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v3.23.1

Pension and Postretirement Benefit Plans | 3 Months Ended
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Mar. 31, 2023
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 months ended March 31, 2023 and 2022 are set forth below (in millions):
|  | Three Months Ended March 31, |  |
Pension benefits |  | 2023 |  | 2022 |  |  |  |
Service cost |  | $ | 2.4 |  |  | $ | 3.3 |  |  |  |  |
Interest cost |  | 7.2 |  |  | 4.0 |  |  |  |  |
Expected return on plan assets |  | (7.2) |  |  | (4.6) |  |  |  |  |
Amortization of net actuarial losses |  | 2.0 |  |  | 2.2 |  |  |  |  |
Amortization of prior service cost |  | 0.3 |  |  | 0.1 |  |  |  |  |
Net periodic pension cost |  | $ | 4.7 |  |  | $ | 5.0 |  |  |  |  |
|  | Three Months Ended March 31, |  |
Postretirement benefits |  | 2023 |  | 2022 |  |  |  |
Service cost |  | $ | — |  |  | $ | 0.1 |  |  |  |  |
Interest cost |  | 0.3 |  |  | 0.2 |  |  |  |  |
Amortization of prior service cost |  | 0.1 |  |  | 0.1 |  |  |  |  |
Net periodic postretirement benefit cost |  | $ | 0.4 |  |  | $ | 0.4 |  |  |  |  |
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 three months ended March 31, 2023 (in millions):
| Before-Tax Amount |  | Income Tax |  | After-Tax Amount
Accumulated other comprehensive loss, December 31, 2022 | $ | (304.4) |  |  | $ | (73.2) |  |  | $ | (231.2) |
Amortization of prior service cost | 0.4 |  |  | 0.1 |  |  | 0.3 |
Amortization of net actuarial losses | 2.0 |  |  | 0.5 |  |  | 1.5 |
Accumulated other comprehensive loss as of March 31, 2023 | $ | (302.0) |  |  | $ | (72.6) |  |  | $ | (229.4) |
During the three months ended March 31, 2023, the Company made approximately $10.4 million of contributions to its defined pension benefit plans. The Company currently estimates its minimum contributions for 2023 to its defined pension benefit plans will aggregate approximately $33.8 million. During the three months ended March 31, 2023, the Company made approximately $0.5 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 2023.

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