefit Costs

Net periodic benefit costs of our defined benefit retirement plans for the three months ended March 31, 2025 and 2024 were as follows:

 

 

 

Quarter Ended March 31,

 

(In millions)

 

2025

 

 

2024

 

U.S. Nonqualified Defined Benefit Retirement Plans

 

 

 

 

 

 

Service cost

 

$

-

 

 

$

-

 

Interest cost

 

 

0.2

 

 

 

0.2

 

Net amortization

 

 

-

 

 

 

(0.1

)

Net periodic benefit cost

 

$

0.2

 

 

$

0.1

 

 

 

(In millions)

 

March 31, 2025

 

 

December 31, 2024

 

Amounts recognized on the balance sheet for U.S. nonqualified defined benefit retirement plans:

 

 

 

 

 

 

Accrued liabilities

 

$

16.1

 

 

$

16.2

 

Other non-current liabilities

 

 

3.8

 

 

 

3.9

 

Total accrued benefit

 

$

19.9

 

 

$

20.1

 

 

 

 

Quarter Ended March 31,

 

(In millions)

 

2025

 

 

2024

 

European Defined Benefit Retirement Plans

 

 

 

 

 

 

Service cost

 

$

0.2

 

 

$

0.2

 

Interest cost

 

 

0.1

 

 

 

0.1

 

Net periodic benefit cost

 

$

0.3

 

 

$

0.3

 

 

(In millions)

 

March 31, 2025

 

 

December 31, 2024

 

Amounts recognized on the balance sheet for European defined benefit retirement plans:

 

 

 

 

 

 

Accrued liabilities

 

$

1.2

 

 

$

1.0

 

Other non-current liabilities

 

 

14.3

 

 

 

11.9

 

Total accrued benefit

 

$

15.5

 

 

$

12.9

 

 

All costs related to our pensions are included as a component of operating income in our Condensed Consolidated Statements of Operations. For the three months ended March 31, 2025 and 2024, amounts unrelated to service costs were a charge of $0.3 million and $0.2 million, respectively.

 

Contributions

We generally fund our U.S. non-qualified defined benefit retirement plans when benefit payments are made. We contributed approximately $0.2 million to our U.S. non-qualified defined benefit retirement plans during the three months ended March 31, 2025 and expect to contribute a total of $16.5 million in 2025 including approximately $15.9 million for a one-time lump sum payment, to cover unfunded benefits.

Contributions to our European defined benefit retirement plans for both the three months ended March 31, 2025 and 2024 were not material. We plan to contribute approximately $1.3 million to our European plans in 2025 to cover unfunded benefits.

Postretirement Health Care and Life Insurance Benefit Plans

Net amortization gain deferral for both the three months ended March 31, 2025 and 2024 were not material. Net periodic benefit costs of our postretirement health care and life insurance benefit plans for the three months ended March 31, 2025 and 2024 were immaterial.

(In millions)

 

March 31, 2025

 

 

December 31, 2024

 

Amounts recognized on the balance sheet:

 

 

 

 

 

 

Accrued liabilities

 

$

0.2

 

 

$

0.2

 

Other non-current liabilities

 

 

0.6

 

 

 

0.6

 

Total accrued benefit

 

$

0.8

 

 

$

0.8

 

 

Amounts contributed in connection with our postretirement plans were immaterial for both the three months ended March 31, 2025 and 2024. We periodically fund our postretirement plans to pay covered expenses as they are incurred. We expect to contribute approximately $0.2 million in 2025 to cover unfunded benefits.