XML 69 R50.htm IDEA: XBRL DOCUMENT v3.20.4

Postretirement Health Care and Life Insurance Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Components of net periodic postretirement benefit cost

Net periodic postretirement benefit cost (benefit) included the following components:

			Year Ended December 31,
			2020						2019						2018
			(Dollars in millions)
Service cost for benefits earned			$	3.8					$	4.8					$	8.2
Interest cost on accumulated postretirement benefit obligation			20.2						25.1						28.3
Expected return on plan assets			(1.5)						(0.5)						—
Amortization of prior service credit			(17.3)						(8.7)						—
Net actuarial loss (gain)			16.5						78.3						(128.4)
Net periodic postretirement benefit cost (benefit)			$	21.7					$	99.0					$	(91.9)

Net periodic pension benefit included the following components:

			Year Ended December 31,
			2020						2019						2018
			(Dollars in millions)
Service cost for benefits earned			$	0.3					$	2.0					$	2.3
Interest cost on projected benefit obligation			28.0						33.5						31.4
Expected return on plan assets			(29.7)						(31.4)						(42.8)
Settlement			(2.7)						—						—
Net actuarial (gain) loss			(25.6)						(16.6)						4.2
Net periodic pension benefit			$	(29.7)					$	(12.5)					$	(4.9)

Amounts recognized in accumulated other comprehensive loss

The following includes pre-tax amounts recorded in “Accumulated other comprehensive income”:

			Year Ended December 31,
			2020						2019						2018
			(Dollars in millions)
Prior service credit arising during year			$	(185.4)					$	—					$	(51.7)
Amortization:
Prior service credit			17.3						8.7						—
Total recorded in “Accumulated other comprehensive income”			$	(168.1)					$	8.7					$	(51.7)

Reconciled amount of plan's funded status

The following table sets forth the plans’ funded status reconciled with the amounts shown in the consolidated balance sheets:

			December 31,
			2020						2019
			(Dollars in millions)
Change in benefit obligation:
Accumulated postretirement benefit obligation at beginning of period			$	659.9					$	595.4
Service cost			3.8						4.8
Interest cost			20.2						25.1
Participant contributions			2.4						2.3
Plan amendments			(185.4)						—
Benefits paid			(42.9)						(47.7)
Actuarial loss			18.6						80.0
Accumulated postretirement benefit obligation at end of period			476.6						659.9
Change in plan assets:
Fair value of plan assets at beginning of period			34.2						15.0
Actual return on plan assets			3.6						2.2
Employer contributions			36.4						62.4
Participant contributions			2.4						2.3
Benefits paid and administrative fees (net of Medicare Part D reimbursements)			(42.9)						(47.7)
Fair value of plan assets at end of period			33.7						34.2
Funded status at end of period			(442.9)						(625.7)
Less: Current portion (included in “Accounts payable and accrued expenses”)			29.7						32.3
Noncurrent obligation (included in “Accrued postretirement benefit costs”)			$	(413.2)					$	(593.4)

The following summarizes the change in benefit obligation, change in plan assets and funded status of the Pension Plans:

			December 31,
			2020						2019
			(Dollars in millions)
Change in benefit obligation:
Projected benefit obligation at beginning of period			$	853.8					$	795.9
Service cost			0.3						2.0
Interest cost			28.0						33.5
Benefits paid			(57.5)						(55.6)
Actuarial loss			43.4						78.0
Settlement			(51.6)						—
Projected benefit obligation at end of period			816.4						853.8
Change in plan assets:
Fair value of plan assets at beginning of period			855.2						764.8
Actual return on plan assets			101.4						126.0
Employer contributions			—						20.0
Benefits paid			(57.5)						(55.6)
Settlement			(51.6)						—
Fair value of plan assets at end of period			847.5						855.2
Funded status at end of period			$	31.1					$	1.4
Amounts recognized in the consolidated balance sheets:
Noncurrent asset (included in “Investments and other assets”)			$	39.6					$	13.4
Noncurrent obligation (included in “Other noncurrent liabilities”)			(8.5)						(12.0)
Net amount recognized			$	31.1					$	1.4

Weighted-average assumptions used to determine the benefit obligations

The weighted-average assumptions used to determine the benefit obligations for the plans as of the end of each year were as follows:

			December 31,
			2020						2019
Discount rate			2.55		%				3.40		%
Measurement date			December 31, 2020						December 31, 2019

The weighted-average assumptions used to determine net periodic benefit cost (benefit) for the plans during each period were as follows:

			Year Ended December 31,
			2020						2019						2018
Discount rate			3.40		%				4.35		%				3.70		%
Expected long-term return on plan assets (pre-tax)			7.00		%				5.00		%				—		%
Measurement date			December 31, 2019						December 31, 2018						December 31, 2017

The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows:

			December 31,
			2020						2019
Discount rate			2.60		%				3.40		%
Measurement date			December 31, 2020						December 31, 2019

The weighted-average assumptions used to determine net periodic pension benefit during each period were as follows:

			Year Ended December 31,
			2020						2019						2018
Discount rate			3.40		%				4.35		%				3.70		%
Expected long-term return on plan assets			3.60		%				4.20		%				5.65		%
Measurement date			December 31, 2019						December 31, 2018						December 31, 2017

Assumed health care cost trend rate

The following presents information about the assumed health care cost trend rate:

			Year Ended December 31,
			2020						2019
Pre-Medicare:
Health care cost trend rate assumed for next year			6.00		%				6.75		%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)			4.75		%				4.75		%
Year that the rate reaches the ultimate trend rate			2026						2023
Post-Medicare:
Health care cost trend rate assumed for next year			5.75		%				6.35		%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)			4.75		%				4.75		%
Year that the rate reaches the ultimate trend rate			2026						2023

Schedule of Changes in Fair Value of Plan Assets

The following tables present the fair value of assets in the Non-Represented Trust by asset category and by fair value hierarchy:

			December 31, 2020
			Level 1						Level 2						Level 3						Total
			(Dollars in millions)
U.S. equity securities			$	10.5					$	—					$	—					$	10.5
International equity securities			2.0						—						—						2.0
Corporate bonds			—						9.6						—						9.6
U.S. government securities			1.0						4.2						—						5.2
Cash funds			6.4						—						—						6.4
Total assets at fair value			$	19.9					$	13.8					$	—					$	33.7

			December 31, 2019
			Level 1						Level 2						Level 3						Total
			(Dollars in millions)
U.S. equity securities			$	13.0					$	—					$	—					$	13.0
International equity securities			4.0						—						—						4.0
Corporate bonds			—						9.2						—						9.2
U.S. government securities			2.6						4.5						—						7.1
Cash funds			0.9						—						—						0.9
Total assets at fair value			$	20.5					$	13.7					$	—					$	34.2

Summary of estimated future benefit payments

The following benefit payments (net of retiree contributions and Medicare Part D reimbursements), which reflect expected future service, as appropriate, are expected to be paid by the Company or satisfied from Non-Represented Trust assets:

			Postretirement Benefits
			(Dollars in millions)
2021			$	40.3
2022			37.6
2023			35.8
2024			34.1
2025			32.3
Years 2026-2030			135.8

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in connection with the Company’s benefit obligation:

			Pension Benefits
			(Dollars in millions)
2021			$	57.8
2022			56.9
2023			56.6
2024			54.7
2025			53.4
Years 2026-2030			245.5

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 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

+ 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 (b)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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 http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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 http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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 http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of net funded status of pension plans and/or other employee benefit plans.

+ 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 (c)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation.

+ 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 (j)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration