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Employee Benefits (Tables) | 6 Months Ended
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Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items] |
Summary of Assumptions Used to Determine Warrick Rolling Mill Pension and OPEB Obligations | The following table presents the assumptions used to determine the Warrick 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 |  |  |  | 2.4 |  |  |  | 3.1 |  |  |  | 3.7 |  |  |  | 27.1 |
Total net benefits |  | $ | 0.8 |  |  | $ | 1.7 |  |  | $ | 2.6 |  |  | $ | 3.4 |  |  | $ | 4.2 |  |  | $ | 31.5 |
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 June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Defined contribution plans1 |  | $ | 3.6 |  |  | $ | 1.7 |  |  | $ | 7.0 |  |  | $ | 5.6 |
Deferred compensation plan2 |  |  | 0.4 |  |  |  | 0.8 |  |  |  | 0.4 |  |  |  | 0.4 |
Multiemployer pension plans1 |  |  | 1.3 |  |  |  | 1.2 |  |  |  | 2.4 |  |  |  | 2.5 |
Net periodic postretirement benefit cost relating to Salaried VEBA2 |  |  | 0.5 |  |  |  | 1.2 |  |  |  | 1.1 |  |  |  | 2.4 |
Net periodic postretirement benefit cost relating to Warrick pension plan3 |  |  | 1.3 |  |  |  | — |  |  |  | 1.3 |  |  |  | — |
Net periodic postretirement benefit cost relating to Warrick OPEB plan3 |  |  | 1.0 |  |  |  | — |  |  |  | 1.0 |  |  |  | — |
Total |  | $ | 8.1 |  |  | $ | 4.9 |  |  | $ | 13.2 |  |  | $ | 10.9 |
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 (Loss) 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) income, net, on our Statements of Consolidated (Loss) Income.
3 | The current service cost component of Net periodic postretirement benefit cost relating to both the Warrick pension plan and the Warrick OPEB plan are included within our Statements of Consolidated (Loss) Income in COGS for all periods presented. All other components of Net periodic postretirement benefit cost relating to both the Warrick pension plan and the Warrick OPEB plan are included within Other (expense) income, net, on our Statements of Consolidated (Loss) Income.
Salaried VEBA |
Defined Benefit Plan Disclosure [Line Items] |
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 June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Salaried VEBA1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 0.4 |  |  | $ | 0.7 |  |  | $ | 0.8 |  |  | $ | 1.3 |
Expected return on plan assets |  |  | (0.8 | ) |  |  | (0.7 | ) |  |  | (1.6 | ) |  |  | (1.4 | )
Amortization of prior service cost2 |  |  | 0.8 |  |  |  | 1.1 |  |  |  | 1.7 |  |  |  | 2.3 |
Amortization of net actuarial loss |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.2 |
Total net periodic postretirement benefit cost relating to Salaried VEBA |  | $ | 0.5 |  |  | $ | 1.2 |  |  | $ | 1.1 |  |  | $ | 2.4 |
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.
Warrick Rolling Mill | Pension Plan |
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Net Benefit Costs | The following table presents the components of Net periodic postretirement benefit cost relating to Warrick Pension (in millions of dollars):
|  | Quarter Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Warrick pension plan: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 1.2 |  |  | $ | — |  |  | $ | 1.2 |  |  | $ | — |
Interest cost |  |  | 0.1 |  |  |  | — |  |  |  | 0.1 |  |  |  | — |
Total net periodic postretirement benefit cost relating to Warrick pension plan |  | $ | 1.3 |  |  | $ | — |  |  | $ | 1.3 |  |  | $ | — |
Warrick Rolling Mill | Other Postretirement Benefits Plan |
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Net Benefit Costs | The following table presents the components of Net periodic postretirement benefit cost relating to Warrick OPEB (in millions of dollars):
|  | Quarter Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Warrick OPEB plan: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |
Interest cost |  |  | 0.6 |  |  |  | — |  |  |  | 0.6 |  |  |  | — |
Total net periodic postretirement benefit cost relating to Warrick OPEB plan |  | $ | 1.0 |  |  | $ | — |  |  | $ | 1.0 |  |  | $ | — |

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