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Pension and Other Retiree Benefits (Tables)
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost for Pension and Post-Retirement Plans

The components of net periodic benefit (income) cost for pension and post-retirement plans for the three and nine months ended September 30, 2023 and 2022 were as follows:

 

 

 

Three Months Ended September 30,

 

 

 

Pension

 

 

Post-retirement

 

 

 

U.S.

 

 

International

 

 

 

 

 

 

 

(in millions)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Service cost

$

 

—

 

$

 

—

 

$

 

0.1

 

$

 

0.2

 

$

 

—

 

$

 

—

 

Interest cost

 

 

2.0

 

 

 

1.2

 

 

 

5.1

 

 

 

2.3

 

 

 

—

 

 

 

—

 

Expected return on plan assets

 

 

(3.0

)

 

 

(2.7

)

 

 

(5.5

)

 

 

(4.2

)

 

 

—

 

 

 

—

 

Amortization of net loss (gain)

 

 

0.6

 

 

 

0.9

 

 

 

1.1

 

 

 

1.2

 

 

 

(0.1

)

 

 

(0.1

)

Amortization of prior service cost

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

0.1

 

 

 

—

 

 

 

—

 

Special termination benefit(1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.8

 

 

 

—

 

 

 

—

 

Net periodic benefit (income) cost (2)

$

 

(0.4

)

$

 

(0.6

)

$

 

0.9

 

$

 

0.4

 

$

 

(0.1

)

$

 

(0.1

)

 

 

 

Nine Months Ended September 30,

 

 

 

Pension

 

 

Post-retirement

 

 

 

U.S.

 

 

International

 

 

 

 

 

 

 

(in millions)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Service cost

$

 

—

 

$

 

—

 

$

 

0.3

 

$

 

0.7

 

$

 

—

 

$

 

—

 

Interest cost

 

 

6.0

 

 

 

3.6

 

 

 

15.0

 

 

 

7.2

 

 

 

—

 

 

 

—

 

Expected return on plan assets

 

 

(9.0

)

 

 

(8.1

)

 

 

(16.2

)

 

 

(13.3

)

 

 

—

 

 

 

—

 

Amortization of net loss (gain)

 

 

1.8

 

 

 

2.7

 

 

 

3.2

 

 

 

3.9

 

 

 

(0.3

)

 

 

(0.3

)

Amortization of prior service cost

 

 

—

 

 

 

—

 

 

 

0.3

 

 

 

0.2

 

 

 

—

 

 

 

—

 

Special termination benefit(1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.8

 

 

 

—

 

 

 

—

 

Net periodic benefit (income) cost (2)

$

 

(1.2

)

$

 

(1.8

)

$

 

2.6

 

$

 

(0.5

)

$

 

(0.3

)

$

 

(0.3

)

 

(1)
Special termination benefit of $0.8 million due to the 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)
The components of net periodic benefit (income) cost, other than service cost, are included in the line "Non-operating pension expense (income)" in the Consolidated Statements of Income (Loss).