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Employee Benefits | 6 Months Ended
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Jun. 30, 2022
Compensation And Retirement Disclosure [Abstract] |
Employee Benefits | 3. Employee Benefits Deferred Compensation Plan Assets of our deferred compensation plan are included in Other assets, classified within Level 1 of the fair value hierarchy and are measured and recorded at fair value based on their quoted market prices. The fair value of these assets at June 30, 2022 and December 31, 2021 was $9.8 million and $10.5 million, respectively. The assets in the trust are held in various investment funds at certain registered investment companies and are accounted for as equity investments with changes in fair value recorded within Other expense, net (see Note 8). Offsetting liabilities relating to the deferred compensation plan are included in Other accrued liabilities and Long-term liabilities. Short-Term Incentive Plans (“STI Plans”) As of June 30, 2022, we had a liability of $5.1 million recorded within Accrued salaries, wages and related expenses for estimated probable future payments relating to the six month performance period of our 2022 STI Plan. Postretirement Benefit Plans The following table presents the total expense (benefit) related to all postretirement benefit plans (in millions of dollars):
|  | Quarter Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Defined contribution plans1 |  | $ | 4.0 |  |  | $ | 3.6 |  |  | $ | 9.7 |  |  | $ | 7.0 |
Deferred compensation plan2 |  |  | (0.5 | ) |  |  | 0.4 |  |  |  | (0.8 | ) |  |  | 0.4 |
Multiemployer pension plans1 |  |  | 1.4 |  |  |  | 1.3 |  |  |  | 2.6 |  |  |  | 2.4 |
Salaried VEBA2 |  |  | 1.0 |  |  |  | 0.5 |  |  |  | 1.9 |  |  |  | 1.1 |
Pension plans3 |  |  | 1.3 |  |  |  | 1.5 |  |  |  | 2.7 |  |  |  | 1.5 |
OPEB3 |  |  | 1.0 |  |  |  | 1.0 |  |  |  | 1.9 |  |  |  | 1.0 |
Total |  | $ | 8.2 |  |  | $ | 8.3 |  |  | $ | 18.0 |  |  | $ | 13.4 |
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 Selling, general, administrative, research and development (“SG&A and R&D”).
2 | The deferred compensation plan and the current service cost component of Net periodic postretirement benefit cost relating to the voluntary employees’ beneficiary association that provides benefits for certain eligible retirees and their surviving spouses and eligible dependents (“Salaried VEBA”) are included within our Statements of Consolidated Loss 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 Loss.
3 | The current service cost component of Net periodic postretirement benefit cost relating to both the pension plans and the healthcare and life insurance postretirement benefit plan (“OPEB”) are included within our Statements of Consolidated Loss in COGS for all periods presented. All other components of Net periodic postretirement benefit cost relating to both the pension plans and the OPEB are included within Other expense, net, on our Statements of Consolidated Loss.
Components of Net Periodic Postretirement Benefit Cost. Our results of operations included the following impacts associated with the Salaried VEBA, pension plans and OPEB: (i) a charge for service rendered by employees; (ii) a charge for accretion of interest; (iii) a benefit for the expected return on plan assets; (iv) amortization of prior service costs associated with plan amendments; and (v) amortization of net actuarial differences. The following table presents the components of Net periodic postretirement benefit cost (in millions of dollars):
|  | Pension Plans |  |  | OPEB |  |  | Salaried VEBA |
|  | Quarter Ended June 30, |  |  | Quarter Ended June 30, |  |  | Quarter Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Service cost |  | $ | 1.4 |  |  | $ | 1.4 |  |  | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.6 |  |  |  | 0.6 |  |  |  | 0.4 |  |  |  | 0.4 |
Expected return on plan assets |  |  | (0.2 | ) |  |  | (0.2 | ) |  |  | — |  |  |  | — |  |  |  | (0.7 | ) |  |  | (0.8 | )
Amortization of prior service cost1 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.3 |  |  |  | 0.8 |
Amortization of net actuarial loss |  |  | — |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.1 |
Total net periodic postretirement benefit cost |  | $ | 1.3 |  |  | $ | 1.5 |  |  | $ | 1.0 |  |  | $ | 1.0 |  |  | $ | 1.0 |  |  | $ | 0.5 |
|  | Pension Plans2 |  |  | OPEB |  |  | Salaried VEBA |
|  | Six Months Ended June 30, |  |  | Six Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Service cost |  | $ | 2.8 |  |  | $ | 1.4 |  |  | $ | 0.8 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 0.3 |  |  |  | 0.2 |  |  |  | 1.1 |  |  |  | 0.6 |  |  |  | 0.9 |  |  |  | 0.8 |
Expected return on plan assets |  |  | (0.4 | ) |  |  | (0.2 | ) |  |  | — |  |  |  | — |  |  |  | (1.5 | ) |  |  | (1.6 | )
Amortization of prior service cost1 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2.5 |  |  |  | 1.7 |
Amortization of net actuarial loss |  |  | — |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.2 |
Total net periodic postretirement benefit cost |  | $ | 2.7 |  |  | $ | 1.5 |  |  | $ | 1.9 |  |  | $ | 1.0 |  |  | $ | 1.9 |  |  | $ | 1.1 |
1 | 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.
2 | Net periodic benefit cost for the U.S. pension plan was not included in our Statements of Consolidated Loss until the March 31, 2021 acquisition date of our Warrick County, Indiana (“Warrick”) facility.

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