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BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements

The following table sets forth the combined funded status of the plans and their reconciliation with the related amounts recognized in our consolidated financial statements at December 31:

in millions			2024			2023
Change in Benefit Obligation
Projected benefit obligation at beginning of year			$	693.3		$	691.1
Service cost			2.3			2.5
Interest cost			32.9			34.0
Actuarial (gain) loss			(40.2)			12.4
Benefits paid			(47.5)			(46.7)
Projected benefit obligation at end of year			$	640.8		$	693.3
Change in Fair Value of Plan Assets
Fair value of assets at beginning of year			$	647.9		$	637.8
Actual return on plan assets			(2.0)			49.4
Employer contribution			8.7			7.4
Benefits paid			(47.5)			(46.7)
Fair value of assets at end of year			$	607.1		$	647.9
Funded status			(33.7)			(45.4)
Net amount recognized			$	(33.7)		$	(45.4)
Amounts Recognized in the Consolidated Balance Sheets
Noncurrent assets			$	8.1		$	6.5
Current liabilities			(4.1)			(7.3)
Noncurrent liabilities			(37.7)			(44.6)
Net amount recognized			$	(33.7)		$	(45.4)
Amounts Recognized in Accumulated Other Comprehensive Income
Net actuarial loss			$	153.1		$	168.4
Prior service cost			0.0			1.0
Total amount recognized			$	153.1		$	169.4

The following table sets forth the combined funded status of the plans and their reconciliation with the related amounts recognized in our consolidated financial statements at December 31:

in millions			2024			2023
Change in Benefit Obligation
Projected benefit obligation at beginning of year			$	44.2		$	41.8
Service cost			2.2			2.0
Interest cost			2.2			2.0
Actuarial (gain) loss			(3.0)			3.6
Benefits paid			(3.4)			(5.2)
Projected benefit obligation at end of year			$	42.2		$	44.2
Change in Fair Value of Plan Assets
Fair value of assets at beginning of year			$	0.0		$	0.0
Actual return on plan assets			0.0			0.0
Fair value of assets at end of year			$	0.0		$	0.0
Funded status			$	(42.2)		$	(44.2)
Net amount recognized			$	(42.2)		$	(44.2)
Amounts Recognized in the Consolidated Balance Sheets
Current liabilities			$	(4.7)		$	(5.2)
Noncurrent liabilities			(37.5)			(39.0)
Net amount recognized			$	(42.2)		$	(44.2)
Amounts Recognized in Accumulated Other Comprehensive Income
Net actuarial gain			$	(15.0)		$	(12.7)
Prior service cost			10.2			11.7
Total amount recognized			$	(4.8)		$	(1.0)

Schedule of Pension Plans for ABO or PBO that Exceed the Fair Value of Plan Assets

The following table sets forth the pension plans for which their accumulated benefit obligation (ABO) or projected benefit obligation (PBO) exceeds the fair value of their respective plan assets at December 31:

in millions			2024			2023
Pension plans with ABO in excess of plan assets
Accumulated benefit obligation			$	177.5		$	182.7
Fair value of assets			135.8			140.3
Pension plans with PBO in excess of plan assets
Projected benefit obligation			$	177.7		$	192.2
Fair value of assets			135.8			140.3

Schedule of Components of Net Periodic Benefit Cost Amounts Recognized in Other Comprehensive Income, Assumed Healthcare Trend Costs and Weighted Average Assumptions of Plans

The following table sets forth the components of net periodic benefit cost, amounts recognized in other comprehensive income and weighted-average assumptions of the plans at December 31:

dollars in millions			2024			2023			2022
Components of Net Periodic Pension Benefit Cost
Service cost			$	2.3		$	2.5		$	4.0
Interest cost			32.9			34.0			21.1
Expected return on plan assets			(28.1)			(27.6)			(30.1)
Amortization of prior service cost			1.0			1.4			1.4
Amortization of actuarial loss			5.1			5.6			4.2
Net periodic pension benefit cost			$	13.2		$	15.9		$	0.6
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net actuarial loss (gain)			$	(10.2)		$	(9.4)		$	11.2
Reclassification of prior service cost			(1.0)			(1.4)			(1.4)
Reclassification of actuarial loss			(5.1)			(5.6)			(4.2)
Amount recognized in other comprehensive income			$	(16.3)		$	(16.4)		$	5.6
Amount recognized in net periodic pension benefit cost and other comprehensive income			$	(3.1)		$	(0.5)		$	6.2
Assumptions
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31
Discount rate — PBO			5.00		%	5.19		%	2.92		%
Discount rate — service cost			5.10		%	5.29		%	3.17		%
Discount rate — interest cost			4.90		%	5.09		%	2.37		%
Expected return on plan assets			4.85		%	4.85		%	4.00		%
Weighted-average assumptions used to determine benefit obligation at December 31
Discount rate			5.65		%	5.00		%	5.19		%

