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Pension and Postretirement Benefits | 6 Months Ended
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Jun. 30, 2024
Retirement Benefits [Abstract] |
Pension and Postretirement Benefits | Pension and Postretirement Benefits Net periodic pension expense (income) is presented below:
|  | Three Months Ended June 30, 2024 |  | Three Months Ended June 30, 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 |  | 45.0 |  |  | 28.3 |  |  | 16.7 |  |  | 53.7 |  |  | 35.5 |  |  | 18.2 |
Expected return on plan assets |  | (52.0) |  |  | (30.2) |  |  | (21.8) |  |  | (62.0) |  |  | (40.7) |  |  | (21.3) |
Amortization of prior service benefit |  | (1.1) |  |  | (0.6) |  |  | (0.5) |  |  | (1.2) |  |  | (0.6) |  |  | (0.6) |
Recognized net actuarial loss |  | 20.4 |  |  | 15.2 |  |  | 5.2 |  |  | 20.1 |  |  | 17.9 |  |  | 2.2 |
Net periodic pension expense (income) |  | $ | 12.6 |  |  | $ | 12.7 |  |  | $ | (0.1) |  |  | $ | 10.9 |  |  | $ | 12.1 |  |  | $ | (1.2) |
|  | Six Months Ended June 30, 2024 |  | Six Months Ended June 30, 2023
|  | Total |  | U.S. Plans |  | International Plans |  | Total |  | U.S. Plans |  | International Plans
Service cost(i) |  | $ | 0.6 |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | 0.6 |
Interest cost |  | 92.9 |  |  | 59.3 |  |  | 33.6 |  |  | 112.2 |  |  | 76.3 |  |  | 35.9 |
Expected return on plan assets |  | (108.2) |  |  | (64.6) |  |  | (43.6) |  |  | (131.4) |  |  | (89.3) |  |  | (42.1) |
Amortization of prior service benefit |  | (2.3) |  |  | (1.2) |  |  | (1.1) |  |  | (2.4) |  |  | (1.2) |  |  | (1.2) |
Recognized net actuarial loss |  | 44.0 |  |  | 33.6 |  |  | 10.4 |  |  | 42.2 |  |  | 37.8 |  |  | 4.4 |
Settlement losses (ii) (iii) |  | 132.3 |  |  | 132.3 |  |  | — |  |  | 183.2 |  |  | 183.2 |  |  | — |
Net periodic pension expense (income) |  | $ | 159.3 |  |  | $ | 159.4 |  |  | $ | (0.1) |  |  | $ | 204.4 |  |  | $ | 206.8 |  |  | $ | (2.4) |
(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 six months ended June 30, 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 six months ended June 30, 2023.
In 2024, the company expects to make cash contributions of approximately $20 million primarily for its international defined benefit pension plans. In 2023, the company made cash contributions of $42.4 million to its worldwide defined benefit pension plans. During the six months ended June 30, 2024 and 2023, the company made cash contributions of $10.3 million and $28.4 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, volatility in the capital markets, 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 in different amounts and on a different schedule than previously contemplated. Net periodic postretirement benefit income is presented below:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost(i) |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost |  | 0.6 |  |  | 0.7 |  |  | 1.2 |  |  | 1.5 |
Expected return on assets |  | (0.1) |  |  | (0.1) |  |  | (0.1) |  |  | (0.2) |
Recognized net actuarial gain |  | (0.7) |  |  | (0.7) |  |  | (1.5) |  |  | (1.4) |
Amortization of prior service benefit |  | — |  |  | (0.3) |  |  | — |  |  | (0.6) |
Net periodic postretirement benefit income |  | $ | (0.2) |  |  | $ | (0.3) |  |  | $ | (0.3) |  |  | $ | (0.6) |
(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).
The company expects to make cash contributions of $4.0 million to its postretirement benefit plan in 2024. In 2023, the company made cash contributions of $5.6 million to its postretirement benefit plan. For the six months ended June 30, 2024 and 2023, the company made cash contributions of $2.1 million and $2.7 million, respectively.

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