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Pension and Postretirement Health and Life Benefits | 9 Months Ended
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Sep. 30, 2023
Retirement Benefits, Description [Abstract] |
Pension and Postretirement Health and Life Benefits | PENSION AND POSTRETIREMENT HEALTH AND LIFE BENEFITS The Company provides retirement benefits to certain employees and retirees under two qualified defined benefit pension plans, one postretirement health and life benefit plan and two disqualified plans. The components of net periodic benefit costs (credits) for the defined benefit pension plans were as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Service costs | $ | 0.7 |  |  | $ | 0.7 |  |  | $ | 2.2 |  |  | $ | 2.0 |
Interest costs | 6.9 |  |  | 4.7 |  |  | 20.8 |  |  | 14.3 |
Amortization of prior service costs (credits), net | — |  |  | (0.1) |  |  | (0.1) |  |  | (0.2) |
Remeasurement gain | (0.9) |  |  | — |  |  | (0.9) |  |  | — |
Expected return on plan assets (gains) | (7.7) |  |  | (8.9) |  |  | (23.2) |  |  | (26.7) |
Net periodic benefit costs (credits) | $ | (1.0) |  |  | $ | (3.6) |  |  | $ | (1.2) |  |  | $ | (10.6) |
The components of net periodic benefit costs for the postretirement health and life benefit plan were as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Interest costs | $ | 1.2 |  |  | $ | 0.9 |  |  | $ | 3.7 |  |  | $ | 2.7 |
Amortization of prior service costs (credits), net | (0.1) |  |  | — |  | (0.1) |  |  | (0.1)
Net periodic benefit costs | $ | 1.1 |  |  | $ | 0.9 |  |  | $ | 3.6 |  |  | $ | 2.6 |
The Company reports service costs for its defined benefit pension plans and its postretirement health and life benefit plans in Cost of Sales and Selling, General and Administrative Expenses. The remaining components of net periodic benefit (credits) costs are reported as Nonoperating Components of Net Periodic Benefit Loss (Income). During the third quarter of 2023, the Company determined that it was probable that lump sum payouts for 2023 would be greater than the annual service and interest cost components of the annual net periodic benefit cost for one of its defined benefit pension plans, triggering a remeasurement. The Company’s defined benefit obligations for its pension plans was $527.3 million at December 31, 2022, of which $30.6 million related to this plan. The remeasurement resulted in a decrease in the benefit obligation and a corresponding net actuarial gain of $0.9 million for the three and nine months ended September 30, 2023. There were no pension plan remeasurements in the three and nine months ended September 30, 2022.On October 12, 2023, the Company entered into an agreement with an insurer (“Insurer”) for one of its defined benefit plans to purchase a group annuity contract and transferred approximately $186.5 million of its pension plan obligations to the insurer. The purchase of the group annuity contract was funded directly by the assets of the pension plan of approximately $171.4 million. The purchase resulted in a transfer of benefit administrative responsibilities for approximately 1,400 beneficiaries effective December 1, 2023. The Company estimates that the income related to the pension settlement recognized in the fourth quarter will be approximately $15.1 million, dependent upon the final settlement and pricing of the annuity transaction. The settlement charge will be recognized in nonoperating components of net periodic benefit loss (income) in our consolidated statements of op

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