v3.25.2
Retirement benefits
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Retirement benefits Retirement benefits
Defined-benefit Pension Plans

We have various defined-benefit pension plans covering eligible current and former employees. Benefits under most plans are based on salary and years of service. There are limits to the amount of benefits which can be paid to participants from a U.S. qualified pension plan. We maintain a nonqualified U.S. plan to pay benefits for those eligible current and former employees in the U.S. whose benefits exceed the regulatory limits. Pension benefits provided to eligible U.S. employees were frozen on December 31, 2005.

The components of net periodic pension cost (credit) for our pension plans were as follows:
U.S. PlansNon-U.S. PlansTotal
(In millions)202520242025202420252024
Three months ended June 30,      
Service cost$— — 2.1 2.2 2.1 2.2 
Interest cost on projected benefit obligation7.8 7.7 4.5 4.4 12.3 12.1 
Return on assets – expected(11.2)(11.6)(2.9)(2.8)(14.1)(14.4)
Amortization of losses1.4 1.2 0.7 0.7 2.1 1.9 
Settlement loss— — 0.4 — 0.4 — 
Net periodic pension cost (credit)
$(2.0)(2.7)4.8 4.5 2.8 1.8 
Six months ended June 30,      
Service cost$— — 4.1 4.4 4.1 4.4 
Interest cost on projected benefit obligation15.7 15.4 8.7 8.9 24.4 24.3 
Return on assets – expected(22.3)(23.2)(5.6)(5.7)(27.9)(28.9)
Amortization of losses2.7 2.7 1.3 1.3 4.0 4.0 
Amortization of prior service cost— — 0.1 — 0.1 — 
Settlement loss— — 0.7 0.3 0.7 0.3 
Net periodic pension cost (credit)
$(3.9)(5.1)9.3 9.2 5.4 4.1 
The components of net periodic pension cost (credit) other than the service cost component are included in interest and other nonoperating income (expense) in the condensed consolidated statements of operations.

We did not make cash contributions to the primary U.S. pension plan in 2024 or the first six months of 2025. Based on current assumptions described in our Annual Report on Form 10-K for the year ended December 31, 2024, we do not expect to make contributions to the primary U.S. pension plan until 2027.
Retirement benefits other than pensions
We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees. Retirement benefits related to our former U.S. coal operations include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for United Mine Workers of America Represented Employees (the “UMWA plans”) as well as costs related to Black Lung obligations.

The components of net periodic postretirement cost (credit) related to retirement benefits other than pensions were as follows:
UMWA PlansBlack Lung and Other PlansTotal
(In millions)202520242025202420252024
Three months ended June 30,      
Service cost$— — 0.1 — 0.1 — 
Interest cost on accumulated postretirement benefit obligations2.5 2.6 1.1 1.1 3.6 3.7 
Return on assets – expected(2.5)(2.6)— — (2.5)(2.6)
Amortization of losses0.6 0.1 0.8 1.0 1.4 1.1 
Amortization of prior service cost (credit)
(2.5)(1.6)— 0.1 (2.5)(1.5)
Net periodic postretirement cost (credit)
$(1.9)(1.5)2.0 2.2 0.1 0.7 
Six months ended June 30,      
Service cost$— — 0.1 0.1 0.1 0.1 
Interest cost on accumulated postretirement benefit obligations4.8 5.2 2.2 2.4 7.0 7.6 
Return on assets – expected(4.9)(5.1)— — (4.9)(5.1)
Amortization of losses0.9 1.4 1.7 2.1 2.6 3.5 
Amortization of prior service cost (credit)
(5.1)(4.4)— 0.1 (5.1)(4.3)
Net periodic postretirement cost (credit)
$(4.3)(2.9)4.0 4.7 (0.3)1.8 
The components of net periodic postretirement cost (credit) other than the service cost component are included in interest and other nonoperating income (expense) in the condensed consolidated statements of operations.