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Defined Benefit Plans (Tables)
12 Months Ended
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