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Pension and Postretirement Health and Life Benefits | 9 Months Ended
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Sep. 30, 2025
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. The Company has one qualified defined benefit pension plan, one postretirement health and life benefit plan and two nonqualified 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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Service costs | $ | 0.1 |  |  | $ | 0.5 |  |  | $ | 0.3 |  |  | $ | 1.5 |
Interest costs | 0.4 |  |  | 0.2 |  |  | 1.2 |  |  | 7.8 |
Amortization of prior service costs (credits), net | — |  |  | 0.1 |  |  | (0.1) |  |  | — |
Remeasurement gain | — |  |  | (0.2) |  |  | — |  |  | (16.8) |
Expected return on plan assets (gains) | (0.5) |  |  | (0.2) |  |  | (1.4) |  |  | (9.5) |
Net periodic benefit costs (credits) | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | (17.0) |
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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest costs | $ | 1.2 |  |  | $ | 1.2 |  |  | $ | 3.4 |  |  | $ | 3.4 |
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 |  |  | $ | 3.3 |
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 costs (credits) are reported as Nonoperating Components of Net Periodic Benefit Loss (Income). 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. 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 $234.0 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 $224.0 million. The purchase resulted in a transfer of benefit administrative responsibilities for more than 1,000 beneficiaries effective September 1, 2024. During the third 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 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 a remeasurement that resulted in a decrease in the benefit obligation and corresponding net actuarial gains of $0.2 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. There were no pension plan remeasurements in the three and nine months ended September 30, 2025. Effective December 31, 2024, the Company merged its two qualified defined benefit pension plans in order to achieve financial and administrative efficiencies. Actuarial gains and losses of the merged plan will be amortized over the average remaining life expectancy of participants. The merger is not expected to result in any benefit reduction to participants in either plan.

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