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Pension and Savings Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Pension and Savings Plans [Abstract] |
Components of net periodic pension 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 |
Summary of change in benefit obligation, change in plan assets and 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 |
Defined benefit plan, assumptions | 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
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | The following tables present the fair value of assets in the Master Trust by asset category and by fair value hierarchy:
| December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Dollars in millions)
Corporate bonds | $ | — |  |  | $ | 66.7 |  |  | $ | — |  |  | $ | 66.7 |
U.S. government securities | 19.3 |  |  | 4.1 |  |  | — |  |  | 23.4 |
International government securities | — |  |  | 1.5 |  |  | — |  |  | 1.5 |
Asset-backed securities | — |  |  | 0.5 |  |  | — |  |  | 0.5 |
Cash funds | 3.8 |  |  | — |  |  | — |  |  | 3.8 |
Total assets at fair value | $ | 23.1 |  |  | $ | 72.8 |  |  | $ | — |  |  | 95.9 |
Assets measured at net asset value practical expedient (1) |  |  |  |  |  |  |
Private mutual funds |  |  |  |  |  |  | 20.1 |
Total plan assets |  |  |  |  |  |  | $ | 116.0 |
| December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Dollars in millions)
Corporate bonds | $ | — |  |  | $ | 67.2 |  |  | $ | — |  |  | $ | 67.2 |
U.S. government securities | 23.3 |  |  | 2.8 |  |  | — |  |  | 26.1 |
International government securities | — |  |  | 2.0 |  |  | — |  |  | 2.0 |
Asset-backed securities | — |  |  | 0.7 |  |  | — |  |  | 0.7 |
Cash funds | 9.8 |  |  | — |  |  | — |  |  | 9.8 |
Group annuity contract | — |  |  | — |  |  | 430.1 |  |  | 430.1 |
Real estate interests | — |  |  | — |  |  | 0.3 |  |  | 0.3 |
Total assets at fair value | $ | 33.1 |  |  | $ | 72.7 |  |  | $ | 430.4 |  |  | 536.2 |
Assets measured at net asset value practical expedient (1) |  |  |  |  |  |  |
Private mutual funds |  |  |  |  |  |  | 47.1 |
Total plan assets |  |  |  |  |  |  | $ | 583.3 |
(1) In accordance with Accounting Standards Update 2015-07, investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the tables are intended to permit reconciliation of the fair value hierarchy to the total value of assets of the plans.
Summary of changes in the fair value of the Master Trust's Level 3 investments | The table below sets forth a summary of changes in the fair value of the Master Trust’s Level 3 investments:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Balance, beginning of period | $ | 430.4 |  |  | $ | 0.3 |  |  | $ | 1.2 |
Realized (losses) gains | (10.4) |  |  | 0.1 |  |  | 0.9 |
Unrealized losses relating to investments still held at the reporting date | — |  |  | (68.8) |  |  | (0.6) |
Purchases, sales and settlements, net | (420.0) |  |  | 498.8 |  |  | (1.2) |
Balance, end of period | $ | — |  |  | $ | 430.4 |  |  | $ | 0.3 |
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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- 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 -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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