XML 52 R38.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Pension and Other Post-retirement Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Changes in Benefit Obligations and Plan Assets | The following table presents the changes in benefit obligations and plan assets for the years ended December 31, 2023 and 2022 and the funded status and weighted-average assumptions used to determine the benefit obligation at the measurement date (dollars in millions):
|  | Year Ended December 31,
|  | 2023 |  | 2022
|  | Pension Benefits |  | Other Benefits |  | Total |  | Pension Benefits |  | Other Benefits |  | Total
Projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
BALANCE at the beginning of the period |  | $ | 611.5 |  |  | $ | 11.6 |  |  | $ | 623.1 |  |  | $ | 827.9 |  |  | $ | 15.6 |  |  | $ | 843.5 |
Interest cost |  | 30.6 |  |  | 0.6 |  |  | 31.2 |  |  | 22.0 |  |  | 0.4 |  |  | 22.4 |
Actuarial loss (gain) |  | 6.1 |  |  | (0.4) |  |  | 5.7 |  |  | (191.0) |  |  | (3.8) |  |  | (194.8) |
Plan settlements |  | — |  |  | — |  |  | — |  |  | (1.4) |  |  | — |  |  | (1.4) |
Benefits paid |  | (41.7) |  |  | (0.8) |  |  | (42.5) |  |  | (46.0) |  |  | (0.6) |  |  | (46.6) |
BALANCE at the end of the period |  | $ | 606.5 |  |  | $ | 11.0 |  |  | $ | 617.5 |  |  | $ | 611.5 |  |  | $ | 11.6 |  |  | $ | 623.1 |
Plan assets |  |  |  |  |  |  |  |  |  |  |  |
Fair value, at the beginning of the period |  | $ | 458.5 |  |  | $ | — |  |  | $ | 458.5 |  |  | $ | 634.6 |  |  | $ | — |  |  | $ | 634.6 |
Actual return |  | 48.5 |  |  | — |  |  | 48.5 |  |  | (132.2) |  |  | — |  |  | (132.2) |
Employer contributions |  | 5.9 |  |  | — |  |  | 5.9 |  |  | 3.5 |  |  | — |  |  | 3.5 |
Plan settlements |  | — |  |  | — |  |  | — |  |  | (1.4) |  |  | — |  |  | (1.4) |
Benefits paid |  | (41.7) |  |  | — |  |  | (41.7) |  |  | (46.0) |  |  | — |  |  | (46.0) |
Fair value, at the end of the period |  | $ | 471.2 |  |  | $ | — |  |  | $ | 471.2 |  |  | $ | 458.5 |  |  | $ | — |  |  | $ | 458.5 |
Net benefit liabilities |  | $ | 135.3 |  |  | $ | 11.0 |  |  | $ | 146.3 |  |  | $ | 153.0 |  |  | $ | 11.6 |  |  | $ | 164.6 |
Amounts recognized in Consolidated Balance Sheet: |  |  |  |  |  |  |  |  |  |  |  |
Accrued liabilities |  | $ | (3.6) |  |  | $ | (1.1) |  |  | $ | (4.7) |  |  | $ | (3.7) |  |  | $ | (1.1) |  |  | $ | (4.8) |
Other liabilities (long-term) |  | (131.7) |  |  | (9.9) |  |  | (141.6) |  |  | (149.3) |  |  | (10.5) |  |  | (159.8) |
Net benefit liabilities |  | $ | (135.3) |  |  | $ | (11.0) |  |  | $ | (146.3) |  |  | $ | (153.0) |  |  | $ | (11.6) |  |  | $ | (164.6) |
Accumulated contributions less than net periodic benefit cost |  | $ | (152.9) |  |  | $ | (18.9) |  |  | $ | (171.8) |  |  | $ | (159.8) |  |  | $ | (19.5) |  |  | $ | (179.3) |
Amounts not yet reflected in net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss |  | 17.8 |  |  | 7.9 |  |  | 25.7 |  |  | 7.0 |  |  | 7.9 |  |  | 14.9 |
Prior service cost |  | (0.2) |  |  | — |  |  | (0.2) |  |  | (0.2) |  |  | — |  |  | (0.2) |
Total accumulated other comprehensive income |  | $ | 17.6 |  |  | $ | 7.9 |  |  | $ | 25.5 |  |  | $ | 6.8 |  |  | $ | 7.9 |  |  | $ | 14.7 |
Net benefit liabilities |  | $ | (135.3) |  |  | $ | (11.0) |  |  | $ | (146.3) |  |  | $ | (153.0) |  |  | $ | (11.6) |  |  | $ | (164.6) |
Weighted-average assumptions: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 4.97 | % |  | 5.00 | % |  |  |  | 5.21 | % |  | 5.30 | % |  |
Cash balance interest credit rate |  | 3.26 | % |  | N/A |  |  |  | 3.23 | % |  | N/A |  |
Schedule of Accumulated and Projected Benefit Obligations | The accumulated benefit obligation, which is presented below for all plans in the aggregate at December 31, 2023 and 2022, is based on services rendered to date, but exclude the effect of future salary increases (in millions):
|  | 2023 |  | 2022
Accumulated benefit obligation |  | $ | 617.5 |  |  | $ | 623.1 |
Schedule of Net Periodic Pension Costs and Weighted Average Assumptions | The components of net periodic pension, retiree medical income and the weighted-average assumptions used to determine net periodic pension and retiree medical income were as follows (dollars in millions):
|  | Successor |  |  | Predecessor
|  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021
Interest cost |  | $ | 31.2 |  |  | $ | 22.4 |  |  | $ | 15.6 |  |  |  | $ | 6.6 |
Expected return on plan assets |  | (31.4) |  |  | (38.3) |  |  | (24.7) |  |  |  | (12.1) |
Amortization of net (gain) loss |  | (0.7) |  |  | (0.1) |  |  | — |  |  |  | 0.1 |
Settlement (gain) loss recognized (1) |  | — |  |  | (0.4) |  |  | 0.4 |  |  |  | — |
Net periodic pension and retiree medical income (2) |  | $ | (0.9) |  |  | $ | (16.4) |  |  | $ | (8.7) |  |  |  | $ | (5.4) |
Discount rate |  | 5.21 | % |  | 2.73 | % |  | 2.84 | % |  |  | 2.30 | %
Expected return on assets |  | 7.10 | % |  | 6.26 | % |  | 6.03 | % |  |  | 6.03 | %
Cash balance interest credit rate |  | 3.23 | % |  | 3.05 | % |  | 2.94 | % |  |  | 2.94 | %
(1) Settlement accounting is necessary when actual lump sums paid during a fiscal year exceed the sum of the service cost and interest cost for the year. During the year ended December 31, 2022 and eight months ended December 31, 2021 (Successor), the settlement threshold was reached for certain of our pension plans and we recognized a corresponding settlement (gain) loss in our Consolidated Statements of Operations. (2) All components of Net periodic pension and retiree medical income are included in Other, net, in our Consolidated Statements of Operations.
Schedule of Allocation of Plan Assets | Target allocations among asset categories and the fair value of each category of plan assets as of December 31, 2023 and 2022, are presented below. The plans will reallocate assets in accordance with the allocation targets, after giving consideration to the expected level of cash required to pay current benefits and plan expenses (dollars in millions):
|  |  | December 31, 2023 |  | December 31, 2022
| Target range (1) |  | Total |  | Total
Equities: |  |  |  |  |
U.S. equity: | 23.9% to 33.9% |  |  |  |
U.S. large cap |  |  | $ | 105.5 |  |  | $ | 99.4 |
U.S. small/mid cap |  |  | 28.7 |  |  | 25.4 |
Global Low Volatility Equity | 3.4% to 13.4% |  | 38.5 |  |  | 38.0 |
Non-U.S. equity: | 19.7% to 29.7% |  |  |  |
International all cap |  |  | 51.3 |  |  | 50.7 |
International small cap |  |  | 23.1 |  |  | 22.4 |
Emerging markets |  |  | 39.3 |  |  | 39.7 |
Real estate equities | 3% to 13% |  | 40.4 |  |  | 49.0 |
Fixed income: | 25% to 35% |  |  |  |
Long-term corporate bonds |  |  | 46.6 |  |  | 45.3 |
U.S. Treasury STRIPS |  |  | 93.0 |  |  | 83.7 |
Cash and equivalents | $0 - $5.0 |  | 4.8 |  |  | 4.9 |
Total |  |  | $ | 471.2 |  |  | $ | 458.5 |
(1)Our investment policy only sets allocation target ranges for general asset classes and not specific investment types.
Schedule of Expected Benefit Payments | Estimated future annual benefit payments from plan assets are presented below. Such amounts are based on existing benefit formulas and include the effect of future service (in millions):
|  | Pension Benefits |  | Other Post-Retirement Benefits
Year ended December 31, |  |  |  |
2024 |  | $ | 42.4 |  |  | $ | 1.2 |
2025 |  | 41.2 |  |  | 1.0 |
2026 |  | 40.7 |  |  | 0.9 |
2027 |  | 40.4 |  |  | 0.9 |
2028 |  | 40.1 |  |  | 0.8 |
2029 through 2033 |  | 193.0 |  |  | 3.7 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligations including accumulated benefit obligation and projected benefit obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (e) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAccumulatedAndProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
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 -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + 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 benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 + Details
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
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 -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + 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 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 -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration