Defined Benefit Plans and Other Postretirement Benefit Plans


					Other postretirement
	Pension benefits				benefits
	December 31,				December 31,
	2021		2020		2021		2020

	(in millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	(4,210.2)	$	(3,692.1)	$	(108.0)	$	(101.4)
Service cost		(83.2)		(72.7)		—		—
Interest cost		(103.3)		(117.3)		(2.2)		(2.8)
Actuarial gain (loss)		75.8		(462.4)		7.6		(11.7)
Participant contributions		—		—		(6.1)		(6.0)
Benefits paid		137.2		134.3		13.5		12.8
Plan amendments		—		—		—		1.0
Other		—		—		(0.1)		0.1
Benefit obligation at end of year	$	(4,183.7)	$	(4,210.2)	$	(95.3)	$	(108.0)

Change in plan assets
Fair value of plan assets at beginning of year	$	3,373.5	$	2,926.0	$	780.6	$	732.8
Actual return on plan assets		208.7		521.3		1.6		53.1
Employer contribution		105.1		60.5		1.5		1.5
Participant contributions		—		—		6.1		6.0
Benefits paid		(137.2)		(134.3)		(13.5)		(12.8)
Assets re-designated for non-retiree benefits		—		—		(656.5)		—
Fair value of plan assets at end of year	$	3,550.1	$	3,373.5	$	119.8	$	780.6

Amount recognized in statement of financial position
Other assets	$	—	$	—	$	24.5	$	675.5
Other liabilities		(633.6)		(836.7)		—		(2.9)
Total	$	(633.6)	$	(836.7)	$	24.5	$	672.6

Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	$	588.0	$	760.0	$	(26.7)	$	(22.8)
Prior service benefit		(104.2)		(121.0)		(6.2)		(7.3)
Pre-tax accumulated other comprehensive (income) loss	$	483.8	$	639.0	$	(32.9)	$	(30.1)

Weighted-Average Assumptions Used to Determine Benefit Obligations (Table)


	Pension benefits
	For the year ended December 31,
	2021		2020
Discount rate	2.75	%	2.50	%
Interest crediting rate - cash balance benefit	5.00	%	5.00	%
Rate of compensation increase	4.59	%	4.41	%

	Other postretirement benefits
	For the year ended December 31,
	2021		2020
Discount rate	2.50	%	2.10	%
Rate of compensation increase	N/A		N/A

Assumed Health Care Cost Trend Rates (Table)


	December 31,
	2021		2020
Health care cost trend rate assumed for next year under age 65	7.00	%	6.75	%
Health care cost trend rate assumed for next year age 65 and over	6.50	%	6.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate (under age 65)	2030		2029
Year that the rate reaches the ultimate trend rate (65 and older)	2029		2026

Defined Benefit Pension Plans Supplemental Information (Table)


	For the year ended December 31,
	2021						2020
	Qualified		Nonqualified				Qualified		Nonqualified
	Plan		Plan		Total		Plan		Plan		Total

	(in millions)
Amount recognized in statement of financial position
Other assets	$	—	$	—	$	—	$	—	$	—	$	—
Other liabilities		(108.4)		(525.2)		(633.6)		(294.9)		(541.8)		(836.7)
Total	$	(108.4)	$	(525.2)	$	(633.6)	$	(294.9)	$	(541.8)	$	(836.7)

Amount recognized in accumulated other comprehensive loss
Total net actuarial loss	$	415.5	$	172.5	$	588.0	$	563.5	$	196.5	$	760.0
Prior service benefit		(85.2)		(19.0)		(104.2)		(97.8)		(23.2)		(121.0)
Pre-tax accumulated other comprehensive loss	$	330.3	$	153.5	$	483.8	$	465.7	$	173.3	$	639.0

Components of net periodic benefit cost
Service cost	$	76.2	$	7.0	$	83.2	$	66.1	$	6.6	$	72.7
Interest cost		90.1		13.2		103.3		101.2		16.1		117.3
Expected return on plan assets		(182.7)		—		(182.7)		(156.8)		—		(156.8)
Amortization of prior service benefit		(12.6)		(4.2)		(16.8)		(12.6)		(4.2)		(16.8)
Recognized net actuarial loss		52.8		17.4		70.2		59.9		15.5		75.4
Net periodic benefit cost	$	23.8	$	33.4	$	57.2	$	57.8	$	34.0	$	91.8

Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	$	(95.3)	$	(6.5)	$	(101.8)	$	55.7	$	42.2	$	97.9
Amortization of net loss		(52.8)		(17.4)		(70.2)		(59.8)		(15.6)		(75.4)
Amortization of prior service benefit		12.6		4.2		16.8		12.6		4.2		16.8
Total recognized in pre-tax accumulated other comprehensive (income) loss	$	(135.5)	$	(19.7)	$	(155.2)	$	8.5	$	30.8	$	39.3
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	$	(111.7)	$	13.7	$	(98.0)	$	66.3	$	64.8	$	131.1

Defined Benefit Plans and Other Postretirement Benefit Plans

Fair Value of Plan Assets (Table)

December 31, 2021

Assets

Amount

Fair value hierarchy level

measured at

fair value

net asset value

Level 1

Level 2

Level 3

(in millions)

Asset category

Pooled separate account investments:

U.S. large cap equity portfolios (1)

$

422.5

$

—

$

—

$

422.5

$

—

U.S. small/mid cap equity portfolios (2)

65.9

—

65.9

—

Balanced asset portfolios (3)

119.0

—

119.0

—

International equity portfolios (4)

252.5

—

252.5

—

Real estate investment portfolios (5)

239.6

—

239.6

—

Single client separate account investments:

Fixed income securities:

U.S. government and agencies

451.2

—

451.2

—

States and political subdivisions

31.2

—

31.2

—

Corporate

1,678.1

—

1,678.1

—

Commercial mortgage-backed securities

18.2

—

18.2

—

Other debt obligations

9.2

—

9.2

—

Hedge funds (6)

175.7

—

Pooled separate account investment (7)

79.3

—

79.3

—

Other (8)

7.7

—

7.7

—

Total

$

3,550.1

$

175.7

$

451.2

$

2,923.2

$

—


	December 31, 2020
	Assets		Amount		Fair value hierarchy level
	measured at		measured at
	fair value		net asset value		Level 1		Level 2		Level 3

	(in millions)
Asset category
Pooled separate account investments:
U.S. large cap equity portfolios (1)	$	712.2	$	—	$	—	$	712.2	$	—
U.S. small/mid cap equity portfolios (2)		121.6		—		—		121.6		—
Balanced asset portfolios (3)		103.7		—		—		103.7		—
International equity portfolios (4)		459.6		—		—		459.6		—
Real estate investment portfolios (5)		195.1		—		—		195.1		—
Single client separate account investments:
Fixed income securities:
U.S. government and agencies		297.5		—		297.5		—		—
States and political subdivisions		28.0		—		—		28.0		—
Corporate		1,223.1		—		—		1,223.1		—
Commercial mortgage-backed securities		13.6		—		—		13.6		—
Other debt obligations		6.4		—		—		6.4		—
Hedge funds (6)		155.8		155.8		—		—		—
Pooled separate account investment (7)		55.1		—		—		55.1		—
Other (8)		1.8		—		—		1.8		—
Total	$	3,373.5	$	155.8	$	297.5	$	2,920.2	$	—

(1)	The portfolios invest primarily in publicly traded equity securities of large U.S. companies.

(2)	The portfolios invest primarily in publicly traded equity securities of mid-sized and small U.S. companies.

(3)

The portfolios are a combination of underlying fixed income and equity investment options. These investment options may include balanced, asset allocation, target-date and target-risk investment options. Although typically lower risk than investment options that invest solely in equities, all investment options in this category have the potential to lose value.

(4)	The portfolios invest primarily in publicly traded equity securities of non-U.S. companies.

(5)	The portfolio invests primarily in U.S. commercial real estate properties through a separate account.

(6)	The hedge funds have varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these hedge funds.

(7)	The single client separate accounts invest in a money market pooled separate account.

(8)	Includes cash and net (payables)/receivables for the single client separate accounts.

Accumulated Benefit Obligation in Excess of Plan Assets (Table)


	December 31,
	2021		2020

	(in millions)
Accumulated postretirement benefit obligation	$	—	$	2.9
Fair value of plan assets		—		—

Target Asset Allocation (Table)


Asset category	Target allocation
Fixed income security portfolios	50	%
U.S. equity portfolios	35	%
International equity portfolios	15	%