REGAL REXNORD CORP
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 2024
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8. Retirement Plans
- RETIREMENT PLANS
The following table presents the Company’s net periodic benefit cost (income) components:
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |
| Service Cost | 0.5 | 0.6 | 1.0 | 0.9 |
| Interest Cost | 5.4 | 5.7 | 10.8 | 11.3 |
| Expected Return on Plan Assets | (5.0) | (6.7) | (10.0) | (13.4) |
| Amortization of Prior Service Cost and Net Actuarial Loss (Gain) | 0.1 | (0.6) | 0.3 | (1.1) |
| Special Termination Benefits | — | — | 0.2 | — |
| Net Periodic Benefit Expense (Income) | $1.0 | $(1.0) | $2.3 | $(2.3) |
The service cost component is included in Cost of Sales and Operating Expenses. All other components of net periodic benefit costs are included in Other Expense (Income), Net on the Company's Condensed Consolidated Statements of Income.
For the three months ended June 30, 2024 and June 30, 2023, the Company contributed $1.8 million and $2.0 million, respectively, to post retirement plans. For the six months ended June 30, 2024 and June 30, 2023, the Company contributed $3.6 million and $3.5 million, respectively. The Company expects to make total contributions of $17.8 million in 2024. The Company contributed a total of $8.3 million in 2023.
For the three months ended June 30, 2024 and June 30, 2023, the Company contributed $10.8 million and $11.3 million, respectively, to defined contribution plans. For the six months ended June 30, 2024 and June 30, 2023, the Company contributed $22.4 million and $17.5 million, respectively.
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