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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

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