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Pension and Other Retiree Benefits
 9 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Pension and Other Retiree Benefits

5. Pension and Other Retiree Benefits

 

The components of net periodic benefit (income) cost for pension and post-retirement plans for the three and nine months ended September 30, 2022 and 2021 were as follows:

 

 

 

Three Months Ended September 30,

 

 

 

Pension

 

 

Post-retirement

 

 

 

U.S.

 

 

International

 

 

 

 

 

 

 

(in millions)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service cost

$

 

—

 

$

 

—

 

$

 

0.2

 

$

 

0.4

 

$

 

—

 

$

 

—

 

Interest cost

 

 

1.2

 

 

 

1.2

 

 

 

2.3

 

 

 

1.5

 

 

 

—

 

 

 

—

 

Expected return on plan assets

 

 

(2.7

)

 

 

(2.9

)

 

 

(4.2

)

 

 

(4.7

)

 

 

—

 

 

 

—

 

Amortization of prior service cost

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

0.1

 

 

 

—

 

 

 

—

 

Amortization of net loss (gain)

 

 

0.9

 

 

 

0.9

 

 

 

1.2

 

 

 

1.7

 

 

 

(0.1

)

 

 

(0.1

)

Special termination benefit(1)

 

 

—

 

 

 

—

 

 

 

0.8

 

 

 

—

 

 

 

—

 

 

 

—

 

Net periodic benefit (income) cost (3)

$

 

(0.6

)

$

 

(0.8

)

$

 

0.4

 

$

 

(1.0

)

$

 

(0.1

)

$

 

(0.1

)

 

 

 

Nine Months Ended September 30,

 

 

 

Pension

 

 

Post-retirement

 

 

 

U.S.

 

 

International

 

 

 

 

 

 

 

(in millions)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service cost

$

 

—

 

$

 

0.5

 

$

 

0.7

 

$

 

1.2

 

$

 

—

 

$

 

—

 

Interest cost

 

 

3.6

 

 

 

3.4

 

 

 

7.2

 

 

 

4.7

 

 

 

—

 

 

 

—

 

Expected return on plan assets

 

 

(8.1

)

 

 

(8.5

)

 

 

(13.3

)

 

 

(14.5

)

 

 

—

 

 

 

—

 

Amortization of prior service cost

 

 

—

 

 

 

0.1

 

 

 

0.2

 

 

 

0.2

 

 

 

—

 

 

 

—

 

Amortization of net loss (gain)

 

 

2.7

 

 

 

2.7

 

 

 

3.9

 

 

 

5.3

 

 

 

(0.3

)

 

 

(0.3

)

Special termination benefit(1)

 

 

—

 

 

 

—

 

 

 

0.8

 

 

 

—

 

 

 

—

 

 

 

—

 

Curtailment loss(2)

 

 

—

 

 

 

1.4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net periodic benefit (income) cost (3)

$

 

(1.8

)

$

 

(0.4

)

$

 

(0.5

)

$

 

(3.1

)

$

 

(0.3

)

$

 

(0.3

)

 

(1)
Special termination benefit of $0.8 million due to the plan wind up of the ACCO Brands Canada Salaried and Hourly plans effective July 1, 2022. The plan wind up is considered an irrevocable event that triggers special accounting, specifically a one-time special termination benefit. The plan wind up is expected to be completed in 2024.
(2)
Curtailment loss of $1.4 million due to the pension benefit freeze for the Sidney group under the ACCO Brands Corporation Pension Plan.
(3)
The components of net periodic benefit (income) cost, other than service cost, are included in the line "Non-operating pension income" in the Consolidated Statements of Income.

 

We expect to contribute approximately $17.4 million to our defined benefit plans in 2022. For the nine months ended September 30, 2022, we have contributed $11.0 million to these plans.