The following table sets forth the components of net periodic benefit cost, amounts recognized in other comprehensive income, weighted-average assumptions and assumed trend rates of the plans at December 31:

dollars in millions			2024			2023			2022
Components of Net Periodic Postretirement Benefit Cost
Service cost			$	2.2		$	2.0		$	2.2
Interest cost			2.2			2.0			0.9
Amortization of prior service cost (credit)			1.4			1.4			(0.3)
Amortization of actuarial gain			(0.7)			(1.5)			(1.3)
Net periodic postretirement benefit cost			$	5.1		$	3.9		$	1.5
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net actuarial (gain) loss			$	(3.0)		$	3.6		$	(2.4)
Reclassification of prior service (cost) credit			(1.4)			(1.4)			0.3
Reclassification of actuarial gain			0.7			1.5			1.3
Amount recognized in other comprehensive income			$	(3.7)		$	3.7		$	(0.8)
Amount recognized in net periodic postretirement benefit cost and other comprehensive income			$	1.4		$	7.6		$	0.7
Assumptions
Assumed Healthcare Cost Trend Rates at December 31
Healthcare cost trend rate assumed for next year (Pre-65/Post-65)			8.45% / n/a			10.20% / n/a			7.04% / n/a
Rate to which the cost trend rate gradually declines			4.50		%	4.50		%	4.50		%
Year that the rate reaches the rate it is assumed to maintain			2035			2031			2030
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31
Discount rate — PBO			4.90		%	5.09		%	2.59		%
Discount rate — service cost			4.96		%	5.15		%	2.89		%
Discount rate — interest cost			4.85		%	5.03		%	2.06		%
Weighted-average assumptions used to determine benefit obligation at December 31
Discount rate			5.51		%	4.90		%	5.08		%

Schedule of Fair values of Pension Plan Assets

The fair values and net asset values of our pension plan assets at December 31, 2024 and 2023 are in the tables below. The assets in the common/collective trusts and in the private partnerships consist of both return seeking and liability hedging investments.

FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2024

in millions			Level 1			Level 2			Level 3			Total
Asset Category
Debt funds			$	0.0		$	590.2		$	0.0		$	590.2
Investments in the fair value hierarchy			$	0.0		$	590.2		$	0.0		$	590.2
Interest in common/collective trusts (at NAV)												13.1
Private partnerships (at NAV)												3.8
Total pension plan assets												$	607.1

FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2023

in millions			Level 1			Level 2			Level 3			Total
Asset Category
Debt funds			$	0.0		$	634.9		$	0.0		$	634.9
Investments in the fair value hierarchy			$	0.0		$	634.9		$	0.0		$	634.9
Interest in common/collective trusts (at NAV)												9.3
Private partnerships (at NAV)												3.7
Total pension plan assets												$	647.9

Schedule of Employer Contributions for Plan

Total employer contributions to the pension plans are presented below:

in millions			Pension
Employer Contributions
2022			$	7.8
2023			7.4
2024			8.7
2025 (estimated)			13.8

Total employer contributions to the postretirement plans are presented below:

in millions			Postretirement
Employer Contributions
2022			$	4.9
2023			5.2
2024			3.4
2025 (estimated)			4.7

Schedule of Benefit Payments which Reflect Expected Future Service, Expected to be Paid

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

in millions			Pension
Estimated Future Benefit Payments
2025			$	48.0
2026			48.5
2027			49.6
2028			49.6
2029			50.0
2030-2034			247.5

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

in millions			Postretirement
Estimated Future Benefit Payments
2025			$	4.7
2026			4.9
2027			5.1
2028			5.1
2029			5.0
2030–2034			21.4

Schedule of Contributions by Participants to Postretirement Benefit Plans

Contributions by participants to the postretirement benefit plans for the years ended December 31 are as follows:

in millions			Postretirement
Participants Contributions
2022			$	2.0
2023			1.5
2024			1.7

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