v3.25.2
Retirement Plans
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Retirement Plans

Note 6. Retirement Plans

The components of estimated net pension plan expense (income) for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest cost

 

$

2.5

 

 

$

2.7

 

 

$

5.1

 

 

$

5.5

 

Expected return on assets

 

 

(2.5

)

 

 

(3.3

)

 

 

(5.0

)

 

 

(6.7

)

Amortization, net

 

 

0.4

 

 

 

0.3

 

 

 

0.8

 

 

 

0.6

 

Net pension plan expense (income)

 

$

0.4

 

 

$

(0.3

)

 

$

0.9

 

 

$

(0.6

)

 

Pension Plan Termination

In August 2024, the Company executed an amendment to commence the process of terminating the Company’s primary defined benefit plan (the “Plan”). The Plan’s benefit obligation is expected to be settled by offering lump sum distributions to participants, followed by the purchase of annuity contracts to transfer the Plan’s remaining obligation to a third party. The window for participants to elect lump sum distributions closed on July 1, 2025. As settlement of the obligation will be funded with Plan assets, the Company expects to make a cash contribution to fully fund the Plan in 2025. The cash contribution amount will depend upon the nature and timing of the participant lump sum settlements and prevailing market conditions. As termination of the Plan is considered probable, the Plan’s actuarial assumptions as of December 31, 2024 reflected the expected Plan termination. Pension settlement charges related to the Plan termination, which include the recognition of Plan losses recorded within accumulated other comprehensive loss on the Company’s Unaudited Condensed Consolidated Balance Sheets, are currently expected to occur in the second half of 2025. Finalization of the Plan termination is subject to certain conditions, including regulatory review, and the Company has the ability to change the effective date of the termination or revoke the decision to terminate the Plan.