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Pension and Postretirement Benefits (Tables) | 3 Months Ended
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Mar. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Components of Net Periodic Benefit (Income) Expense | Net periodic pension expense (income) is presented below:
|  | Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023
|  | Total |  | U.S. Plans |  | International Plans |  | Total |  | U.S. Plans |  | International Plans
Service cost(i) |  | $ | 0.3 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 0.3 |
Interest cost |  | 47.9 |  |  | 31.0 |  |  | 16.9 |  |  | 58.5 |  |  | 40.8 |  |  | 17.7 |
Expected return on plan assets |  | (56.2) |  |  | (34.4) |  |  | (21.8) |  |  | (69.4) |  |  | (48.6) |  |  | (20.8) |
Amortization of prior service benefit |  | (1.2) |  |  | (0.6) |  |  | (0.6) |  |  | (1.2) |  |  | (0.6) |  |  | (0.6) |
Recognized net actuarial loss |  | 23.6 |  |  | 18.4 |  |  | 5.2 |  |  | 22.1 |  |  | 19.9 |  |  | 2.2 |
Settlement losses(ii) (iii) |  | 132.3 |  |  | 132.3 |  |  | — |  |  | 183.2 |  |  | 183.2 |  |  | — |
Net periodic pension expense (income) |  | $ | 146.7 |  |  | $ | 146.7 |  |  | $ | — |  |  | $ | 193.5 |  |  | $ | 194.7 |  |  | $ | (1.2) |
(i) Service cost is reported in selling, general and administrative expense. All other components of net periodic pension expense (income) are reported in other (expense), net in the consolidated statements of income (loss).
(ii) In March 2024, the company purchased a group annuity contract, with plan assets, for approximately $195 million to transfer projected benefit obligations related to approximately 3,800 retirees of one of the company’s U.S. defined benefit pension plans. This action resulted in a pre-tax settlement loss of $132.3 million for the three months ended March 31, 2024.
(iii) In March 2023, the company purchased a group annuity contract, with plan assets, for approximately $265 million to transfer projected benefit obligations related to approximately 8,650 retirees of one of the company’s U.S. defined benefit pension plans. This action resulted in a pre-tax settlement loss of $183.2 million for the three months ended March 31, 2023.
Net periodic postretirement benefit income is presented below:
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2024 |  | 2023
Service cost(i) |  |  |  |  |  | $ | 0.1 |  |  | $ | — |
Interest cost |  |  |  |  |  | 0.6 |  |  | 0.8 |
Expected return on assets |  |  |  |  |  | — |  |  | (0.1) |
Recognized net actuarial gain |  |  |  |  |  | (0.8) |  |  | (0.7) |
Amortization of prior service benefit |  |  |  |  |  | — |  |  | (0.3) |
Net periodic postretirement benefit income |  |  |  |  |  | $ | (0.1) |  |  | $ | (0.3) |
(i) Service cost is reported in selling, general and administrative expense. All other components of net periodic postretirement benefit expense (income) are reported in other (expense), net in the consolidated statements of income (loss).

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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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