v3.25.1
Employee Benefit Plans
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans

8. Employee Benefit Plans

Our benefit plans include defined contribution plans for the majority of our employees.

We also maintain defined benefit pension plans covering certain of our current and former U.S. employees (the U.S. pension plan and nonqualified defined benefit plan, collectively referred to as our “defined benefit plans”), as well as a postretirement benefit plan for certain U.S. retired employees that include heath care and life insurance benefits.

The U.S. defined benefit plans were terminated with an effective date of September 30, 2024. We are in the process of finalizing the wind down of the plans, which includes transferring the associated liabilities to an insurance company, which we expect will be completed in 2025. These steps include settling all future obligations under our defined pension plans through a combination of lump sum payments to eligible, electing participants and the transfer of any remaining benefits to a third-party insurance company through a group annuity contract.

The components of net periodic cost (gain) for our defined benefit pension plans and for our postretirement benefit plan are included in the following tables:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(In millions)

 

Interest cost

 

$

5.7

 

 

$

4.1

 

Actuarial loss amortization

 

 

5.0

 

 

 

3.3

 

Less: Expected return on plan assets

 

 

(5.5

)

 

 

(4.4

)

Net periodic pension cost

 

$

5.2

 

 

$

3.0

 

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(In millions)

 

Interest cost

 

$

0.1

 

 

$

0.1

 

Actuarial gain amortization

 

 

(0.5

)

 

 

(0.5

)

Net periodic postretirement benefit gain

 

$

(0.4

)

 

$

(0.4

)