Pension and Other Post-Retirement Benefits

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and 2022 (in millions):

	2023 Pension Benefits		2022 Pension Benefits		2023 Retiree Health and Life		2022 Retiree Health and Life
Service cost	$	1.4	$	1.9	$	0.1	$	0.1
Interest cost	4.1		2.3		0.2		0.1
Expected return on plan assets	(5.3)		(3.8)		—		—
Settlement accounting adjustment	1.4		0.9		—		—
Amortization of (1):
Unrecognized prior service credit	—		—		(0.1)		(0.1)
Unrecognized net actuarial loss (gain)	0.3		2.4		(0.2)		(0.1)
Net periodic cost	$	1.9	$	3.7	$	—	$	—

The following table shows the components of net periodic cost for the six months ended June 30, 2023 and 2022 (in millions):

	2023 Pension Benefits		2022 Pension Benefits		2023 Retiree Health and Life		2022 Retiree Health and Life
Service cost	$	2.7	$	3.9	$	0.1	$	0.1
Interest cost	8.3		4.9		0.4		0.2
Expected return on plan assets	(10.7)		(7.8)		—		—
Settlement accounting adjustment	1.4		0.9		—		—
Amortization of (1):
Unrecognized prior service credit	—		—		(0.2)		(0.1)
Unrecognized net actuarial loss (gain)	0.5		4.6		(0.3)		(0.2)
Net periodic cost	$	2.2	$	6.5	$	—	$	—

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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 and the non-service components are recorded in other expense in the statements of comprehensive income (loss).

Certain lump sum distributions paid to retirees triggered settlement accounting, resulting in the recognition of $1.4 million of expense for the three and six months ended June 30, 2023, and $0.9 million of expense for the three and six months ended June 30, 2022.