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v3.22.4

Defined Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Obligations and Funded Status |
(In millions) |  |  | Pension Benefits |  |  |  | Postretirement Benefits |
Obligations and Funded Status at December 31 |  |  | 2022 |  |  |  | 2021 |  |  |  | 2022 |  |  |  | 2021 |
Change in the Projected Benefit Obligation (PBO): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  |  | $ | 712.0 |  |  |  | $ | 750.6 |  |  |  | $ | 9.8 |  |  |  | $ | 10.6 |
Service cost |  |  |  | 0.2 |  |  |  |  | 0.4 |  |  |  |  | 0.4 |  |  |  |  | 0.2 |
Interest cost |  |  |  | 20.4 |  |  |  |  | 19.3 |  |  |  |  | 0.4 |  |  |  |  | 0.2 |
Actuarial (loss) gain |  |  |  | (155.9 | ) |  |  |  | (26.2 | ) |  |  |  | (1.2 | ) |  |  |  | (1.0 | )
Benefits paid |  |  |  | (33.1 | ) |  |  |  | (32.1 | ) |  |  |  | (0.4 | ) |  |  |  | (0.2 | )
Projected benefit obligation at end of year |  |  | $ | 543.6 |  |  |  | $ | 712.0 |  |  |  | $ | 9.0 |  |  |  | $ | 9.8 |
Accumulated benefit obligation at end of year (excludes the impact of future compensation increases) |  |  | $ | 543.6 |  |  |  | $ | 712.0 |  |  |  | $ | — |  |  |  | $ | — |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | $ | 649.8 |  |  |  | $ | 624.2 |  |  |  | $ | — |  |  |  | $ | — |
Actual return on plan assets |  |  |  | (144.8 | ) |  |  |  | 37.8 |  |  |  |  | — |  |  |  |  | — |
Employer contributions |  |  |  | 10.6 |  |  |  |  | 19.9 |  |  |  |  | 0.4 |  |  |  |  | (0.1 | )
Benefits paid |  |  |  | (33.1 | ) |  |  |  | (32.1 | ) |  |  |  | (0.4 | ) |  |  |  | 0.1 |
Fair value of plan assets at end of year |  |  | $ | 482.5 |  |  |  | $ | 649.8 |  |  |  | $ | — |  |  |  | $ | — |
Funded status (Fair value of plan assets less PBO) |  |  | $ | (61.1 | ) |  |  | $ | (62.2 | ) |  |  | $ | (9.0 | ) |  |  | $ | (9.8 | )
Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the consolidated balance sheets consist of:
|  | Pension Benefits |  |  |  | Postretirement Benefits |
(In millions) |  | 2022 |  |  |  | 2021 |  |  |  | 2022 |  |  |  | 2021 |
Current benefit payment liability |  | $ | (1.5 | ) |  |  | $ | (1.3 | ) |  |  | $ | (1.2 | ) |  |  | $ | (0.8 | )
Accrued benefit liability |  |  | (59.6 | ) |  |  |  | (60.9 | ) |  |  |  | (7.8 | ) |  |  |  | (9.0 | )
Net amount recognized |  | $ | (61.1 | ) |  |  | $ | (62.2 | ) |  |  | $ | (9.0 | ) |  |  | $ | (9.8 | )
Amounts in Accumulated Other Comprehensive Loss that have not yet been Recognized as Components of Net Periodic Benefit Cost | The amounts in accumulated other comprehensive loss on the consolidated balance sheets that have not yet been recognized as components of net periodic benefit cost were as follows:
(In millions) |  | Pension Benefits |  |  |  | Postretirement Benefits |
Net actuarial loss (gain) at December 31, 2020 |  | $ | 70.1 |  |  |  | $ | — |
Recognition of actuarial loss |  |  | (1.1 | ) |  |  |  | 0.5 |
Current year actuarial loss |  |  | (36.6 | ) |  |  |  | (0.9 | )
Net actuarial loss (gain) at December 31, 2021 |  | $ | 32.4 |  |  |  | $ | (0.4 | )
Recognition of actuarial loss |  |  | 0.3 |  |  |  |  | 1.0 |
Current year actuarial gain |  |  | 17.0 |  |  |  |  | (1.1 | )
Net actuarial loss at December 31, 2022 |  | $ | 49.7 |  |  |  | $ | (0.5 | )
Components of Net Periodic Benefit Cost for Pension and Postretirement Benefits | Components of net periodic benefit cost were as follows:
Components of Net Periodic Benefit (Income) Cost |  | Pension Benefits |  |  |  | Postretirement Benefits |
(In millions) |  | 2022 |  |  |  | 2021 |  |  | 2020 |  |  |  | 2022 |  |  |  | 2021 |  |  | 2020 |
Service cost |  | $ | 0.2 |  |  |  | $ | 0.4 |  |  | $ | (5.2 | ) |  |  | $ | 0.4 |  |  |  | $ | 0.2 |  |  | $ | — |
Interest cost |  |  | 20.4 |  |  |  |  | 19.3 |  |  |  | 35.2 |  |  |  |  | 0.4 |  |  |  |  | 0.2 |  |  |  | — |
Expected return on plan assets |  |  | (28.1 | ) |  |  |  | (27.4 | ) |  |  | (33.3 | ) |  |  |  | — |  |  |  |  | — |  |  |  | — |
Recognition of actuarial losses (gains) |  |  | (0.3 | ) |  |  |  | 1.1 |  |  |  | 2.1 |  |  |  |  | (1.0 | ) |  |  |  | (0.5 | ) |  |  | (0.1 | )
Settlement/Curtailment losses (gains) |  |  | — |  |  |  |  | — |  |  |  | 0.6 |  |  |  |  | — |  |  |  |  | — |  |  |  | — |
Net periodic benefit (income) cost |  | $ | (7.8 | ) |  |  | $ | (6.6 | ) |  | $ | (0.6 | ) |  |  | $ | (0.2 | ) |  |  | $ | (0.1 | ) |  | $ | (0.1 | )
Schedule of Assumptions Used |
Assumptions |  | Pension Benefits |  |  |  | Postretirement Benefits |
|  | 2022 |  |  |  | 2021 |  |  | 2020 |  |  |  | 2022 |  |  |  | 2021 |  |  | 2020 |
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 5.2 | % |  |  |  | 2.9 | % |  |  | 2.6 | % |  |  |  | 5.8 | % |  |  |  | 3.9 | % |  |  | 5.9 | %
Weighted-Average Assumptions Used to Determine Net Cost for Years Ended December 31: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 2.9 | % |  |  |  | 2.6 | % |  |  | 3.3 | % |  |  |  | 3.9 | % |  |  |  | 5.9 | % |  |  | 6.4 | %
Expected long-term rate of return on plan assets |  |  | 4.4 | % |  |  |  | 4.4 | % |  |  | 4.5 | % |  |  |  | — |  |  |  |  | — |  |  |  | — |
Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations and Net Cost |
|  | Postretirement Benefits
|  | 2022 |  |  |  | 2021 |  |
Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations and Net Cost at December 31: |  |  |  |  |  |  |  |
Health care cost trend rate assumed for next year |  | 5.8/6.3 | % | (a) |  | 6.3/6.7 | % | (a)
Rate that the cost trend rate is assumed to decline (the ultimate trend rate) |  | 4.5 | % |  |  | 4.5 | % |
Year that the rate reaches the ultimate trend rate |  | 2028 |  |  |  | 2028 |  |
(a) The pre-65 initial health care cost trend rate is shown first / followed by the post-65 rate.
Fair Value of Pension Assets by Major Category of Plan Assets | The fair value of the pension assets by major category of plan assets as of December 31, 2022 and 2021 were as follows:
(In millions) |  | Total as of balance sheet date |
|  | 2022 |  |  | 2021 |
Group annuity/insurance contracts (level 3) |  | $ | 26.0 |  |  | $ | 25.5 |
Collective trusts: |  |  |  |  |  |
Cash and cash equivalents |  |  | 6.3 |  |  |  | 3.2 |
Equity |  |  | 113.8 |  |  |  | 174.8 |
Fixed income |  |  | 291.6 |  |  |  | 409.7 |
Multi-strategy hedge funds |  |  | 21.3 |  |  |  | 17.2 |
Real estate |  |  | 23.5 |  |  |  | 19.4 |
Total |  | $ | 482.5 |  |  | $ | 649.8 |
Reconciliation of Level Three Measurements | A reconciliation of Level 3 measurements was as follows:
|  | Group annuity/ insurance contracts |
(In millions) |  | 2022 |  |  |  | 2021 |
January 1 |  | $ | 25.5 |  |  |  | $ | 24.8 |
Actual return on assets related to assets still held |  |  | 0.5 |  |  |  |  | 0.7 |
December 31 |  | $ | 26.0 |  |  |  | $ | 25.5 |
Schedule of Expected Benefit Payments | The following retirement benefit payments are expected to be paid:
(In millions) |  | Pension Benefits |  |  |  | Postretirement Benefits |
2023 |  | $ | 35.6 |  |  |  | $ | 1.1 |
2024 |  |  | 36.1 |  |  |  |  | 1.1 |
2025 |  |  | 36.9 |  |  |  |  | 1.1 |
2026 |  |  | 37.8 |  |  |  |  | 1.1 |
2027 |  |  | 38.1 |  |  |  |  | 1.1 |
Years 2028-2032 |  |  | 191.7 |  |  |  |  | 5.7 |

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