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Pension Benefits and Postretirement Benefits Other Than Pensions | 9 Months Ended
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Sep. 30, 2023
Retirement Benefits [Abstract] |
Pension Benefits and Postretirement Benefits Other Than Pensions | Pension Benefits and Postretirement Benefits Other Than Pensions The Company sponsored a qualified defined benefit pension plan (the “Pension Plan”) that covered approximately 3,100 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 was generally non-contributory, but participation required some employees to contribute 3% of pay, as defined, per year. Benefits for participants who were required to contribute to the Pension Plan were 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 funded the Pension Plan in accordance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). In the third quarter of 2023, the Company's Pension Plan made lump-sum payments to certain inactive vested plan participants that are not currently receiving benefit payments and elected to receive lump-sum payments and purchased annuities on behalf of remaining plan participants. For plan participants who elected lump-sum payments during the election window, payments of $90.0 million were distributed. Group annuity contracts were purchased from Banner Life Insurance Company for $205.7 million for the remaining plan participants for whom Banner irrevocably assumed the pension obligations. These transactions resulted in a full settlement of the Pension Plan and a $70.2 million noncash settlement charge ($55.5 million after-tax) for the unamortized net unrecognized postretirement benefit costs related to the settled obligations recorded in Interest and Other Expenses on the Condensed Consolidated Statements of Loss. The Pension Plan continues to have approximately $16.0 million of net assets remaining in the trust after the termination and was included within Other Assets in the accompanying consolidated balance sheet as of September 30, 2023. Note 15 - Pension Benefits and Postretirement Benefits Other Than Pensions (Continued) The components of Pension Expense for the Pension Plan for the nine and three months ended September 30, 2023 and 2022 were:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2023 |  | Sep 30, 2022 |  | Sep 30, 2023 |  | Sep 30, 2022
Interest Cost on Projected Benefit Obligation |  | $ | 8.4 |  |  | $ | 6.5 |  |  | $ | 1.5 |  |  | $ | 2.2 |
Expected Return on Plan Assets |  | (7.9) |  |  | (5.6) |  |  | (1.4) |  |  | (1.9) |
Amortization of Prior Service Cost |  | 0.4 |  |  | 0.5 |  |  | 0.1 |  |  | 0.2 |
Amortization of Net Actuarial Loss |  | — |  |  | 1.3 |  |  | — |  |  | 0.4 |
Pension Settlement Expense |  | 70.2 |  |  | — |  |  | 70.2 |  |  | — |
Total Pension Expense |  | $ | 71.1 |  |  | $ | 2.7 |  |  | $ | 70.4 |  |  | $ | 0.9 |
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 300 retired and 500 active employees. The components of OPEB Benefit for the OPEB Plans for the nine and three months ended September 30, 2023 and 2022 were:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2023 |  | Sep 30, 2022 |  | Sep 30, 2023 |  | Sep 30, 2022
Service Cost |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |
Interest Cost on Accumulated Postretirement Benefit Obligation |  | 0.3 |  |  | 0.1 |  |  | 0.1 |  |  | — |
Amortization of Prior Service Credit |  | (1.0) |  |  | (1.0) |  |  | (0.3) |  |  | (0.3) |
Amortization of Net Gain |  | (1.3) |  |  | (1.3) |  |  | (0.4) |  |  | (0.5) |
Total OPEB Benefit |  | $ | (1.9) |  |  | $ | (2.1) |  |  | $ | (0.6) |  |  | $ | (0.8) |
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

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