Pension Benefits and Postretirement Benefits Other Than Pensions

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Pension Benefits and Postretirement Benefits Other Than Pensions

Pension Benefits and Postretirement Benefits Other Than Pensions

The Company previously sponsored a qualified defined benefit pension plan (the “Pension Plan”). Effective January 1, 2006, the Pension Plan was closed to new hires and, effective June 30, 2016, benefit accruals were frozen for substantially all of the participants under the Pension Plan. The Pension Plan has since been fully terminated.

In the third quarter of 2023, all plan liabilities were settled by either a lump sum distribution or assumed by a third-party in exchange for a transfer of assets from the pension plan trust fund. After giving effect to these transactions, the Company recorded a $70.2 million noncash settlement charge ($55.5 million after-tax) for the unamortized net unrecognized postretirement benefit costs related to the settled obligations.

As of December 31, 2023, $16.4 million of assets remained in the pension trust and was included in Other Assets in the accompanying condensed consolidated balance sheet. During the second quarter of 2024, the Company received $2.7 million as post-settlement adjustment which was recorded in Interest and Other Expenses in the accompanying condensed consolidated statement of income (loss). As of September 30, 2024, $17.8 million of net assets remained in the pension trust.