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Employee Benefits | 9 Months Ended
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Sep. 30, 2022
Retirement Benefits [Abstract] |
Employee Benefits | 3. Employe e 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 September 30, 2022 and December 31, 2021 was $9.6 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 income (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 September 30, 2022, we had a liability of $4.7 million recorded within Accrued salaries, wages and related expenses for estimated probable future payments relating to the nine 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Defined contribution plans 1 |  | $ | 3.9 |  |  | $ | 3.4 |  |  | $ | 13.6 |  |  | $ | 10.4 |
Deferred compensation plan 2 |  |  | (0.1 | ) |  |  | 0.2 |  |  |  | (0.9 | ) |  |  | 0.6 |
Multiemployer pension plans 1 |  |  | 1.3 |  |  |  | 1.3 |  |  |  | 3.9 |  |  |  | 3.7 |
Salaried VEBA 2 |  |  | 0.9 |  |  |  | 0.6 |  |  |  | 2.8 |  |  |  | 1.7 |
Pension plans 3 |  |  | 1.3 |  |  |  | 1.4 |  |  |  | 4.0 |  |  |  | 2.9 |
OPEB 3 |  |  | 0.9 |  |  |  | 0.9 |  |  |  | 2.8 |  |  |  | 1.9 |
Total |  | $ | 8.2 |  |  | $ | 7.8 |  |  | $ | 26.2 |  |  | $ | 21.2 |
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 Income (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 income (expense), net, on our Statements of Consolidated Income (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 Income (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 income (expense), net, on our Statements of Consolidated Income (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 September 30, |  |  | Quarter Ended September 30, |  |  | Quarter Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Service cost |  | $ | 1.5 |  |  | $ | 1.4 |  |  | $ | 0.4 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.5 |  |  |  | 0.6 |  |  |  | 0.5 |  |  |  | 0.4 |
Expected return on plan assets |  |  | (0.3 | ) |  |  | (0.1 | ) |  |  | — |  |  |  | — |  |  |  | (0.8 | ) |  |  | (0.8 | )
Amortization of prior service cost 1 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.2 |  |  |  | 0.9 |
Amortization of net actuarial loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.1 |
Total net periodic postretirement benefit cost |  | $ | 1.3 |  |  | $ | 1.4 |  |  | $ | 0.9 |  |  | $ | 0.9 |  |  | $ | 0.9 |  |  | $ | 0.6 |
|  | Pension Plans 2 |  |  | OPEB 2 |  |  | Salaried VEBA |
|  | Nine Months Ended September 30, |  |  | Nine Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Service cost |  | $ | 4.3 |  |  | $ | 2.8 |  |  | $ | 1.2 |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 0.4 |  |  |  | 0.3 |  |  |  | 1.6 |  |  |  | 1.2 |  |  |  | 1.4 |  |  |  | 1.2 |
Expected return on plan assets |  |  | (0.7 | ) |  |  | (0.3 | ) |  |  | — |  |  |  | — |  |  |  | (2.3 | ) |  |  | (2.4 | )
Amortization of prior service cost 1 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3.7 |  |  |  | 2.6 |
Amortization of net actuarial loss |  |  | — |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.3 |
Total net periodic postretirement benefit cost |  | $ | 4.0 |  |  | $ | 2.9 |  |  | $ | 2.8 |  |  | $ | 1.9 |  |  | $ | 2.8 |  |  | $ | 1.7 |
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 and the OPEB was not included in our Statements of Consolidated Income (Loss) until the March 31, 2021 acquisition date of our Warrick County, Indiana (“Warrick”) facility.

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