PENSION AND POST-RETIREMENT BENEFITS

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

PENSION AND POST-RETIREMENT BENEFITS

PENSION AND POST-RETIREMENT BENEFITS

Net Periodic Benefit Cost

The components of net periodic benefit costs for the Company's pension and the other post-retirement benefit plans for the three months ended March 31, 2022 and 2021, respectively, were as follows:

	Pension Plans				Other Post-Retirement Benefit Plans
	Three Months Ended March 31,
	2022		2021		2022		2021
Net periodic benefit costs:
Service cost	$	0.3	$	0.3	$	—	$	—
Interest cost	2.7		2.3		0.1		—
Expected return on plan assets	(4.9)		(4.9)		—		—
Amortization of actuarial loss	2.8		3.4		0.1		0.2
Total net periodic benefit costs	$	0.9	$	1.1	$	0.2	$	0.2

In the three months ended March 31, 2022, the Company recognized net periodic benefit cost of $1.1 million, compared to net periodic benefit cost of $1.3 million in the three months ended March 31, 2021.

Net periodic benefit costs are reflected in the Company's unaudited Condensed Consolidated Financial Statements as follows for the periods presented:

	Three Months Ended March 31,
	2022		2021
Net periodic benefit costs:
Selling, general and administrative expense	$	0.3	$	0.4
Miscellaneous, net	0.8		0.9
Total net periodic benefit costs	$	1.1	$	1.3

The Company expects that it will have net periodic benefit cost of approximately $4.6 million for its pension and other post-retirement benefit plans during 2022, compared with net periodic benefit cost of $4.8 million in 2021.

Contributions:

The Company’s intent is to fund at least the minimum contributions required to meet applicable federal employee benefit laws and local laws, or to directly pay benefit payments where appropriate. During the three months ended March 31, 2022, $2.0 million and $0.2 million were contributed to the Company's pension plans and other post-retirement benefit plans, respectively. During 2022, the Company expects to contribute approximately $8.8 million in the aggregate to its pension and other post-retirement benefit plans.

As a result of the CARES Act passed by the U.S. Congress in March 2020 to address the economic environment resulting from COVID-19, and in accordance with the Limited Relief for Pension Funding and Retirement Plan Distributions provision of such act, the Company deferred to 2021 approximately $11.8 million of contributions that were otherwise scheduled to be paid to its two qualified pension plans at different earlier dates during 2020. The deferral was in effect only for 2020 and under the CARES relief provisions the Company was required to pay the contributions by no later than January 4, 2021, including interest at the plans’ 2020 effective interest rate from the original due date to the actual payment date. The Company paid the contributions by the due date.