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Postretirement Health Care and Life Insurance Benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Components of net periodic postretirement benefit cost | Net periodic postretirement benefit (benefit) cost included the following components:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (Dollars in millions)
Service cost for benefits earned | $ | 1.0 |  |  | $ | 3.8 |  |  | $ | 4.8 |
Interest cost on accumulated postretirement benefit obligation | 10.5 |  |  | 20.2 |  |  | 25.1 |
Expected return on plan assets | (1.0) |  |  | (1.5) |  |  | (0.5) |
Amortization of prior service credit | (46.4) |  |  | (17.3) |  |  | (8.7) |
Net actuarial (gain) loss | (54.5) |  |  | 16.5 |  |  | 78.3 |
Net periodic postretirement benefit (benefit) cost | $ | (90.4) |  |  | $ | 21.7 |  |  | $ | 99.0 |
Net periodic pension cost (benefit) included the following components:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (Dollars in millions)
Service cost for benefits earned | $ | 0.2 |  |  | $ | 0.3 |  |  | $ | 2.0 |
Interest cost on projected benefit obligation | 20.4 |  |  | 28.0 |  |  | 33.5 |
Expected return on plan assets | (22.9) |  |  | (29.7) |  |  | (31.4) |
Settlement | — |  |  | (2.7) |  |  | — |
Net actuarial loss (gain) | 12.7 |  |  | (25.6) |  |  | (16.6) |
Net periodic pension cost (benefit) | $ | 10.4 |  |  | $ | (29.7) |  |  | $ | (12.5) |
Amounts recognized in accumulated other comprehensive loss | The following includes pre-tax amounts recorded in “Accumulated other comprehensive income”:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (Dollars in millions)
Prior service credit arising during year | $ | (139.5) |  |  | $ | (185.4) |  |  | $ | — |
Amortization: |  |  |  |  |
Prior service credit | 46.4 |  |  | 17.3 |  |  | 8.7 |
Total recorded in “Accumulated other comprehensive income” | $ | (93.1) |  |  | $ | (168.1) |  |  | $ | 8.7 |
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,
| 2021 |  | 2020
| (Dollars in millions)
Change in benefit obligation: |  |  |
Accumulated postretirement benefit obligation at beginning of period | $ | 476.6 |  |  | $ | 659.9 |
Service cost | 1.0 |  |  | 3.8 |
Interest cost | 10.5 |  |  | 20.2 |
Participant contributions | 0.1 |  |  | 2.4 |
Plan amendments | (139.5) |  |  | (185.4) |
Benefits paid and administrative fees (net of Medicare Part D reimbursements) | (34.5) |  |  | (42.9) |
Actuarial (gain) loss | (55.5) |  |  | 18.6 |
Accumulated postretirement benefit obligation at end of period | 258.7 |  |  | 476.6 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of period | 33.7 |  |  | 34.2 |
Actual return on plan assets | — |  |  | 3.6 |
Employer contributions | 26.8 |  |  | 36.4 |
Participant contributions | 0.1 |  |  | 2.4 |
Benefits paid and administrative fees (net of Medicare Part D reimbursements) | (34.5) |  |  | (42.9) |
Fair value of plan assets at end of period | 26.1 |  |  | 33.7 |
Funded status at end of period | (232.6) |  |  | (442.9) |
Less: Current portion (included in “Accounts payable and accrued expenses”) | 20.5 |  |  | 29.7 |
Noncurrent obligation (included in “Accrued postretirement benefit costs”) | $ | (212.1) |  |  | $ | (413.2) |
The following summarizes the change in benefit obligation, change in plan assets and funded status of the Pension Plans:
| December 31,
| 2021 |  | 2020
| (Dollars in millions)
Change in benefit obligation: |  |  |
Projected benefit obligation at beginning of period | $ | 816.4 |  |  | $ | 853.8 |
Service cost | 0.2 |  |  | 0.3 |
Interest cost | 20.4 |  |  | 28.0 |
Benefits paid | (55.9) |  |  | (57.5) |
Actuarial (gain) loss | (29.4) |  |  | 43.4 |
Settlement | — |  |  | (51.6) |
Projected benefit obligation at end of period | 751.7 |  |  | 816.4 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of period | 847.5 |  |  | 855.2 |
Actual return on plan assets | (19.2) |  |  | 101.4 |
Benefits paid | (55.9) |  |  | (57.5) |
Settlement | — |  |  | (51.6) |
Fair value of plan assets at end of period | 772.4 |  |  | 847.5 |
Funded status at end of period | $ | 20.7 |  |  | $ | 31.1 |
Amounts recognized in the consolidated balance sheets: |  |  |
Noncurrent asset (included in “Investments and other assets”) | $ | 28.5 |  |  | $ | 39.6 |
Noncurrent obligation (included in “Other noncurrent liabilities”) | (7.8) |  |  | (8.5) |
Net amount recognized | $ | 20.7 |  |  | $ | 31.1 |
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,
| 2021 |  | 2020
Discount rate | 2.84 | % |  | 2.55 | %
Measurement date | December 31, 2021 |  | December 31, 2020
The weighted-average assumptions used to determine net periodic benefit (benefit) cost for the plans during each period were as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Discount rate | 2.55 | % |  | 3.40 | % |  | 4.35 | %
Expected long-term return on plan assets (pre-tax) | 5.75 | % |  | 7.00 | % |  | 5.00 | %
Measurement date | December 31, 2020 |  | December 31, 2019 |  | December 31, 2018
The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows:
| December 31,
| 2021 |  | 2020
Discount rate | 2.95 | % |  | 2.60 | %
Measurement date | December 31, 2021 |  | December 31, 2020
The weighted-average assumptions used to determine net periodic pension cost benefit during each period were as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Discount rate | 2.60 | % |  | 3.40 | % |  | 4.35 | %
Expected long-term return on plan assets | 2.80 | % |  | 3.60 | % |  | 4.20 | %
Measurement date | December 31, 2020 |  | December 31, 2019 |  | December 31, 2018
Assumed health care cost trend rate | The following presents information about the assumed health care cost trend rate:
| Year Ended December 31,
| 2021 |  | 2020
Pre-Medicare: |  |  |
Health care cost trend rate assumed for next year | 6.00 | % |  | 6.00 | %
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 | 2027 |  | 2026
Post-Medicare: |  |  |
Health care cost trend rate assumed for next year | 5.75 | % |  | 5.75 | %
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 | 2027 |  | 2026
Schedule of Changes in Fair Value of Plan Assets | The following tables present the fair value of assets in the Non-Represented and Represented Trusts by asset category and by fair value hierarchy:
| December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Dollars in millions)
U.S. equity securities | $ | 5.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 5.7 |
International equity securities | 2.0 |  |  | — |  |  | — |  |  | 2.0 |
Corporate bonds | — |  |  | 10.1 |  |  | — |  |  | 10.1 |
U.S. government securities | 3.1 |  |  | 3.8 |  |  | — |  |  | 6.9 |
Cash funds | 1.4 |  |  | — |  |  | — |  |  | 1.4 |
Total assets at fair value | $ | 12.2 |  |  | $ | 13.9 |  |  | $ | — |  |  | $ | 26.1 |
| 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 |
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)
2022 | $ | 28.9 |
2023 | 25.8 |
2024 | 24.3 |
2025 | 22.7 |
2026 | 20.8 |
Years 2027-2031 | 81.5 |
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)
2022 | $ | 56.3 |
2023 | 55.3 |
2024 | 54.3 |
2025 | 53.1 |
2026 | 51.8 |
Years 2027-2031 | 236.8 |

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