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Pension and Postretirement Benefits | 6 Months Ended
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Jun. 30, 2022
Retirement Benefits [Abstract] |
Pension and Postretirement Benefits | Pension and Postretirement Benefits Net periodic pension expense (income) is presented below:
|  | Three Months Ended June 30, 2022 |  | Three Months Ended June 30, 2021
|  | Total |  | U.S. Plans |  | International Plans |  | Total |  | U.S. Plans |  | International Plans
Service cost(i) |  | $ | 0.5 |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 0.5 |
Interest cost |  | 39.1 |  |  | 29.0 |  |  | 10.1 |  |  | 38.4 |  |  | 29.4 |  |  | 9.0 |
Expected return on plan assets |  | (67.3) |  |  | (47.4) |  |  | (19.9) |  |  | (68.4) |  |  | (48.5) |  |  | (19.9) |
Amortization of prior service benefit |  | (1.3) |  |  | (0.7) |  |  | (0.6) |  |  | (1.4) |  |  | (0.6) |  |  | (0.8) |
Recognized net actuarial loss |  | 41.9 |  |  | 32.3 |  |  | 9.6 |  |  | 46.6 |  |  | 34.6 |  |  | 12.0 |
Settlement losses (ii) |  | — |  |  | — |  |  | — |  |  | 210.7 |  |  | — |  |  | 210.7 |
Net periodic pension expense (income) |  | $ | 12.9 |  |  | $ | 13.2 |  |  | $ | (0.3) |  |  | $ | 226.4 |  |  | $ | 14.9 |  |  | $ | 211.5 |
|  | Six Months Ended June 30, 2022 |  | Six Months Ended June 30, 2021
|  | Total |  | U.S. Plans |  | International Plans |  | Total |  | U.S. Plans |  | International Plans
Service cost(i) |  | $ | 1.0 |  |  | $ | — |  |  | $ | 1.0 |  |  | $ | 1.7 |  |  | $ | — |  |  | $ | 1.7 |
Interest cost |  | 78.0 |  |  | 57.3 |  |  | 20.7 |  |  | 78.0 |  |  | 58.8 |  |  | 19.2 |
Expected return on plan assets |  | (135.7) |  |  | (94.9) |  |  | (40.8) |  |  | (142.5) |  |  | (99.9) |  |  | (42.6) |
Amortization of prior service benefit |  | (2.6) |  |  | (1.3) |  |  | (1.3) |  |  | (2.7) |  |  | (1.2) |  |  | (1.5) |
Recognized net actuarial loss |  | 82.8 |  |  | 63.0 |  |  | 19.8 |  |  | 92.8 |  |  | 67.8 |  |  | 25.0 |
Settlement losses (ii) (iii) |  | — |  |  | — |  |  | — |  |  | 368.7 |  |  | 158.0 |  |  | 210.7 |
Net periodic pension expense (income) |  | $ | 23.5 |  |  | $ | 24.1 |  |  | $ | (0.6) |  |  | $ | 396.0 |  |  | $ | 183.5 |  |  | $ | 212.5 |
(i)Service cost is reported in selling, general and administrative expense. All other components of net periodic pension expense are reported in other (expense), net in the consolidated statements of income (loss).
(ii)In the second quarter of 2021, the company’s primary pension plan related to its Dutch subsidiary was transferred to a multi-client circle within a multi-employer fund. This action resulted in a pre-tax settlement loss of $182.6 million for both the three and six months ended June 30, 2021. Additionally, the company’s Swiss subsidiary transferred its defined benefit pension plans to a multiple-employer collective foundation. This action resulted in a pre-tax settlement loss of $28.1 million for both the three and six months ended June 30, 2021.
(iii)In January 2021, the company purchased a group annuity contract to transferred projected benefit obligations related to its U.S. defined benefit pension plans. This action resulted in a pre-tax settlement loss of $158.0 million.
In 2022, the company expects to make cash contributions of approximately $39.3 million primarily for the company’s international defined benefit pension plans. In 2021, the company made cash contributions of $52.4 million to its worldwide defined benefit pension plans. During the six months ended June 30, 2022 and 2021, the company made cash contributions of $23.3 million and $30.3 million, respectively. At the end of each year, the company estimates its future cash contributions to its U.S. qualified defined benefit pension plans based on year-end pension data and assumptions. Any material deterioration in the value of the company’s U.S. qualified defined benefit pension plan assets, as well as changes in pension legislation, discount rate changes, asset return changes, or changes in economic or demographic trends, could require the company to make cash contributions to its U.S. defined benefit pension plans. Net periodic postretirement benefit income is presented below:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Service cost(i) |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |
Interest cost |  | 0.5 |  |  | 0.4 |  |  | 1.0 |  |  | 0.8 |
Expected return on assets |  | (0.1) |  |  | (0.1) |  |  | (0.2) |  |  | (0.2) |
Recognized net actuarial gain |  | (0.5) |  |  | (0.7) |  |  | (1.0) |  |  | (1.3) |
Amortization of prior service cost |  | (0.4) |  |  | (0.4) |  |  | (0.7) |  |  | (0.8) |
Net periodic postretirement benefit income |  | $ | (0.4) |  |  | $ | (0.7) |  |  | $ | (0.8) |  |  | $ | (1.3) |
(i)Service cost is reported in selling, general and administrative expense. All other components of net periodic postretirement benefit expense are reported in other (expense), net in the consolidated statements of income (loss).
The company expects to make cash contributions of approximately $6 million to its postretirement benefit plan in 2022. In 2021, the company made cash contributions of $4.0 million to its postretirement benefit plan. For the six months ended June 30, 2022 and 2021, the company made cash contributions of $1.8 million each period.

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