Pension and Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Pension and Postretirement Benefit Plans

PENSION AND POSTRETIREMENT BENEFIT PLANS

    Net periodic pension and postretirement benefit cost for the Company’s defined pension and postretirement benefit plans for the three and six months ended June 30, 2022 and 2021 are set forth below (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
Pension benefits	2022		2021		2022		2021
Service cost	$	3.3	$	3.7	$	6.6	$	7.8
Interest cost	3.8		3.2		7.8		6.4
Expected return on plan assets	(4.4)		(7.9)		(9.0)		(15.7)
Amortization of net actuarial losses	2.2		3.4		4.4		7.4
Amortization of prior service cost	—		0.1		0.1		0.6
Curtailment(1)	—		—		—		$	(1.2)
Net periodic pension cost	$	4.9	$	2.5	$	9.9	$	5.3

(1) During the six months ended June 30, 2021, the Company amended its Executive Nonqualified Pension Plan (“ENPP”) to freeze the plan as of December 31, 2024 to future salary benefit accruals, and to eliminate a life-time annuity feature for participants reaching age 65 subsequent to December 31, 2022. This amendment resulted in a curtailment gain related to the ENPP's net prior service credit.

	Three Months Ended June 30,				Six Months Ended June 30,
Postretirement benefits	2022		2021		2022		2021
Service cost	$	—	$	—	$	0.1	$	0.1
Interest cost	0.3		0.2		0.5		0.4
Amortization of prior service cost	—		—		0.1		—
Net periodic postretirement benefit cost	$	0.3	$	0.2	$	0.7	$	0.5

    The components of net periodic pension and postretirement benefits cost, other than the service cost component, are included in “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations.

    The following table summarizes the activity in accumulated other comprehensive loss related to the Company's defined pension and postretirement benefit plans during the six months ended June 30, 2022 (in millions):

	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated other comprehensive loss, December 31, 2021	$	(302.4)	$	(72.0)	$	(230.4)
Amortization of net actuarial losses	4.4		1.1		3.3
Amortization of prior service cost	0.2		0.1		0.1
Accumulated other comprehensive loss as of June 30, 2022	$	(297.8)	$	(70.8)	$	(227.0)

    During the six months ended June 30, 2022, the Company made approximately $18.9 million of contributions to its defined pension benefit plans. The Company currently estimates its minimum contributions for 2022 to its defined pension benefit plans will aggregate approximately $35.2 million.

    During the six months ended June 30, 2022, the Company made approximately $0.7 million of contributions to its postretirement health care and life insurance benefit plans. The Company currently estimates that it will make approximately $1.5 million of contributions to its postretirement health care and life insurance benefit plans during 2022.