Other (Income) Expense, net

3 Months Ended

Mar. 31, 2025

Other Income and Expenses [Abstract]

Note 6 – Other (Income) Expense, net

The following table provides the components of other (income) expense, net for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025			2024
Pension and postretirement non-service benefit (income) loss	$	(1.4	)	$	(1.4	)
Loss (gain) from remeasurement of benefit plans		—			0.8
Foreign currency exchange loss (gain)		—			(0.2	)
Sales and use tax refund		(0.8	)		—
Miscellaneous (income) expense		(0.1	)		—
Total other (income) expense, net	$	(2.3	)	$	(0.8	)

Non-service related pension and other postretirement benefit income, for all years, consists primarily of the interest cost, expected return on plan assets and amortization components of net periodic cost.

The Company's Bargaining Unit Pension Plan ("Bargaining Plan"), the Supplemental Pension Plan ("Supplemental Plan") and the Retirement Plan ("Salaried Plan"), which was terminated in the second quarter of 2024, each have a provision that permits employees to elect to receive their pension benefits in a lump sum upon retirement. In the first quarter of 2024, the cumulative cost of all lump sum payments was expected to exceed the sum of the service cost and interest cost components of net periodic pension cost for the Salaried Plan.

As a result, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Salaried Plan during the first quarter of 2024 and recorded a loss of $0.8 million. This loss was due to $1.5 million of investment losses on plan assets and lump sum basis losses, partially offset by a $0.7 million decrease in the liability due to an increase in the discount rate.

For more details on the aforementioned remeasurements, refer to “Note 11 - Retirement and Postretirement Plans.”