XML 237 R31.htm IDEA: XBRL DOCUMENT
v3.22.4

Pension and Postretirement Health and Life Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Changes in the projected benefit obligations and plan assets and the funded status of the plans follow:
| Defined Benefit Pension Plans |  | Postretirement Health and Life Benefit Plans
($ millions) | Year Ended December 31, |  | Year Ended December 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Changes in Benefit Obligations: |  |  |  |  |  |  |
Obligations at beginning of period | $ | 696.2 |  |  | $ | 757.9 |  |  | $ | 131.1 |  |  | $ | 142.4 |
Actuarial (gains) losses, net | (138.0) |  |  | (28.7) |  |  | (27.0) |  |  | (2.3) |
Service costs | 2.7 |  |  | 2.7 |  |  | — |  |  | — |
Interest costs | 19.1 |  |  | 18.1 |  |  | 3.5 |  |  | 3.4 |
Benefits paid from Plan assets | (50.0) |  |  | (51.3) |  |  | (12.3) |  |  | (12.4) |
Benefits paid from Company assets | (0.4) |  |  | (0.4) |  |  | — |  |  | — |
Administrative expenses paid | (2.3) |  |  | (2.1) |  |  | — |  |  | — |
Obligations at end of period | 527.3 |  |  | 696.2 |  |  | 95.3 |  |  | 131.1 |
Changes in Plan Assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of period | 672.7 |  |  | 633.1 |  |  | 9.2 |  |  | — |
Actual return on plan assets | (137.1) |  |  | 57.8 |  |  | (0.1) |  |  | — |
Company contributions | 0.4 |  |  | 35.7 |  |  | 6.7 |  |  | 21.5 |
Benefits paid | (50.4) |  |  | (51.7) |  |  | (12.3) |  |  | (12.3) |
Administrative expenses paid | (2.3) |  |  | (2.2) |  |  | — |  |  | — |
Fair value of plan assets at end of period | 483.3 |  |  | 672.7 |  |  | 3.5 |  |  | 9.2 |
Unfunded status at end of period | $ | (44.0) |  |  | $ | (23.5) |  |  | $ | (91.8) |  |  | $ | (121.9) |
Amounts recognized in assets and liabilities: |  |  |  |  |  |  |
Current liabilities | $ | (0.4) |  |  | $ | (0.4) |  |  | $ | (7.3) |  |  | $ | (7.0) |
Non-current liabilities | (43.6) |  |  | (23.1) |  |  | (84.5) |  |  | (114.9) |
| $ | (44.0) |  |  | $ | (23.5) |  |  | $ | (91.8) |  |  | $ | (121.9) |
Amounts in accumulated other comprehensive income (loss), pre-tax: |  |  |  |  |  |  |
Prior service credit | $ | (0.7) |  |  | $ | (0.9) |  |  | $ | (1.9) |  |  | $ | (2.0) |
Schedule of Net Benefit Costs [Table Text Block] | Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income The Company reports service costs for its defined benefit pension plans and its postretirement health and life benefit plans in Cost of Sales and Selling, General and Administrative Expenses. The remaining components of net periodic benefit (credits) costs are reported as Nonoperating Components of Net Periodic Benefit Income.
