RETIREMENT PLANS

6 Months Ended

Jun. 30, 2023

Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]

RETIREMENT PLANS

RETIREMENT PLANS

The following table presents the Company’s net periodic benefit cost (income) components:

	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Service Cost	$	0.6	$	0.5	$	0.9	$	0.8
Interest Cost	5.7		3.5		11.3		7.1
Expected Return on Plan Assets	(6.7)		(5.2)		(13.4)		(10.3)
Amortization of Prior Service Cost and Net Actuarial Loss	(0.6)		0.2		(1.1)		0.4
Net Periodic Benefit Income	$	(1.0)	$	(1.0)	$	(2.3)	$	(2.0)

The service cost component is included in Cost of Sales and Operating Expenses. All other components of net periodic benefit costs are included in Other Income, Net on the Company's Condensed Consolidated Statements of Income.

For the three months ended June 30, 2023 and June 30, 2022, the Company contributed $2.0 million and $1.3 million, respectively, to post retirement plans. For the six months ended June 30, 2023 and June 30, 2022, the Company contributed $3.5 million and $3.0 million, respectively. The Company expects to make total contributions of $6.5 million in 2023. The Company contributed a total of $8.3 million in fiscal 2022.

For the three months ended June 30, 2023 and June 30, 2022, the Company contributed $11.3 million and $6.4 million, respectively, to defined contribution plans. For the six months ended June 30, 2023 and June 30, 2022, the Company contributed $17.5 million and $12.3 million, respectively.

In connection with the Altra Transaction, $30.5 million of plan benefit obligations and $13.8 million of plan assets included in the Altra business were transferred to the Company on March 27, 2023.