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Retirement Benefits | 6 Months Ended
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Jun. 30, 2023
Retirement Benefits [Abstract] |
Retirement Benefits | Retirement Benefits The Company has defined contribution retirement plans or defined benefit pension plans covering substantially all employees. Company contributions to defined contribution retirement plans are generally based on a percentage of eligible pay or based on hours worked. Benefits under the defined benefit pension plans are generally based on years of service and/or final average pay. The Company funds the U.S. pension plans in accordance with the Employee Retirement Income Security Act of 1974, as amended, and the Internal Revenue Code of 1986, as amended. The Company also sponsors several postretirement plans covering certain collectively-bargained salaried and hourly employees. The plans provide health care and life insurance benefits for eligible retirees. In most retiree health care plans, Company contributions towards premiums are capped based on the cost as of a certain date, thereby creating a defined contribution. All defined benefit pension and retiree health care plans are closed to new entrants. For the three month periods ended June 30, 2023 and 2022, the components of pension and other postretirement benefit expense for the Company’s defined benefit plans included the following (in millions):
| Pension Benefits |  | Other Postretirement Benefits
| Three months ended June 30, |  | Three months ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Service cost - benefits earned during the year | $ | 1.6 |  |  | $ | 2.8 |  |  | $ | 0.1 |  |  | $ | 0.3 |
Interest cost on benefits earned in prior years | 24.0 |  |  | 17.5 |  |  | 2.8 |  |  | 1.9 |
Expected return on plan assets | (25.6) |  |  | (31.9) |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 0.1 |  |  | 0.1 |  |  | (0.3) |  |  | (0.2) |
Amortization of net actuarial loss | 14.4 |  |  | 15.9 |  |  | 1.5 |  |  | 3.3 |
Settlement loss | — |  |  | 29.5 |  |  | — |  |  | — |
Total retirement benefit expense | $ | 14.5 |  |  | $ | 33.9 |  |  | $ | 4.1 |  |  | $ | 5.3 |
For the six month periods ended June 30, 2023 and 2022, the components of pension and other postretirement benefit expense for the Company’s defined benefit plans included the following (in millions):
| Pension Benefits |  | Other Postretirement Benefits
| Six months ended June 30, |  | Six months ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Service cost - benefits earned during the year | $ | 3.2 |  |  | $ | 6.0 |  |  | $ | 0.3 |  |  | $ | 0.5 |
Interest cost on benefits earned in prior years | 48.0 |  |  | 35.3 |  |  | 5.5 |  |  | 3.9 |
Expected return on plan assets | (51.3) |  |  | (65.0) |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 0.2 |  |  | 0.2 |  |  | (0.5) |  |  | (0.5) |
Amortization of net actuarial loss | 28.8 |  |  | 31.9 |  |  | 3.0 |  |  | 6.6 |
Settlement loss | — |  |  | 29.5 |  |  | — |  |  | — |
Total retirement benefit expense | $ | 28.9 |  |  | $ | 37.9 |  |  | $ | 8.3 |  |  | $ | 10.5 |
On May 12, 2022, the Company completed the sale of its Sheffield, UK operations. As a result of this sale, ATI recognized a $29.5 million settlement loss in the second quarter of 2022, which is recorded in loss on asset sales and sales of businesses, net, on the consolidated statement of operations, related to the amount in accumulated other comprehensive loss for the UK defined benefit pension plan that transferred as part of the sale.

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