| Defined Benefit Pension Plans |  | Postretirement Health and Life Benefit Plans
(in millions) | Year Ended December 31, |  | Year Ended December 31,
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Net Periodic Benefit (Credits) Costs |  |  |  |  |  |  |  |  |  |  |
Service costs | $ | 2.7 |  |  | $ | 2.7 |  |  | $ | 3.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest costs | 19.1 |  |  | 18.1 |  |  | 24.3 |  |  | 3.5 |  |  | 3.4 |  |  | 4.8 |
Expected return on plan assets | (35.6) |  |  | (38.3) |  |  | (37.5) |  |  | (0.1) |  |  | — |  |  | — |
Amortization of prior service credits, net | (0.2) |  |  | (0.2) |  |  | (0.2) |  |  | (0.1) |  |  | (0.1) |  |  | (0.1) |
Actuarial (gains) losses, net | 34.7 |  |  | (48.2) |  |  | 8.9 |  |  | (26.9) |  |  | (2.3) |  |  | (1.7) |
Net periodic benefit (credits) costs | $ | 20.7 |  |  | $ | (65.9) |  |  | $ | (1.0) |  |  | $ | (23.6) |  |  | $ | 1.0 |  |  | $ | 3.0 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |  |  |
Amortization of prior service costs, net | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1.9) |  |  | $ | (2.0) |  |  | $ | (2.1) |
Prior service credit | (0.7) |  |  | (0.9) |  |  | (1.1) |  |  | — |  |  | — |  |  | — |
Total recognized in other comprehensive loss, pre-tax | $ | (0.7) |  |  | $ | (0.9) |  |  | $ | (1.1) |  |  | $ | (1.9) |  |  | $ | (2.0) |  |  | $ | (2.1) |
Total recognized in net periodic benefit costs (income) and other comprehensive income (loss), pre-tax | $ | 20.0 |  |  | $ | (66.8) |  |  | $ | (2.1) |  |  | $ | (25.5) |  |  | $ | (1.0) |  |  | $ | 0.9 |
Schedule of Assumptions Used [Table Text Block] | Assumptions Used to Determine Net Periodic Benefit Costs
| Defined Benefit Pension Plans |  | Postretirement Health and Life Benefit Plans
| Year Ended December 31, |  | Year Ended December 31,
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Discount rate | 5.5% |  | 2.8% |  | 2.5% |  | 5.5% |  | 2.8% |  | 2.5%
Expected return on plan assets | 5.5% |  | 6.3% |  | 6.4% |  | 0.8% |  | — |  | —
Schedule of Health Care Cost Trend Rates [Table Text Block] | Healthcare cost trend rates used to measure postretirement health benefit obligations follow:
| December 31,
| 2022 |  | 2021
Healthcare cost trend rate for the following year | 7.0% |  | 6.0%
Long-term rate that the healthcare cost trend rate gradually declines to | 5% |  | 5%
Year that the healthcare cost trend rate is expected to reach the long-term rate | 2031 |  | 2026
Schedule of Allocation of Plan Assets [Table Text Block] | Plan assets are measured at fair value. Following are the plan investments as of December 31, 2022 and 2021, categorized by the fair value hierarchy levels described in Note 10, Fair Value:
| Defined Benefit Pension and Postretirement Health and Life Benefit Plans
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
U.S. government securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13.0 |
Corporate debt | — |  |  | — |  |  | 60.3 |  |  | 56.4 |  |  | — |  |  | — |  |  | 60.3 |  |  | 56.4 |
Municipal bonds and non-U.S. government securities | — |  |  | — |  |  | — |  |  | 1.7 |  |  | — |  |  | — |  |  | — |  |  | 1.7 |
Mutual funds (b) | 320.4 |  |  | 582.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 320.4 |  |  | 582.9 |
Mortgage and asset backed securities | — |  |  | — |  |  | — |  |  | 7.9 |  |  | — |  |  | — |  |  | — |  |  | 7.9 |
Fair value of investments by hierarchy level | $ | 320.4 |  |  | $ | 582.9 |  |  | $ | 60.3 |  |  | $ | 79.0 |  |  | $ | — |  |  | $ | — |  |  | 380.7 |  |  | 661.9 |
Investments measured at NAV (a) |  |  |  |  |  |  |  |  |  |  |  |  | 105.8 |  |  | 20.1 |
Accrued interest receivable |  |  |  |  |  |  |  |  |  |  |  |  | 0.6 |  |  | 1.2 |
Unsettled transactions |  |  |  |  |  |  |  |  |  |  |  |  | (0.3) |  |  | (1.4) |
Plan assets |  |  |  |  |  |  |  |  |  |  |  |  | $ | 486.8 |  |  | $ | 681.8 |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit plan payments follow (in millions):
| Defined Benefit Pension Plans |  | Postretirement Health and Life Benefit Plans
2023 | $ | 50.5 |  |  | $ | 10.9 |
2024 | 48.8 |  |  | 10.2 |
2025 | 47.3 |  |  | 9.6 |
2026 | 47.1 |  |  | 9.1 |
2027 | 44.8 |  |  | 8.5 |
2028 to 2032 | 206.2 |  |  | 34.1 |

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DefinedBenefitPlanDisclosureLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumed health care cost trend rates for the next year used to measure the expected cost of benefits covered by the plans, including the ultimate trend rate(s) and when that rate is expected to be achieved. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (l) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration