Pension and Other Post-Retirement Benefits

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Pension and Other Post-Retirement Benefits

Pension and Other Post-Retirement Benefits

The following table shows the components of net periodic cost for the three months ended September 30, 2023 and 2022 (in millions):

	2023 Pension Benefits		2022 Pension Benefits		2023 Retiree Health and Life		2022 Retiree Health and Life
Service cost	$	1.3	$	2.0	$	—	$	—
Interest cost	4.1		2.5		0.1		0.1
Expected return on plan assets	(5.2)		(4.0)		—		—
Amortization of (1):
Unrecognized prior service credit	—		—		—		(0.1)
Unrecognized net actuarial loss (gain)	0.2		2.2		(0.1)		(0.1)
Net periodic cost	$	0.4	$	2.7	$	—	$	(0.1)

The following table shows the components of net periodic cost for the nine months ended September 30, 2023 and 2022 (in millions):

	2023 Pension Benefits		2022 Pension Benefits		2023 Retiree Health and Life		2022 Retiree Health and Life
Service cost	$	4.0	$	5.9	$	0.1	$	0.1
Interest cost	12.4		7.4		0.5		0.3
Expected return on plan assets	(15.9)		(11.8)		—		—
Settlement accounting adjustment	1.4		0.9		—		—
Amortization of (1):
Unrecognized prior service credit	—		—		(0.2)		(0.2)
Unrecognized net actuarial loss (gain)	0.7		6.8		(0.4)		(0.3)
Net periodic cost	$	2.6	$	9.2	$	—	$	(0.1)

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(1) Amounts reclassified from accumulated other comprehensive loss.

The service cost component of net periodic cost is recorded in selling, general and administrative expense and the non-service components are recorded in other income (expense) in the statements of comprehensive income (loss).

Certain lump sum distributions paid to retirees triggered settlement accounting, resulting in the recognition of $1.4 million of expense for the nine months ended September 30, 2023, and $0.9 million of expense for the nine months ended September 30, 2022.