RETIREMENT PLANS

3 Months Ended

Mar. 31, 2023

Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]

RETIREMENT PLANS

RETIREMENT PLANS

The following table presents the Company’s net periodic benefit cost (income) components:

	Three Months Ended
	March 31, 2023		March 31, 2022
Service Cost	$	0.3	$	0.3
Interest Cost	5.6		3.6
Expected Return on Plan Assets	(6.7)		(5.1)
Amortization of Prior Service Cost and Net Actuarial Loss	(0.5)		0.2
Net Periodic Benefit Income	$	(1.3)	$	(1.0)

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 Income, Net on the Company's Condensed Consolidated Statements of Income.

For the three months ended March 31, 2023 and March 31, 2022, the Company contributed $1.5 million and $1.7 million, respectively, to retirement plans. The Company expects to make total contributions of $6.5 million in 2023. The Company contributed a total of $8.3 million in fiscal 2022.

For the three months ended March 31, 2023 and March 31, 2022, the Company contributed $6.2 million and $5.9 million, respectively, to defined contribution plans.

In connection with the Altra Transaction, $30.5 million of plan benefit obligations and $13.8 million of plan assets included in the Altra business were transferred to the Company on March 27, 2023.