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Pension and Postretirement Benefit Costs | 9 Months Ended
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Sep. 30, 2024
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, excluding service cost” in the unaudited condensed consolidated statements of operations. Net periodic pension cost included the following components:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (Dollars in millions)
Service cost for benefits earned | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost on projected benefit obligation | 1.7 |  |  | 3.6 |  |  | 4.9 |  |  | 18.4 |
Expected return on plan assets | (1.3) |  |  | (3.1) |  |  | (3.7) |  |  | (16.3) |
Net periodic pension cost | $ | 0.5 |  |  | $ | 0.6 |  |  | $ | 1.3 |  |  | $ | 2.2 |
At January 1, 2023, the Company had two qualified pension plans. During the year ended December 31, 2023, the Company settled its pension obligation for one of its qualified plans. Refer to Note 14. “Pension and Savings Plans” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, for information regarding the settlement of the plan’s obligation. Annual contributions to the remaining qualified plan 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. As of September 30, 2024, the Company’s remaining qualified plan was expected to be at or above the Pension Protection Act thresholds. The Company is not required to make any cash contributions to its remaining qualified pension plan in 2024 based on minimum funding requirements and does not expect to make any discretionary cash contributions in 2024. Net periodic postretirement benefit credit included the following components:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (Dollars in millions)
Service cost for benefits earned | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | 0.4 |
Interest cost on accumulated postretirement benefit obligation | 2.3 |  |  | 2.6 |  |  | 6.9 |  |  | 7.6 |
Expected return on plan assets | (0.1) |  |  | (0.1) |  |  | (0.3) |  |  | (0.4) |
Amortization of prior service credit | (13.3) |  |  | (13.5) |  |  | (39.8) |  |  | (40.3) |
Net periodic postretirement benefit credit | $ | (11.0) |  |  | $ | (10.9) |  |  | $ | (32.9) |  |  | $ | (32.7) |
The Company has established a Voluntary Employees’ Beneficiary Association (VEBA) trust to pre-fund a portion of benefits for non-represented retirees. The Company does not expect to make any discretionary contributions to the VEBA trust in 2024 and plans to utilize a portion of VEBA assets to make certain benefit payments.

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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 -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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