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Postretirement Health Care and Life Insurance Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Components of net periodic postretirement cost | Net periodic postretirement benefit credit included the following components:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Service cost for benefits earned | $ | 0.5 |  |  | $ | 0.8 |  |  | $ | 1.0 |
Interest cost on accumulated postretirement benefit obligation | 10.2 |  |  | 7.0 |  |  | 10.5 |
Expected return on plan assets | (0.5) |  |  | (0.8) |  |  | (1.0) |
Amortization of prior service credit | (53.8) |  |  | (53.8) |  |  | (46.4) |
Net actuarial gain | (2.6) |  |  | (51.2) |  |  | (54.5) |
Net periodic postretirement benefit credit | $ | (46.2) |  |  | $ | (98.0) |  |  | $ | (90.4) |
Net periodic pension cost included the following components:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Service cost for benefits earned | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |
Interest cost on projected benefit obligation | 20.1 |  |  | 21.4 |  |  | 20.4 |
Expected return on plan assets | (17.6) |  |  | (23.8) |  |  | (22.9) |
Settlement | (2.2) |  |  | — |  |  | — |
Net actuarial loss | — |  |  | 20.6 |  |  | 12.7 |
Net periodic pension cost | $ | 0.4 |  |  | $ | 18.3 |  |  | $ | 10.4 |
Amounts recognized in accumulated other comprehensive loss | The following includes pretax amounts recorded in “Accumulated other comprehensive income”:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Prior service credit arising during year | $ | — |  |  | $ | — |  |  | $ | (139.5) |
Amortization: |  |  |  |  |
Prior service credit | 53.8 |  |  | 53.8 |  |  | 46.4 |
Total recorded in “Accumulated other comprehensive income” | $ | 53.8 |  |  | $ | 53.8 |  |  | $ | (93.1) |
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,
| 2023 |  | 2022
| (Dollars in millions)
Change in benefit obligation: |  |  |
Accumulated postretirement benefit obligation at beginning of period | $ | 189.9 |  |  | $ | 258.7 |
Service cost | 0.5 |  |  | 0.8 |
Interest cost | 10.2 |  |  | 7.0 |
Benefits paid and administrative fees (net of Medicare Part D reimbursements) | (20.9) |  |  | (21.2) |
Actuarial gain | (1.7) |  |  | (55.4) |
Accumulated postretirement benefit obligation at end of period | 178.0 |  |  | 189.9 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of period | 17.4 |  |  | 26.1 |
Actual return on plan assets | 1.5 |  |  | (3.4) |
Employer contributions | 16.3 |  |  | 15.9 |
Benefits paid and administrative fees (net of Medicare Part D reimbursements) | (20.9) |  |  | (21.2) |
Fair value of plan assets at end of period | 14.3 |  |  | 17.4 |
Funded status at end of period | (163.7) |  |  | (172.5) |
Less: Current portion (included in “Accounts payable and accrued expenses”) | 15.3 |  |  | 16.0 |
Noncurrent obligation (included in “Accrued postretirement benefit costs”) | $ | (148.4) |  |  | $ | (156.5) |
The following summarizes the change in benefit obligation, change in plan assets and funded status of the Pension Plans:
| December 31,
| 2023 |  | 2022
| (Dollars in millions)
Change in benefit obligation: |  |  |
Projected benefit obligation at beginning of period | $ | 580.9 |  |  | $ | 751.7 |
Service cost | 0.1 |  |  | 0.1 |
Interest cost | 20.1 |  |  | 21.4 |
Benefits paid | (36.1) |  |  | (55.1) |
Actuarial loss (gain) | 3.4 |  |  | (137.2) |
Settlement | (443.2) |  |  | — |
Projected benefit obligation at end of period | 125.2 |  |  | 580.9 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of period | 583.3 |  |  | 772.4 |
Actual return on plan assets | 23.1 |  |  | (134.0) |
Employer contributions | (11.1) |  |  | — |
Benefits paid | (36.1) |  |  | (55.1) |
Settlement | (443.2) |  |  | — |
Fair value of plan assets at end of period | 116.0 |  |  | 583.3 |
Funded status at end of period | $ | (9.2) |  |  | $ | 2.4 |
Amounts recognized in the consolidated balance sheets: |  |  |
Noncurrent asset (included in “Investments and other assets”) | $ | — |  |  | $ | 9.9 |
Noncurrent obligation (included in “Other noncurrent liabilities”) | (9.2) |  |  | (7.5) |
Net amount recognized | $ | (9.2) |  |  | $ | 2.4 |
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,
| 2023 |  | 2022
Discount rate | 5.44 | % |  | 5.70 | %
Measurement date | December 31, 2023 |  | December 31, 2022
The weighted-average assumptions used to determine net periodic postretirement benefit credit for the plans during each period were as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Discount rate | 5.70 | % |  | 2.84 | % |  | 2.55 | %
Expected long-term return on plan assets (pretax) | 5.75 | % |  | 5.75 | % |  | 5.75 | %
Measurement date | December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows:
| December 31,
| 2023 |  | 2022
Discount rate | 5.40 | % |  | 5.44 | %
Measurement date | December 31, 2023 |  | December 31, 2022
The weighted-average assumptions used to determine net periodic pension cost (credit) during each period were as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Discount rate | 5.44 | % |  | 2.95 | % |  | 2.60 | %
Expected long-term return on plan assets | 4.85 | % |  | 3.20 | % |  | 2.80 | %
Measurement date | December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
Assumed health care cost trend rate | The following presents information about the assumed health care cost trend rate:
| Year Ended December 31,
| 2023 |  | 2022
Pre-Medicare: |  |  |
Health care cost trend rate assumed for next year | 6.75 | % |  | 7.00 | %
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 |  | 2032
Post-Medicare: |  |  |
Health care cost trend rate assumed for next year (1) | 9.45 | % |  | 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 | 2032 |  | 2032
(1) An additional one-time increase of 3% is applied to claims in 2024 to reflect potential reductions in payments from Center for Medicare and Medicaid Services related to the passage of the Inflation Reduction Act in August 2022.
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, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Dollars in millions)
U.S. equity securities | $ | 3.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.0 |
International equity securities | 0.9 |  |  | — |  |  | — |  |  | 0.9 |
Corporate bonds | — |  |  | 5.2 |  |  | — |  |  | 5.2 |
U.S. government securities | 1.8 |  |  | 2.8 |  |  | — |  |  | 4.6 |
Cash funds | 0.6 |  |  | — |  |  | — |  |  | 0.6 |
Total assets at fair value | $ | 6.3 |  |  | $ | 8.0 |  |  | $ | — |  |  | $ | 14.3 |
| 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 |
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)
2024 | $ | 21.3 |
2025 | 20.6 |
2026 | 19.5 |
2027 | 18.4 |
2028 | 17.4 |
Years 2029-2033 | 69.4 |
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)
2024 | $ | 11.0 |
2025 | 10.9 |
2026 | 10.8 |
2027 | 10.6 |
2028 | 10.5 |
Years 2029-2033 | 48.6 |

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