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Pension and Postretirement Benefit Costs | 9 Months Ended
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Sep. 30, 2021
Retirement Benefits [Abstract] |
Pension and Postretirement Benefit Costs | Pension and Postretirement Benefit Costs The components of net periodic pension and postretirement benefit costs, excluding the service cost for benefits earned, are included in “Net periodic benefit (credit) costs, excluding service cost” in the unaudited condensed consolidated statements of operations. Net periodic pension benefit included the following components:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (Dollars in millions)
Service cost for benefits earned | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |
Interest cost on projected benefit obligation | 5.2 |  |  | 7.0 |  |  | 15.4 |  |  | 21.0 |
Expected return on plan assets | (5.8) |  |  | (7.5) |  |  | (17.2) |  |  | (22.3) |
Net periodic pension benefit | $ | (0.6) |  |  | $ | (0.4) |  |  | $ | (1.7) |  |  | $ | (1.1) |
Annual contributions to the qualified plans are made in accordance with minimum funding standards and the Company’s agreement with the Pension Benefit Guaranty Corporation. Funding decisions also consider certain funded status thresholds defined by the Pension Protection Act of 2006 (generally 80%). As of September 30, 2021, the Company’s qualified plans were expected to be at or above the Pension Protection Act thresholds. The Company is not required to make any contributions to its qualified pension plans in 2021 based on minimum funding requirements and does not expect to make any discretionary contributions in 2021 at this time. Net periodic postretirement benefit (benefit) cost included the following components:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (Dollars in millions)
Service cost for benefits earned | $ | 0.3 |  |  | $ | 1.1 |  |  | $ | 0.8 |  |  | $ | 3.3 |
Interest cost on accumulated postretirement benefit obligation | 2.9 |  |  | 5.4 |  |  | 8.7 |  |  | 16.3 |
Expected return on plan assets | (0.3) |  |  | (0.3) |  |  | (0.7) |  |  | (1.1) |
Amortization of prior service credit | (11.0) |  |  | (2.2) |  |  | (33.0) |  |  | (6.6) |
Net actuarial loss | — |  |  | 13.0 |  |  | — |  |  | 13.0 |
Net periodic postretirement benefit (benefit) cost | $ | (8.1) |  |  | $ | 17.0 |  |  | $ | (24.2) |  |  | $ | 24.9 |
In September 2020, the Company announced changes to its postretirement health care benefit plans for non-represented employees and retirees which reduced its accumulated postretirement benefit obligation, as further described in Note 15. “Postretirement Health Care and Life Insurance Benefits” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The reduction in liability was recorded with an offsetting balance in “Accumulated other comprehensive income” and is being amortized to earnings. The Company has established two Voluntary Employees Beneficiary Association (VEBA) trusts to pre-fund a portion of benefits for non-represented and represented retirees. The Company does not expect to make any discretionary contributions to either of the VEBA trusts in 2021 and plans to utilize a portion of VEBA assets to make certain benefit payments. In October 2021, the Company announced changes to its postretirement health care benefit plan for certain represented retirees. Effective January 1, 2022, the Company will not provide medical coverage to certain existing retirees but will continue to offer a life insurance benefit to eligible retirees. As of September 30, 2021, the health care benefit obligation attributed to these certain existing retirees is approximately $160 million. The impact of the changes will reduce the Company’s postretirement benefit obligation during the fourth quarter of 2021. The liability is expected to be remeasured, with the resulting benefit of the plan changes recorded in “Accumulated other comprehensive income” and amortized to future earnings based upon the estimated remaining life expectancies of certain plan participants.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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