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v3.22.4

Employee Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Schedule of Changes in Projected Benefit Obligation, Changes in Plan Assets and Funded Status of Plan | The following table provides a reconciliation of benefit obligations and plan assets of the Company’s pension plans and postretirement benefit plans (in millions):
| Pension |  | Postretirement
| 2022 |  | 2021 |  | 2022 |  | 2021
Change in Projected Benefit Obligations |  |  |  |  |  |  |
Benefit obligations at beginning of year | $ | 168.4 |  |  | $ | 176.8 |  |  | $ | 1.0 |  |  | $ | 1.1 |
Interest cost | 4.5 |  |  | 4.1 |  |  | 0.1 |  |  | — |
Plan settlements | (10.8) |  |  | (5.9) |  |  | — |  |  | — |
Benefits paid | (0.3) |  |  | (0.3) |  |  | — |  |  | — |
Actuarial gain | (27.5) |  |  | (6.3) |  |  | (0.3) |  |  | (0.1) |
Benefit obligations at end of year | $ | 134.3 |  |  | $ | 168.4 |  |  | $ | 0.8 |  |  | $ | 1.0 |
Change in Fair Value of Plan Assets |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 156.4 |  |  | $ | 157.5 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | (32.4) |  |  | 5.1 |  |  | — |  |  | — |
Plan settlements | (10.8) |  |  | (5.9) |  |  | — |  |  | — |
Benefits paid | (0.3) |  |  | (0.3) |  |  | — |  |  | — |
Fair value of plan assets at end of year | $ | 112.9 |  |  | $ | 156.4 |  |  | $ | — |  |  | $ | — |
Funded Status | $ | (21.4) |  |  | $ | (12.0) |  |  | $ | (0.8) |  |  | $ | (1.0) |
Accumulated benefit obligations | $ | 134.3 |  |  | $ | 168.4 |  |  |  |  |
Schedule of Amounts Recognized in Balance Sheet |
| Pension |  | Postretirement
| 2022 |  | 2021 |  | 2022 |  | 2021
Amounts Recognized in Balance Sheet |  |  |  |  |  |  |
Accrued liabilities | $ | (0.3) |  |  | $ | (0.1) |  |  | $ | (0.1) |  |  | $ | (0.1) |
Other long-term liabilities | (21.1) |  |  | (11.9) |  |  | (0.7) |  |  | (0.9) |
Net amount recognized | $ | (21.4) |  |  | $ | (12.0) |  |  | $ | (0.8) |  |  | $ | (1.0) |
Amounts Recognized in Accumulated Other Comprehensive Loss |  |  |  |  |  |  |
Net actuarial gain (loss) | $ | (24.0) |  |  | $ | (15.7) |  |  | $ | 0.5 |  |  | $ | 0.2 |
Prior service credits | — |  |  | — |  |  | (0.1) |  |  | — |
Net amount recognized | $ | (24.0) |  |  | $ | (15.7) |  |  | $ | 0.4 |  |  | $ | 0.2 |
Weighted‑Average Assumptions Used to Determine Projected Benefit Obligations |  |  |  |
Discount rate | 5.4 | % |  | 2.7 | % |  | 5.4 | % |  | 2.7 | %
Average rate of increase in compensation | — | % |  | — | % |  | — | % |  | — | %
Interest credit rate | 3.8 | % |  | 3.8 | % |  | — | % |  | — | %
Initial healthcare cost trend rate | N/A |  | N/A |  | 6.1 | % |  | 5.6 | %
Ultimate healthcare cost trend rate | N/A |  | N/A |  | 4.0 | % |  | 4.0 | %
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
| Pension |  | Postretirement
| 2022 |  | 2021 |  | 2022 |  | 2021
Amounts Recognized in Balance Sheet |  |  |  |  |  |  |
Accrued liabilities | $ | (0.3) |  |  | $ | (0.1) |  |  | $ | (0.1) |  |  | $ | (0.1) |
Other long-term liabilities | (21.1) |  |  | (11.9) |  |  | (0.7) |  |  | (0.9) |
Net amount recognized | $ | (21.4) |  |  | $ | (12.0) |  |  | $ | (0.8) |  |  | $ | (1.0) |
Amounts Recognized in Accumulated Other Comprehensive Loss |  |  |  |  |  |  |
Net actuarial gain (loss) | $ | (24.0) |  |  | $ | (15.7) |  |  | $ | 0.5 |  |  | $ | 0.2 |
Prior service credits | — |  |  | — |  |  | (0.1) |  |  | — |
Net amount recognized | $ | (24.0) |  |  | $ | (15.7) |  |  | $ | 0.4 |  |  | $ | 0.2 |
Weighted‑Average Assumptions Used to Determine Projected Benefit Obligations |  |  |  |
Discount rate | 5.4 | % |  | 2.7 | % |  | 5.4 | % |  | 2.7 | %
Average rate of increase in compensation | — | % |  | — | % |  | — | % |  | — | %
Interest credit rate | 3.8 | % |  | 3.8 | % |  | — | % |  | — | %
Initial healthcare cost trend rate | N/A |  | N/A |  | 6.1 | % |  | 5.6 | %
Ultimate healthcare cost trend rate | N/A |  | N/A |  | 4.0 | % |  | 4.0 | %
Schedule of Assumptions Used |
| Pension |  | Postretirement
| 2022 |  | 2021 |  | 2022 |  | 2021
Amounts Recognized in Balance Sheet |  |  |  |  |  |  |
