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Postretirement Health Care and Life Insurance Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Components of net periodic postretirement cost

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

			Year Ended December 31,
			2022						2021						2020
			(Dollars in millions)
Service cost for benefits earned			$	0.8					$	1.0					$	3.8
Interest cost on accumulated postretirement benefit obligation			7.0						10.5						20.2
Expected return on plan assets			(0.8)						(1.0)						(1.5)
Amortization of prior service credit			(53.8)						(46.4)						(17.3)
Net actuarial (gain) loss			(51.2)						(54.5)						16.5
Net periodic postretirement benefit (credit) cost			$	(98.0)					$	(90.4)					$	21.7

Net periodic pension cost (credit) included the following components:

			Year Ended December 31,
			2022						2021						2020
			(Dollars in millions)
Service cost for benefits earned			$	0.1					$	0.2					$	0.3
Interest cost on projected benefit obligation			21.4						20.4						28.0
Expected return on plan assets			(23.8)						(22.9)						(29.7)
Settlement			—						—						(2.7)
Net actuarial loss (gain)			20.6						12.7						(25.6)
Net periodic pension cost (credit)			$	18.3					$	10.4					$	(29.7)

Amounts recognized in accumulated other comprehensive loss

The following includes pretax amounts recorded in “Accumulated other comprehensive income”:

			Year Ended December 31,
			2022						2021						2020
			(Dollars in millions)
Prior service credit arising during year			$	—					$	(139.5)					$	(185.4)
Amortization:
Prior service credit			53.8						46.4						17.3
Total recorded in “Accumulated other comprehensive income”			$	53.8					$	(93.1)					$	(168.1)

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,
			2022						2021
			(Dollars in millions)
Change in benefit obligation:
Accumulated postretirement benefit obligation at beginning of period			$	258.7					$	476.6
Service cost			0.8						1.0
Interest cost			7.0						10.5
Participant contributions			—						0.1
Plan amendments			—						(139.5)
Benefits paid and administrative fees (net of Medicare Part D reimbursements)			(21.2)						(34.5)
Actuarial gain			(55.4)						(55.5)
Accumulated postretirement benefit obligation at end of period			189.9						258.7
Change in plan assets:
Fair value of plan assets at beginning of period			26.1						33.7
Actual return on plan assets			(3.4)						—
Employer contributions			15.9						26.8
Participant contributions			—						0.1
Benefits paid and administrative fees (net of Medicare Part D reimbursements)			(21.2)						(34.5)
Fair value of plan assets at end of period			17.4						26.1
Funded status at end of period			(172.5)						(232.6)
Less: Current portion (included in “Accounts payable and accrued expenses”)			16.0						20.5
Noncurrent obligation (included in “Accrued postretirement benefit costs”)			$	(156.5)					$	(212.1)

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

			December 31,
			2022						2021
			(Dollars in millions)
Change in benefit obligation:
Projected benefit obligation at beginning of period			$	751.7					$	816.4
Service cost			0.1						0.2
Interest cost			21.4						20.4
Benefits paid			(55.1)						(55.9)
Actuarial gain			(137.2)						(29.4)
Projected benefit obligation at end of period			580.9						751.7
Change in plan assets:
Fair value of plan assets at beginning of period			772.4						847.5
Actual return on plan assets			(134.0)						(19.2)
Benefits paid			(55.1)						(55.9)
Fair value of plan assets at end of period			583.3						772.4
Funded status at end of period			$	2.4					$	20.7
Amounts recognized in the consolidated balance sheets:
Noncurrent asset (included in “Investments and other assets”)			$	9.9					$	28.5
Noncurrent obligation (included in “Other noncurrent liabilities”)			(7.5)						(7.8)
Net amount recognized			$	2.4					$	20.7

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,
			2022						2021
Discount rate			5.70		%				2.84		%
Measurement date			December 31, 2022						December 31, 2021

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

			Year Ended December 31,
			2022						2021						2020
Discount rate			2.84		%				2.55		%				3.40		%
Expected long-term return on plan assets (pretax)			5.75		%				5.75		%				7.00		%
Measurement date			December 31, 2021						December 31, 2020						December 31, 2019

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

			December 31,
			2022						2021
Discount rate			5.44		%				2.95		%
Measurement date			December 31, 2022						December 31, 2021

The weighted-average assumptions used to determine net periodic pension cost (credit) during each period were as follows:

			Year Ended December 31,
			2022						2021						2020
Discount rate			2.95		%				2.60		%				3.40		%
Expected long-term return on plan assets			3.20		%				2.80		%				3.60		%
Measurement date			December 31, 2021						December 31, 2020						December 31, 2019

Assumed health care cost trend rate

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

			Year Ended December 31,
			2022						2021
Pre-Medicare:
Health care cost trend rate assumed for next year			7.00		%				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			2032						2027
Post-Medicare:
Health care cost trend rate assumed for next year			6.75		%				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			2032						2027

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, 2022
			Level 1						Level 2						Level 3						Total
			(Dollars in millions)
U.S. equity securities			$	3.7					$	—					$	—					$	3.7
International equity securities			1.1						—						—						1.1
Corporate bonds			—						7.1						—						7.1
U.S. government securities			2.0						3.0						—						5.0
Cash funds			0.5						—						—						0.5
Total assets at fair value			$	7.3					$	10.1					$	—					$	17.4

			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

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)
2023			$	23.1
2024			22.3
2025			21.1
2026			20.1
2027			18.9
Years 2028-2032			75.7

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)
2023			$	76.1
2024*			11.1
2025*			11.0
2026*			10.8
2027*			10.6
Years 2028-2032*			49.6

*Estimated future benefit payments reflect Western Plan only as a result of Peabody Plan termination.

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