v3.25.1
BENEFIT PLANS:
 3 Months Ended
Mar. 31, 2025
BENEFIT PLANS:  
BENEFIT PLANS:

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NOTE 9 — BENEFIT PLANS:

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Post retirement defined benefit plans:

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The Company’s Mexican subsidiaries have a defined contribution pension plan for salaried employees and a non-contributory defined benefit pension plan for union employees. In addition, the Company has two non-contributory defined benefit pension plans covering former salaried employees in the United States and certain former expatriate employees in Peru. Effective October 31, 2000, the Board of Directors amended the qualified pension plan to suspend the accrual of benefits.

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The components of net periodic benefit costs for the three-month periods ended March 31, 2025 and 2024 are as follows (in millions):

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​

​

​

​

​

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Three months ended

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March 31, 

(in millions)

    

2025

    

2024

Service cost

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$

0.6

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$

0.7

Interest cost

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0.9

​

 

0.9

Expected return on plan assets

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(1.8)

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(1.5)

Amortization of net loss/(gain)

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0.1

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(*)

Net periodic (benefit) cost

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$

(0.2)

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$

0.1

​

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Post-retirement health care plans:

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In Mexico, health services are provided by the Mexican Institute of Social Security.

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The components of net periodic benefit cost for the three-month period ended March 31, 2025 and 2024 are as follows (in millions):

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​

​

​

​

​

​

​

​

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Three months ended March 31, 

(in millions)

    

2025

    

2024

Interest cost

​

$

0.5

​

$

0.5

Amortization of net loss (gain)

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(*)

​

 

(*)

Amortization of prior service cost/ (credit)

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—

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(*)

Net periodic benefit cost

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$

0.5

​

$

0.5

​