Special termination benefit recognized

  
  
The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2021 and 2020 were as follows:

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | U.S. Plans |  | Non-U.S. Plans |  | Other Benefits |
|   | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
| Discount rate | 2.52  | % |  | 2.14  | % |  | 1.25  | % |  | 0.95  | % |  | 2.70  | % |  | 2.20  | % |
| Rate of compensation increase | —  | % |  | —  | % |  | 2.31  | % |  | 2.32  | % |  | —  | % |  | —  | % |
| Cash balance interest credit rate | —  | % |  | 4.00  | % |  | 1.00  | % |  | 1.00  | % |  | —  | % |  | —  | % |

  
The pretax amounts recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheets as of December 31, 2021 and 2020 were as follows:

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
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|   | Pension Benefits |  | Other Benefits |
|   | 2021 |  | 2020 |  | 2021 |  | 2020 |
|   | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  |   |  |   |
|   | (In millions) |
| Prior service cost (credit) | $ | 0.1  |  |  | $ | (0.5) |  |  | $ | 0.2  |  |  | $ | (0.1) |  |  | $ | (0.5) |  |  | $ | (2.9) |  |
| Net loss (gain) | 2.1  |  |  | 12.6  |  |  | 13.4  |  |  | 24.5  |  |  | (3.0) |  |  | (2.3) |  |
| Total | $ | 2.2  |  |  | $ | 12.1  |  |  | $ | 13.6  |  |  | $ | 24.4  |  |  | $ | (3.5) |  |  | $ | (5.2) |  |

  
The components of the net periodic (benefit) cost for the plans in 2021, 2020 and 2019 are as follows:

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Pension Benefits |
|   | 2021 |  | 2020 |  | 2019 |
|   | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |
|   | (In millions) |
| Service cost | $ | 0.1  |  |  | $ | 2.0  |  |  | $ | 0.1  |  |  | $ | 2.2  |  |  | $ | 0.6  |  |  | $ | 1.8  |  |
| Interest cost | 0.3  |  |  | 0.7  |  |  | 1.3  |  |  | 1.1  |  |  | 2.8  |  |  | 1.5  |  |
| Expected return on plan assets | (0.9) |  |  | (1.0) |  |  | (3.8) |  |  | (1.2) |  |  | (3.3) |  |  | (1.0) |  |
| Settlement loss recognized | 10.5  |  |  | —  |  |  | 0.9  |  |  | (0.4) |  |  | 0.7  |  |  | —  |  |
| Special termination benefit recognized | —  |  |  | —  |  |  | —  |  |  | —  |  |  | 0.3  |  |  | —  |  |
| Net amortization | 0.4  |  |  | 2.1  |  |  | 1.2  |  |  | 1.7  |  |  | 1.6  |  |  | 1.1  |  |
| Net periodic cost (benefit)  | $ | 10.4  |  |  | $ | 3.8  |  |  | $ | (0.3) |  |  | $ | 3.4  |  |  | $ | 2.7  |  |  | $ | 3.4  |  |

 

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Other Benefits |
|   | 2021 |  | 2020 |  | 2019 |
|   | (In millions) |
| Service cost | $ | 0.7  |  |  | $ | 0.6  |  |  | $ | 0.6  |  |
| Interest cost | 0.4  |  |  | 0.6  |  |  | 0.8  |  |
| Curtailment gain recognized | (2.0) |  |  | —  |  |  | —  |  |
| Net amortization | (0.6) |  |  | (0.5) |  |  | (0.6) |  |
| Net periodic (benefit) cost | $ | (1.5) |  |  | $ | 0.7  |  |  | $ | 0.8  |  |

  
The Company recognizes the service cost component in both Selling, general and administrative expenses and Cost of sales in the Consolidated Statements of Income depending on the functional area of the underlying employees included in the plans.   
  
  
  
  
79
