Note 16 - Retirement Benefit Plans The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans. The amounts for the three months ended March 31, 2024 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of that period’s proportionate share of the amounts to be recorded for the year ending December 31, 2024. | | | | | | | | | | | | | | | | | | | | | | U.S. Plans | International Plans | Total | | | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | | | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | | Components of net periodic benefit cost (credit): | | | | | | | | Service cost | $ | 0.1 | | $ | 0.2 | | $ | 0.5 | | $ | 0.3 | | $ | 0.6 | | $ | 0.5 | | | Interest cost | 4.3 | | 4.5 | | 2.5 | | 2.4 | | 6.8 | | 6.9 | | | Expected return on plan assets | (1.9) | | (2.1) | | (2.4) | | (2.5) | | (4.3) | | (4.6) | | | Amortization of prior service cost | — | | — | | 0.1 | | 0.1 | | 0.1 | | 0.1 | | | Recognition of net actuarial gains | — | | (0.9) | | — | | — | | — | | (0.9) | | | | | | | | | | Net periodic benefit cost (credit) | $ | 2.5 | | $ | 1.7 | | $ | 0.7 | | $ | 0.3 | | $ | 3.2 | | $ | 2.0 | |
For the three months ended March 31, 2023, lump sum payments related to new retirees exceeded annual service and interest costs for one of the Company's U.S. defined pension plans, triggering a remeasurement of assets and obligations for this plan. As a result of this remeasurement, the Company recognized a net actuarial gain ("mark-to-market charges") of $0.9 million during the three months ended March 31, 2023.
|