v3.25.2
Pensions and Postretirement Benefits Other than Pensions
 6 Months Ended
Jun. 30, 2025
Retirement Benefits, Description [Abstract]  
Pensions and Postretirement Benefits Other than Pensions Pensions and Postretirement Benefits Other than Pensions
The Company sponsors several U.S. defined benefit and defined contribution plans covering substantially all of the Company's U.S. employees. Additionally, the Company has many non-U.S. defined benefit and defined contribution plans covering eligible current and retired non-U.S. employees. Postretirement benefits other than pensions (OPEB) provide healthcare benefits and, in some instances, life insurance benefits for certain eligible current and retired employees.
Pension Plans
The non-contributory defined benefit pension plans covering non-collectively bargained U.S. employees provide benefits on a final average pay formula while plans for most collectively bargained U.S. employees provide benefits on a flat dollar benefit formula or a percentage of pay formula. The non-U.S. pension plans generally provide benefits based on earnings and years of service. The Company also maintains additional other supplemental plans for officers and other key or highly compensated employees.
The components of the Company's net periodic pension benefit cost for the three and six months ended June 30 were as follows:
Three months ended Six months ended
In millions2025202420252024
Service cost$7.5 $7.9 $14.8 $16.0 
Interest cost28.0 28.3 55.6 56.5 
Expected return on plan assets(27.0)(29.4)(53.6)(58.8)
Net amortization of:
Prior service costs (benefits)0.7 0.8 1.4 1.5 
Net actuarial (gains) losses4.0 3.7 7.9 7.5 
Net periodic pension benefit cost13.2 11.3 26.1 22.7 
Settlement losses— — 0.7 — 
Net periodic pension benefit cost after net settlement losses$13.2 $11.3 $26.8 $22.7 
Amounts recorded in continuing operations:
      Operating income$6.3 $7.0 $12.5 $14.0 
      Other income/(expense), net4.4 2.7 9.4 5.4 
Amounts recorded in discontinued operations2.5 1.6 4.9 3.3 
Total$13.2 $11.3 $26.8 $22.7 
The Company made required and discretionary contributions to its defined benefit pension plans of $12.4 million and $19.3 million during the six months ended June 30, 2025 and 2024, respectively. The Company currently projects that it will contribute approximately $33 million to its pension plans worldwide in 2025.
Postretirement Benefits Other Than Pensions
The Company sponsors several postretirement plans that provide healthcare benefits, and in some instances, life insurance benefits for eligible current and retired employees. These plans are unfunded and have no plan assets; instead, they are funded by the Company on a pay-as-you-go basis in the form of direct benefit payments. Generally, postretirement health benefits are contributory with contributions adjusted annually. Life insurance plans for retirees are primarily non-contributory.
The components of net periodic postretirement benefit cost for the three and six months ended June 30 were as follows:
Three months ended Six months ended
In millions2025202420252024
Service cost$0.2 $0.2 $0.5 $0.5 
Interest cost2.8 2.9 5.5 5.8 
Net amortization of:
Prior service costs (benefits)0.1 0.2 0.3 0.3 
Net actuarial (gains) losses(3.2)(3.3)(6.4)(6.6)
Net periodic postretirement benefit cost$(0.1)$— $(0.1)$— 
Amounts recorded in continuing operations:
     Operating income$0.2 $0.3 $0.5 $0.6 
     Other income/(expense), net(0.2)— (0.3)— 
Amounts recorded in discontinued operations(0.1)(0.3)(0.3)(0.6)
Total$(0.1)$— $(0.1)$—