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Pension and Postretirement Benefit Costs
 6 Months Ended
Jun. 30, 2021
Retirement Benefits [Abstract]  
Pension and Postretirement Benefit Costs Pension and Postretirement Benefit Costs
The components of net periodic pension and postretirement benefit costs, excluding the service cost for benefits earned, are included in “Net periodic benefit (credit) costs, excluding service cost” in the unaudited condensed consolidated statements of operations.
Net periodic pension benefit included the following components:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
 (Dollars in millions)
Service cost for benefits earned$0.1 $0.1 $0.1 $0.1 
Interest cost on projected benefit obligation5.1 7.0 10.2 14.0 
Expected return on plan assets(5.7)(7.4)(11.4)(14.8)
Net periodic pension benefit$(0.5)$(0.3)$(1.1)$(0.7)
Annual contributions to the qualified plans are made in accordance with minimum funding standards and the Company’s agreement with the Pension Benefit Guaranty Corporation. Funding decisions also consider certain funded status thresholds defined by the Pension Protection Act of 2006 (generally 80%). As of June 30, 2021, the Company’s qualified plans were expected to be at or above the Pension Protection Act thresholds. The Company is not required to make any contributions to its qualified pension plans in 2021 based on minimum funding requirements and does not expect to make any discretionary contributions in 2021 at this time.
Net periodic postretirement benefit (benefit) cost included the following components:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
 (Dollars in millions)
Service cost for benefits earned$0.3 $1.1 $0.5 $2.2 
Interest cost on accumulated postretirement benefit obligation2.9 5.4 5.8 10.9 
Expected return on plan assets(0.2)(0.4)(0.4)(0.8)
Amortization of prior service credit(11.0)(2.2)(22.0)(4.4)
Net periodic postretirement benefit (benefit) cost$(8.0)$3.9 $(16.1)$7.9 
In September 2020, the Company announced changes to its postretirement health care benefit plans for non-represented employees and retirees which reduced its accumulated postretirement benefit obligation, as further described in Note 15. “Postretirement Health Care and Life Insurance Benefits” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The reduction in liability was recorded with an offsetting balance in “Accumulated other comprehensive income” and is being amortized to earnings.
The Company has established two Voluntary Employees Beneficiary Association (VEBA) trusts to pre-fund a portion of benefits for non-represented and represented retirees. The Company does not expect to make any discretionary contributions to either of the VEBA trusts in 2021 and plans to utilize a portion of VEBA assets to make certain benefit payments.