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Employee Benefits | 6 Months Ended
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Jun. 30, 2025
Retirement Benefits [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 following table presents the fair value of these assets (in millions of dollars):
|  | As of June 30, 2025 |  |  | As of December 31, 2024 |
Deferred compensation program - Diversified investment funds in registered investment companies |  | $ | 12.7 |  |  | $ | 11.9 |
Assets in the trust are accounted for as equity investments with changes in fair value recorded within Other income (expense), net (see Note 9). Offsetting liabilities relating to the deferred compensation plan are included in Other accrued liabilities and Long-term liabilities. Short-Term Incentive Plans As of June 30, 2025, we had a liability of $13.0 million recorded within Accrued salaries, wages and related expenses for estimated probable future payments under the 2025 short-term incentive plans. Postretirement and Postemployment Benefit Plans The following table presents the total expense related to all postretirement and postemployment benefit plans (in millions of dollars):
|  | Quarter Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Defined contribution plans 1 |  | $ | 4.6 |  |  | $ | 4.2 |  |  | $ | 10.6 |  |  | $ | 10.0 |
Deferred compensation plan 2 |  |  | 0.4 |  |  |  | — |  |  |  | 0.6 |  |  |  | 0.7 |
Multiemployer pension plans 1 |  |  | 1.6 |  |  |  | 1.5 |  |  |  | 3.1 |  |  |  | 3.0 |
Net periodic postretirement and postemployment benefit cost relating to defined benefit plans 2,3 |  |  | 2.5 |  |  |  | 2.8 |  |  |  | 4.8 |  |  |  | 4.3 |
Total |  | $ | 9.1 |  |  | $ | 8.5 |  |  | $ | 19.1 |  |  | $ | 18.0 |
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. For the six months ended June 30, 2024, the expense presented for our multiemployer pension plans excludes a $4.6 million charge to Restructuring costs (see Note 4). 2. Deferred compensation plan expense and the current service cost component of Net periodic postretirement and postemployment 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 and postemployment benefit cost relating to Salaried VEBA are included within Other income (expense), net, on our Statements of Consolidated Income. 3. The current service cost component of Net periodic postretirement and postemployment benefit cost relating to both the pension plans and the OPEB plan is included within our Statements of Consolidated Income in COGS for all periods presented. All other components of Net periodic postretirement and postemployment benefit cost relating to both the pension plans and the OPEB plan are included within Other income (expense), net, on our Statements of Consolidated Income. Components of Net Periodic Postretirement and Postemployment Benefit Cost. The following tables present the components of Net periodic postretirement and postemployment benefit cost relating to our defined benefit plans (in millions of dollars):
|  | Pension Plans |  |  | OPEB |  |  | Salaried VEBA |
|  | Quarter Ended |  |  | Quarter Ended |  |  | Quarter Ended |
|  | June 30, |  |  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Service cost |  | $ | 0.8 |  |  | $ | 1.1 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 0.4 |  |  |  | 0.4 |  |  |  | 0.8 |  |  |  | 0.9 |  |  |  | 0.6 |  |  |  | 0.6 |
Expected return on plan assets |  |  | (0.3 | ) |  |  | (0.4 | ) |  |  | — |  |  |  | — |  |  |  | (0.6 | ) |  |  | (0.6 | )
Amortization of prior service cost 1 |  |  | 0.2 |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | 0.8 |  |  |  | 0.7 |
Amortization of net actuarial gain |  |  | — |  |  |  | — |  |  |  | (0.4 | ) |  |  | (0.2 | ) |  |  | (0.1 | ) |  |  | — |
Total net periodic postretirement and postemployment benefit cost |  | $ | 1.1 |  |  | $ | 1.2 |  |  | $ | 0.7 |  |  | $ | 0.9 |  |  | $ | 0.7 |  |  | $ | 0.7 |
|  | Pension Plans |  |  | OPEB |  |  | Salaried VEBA |
|  | Six Months Ended |  |  | Six Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Service cost |  | $ | 1.7 |  |  | $ | 2.0 |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 0.8 |  |  |  | 0.8 |  |  |  | 1.7 |  |  |  | 1.7 |  |  |  | 1.1 |  |  |  | 1.1 |
Expected return on plan assets |  |  | (0.7 | ) |  |  | (0.7 | ) |  |  | — |  |  |  | — |  |  |  | (1.1 | ) |  |  | (1.1 | )
Amortization of prior service cost 1 |  |  | 0.4 |  |  |  | 0.3 |  |  |  | — |  |  |  | — |  |  |  | 1.5 |  |  |  | 0.2 |
Amortization of net actuarial gain |  |  | — |  |  |  | — |  |  |  | (0.9 | ) |  |  | (0.5 | ) |  |  | (0.2 | ) |  |  | — |
Total net periodic postretirement and postemployment benefit cost |  | $ | 2.2 |  |  | $ | 2.4 |  |  | $ | 1.3 |  |  | $ | 1.7 |  |  | $ | 1.3 |  |  | $ | 0.2 |
1. We amortize prior service cost on a straight-line basis over the average remaining years of service of the active plan participants. Pension Plan Contributions. During the six months ended June 30, 2025, we contributed $3.1 million to our pension plans. We expect to make additional contributions of approximately $3.1 million to the pension plans during the remainder of 2025.

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