Employee Benefits

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Employee Benefits

5. Employee Benefits

Non-Union Pension Plans

The following table presents the primary components of net periodic pension expense (benefit) for our Company-sponsored pension plans:

	Three Months						Nine Months
(in millions)	2022			2021			2022			2021
Interest cost	$	5.9		$	7.7		$	17.7		$	23.0
Expected return on plan assets		(8.5	)		(12.0	)		(25.5	)		(36.0	)
Amortization of prior net losses		2.2			3.0			6.6			9.1
Amortization of prior net service credit		(0.1	)		(0.1	)		(0.3	)		(0.3	)
Settlement adjustment		4.0			3.1			4.0			3.4
Total net periodic pension expense (benefit)	$	3.5		$	1.7		$	2.5		$	(0.8	)

For the three and nine months ended September 30, 2022, net periodic pension expense included non-union pension settlement charges of $4.0 million. The $4.0 million pension settlement charge for the Yellow Corporation Pension Plan (the "Yellow Plan") was triggered due to the amount of lump sum benefit payments distributed from plan assets in 2022. The lump sum benefit payments reduce pension obligations and are funded from existing pension plan assets and therefore do not impact the Company’s cash balance. As a result of this settlement, the Company was required to remeasure the Yellow Plan as of August 31, 2022.

Plan assets specific to the Yellow Plan decreased by $78.7 million as a result of smaller than expected return on plan assets held in a master trust over our three pension plans. Plan liabilities decreased by $58.5 million largely due to increasing discount rates. The net impact of the remeasurement resulted in a change in the Yellow Plan funded status from a net liability of $36.8 million as of December 31, 2021 to a net liability of $57.0 million as of September 30, 2022.

The other two plans held in the same master trust, the Roadway LLC Pension Plan and the YRC Retirement Pension Plan, did not trigger a similar settlement charge and will be remeasured on December 31, 2022.