v3.25.2
Pensions and Other Benefit Programs
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Pensions and Other Benefit Programs

NOTE 14. PENSIONS AND OTHER BENEFIT PROGRAMS

The components of net periodic benefit costs (credits) are as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

U.S. defined benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

Pension benefits

 

 

 

 

 

 

 

 

 

 

 

 

Service cost of benefits earned during the period

 

$

0.6

 

 

$

0.6

 

 

$

1.2

 

 

$

1.2

 

Interest cost on projected benefit obligation

 

 

4.1

 

 

 

4.2

 

 

 

8.3

 

 

 

8.4

 

Expected return on plan assets

 

 

(5.6

)

 

 

(6.1

)

 

 

(11.2

)

 

 

(12.2

)

Amortization of net actuarial loss

 

 

1.4

 

 

 

1.3

 

 

 

2.7

 

 

 

2.6

 

Net periodic pension cost

 

$

0.5

 

 

$

-

 

 

$

1.0

 

 

$

-

 

Retiree health and life insurance benefits

 

 

 

 

 

 

 

 

 

 

 

 

Interest cost on projected benefit obligation

 

$

0.5

 

 

$

0.5

 

 

$

1.0

 

 

$

1.0

 

Amortization of prior service credit

 

 

(0.1

)

 

 

-

 

 

 

(0.1

)

 

 

(0.1

)

Amortization of net actuarial gain

 

 

(0.4

)

 

 

(2.1

)

 

 

(0.8

)

 

 

(4.2

)

Net periodic postretirement (credit) cost

 

$

-

 

 

$

(1.6

)

 

$

0.1

 

 

$

(3.3

)

Excluded from the table above is the net periodic pension cost associated with an unfunded defined benefit pension plan in Germany that was not included as part of prior dispositions. This plan is reported as a component of our Unallocated Corporate segment. Net periodic pension cost for this plan was immaterial for the three and six months ended June 30, 2025 and 2024.

The service cost component of net benefit cost has been presented in the Condensed Consolidated Statements of Earnings and Comprehensive Income within cost of goods sold and SG&A expenses for all periods presented, which are the same line items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are presented in the Condensed Consolidated Statements of Earnings and Comprehensive Income separately from the service cost component within other non-operating income, net.