Pension and Postretirement Plans

3 Months Ended

Mar. 31, 2022

Compensation And Retirement Disclosure [Abstract]

Pension and Postretirement Plans

8.    Pension and Postretirement Plans

As of March 31, 2022, the Company sponsors three noncontributory defined benefit plans and a postretirement health and life insurance plan in Cincinnati (collectively the "Cincinnati Plans"), and one noncontributory defined benefit plan for union employees, one cash balance pension plan for nonunion employees, and two postretirement health and life insurance plans for Hawaiian Telcom employees (collectively the "Hawaii Plans").

In accordance with ASC 715, only the service cost component of net benefit cost is eligible for capitalization, which was immaterial for the three months ended March 31, 2022 and 2021.

Pension and postretirement (benefits) costs are as follows:

	Pension Benefits						Postretirement and Other Benefits
	Successor			Predecessor			Successor		Predecessor
(dollars in millions)	Three Months Ended March 31, 2022			Three Months Ended March 31, 2021			Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Service cost	$	—		$	—		$	0.1	$	0.1
Other components of pension and postretirement benefit plans expense:
Interest cost on projected benefit obligation		3.9			3.8			0.7		0.6
Expected return on plan assets		(7.2	)		(7.5	)		—		—
Amortization of:
Prior service benefit		—			—			—		(0.6	)
Actuarial loss		—			6.3			—		—
Pension / postretirement (benefit) cost	$	(3.3	)	$	2.6		$	0.8	$	0.1

Amortizations of prior service benefit and actuarial loss in the three months ended March 31, 2021 represent reclassifications from accumulated other comprehensive income.

For the three months ended March 31, 2022, there were no contributions to the qualified pension plans, and contributions to the non-qualified pension plans were $0.6 million. For the three months ended March 31, 2021, contributions to both qualified and non-qualified pension plans were $0.7 million. Based on current assumptions, no contributions are expected to be made to the qualified pension plans in 2022. Contributions to the non-qualified pension plans in 2022 are expected to be approximately $2 million.

For the three months ended March 31, 2022 and 2021, contributions to our postretirement plans were $1.5 million and $1.7 million, respectively. Management expects to make total cash payments of approximately $7 million related to its postretirement health plans in 2022.