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Employee Benefits (Tables) | 6 Months Ended
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Jun. 30, 2024
Retirement Benefits [Abstract] |
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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Defined contribution plans 1 |  | $ | 4.2 |  |  | $ | 4.3 |  |  | $ | 10.0 |  |  | $ | 10.1 |
Deferred compensation plan 2 |  |  | — |  |  |  | 0.4 |  |  |  | 0.7 |  |  |  | 0.6 |
Multiemployer pension plans 1 |  |  | 1.5 |  |  |  | 1.4 |  |  |  | 3.0 |  |  |  | 2.8 |
Net periodic postretirement benefit cost relating to defined benefit plans 2,3 |  |  | 2.8 |  |  |  | 3.3 |  |  |  | 4.3 |  |  |  | 6.4 |
Total |  | $ | 8.5 |  |  | $ | 9.4 |  |  | $ | 18.0 |  |  | $ | 19.9 |
1. Substantially all of these charges related to employee benefits are in COGS with the remaining balance in Selling, general, administrative, research, and development (“SG&A and R&D”) within our Statements of Consolidated Income. 2. Deferred compensation plan expense 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) income, net, on our Statements of Consolidated Income. 3. The current service cost component of Net periodic postretirement benefit cost relating to both the pension plans and the OPEB plan are included within our Statements of Consolidated Income in COGS for all periods presented. All other components of Net periodic postretirement benefit cost relating to both the pension plans and the OPEB plan are included within Other (expense) income, 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 the defined benefit plans (in millions of dollars):
|  | Pension Plans |  |  | OPEB |  |  | Salaried VEBA |
|  | Quarter Ended June 30, |  |  | Quarter Ended June 30, |  |  | Quarter Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Service cost |  | $ | 1.1 |  |  | $ | 0.8 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 0.4 |  |  |  | 0.3 |  |  |  | 0.9 |  |  |  | 0.9 |  |  |  | 0.6 |  |  |  | 0.7 |
Expected return on plan assets |  |  | (0.4 | ) |  |  | (0.2 | ) |  |  | — |  |  |  | — |  |  |  | (0.6 | ) |  |  | (0.5 | )
Amortization of prior service cost 1 |  |  | 0.1 |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | 0.7 |  |  |  | 1.3 |
Amortization of net actuarial gain |  |  | — |  |  |  | — |  |  |  | (0.2 | ) |  |  | (0.3 | ) |  |  | — |  |  |  | — |
Total net periodic postretirement benefit cost |  | $ | 1.2 |  |  | $ | 1.0 |  |  | $ | 0.9 |  |  | $ | 0.8 |  |  | $ | 0.7 |  |  | $ | 1.5 |
|  | Pension Plans |  |  | OPEB |  |  | Salaried VEBA |
|  | Six Months Ended June 30, |  |  | Six Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Service cost |  | $ | 2.0 |  |  | $ | 1.8 |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 0.8 |  |  |  | 0.6 |  |  |  | 1.7 |  |  |  | 1.7 |  |  |  | 1.1 |  |  |  | 1.4 |
Expected return on plan assets |  |  | (0.7 | ) |  |  | (0.5 | ) |  |  | — |  |  |  | — |  |  |  | (1.1 | ) |  |  | (1.1 | )
Amortization of prior service cost 1 |  |  | 0.3 |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | 0.2 |  |  |  | 2.5 |
Amortization of net actuarial gain |  |  | — |  |  |  | — |  |  |  | (0.5 | ) |  |  | (0.6 | ) |  |  | — |  |  |  | — |
Total net periodic postretirement benefit cost |  | $ | 2.4 |  |  | $ | 2.0 |  |  | $ | 1.7 |  |  | $ | 1.6 |  |  | $ | 0.2 |  |  | $ | 2.8 |
1. We amortize prior service cost on a straight-line basis over the average remaining years of service of the active plan participants.

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + 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 -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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