Retirement Plans |
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| Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Plans | 14. Retirement Plans The net periodic benefit cost recognized in the Condensed Consolidated Statements of Operations is composed of the following:
Service cost is included within “Cost of goods sold” and “Selling, general and administrative expenses” while all other components are recorded within “Pension and other postretirement non-service income (expense), net”. 14. Retirement Plans - continued Pension Plan Contributions and Benefit Payments Established funding standards govern the funding requirements for our qualified and approved pension plans in various jurisdictions. We fund the benefit payments of our non-qualified or unfunded plans as benefit payments come due. The Company’s contributions to the plans were as follows:
Multiemployer Plans As a result of the acquisition of WestRock, we participate in several multiemployer pension plans (“MEPP” or “MEPPs”) that provide retirement benefits to certain union employees in accordance with various collective bargaining agreements and WestRock has participated in other MEPPs in the past. The multiemployer plan expense was immaterial for the three and six months ended June 30, 2025. In the normal course of business, we evaluate our potential exposure to MEPPs, including potential withdrawal liabilities. At June 30, 2025, we had recorded withdrawal liabilities of $128 million (December 31, 2024: $131 million).
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