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Pension and Postretirement Health and Life Benefits | 9 Months Ended
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Sep. 30, 2024
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Service costs | $ | 0.5 |  |  | $ | 0.7 |  |  | $ | 1.5 |  |  | $ | 2.2 |
Interest costs | 0.2 |  |  | 6.9 |  |  | 7.8 |  |  | 20.8 |
Amortization of prior service costs (credits), net | 0.1 |  |  | — |  |  | — |  |  | (0.1) |
Remeasurement gain | (0.2) |  |  | (0.9) |  |  | (16.8) |  |  | (0.9) |
Expected return on plan assets (gains) | (0.2) |  |  | (7.7) |  |  | (9.5) |  |  | (23.2) |
Net periodic benefit costs (credits) | $ | 0.4 |  |  | $ | (1.0) |  |  | $ | (17.0) |  |  | $ | (1.2) |
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Interest costs | $ | 1.2 |  |  | $ | 1.2 |  |  | $ | 3.4 |  |  | $ | 3.7 |
Amortization of prior service costs (credits), net | (0.1) |  |  | (0.1) |  | (0.1) |  |  | (0.1)
Net periodic benefit costs | $ | 1.1 |  |  | $ | 1.1 |  |  | $ | 3.3 |  |  | $ | 3.6 |
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. 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 liabilities for approximately 1,400 participants effective December 1, 2023. The Company recorded income related to the pension settlement in the fourth quarter of $28.6 million, which was included in Nonoperating Components of Net Periodic Benefit Income in its Consolidated Statements of Operations. During the second quarter of 2024, the Company determined that it was probable that lump sum payouts for 2024 would be greater than the annual service and interest cost components of the annual net periodic benefit cost for two of its defined benefit pension plans. In addition, on May 28, 2024, the Company entered into an agreement with an insurer for two of its defined benefit plans to purchase a group annuity contract and transferred approximately $234 million of its pension plan obligations to the insurer. The purchase of the group annuity contract was funded directly by assets of the pension plan of approximately $224 million. The purchase resulted in a transfer of future benefit obligations and administrative liabilities for more than 1,000 participants effective September 1, 2024. During the third quarter of 2024, the Company again determined that it was probable that lump sum payouts for 2024 would be greater than the annual service and interest cost components of the annual net periodic benefit cost for its two defined benefit pension plans. In addition, the Company transferred $15.4 million of pension plan assets and the related obligations under two participating group annuity contracts to two non-participating group annuity contracts for two of its defined benefit plans. The purchase resulted in a transfer of future benefit obligations and administrative liabilities for more than 400 participants effective October 1, 2024. These events triggered remeasurements that resulted in a decrease in the benefit obligation and corresponding net actuarial gains of $0.2 million and $16.8 million for the three and nine months ended September 30, 2024, respectively. The related income was included in Nonoperating Components of Net Periodic Benefit Loss (Income) in the Consolidated Statements of Operations.

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