Pension and Postretirement Benefits

9 Months Ended

Sep. 30, 2020

Net Periodic Pension Cost

The following table sets forth the components of the net periodic cost (income) associated with our pension plans and our postretirement benefit obligations:


	Pension Plans										Postretirement Benefit Obligations
	Three-Month Period				Nine-Month Period						Three-Month Period				Nine-Month Period

	Successor								Predecessor		Successor								Predecessor
	Three Months Ended September 30, 2020		Three Months Ended September 30, 2019		Nine Months Ended September 30, 2020		Period from January 1 to September 30, 2019		Period from January 1 to February 7, 2019		Three Months Ended September 30, 2020		Three Months Ended September 30, 2019		Nine Months Ended September 30, 2020		Period from January 1 to September 30, 2019		Period from January 1 to February 7, 2019
Components of net periodic cost (income):
Service cost	$	0.4	$	0.4	$	1.3	$	1.0	$	0.3	$	—	$	—	$	—	$	—	$	—
Interest cost	10.6		13.2		31.5		33.6		6.8		—		—		—		0.1		—
Expected return on plan assets	(21.8)		(23.2)		(65.5)		(59.4)		(10.6)		—		—		—		—		—
Amortization of Prior Service Cost (Credit)	—		—		—		—		—		(0.1)		—		(0.3)		—		(0.1)
Recognized actuarial loss (gain)	—		—		—		—		4.0		—		—		—		—		(0.1)
Net periodic cost (income)	$	(10.8)	$	(9.6)	$	(32.7)	$	(24.8)	$	0.5	$	(0.1)	$	—	$	(0.3)	$	0.1	$	(0.2)

In connection with the Take-Private Transaction, a change in control was triggered for a portion of our U.S. Non-Qualified Plans upon shareholder approval of the transaction on November 7, 2018 and a settlement payment of $190.5 million was made in January 2019. For the remainder of the U.S. Non-Qualified Plans, a change in control was triggered upon the close of the transaction on February 8, 2019 and a settlement payment of $105.9 million was made in March 2019, effectively settling our U.S. Non-Qualified Plan obligation. As a result, we recorded a settlement charge of $85.8 million in the period from January 1, 2019 to February 7, 2019 (Predecessor).

Also in connection with the Take-Private Transaction, we have remeasured our global pension and postretirement plans on February 8, 2019 to recognize as part of the transaction an asset or a liability representing the funded status of each of the plans. The unrecognized actuarial losses or gains were set to zero as of February 8, 2019 as a result of purchase accounting.