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Retirement and Postretirement Plans | 6 Months Ended
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Jun. 30, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Retirement and Postretirement Plans | Note 11 - Retirement and Postretirement Plans Plan Amendments and Updates Bargaining Plan On October 29, 2021, the United Steelworkers ("USW") Local 1123 voted to ratify a new four-year contract (the “Contract”). The Contract, which is in effect until September 27, 2025, resulted in several changes to the Bargaining Plan including but not limited to closing the plan to new entrants effective January 1, 2022. For a detailed discussion of the Company's Bargaining Plan changes, refer to “Note 12 - Retirement and Postretirement Plans” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. In the first half of 2025, the Company contributed a total of $58.5 million in pension contributions, most of which related to the Bargaining Plan, and anticipates additional contributions of $3.5 million to the Bargaining Plan throughout the remainder of 2025. Required future pension contribution timing and amounts are subject to significant change based on future investment performance, Company estimates and actuarial assumptions, as well as current funding laws. Salaried Plan During the fourth quarter of 2021, the Company's Board of Directors approved the termination of the Salaried Plan and the plan was terminated effective March 31, 2022, subject to regulatory approval which was received in the fourth quarter of 2023. On May 15, 2024, the Company entered into an agreement to purchase a group annuity contract from Prudential in connection with the annuitization of the Salaried Plan. The Salaried Plan annuitization settled approximately $121 million of the Company’s remaining U.S. pension obligations. Prudential began future benefit payments under the group annuity contract starting August 1, 2024 for all remaining participants in the Salaried Plan. Benefits payable to Salaried Plan participants were not reduced as a result of the annuitization. The group annuity contract was purchased using existing assets of the Salaried Plan and required no cash contribution from the Company. Following the completion of the annuity contract, there were surplus assets which were used to make a one-time 401(k) contribution to eligible employees. As a result, the Company recognized a loss of $3.6 million in the first quarter of 2025 when the remaining assets were distributed. Pension Net Periodic Benefit Cost (Income) The components of net periodic benefit cost (income) for the three months ended June 30, 2025 were as follows:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  |  |  |  |  |
|  | Bargaining Plan |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Total Pension |  |  | Postretirement Plans |
Service cost |  | $ | 2.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2.2 |  |  | $ | 0.1 |
Interest cost |  |  | 6.5 |  |  |  | 0.2 |  |  |  | 0.7 |  |  |  | 7.4 |  |  |  | 1.1 |
Expected return on plan assets |  |  | (7.5 | ) |  |  | — |  |  |  | (0.6 | ) |  |  | (8.1 | ) |  |  | (0.7 | )
Amortization of prior service cost |  |  | 0.3 |  |  |  | — |  |  |  | — |  |  |  | 0.3 |  |  |  | (1.5 | )
Net Periodic Benefit Cost (Income) |  | $ | 1.5 |  |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | 1.8 |  |  | $ | (1.0 | )
The components of net periodic benefit cost (income) for the three months ended June 30, 2024 were as follows:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  |  |  |  |  |
|  | Bargaining Plan |  |  | Salaried Plan |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Total Pension |  |  | Postretirement Plans |
Service cost |  | $ | 2.2 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 2.3 |  |  | $ | 0.1 |
Interest cost |  |  | 6.4 |  |  |  | 1.0 |  |  |  | 0.2 |  |  |  | 0.6 |  |  |  | 8.2 |  |  |  | 1.1 |
Expected return on plan assets |  |  | (7.0 | ) |  |  | (1.1 | ) |  |  | — |  |  |  | (0.7 | ) |  |  | (8.8 | ) |  |  | (0.7 | )
Amortization of prior service cost |  |  | 0.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.3 |  |  |  | (1.5 | )
Net remeasurement losses (gains) |  |  | — |  |  |  | 1.0 |  |  |  | — |  |  |  | — |  |  |  | 1.0 |  |  |  | — |
Net Periodic Benefit Cost (Income) |  | $ | 1.9 |  |  | $ | 1.0 |  |  | $ | 0.2 |  |  | $ | (0.1 | ) |  | $ | 3.0 |  |  | $ | (1.0 | )
The components of net periodic benefit cost (income) for the six months ended June 30, 2025 were as follows:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  |  |  |  |  |
|  | Bargaining Plan |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Total Pension |  |  | Postretirement Plans |
Service cost |  | $ | 4.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.4 |  |  | $ | 0.2 |
Interest cost |  |  | 13.0 |  |  |  | 0.4 |  |  |  | 1.4 |  |  |  | 14.8 |  |  |  | 2.2 |
Expected return on plan assets |  |  | (15.0 | ) |  |  | — |  |  |  | (1.2 | ) |  |  | (16.2 | ) |  |  | (1.4 | )
Amortization of prior service cost |  |  | 0.6 |  |  |  | — |  |  |  | — |  |  |  | 0.6 |  |  |  | (3.0 | )
Net Periodic Benefit Cost (Income) |  | $ | 3.0 |  |  | $ | 0.4 |  |  | $ | 0.2 |  |  | $ | 3.6 |  |  | $ | (2.0 | )
The components of net periodic benefit cost (income) for the six months ended June 30, 2024 were as follows:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  |  |  |  |  |
|  | Bargaining Plan |  |  | Salaried Plan |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Total Pension |  |  | Postretirement Plans |
Service cost |  | $ | 4.4 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.7 |  |  | $ | 0.2 |
Interest cost |  |  | 12.8 |  |  |  | 2.5 |  |  |  | 0.4 |  |  |  | 1.2 |  |  |  | 16.9 |  |  |  | 2.2 |
Expected return on plan assets |  |  | (14.0 | ) |  |  | (2.7 | ) |  |  | — |  |  |  | (1.4 | ) |  |  | (18.1 | ) |  |  | (1.4 | )
Amortization of prior service cost |  |  | 0.6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.6 |  |  |  | (3.0 | )
Net remeasurement losses (gains) |  |  | — |  |  |  | 1.8 |  |  |  | — |  |  |  | — |  |  |  | 1.8 |  |  |  | — |
Net Periodic Benefit Cost (Income) |  | $ | 3.8 |  |  | $ | 1.9 |  |  | $ | 0.4 |  |  | $ | (0.2 | ) |  | $ | 5.9 |  |  | $ | (2.0 | )
The Bargaining Plan, Supplemental Plan and terminated Salaried Plan, each have a provision that permits employees to elect to receive their pension benefits in a lump sum upon retirement. The Company's accounting policy is to recognize settlements during the quarter in which it is projected that the costs of all settlements during the year will be greater than the sum of the service cost and interest cost components. 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. In the second quarter of 2024, the Company entered into an agreement to purchase a group annuity contract from The Prudential Insurance Company of America (‘Prudential”) in connection with the annuitization of the Salaried Plan. The Company remeasured the Salaried Plan upon annuitization on May 15, 2024. A loss of $1.0 million from the remeasurement of the Salaried Plan was recognized for the three months ended June 30, 2024. The loss was primarily due to investment losses on plan assets of $1.8 million partially offset by a decrease in the liability of $0.7 million due to an increase in the discount rate. In addition, the three months ended June 30, 2024 included a $0.1 million gain as a result of the completion of the Salaried Plan annuitization.

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