Accrued liabilities | $ | (0.3) |  |  | $ | (0.1) |  |  | $ | (0.1) |  |  | $ | (0.1) |
Other long-term liabilities | (21.1) |  |  | (11.9) |  |  | (0.7) |  |  | (0.9) |
Net amount recognized | $ | (21.4) |  |  | $ | (12.0) |  |  | $ | (0.8) |  |  | $ | (1.0) |
Amounts Recognized in Accumulated Other Comprehensive Loss |  |  |  |  |  |  |
Net actuarial gain (loss) | $ | (24.0) |  |  | $ | (15.7) |  |  | $ | 0.5 |  |  | $ | 0.2 |
Prior service credits | — |  |  | — |  |  | (0.1) |  |  | — |
Net amount recognized | $ | (24.0) |  |  | $ | (15.7) |  |  | $ | 0.4 |  |  | $ | 0.2 |
Weighted‑Average Assumptions Used to Determine Projected Benefit Obligations |  |  |  |
Discount rate | 5.4 | % |  | 2.7 | % |  | 5.4 | % |  | 2.7 | %
Average rate of increase in compensation | — | % |  | — | % |  | — | % |  | — | %
Interest credit rate | 3.8 | % |  | 3.8 | % |  | — | % |  | — | %
Initial healthcare cost trend rate | N/A |  | N/A |  | 6.1 | % |  | 5.6 | %
Ultimate healthcare cost trend rate | N/A |  | N/A |  | 4.0 | % |  | 4.0 | %
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The benefit obligations and fair value of plan assets for the Company’s qualified and non-qualified pension and postretirement plans with projected benefit obligations or accumulated benefit obligations in excess of plan assets are as follows (in millions):
| Pension |  | Postretirement
| 2022 |  | 2021 |  | 2022 |  | 2021
Plans with Benefit Obligations in Excess of Plan Assets |  |  |  |  |  |  |
Projected benefit obligations | $ | 134.3 |  |  | $ | 168.4 |  |  | $ | 0.8 |  |  | $ | 1.0 |
Accumulated benefit obligations | 134.3 |  |  | 168.4 |  |  | — |  |  | — |
Fair value of plan assets | 112.9 |  |  | 156.4 |  |  | — |  |  | — |
Schedule of Net Periodic Costs | The following table sets forth the net periodic pension cost (benefit) (in millions):
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Components of Net Periodic Pension Cost (Benefit) |  |  |  |  |
Interest cost | $ | 4.5 |  |  | $ | 4.1 |  |  | $ | 5.1 |
Expected return on plan assets | (5.4) |  |  | (6.5) |  |  | (6.1) |
Net amortization of actuarial net loss | — |  |  | 0.5 |  |  | 0.7 |
Settlement loss | 1.9 |  |  | 0.6 |  |  | 1.0 |
Net periodic pension cost (benefit) | $ | 1.0 |  |  | $ | (1.3) |  |  | $ | 0.7 |
Weighted‑Average Assumptions Used to Determine Net Periodic Pension Cost (Benefit) |  |  |  |
Discount rate | 2.7 | % |  | 2.3 | % |  | 3.2 | %
Expected return on assets | 4.6 | % |  | 4.8 | % |  | 5.2 | %
Average rate of increase in compensation | — | % |  | — | % |  | — | %
Interest credit rate | 3.8 | % |  | 3.8 | % |  | 3.8 | %
Schedule of Allocation of Plan Assets | The fair value measurements of most plan assets are based upon significant other observable inputs (Level 2), except for the high yield mutual fund and cash which are based upon quoted market prices in active markets for identical assets (Level 1). The following represents the Company's pension plan assets (in millions):
Asset Category | December 31, 2022 |  | December 31, 2021
Cash | $ | 3.1 |  |  | $ | 2.0 |
Short Term Investments | 1.4 |  |  | 1.4 |
Equity Securities: |  |  |
U.S. Large Cap | 12.2 |  |  | 16.1 |
U.S. Mid Cap | 1.8 |  |  | 2.7 |
U.S. Small Cap | 0.2 |  |  | 1.2 |
International Developed | 10.2 |  |  | 15.2 |
International Emerging Markets | 3.4 |  |  | 3.9 |
Fixed Income Securities: |  |  |
U.S. Treasuries | 20.7 |  |  | 28.7 |
Corporate Bonds | 36.0 |  |  | 53.0 |
Government Bonds | 7.0 |  |  | 9.4 |
Municipal Bonds | 2.2 |  |  | 3.3 |
Mortgage-Backed Securities | 0.2 |  |  | 2.3 |
Asset-Backed Securities | 1.1 |  |  | 1.1 |
Bank Loans | 5.4 |  |  | 7.9 |
Preferreds | 5.9 |  |  | 7.7 |
Other | 2.1 |  |  | 0.5 |
Total fair value of pension plan assets | $ | 112.9 |  |  | $ | 156.4 |
Schedule of Expected Benefit Payments | The following table presents estimated future benefit payments (in millions):
| Pension |  | Postretirement
2023 | $ | 8.3 |  |  | $ | 0.1 |
2024 | 9.3 |  |  | 0.1 |
2025 | 10.2 |  |  | 0.1 |
2026 | 11.7 |  |  | 0.1 |
2027 | 12.9 |  |  | 0.1 |
2028-2032 | 69.0 |  |  | 0.3 |
| $ | 121.4 |  |  | $ | 0.8 |

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