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Other Postretirement Benefit Plans | 12 Months Ended
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Dec. 31, 2024
Postretirement Plan |
Defined Benefit Plan Disclosure [Line Items] |
Other Postretirement Benefit Plans | Note 18 - Other Postretirement Benefit Plans The Company and its subsidiaries sponsor several postretirement plans that provide health care and life insurance benefits for eligible retirees and dependents. Depending on retirement date and employee classification, certain health care plans contain contribution and cost-sharing features such as deductibles, coinsurance and limitations on employer-provided subsidies. The remaining health care and life insurance plans are noncontributory. The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31:
| 2024 | 2023 | 2022
Components of net periodic credit: |  |  |
Service cost | $ | 0.1 |  | $ | 0.1 |  | $ | 0.2 |
Interest cost | 1.7 |  | 1.9 |  | 1.4 |
Amortization of prior service credit | (8.2) |  | (8.3) |  | (10.1) |
Recognition of net actuarial gains | (0.5) |  | (1.0) |  | (13.1) |
Net periodic credit | $ | (6.9) |  | $ | (7.3) |  | $ | (21.6) |
Assumptions: | 2024 | 2023 | 2022
Discount rate | 5.55 | % | 5.75 | % | 2.99 | %
The following table summarizes assumptions used to measure the benefit obligation for the other postretirement benefit plans at December 31:
Assumptions: | 2024 | 2023
Discount rate | 5.83 | % | 5.55 | %
The Company recognized actuarial gains of $0.5 million during 2024 primarily due to lower than expected benefit payments of $2.0 million, the impact of experience gains of $1.2 million and $0.6 million due to the impact of a 28 basis point increase in the discount rate used to measure the Company's defined benefit postretirement obligations. The discount rate increased from 5.55% in 2023 to 5.83% in 2024. These actuarial gains were partially offset by actuarial losses of $3.1 million due to the impact of an increase in the rate of Medicare Advantage plans and $0.2 million due to changes in other actuarial assumptions. The Company recognized actuarial gains of $1.0 million during 2023 primarily due to lower than expected benefit payments of $1.4 million and $0.1 million due to changes in other actuarial assumptions. These actuarial gains were partially offset by a $0.5 million loss due to the impact of a 20 basis point decrease in the discount rate used to measure the Company's defined benefit postretirement obligations, which decreased from 5.75% in 2022 to 5.55% in 2023. The Company recognized actuarial gains of $13.1 million during 2022 primarily due to the impact of a 276 basis point increase in the discount rate used to measure the Company's defined benefit postretirement obligations, which increased from 2.99% in 2021 to 5.75% in 2022. The increase in the discount rate resulted in a $8.4 million gain. In addition to the gain from the discount rate increases, the Company recognized actuarial gains of $3.0 million due to the impact of a reduction in the rate of Medicare Advantage plans and $1.9 million due to lower than expected benefit payments. These actuarial gains were offset by $0.2 million of changes in other actuarial assumptions. Note 18 - Other Postretirement Benefit Plans (continued) The discount rate assumption is based on current rates of high-quality long-term corporate bonds over the same period that benefit payments will be required to be made. For expense purposes in 2024, the Company applied a discount rate of 5.55% to its other postretirement benefit plans. For expense purposes in 2025, the Company will apply a discount rate of 5.83% to its other postretirement benefit plans. The following tables set forth the change in the benefit obligation and amounts recognized on the Consolidated Balance Sheets for other postretirement benefit plans as of December 31, 2024 and 2023:
| 2024 | 2023
Change in benefit obligation: |  |
Benefit obligation at beginning of year | $ | 33.7 |  | $ | 35.5 |
Service cost | 0.1 |  | 0.1 |
Interest cost | 1.7 |  | 1.9 |
Actuarial gains | (0.5) |  | (1.0) |
International plan exchange rate change | — |  | (0.1) |
Benefits paid | (1.6) |  | (2.7) |
Benefit obligation at end of year | $ | 33.4 |  | $ | 33.7 |
Funded status at end of year | $ | (33.4) |  | $ | (33.7) |
Amounts recognized on the Consolidated Balance Sheets: |  |
Current liabilities | $ | (3.6) |  | $ | (3.5) |
Non-current liabilities | (29.8) |  | (30.2) |
| $ | (33.4) |  | $ | (33.7) |
Amounts recognized in accumulated other comprehensive loss: |  |
Net prior service credit | $ | (55.4) |  | $ | (63.6) |
Accumulated other comprehensive loss | $ | (55.4) |  | $ | (63.6) |
Changes to prior service credit recognized in accumulated other comprehensive loss: |  |
Accumulated other comprehensive loss at beginning of year | $ | (63.6) |  | $ | (71.9) |
Recognized prior service credit | 8.2 |  | 8.3 |
Total recognized in accumulated other comprehensive loss at December 31 | $ | (55.4) |  | $ | (63.6) |
The presentation in the above tables for amounts recognized in accumulated other comprehensive loss on the Consolidated Balance Sheets is before the effect of income taxes. The current portion of accrued postretirement benefits, which was included in salaries, wages and benefits on the Consolidated Balance Sheets, was $3.6 million and $3.5 million at December 31, 2024 and 2023, respectively. In 2024, the current portion of accrued postretirement benefits related to unfunded plans and represented the actuarial present value of expected payments related to the plans to be made over the next 12 months. Note 18 - Other Postretirement Benefit Plans (continued) For measurement purposes, the Company assumed a weighted-average annual rate of increase in the per capita cost (health care cost trend rate) of 7.00% for 2025, declining gradually to 5.0% in 2033 and thereafter for medical and prescription drug benefits. For Medicare Advantage benefits, actual contract rates have been set for 2025 through 2026, and are assumed to increase by $10 per year for 2027 through 2029 and then 6.0% for 2029, declining gradually to 5.0% in 2033 and thereafter. Cash Flows: Estimated future benefit payments to be funded by the Company are expected to be as follows:
| Future Benefit Payments |  |
2025 | $ | 3.7 |  |  |
2026 | 3.7 |  |  |
2027 | 3.6 |  |  |
2028 | 3.5 |  |  |
2029 | 3.4 |  |  |
2030-2034 | 14.0 |  |  |

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