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Employee Benefits (Tables) | 3 Months Ended
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Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract] |
Summary of Assumptions Used to Determine Warrick Rolling Mill Pension and OPEB Obligations | The following table presents the assumptions used to determine the Warrick Rolling Mill pension and OPEB obligations:
|  | Warrick Pension Plan |  |  | Warrick OPEB |
|  | As of March 31, 2021 |  |  | As of March 31, 2021 |
Discount rate |  |  | 3.24 | % |  |  | 2.97 | %
Expected long-term return on plan assets |  |  | 7.00 | % |  | N/A |
Trend rate (initial) |  | N/A |  |  |  | 5.40 | %
Trend rate (ultimate) |  | N/A |  |  |  | 4.00 | %
Years to reach ultimate trend |  | N/A |  |  |  | 14 |
Rate of compensation increase |  |  | 2.50 | % |  |  | — |
Schedule of Expected Benefit Payments | The following table presents the minimum net benefits expected to be paid (in millions of dollars):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026-2030 |
Warrick pension plan benefit payments |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 0.3 |  |  | $ | 0.5 |  |  | $ | 4.4 |
Warrick OPEB plan benefit payments |  |  | 0.7 |  |  |  | 1.6 |  |  |  | 2.3 |  |  |  | 3.0 |  |  |  | 3.7 |  |  |  | 27.2 |
Total net benefits |  | $ | 0.8 |  |  | $ | 1.7 |  |  | $ | 2.5 |  |  | $ | 3.3 |  |  | $ | 4.2 |  |  | $ | 31.6 |
Schedule of Total Expense Related to Benefit Plans | The following table presents the total expense related to all postretirement benefit plans (in millions of dollars):
|  | Quarter Ended March 31, |
|  | 2021 |  |  | 2020 |
Defined contribution plans1 |  | $ | 3.4 |  |  | $ | 3.9 |
Deferred compensation plan2 |  |  | — |  |  |  | (0.4 | )
Multiemployer pension plans1 |  |  | 1.1 |  |  |  | 1.3 |
Net periodic postretirement benefit cost relating to Salaried VEBA2 |  |  | 0.6 |  |  |  | 1.2 |
Total |  | $ | 5.1 |  |  | $ | 6.0 |
1 | Substantially all of the expense related to employee benefits are in Cost of products sold, excluding depreciation and amortization and other items (“Cost of products sold” or “COGS”) with the remaining balance in SG&A and R&D.
2 | The deferred compensation plan and the current service cost component of Net periodic postretirement benefit cost relating to Salaried VEBA are included within our Statements of Consolidated Income in SG&A and R&D for all periods presented. All other components of Net periodic postretirement benefit cost relating to Salaried VEBA are included within Other expense, net, on our Statements of Consolidated Income.
Schedule of Net Benefit Costs | The following table presents the components of Net periodic postretirement benefit cost relating to Salaried VEBA (in millions of dollars):
|  | Quarter Ended March 31, |
|  | 2021 |  |  | 2020 |
Salaried VEBA1: |  |  |  |  |  |  |  |
Interest cost |  | $ | 0.4 |  |  | $ | 0.6 |
Expected return on plan assets |  |  | (0.8 | ) |  |  | (0.7 | )
Amortization of prior service cost2 |  |  | 0.9 |  |  |  | 1.2 |
Amortization of net actuarial loss |  |  | 0.1 |  |  |  | 0.1 |
Total net periodic postretirement benefit cost relating to Salaried VEBA |  | $ | 0.6 |  |  | $ | 1.2 |
1 | The service cost was insignificant for all periods presented.
2 | We amortize prior service cost on a straight-line basis over the average remaining years of service to full eligibility for benefits of the active plan participants.

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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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