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Pension Benefits and Postretirement Benefits Other Than Pensions | 3 Months Ended
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Mar. 31, 2021
Retirement Benefits [Abstract] |
Pension Benefits and Postretirement Benefits Other Than Pensions | Pension Benefits and Postretirement Benefits Other Than Pensions The Company sponsors a qualified defined benefit pension plan (the “Pension Plan”) that covers approximately 3,175 participants and beneficiaries. Effective January 1, 2006, the Pension Plan was closed to new hires and, effective June 30, 2016, benefit accruals were frozen for substantially all of the participants under the Pension Plan. The Pension Plan is generally non-contributory, but participation requires or required some employees to contribute 3% of pay, as defined, per year. Benefits for participants who are or were required to contribute to the Pension Plan are based on compensation during plan participation and the number of years of participation. Benefits for the vast majority of participants who are not required to contribute to the Pension Plan are based on years of service and final average pay, as defined. The Company funds the Pension Plan in accordance with the requirements of Employee Retirement Income Security Act of 1974 (“ERISA”). The components of Pension Income for the Pension Plan for the three months ended March 31, 2021 and 2020 were:
|  | Three Months Ended |  |
(Dollars in Millions) |  | Mar 31, 2021 |  | Mar 31, 2020 |  |  |  |
Interest Cost on Projected Benefit Obligation |  | $ | 1.8 |  |  | $ | 4.5 |  |  |  |  |
Expected Return on Plan Assets |  | (2.3) |  |  | (7.3) |  |  |  |  |
Amortization of Net Actuarial Loss |  | 0.7 |  |  | 1.5 |  |  |  |  |
Total Pension (Benefit) Expense |  | $ | 0.2 |  |  | $ | (1.3) |  |  |  |  |
The Company sponsors two other than pension postretirement benefit (“OPEB”) plans (together the “OPEB Plans”) that together provide medical, dental and/or life insurance benefits to approximately 575 retired and 500 active employees. The components of OPEB benefits for the OPEB Plans for the three months ended March 31, 2021 and 2020 were:
|  | Three Months Ended |  |
(Dollars in Millions) |  | Mar 31, 2021 |  | Mar 31, 2020 |  |  |  |
Service Cost |  | $ | 0.1 |  |  | $ | 0.1 |  |  |  |  |
Interest Cost on Accumulated Postretirement Benefit Obligation |  | — |  |  | 0.1 |  |  |  |  |
Amortization of Prior Service Credit |  | (0.3) |  |  | (0.3) |  |  |  |  |
Amortization of Net Gain |  | (0.4) |  |  | (0.5) |  |  |  |  |
Total OPEB (Benefit) Expense |  | $ | (0.6) |  |  | $ | (0.6) |  |  |  |  |
The non-service cost components of the Pension Plan and OPEB Plans are presented within the Interest and Other Expenses line item in the Condensed Consolidated Statements of Income.

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