Pension and Other Post-Retirement Benefits

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Pension and Other Post-Retirement Benefits

Pension and Other Post-Retirement Benefits

The following table shows the components of net periodic cost for the three months ended September 30, 2022 and 2021 (in millions):

	2022 Pension Benefits		2021 Pension Benefits		2022 Retiree Health and Life		2021 Retiree Health and Life
Service cost	$	2.0	$	2.1	$	—	$	—
Interest cost	2.5		2.1		0.1		0.1
Expected return on plan assets	(4.0)		(4.6)		—		—
Amortization of (1):
Unrecognized prior service credit	—		—		(0.1)		—
Unrecognized net actuarial loss (gain)	2.2		3.3		(0.1)		(0.1)
Net periodic cost	$	2.7	$	2.9	$	(0.1)	$	—

The following table shows the components of net periodic cost for the nine months ended September 30, 2022 and 2021 (in millions):

	2022 Pension Benefits		2021 Pension Benefits		2022 Retiree Health and Life		2021 Retiree Health and Life
Service cost	$	5.9	$	6.5	$	0.1	$	0.1
Interest cost	7.4		6.1		0.3		0.2
Expected return on plan assets	(11.8)		(13.9)		—		—
Settlement accounting adjustment	0.9		—		—		—
Amortization of (1):
Unrecognized prior service credit	—		—		(0.2)		(0.1)
Unrecognized net actuarial loss (gain)	6.8		9.9		(0.3)		(0.2)
Net periodic cost	$	9.2	$	8.6	$	(0.1)	$	—

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(1) Amounts reclassified from accumulated other comprehensive loss.

The service cost component of net periodic cost is recorded in selling, general and administrative expense in the statements of comprehensive (loss) income, and the non-service components are recorded in other expense.

In the nine months ended September 30, 2022, certain lump sum distributions paid to retirees triggered settlement accounting, resulting in the recognition of $0.9 million of expense.