XML 79 R49.htm IDEA: XBRL DOCUMENT v3.25.0.1

Postretirement Health Care and Life Insurance Benefits (Tables)

12 Months Ended

Dec. 31, 2024

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,
			2024						2023						2022
			(Dollars in millions)
Service cost for benefits earned			$	0.5					$	0.5					$	0.8
Interest cost on accumulated postretirement benefit obligation			9.1						10.2						7.0
Expected return on plan assets			(0.4)						(0.5)						(0.8)
Amortization of prior service credit			(53.0)						(53.8)						(53.8)
Net actuarial gain			(17.0)						(2.6)						(51.2)
Net periodic postretirement benefit credit			$	(60.8)					$	(46.2)					$	(98.0)

Net periodic pension cost included the following components:

			Year Ended December 31,
			2024						2023						2022
			(Dollars in millions)
Service cost for benefits earned			$	0.1					$	0.1					$	0.1
Interest cost on projected benefit obligation			6.5						20.1						21.4
Expected return on plan assets			(4.9)						(17.6)						(23.8)
Settlement			—						(2.2)						—
Net actuarial loss			1.9						—						20.6
Net periodic pension cost			$	3.6					$	0.4					$	18.3

Amounts recognized in accumulated other comprehensive loss

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

			Year Ended December 31,
			2024						2023						2022
			(Dollars in millions)
Prior service credit arising during year			$	(6.5)					$	—					$	—
Amortization:
Prior service credit			53.0						53.8						53.8
Total recorded in “Accumulated other comprehensive income”			$	46.5					$	53.8					$	53.8

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,
			2024						2023
			(Dollars in millions)
Change in benefit obligation:
Accumulated postretirement benefit obligation at beginning of period			$	178.0					$	189.9
Service cost			0.5						0.5
Interest cost			9.1						10.2
Plan amendments			(6.5)						—
Benefits paid and administrative fees (net of Medicare Part D reimbursements)			(18.8)						(20.9)
Actuarial gain			(16.9)						(1.7)
Accumulated postretirement benefit obligation at end of period			145.4						178.0
Change in plan assets:
Fair value of plan assets at beginning of period			14.3						17.4
Actual return on plan assets			0.5						1.5
Employer contributions			15.3						16.3
Benefits paid and administrative fees (net of Medicare Part D reimbursements)			(18.8)						(20.9)
Fair value of plan assets at end of period			11.3						14.3
Funded status at end of period			(134.1)						(163.7)
Less: Current portion (included in “Accounts payable and accrued expenses”)			13.7						15.3
Noncurrent obligation (included in “Accrued postretirement benefit costs”)			$	120.4					$	148.4

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

			December 31,
			2024						2023
			(Dollars in millions)
Change in benefit obligation:
Projected benefit obligation at beginning of period			$	125.2					$	580.9
Service cost			0.1						0.1
Interest cost			6.5						20.1
Benefits paid			(10.7)						(36.1)
Actuarial (gain) loss			(3.5)						3.4
Settlement			—						(443.2)
Projected benefit obligation at end of period			117.6						125.2
Change in plan assets:
Fair value of plan assets at beginning of period			116.0						583.3
Actual return on plan assets			(0.5)						23.1
Employer contributions			—						(11.1)
Benefits paid			(10.7)						(36.1)
Settlement			—						(443.2)
Fair value of plan assets at end of period			104.8						116.0
Funded status at end of period			$	(12.8)					$	(9.2)
Amounts recognized in the consolidated balance sheets:
Noncurrent obligation (included in “Other noncurrent liabilities”)			$	12.8					$	9.2

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,
			2024						2023
Discount rate			5.70		%				5.44		%
Measurement date			December 31, 2024						December 31, 2023

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,
			2024						2023						2022
Discount rate			5.44		%				5.70		%				2.84		%
Expected long-term return on plan assets (pretax)			5.75		%				5.75		%				5.75		%
Measurement date			December 31, 2023						December 31, 2022						December 31, 2021

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

			December 31,
			2024						2023
Discount rate			5.70		%				5.40		%
Measurement date			December 31, 2024						December 31, 2023

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

			Year Ended December 31,
			2024						2023						2022
Discount rate			5.40		%				5.44		%				2.95		%
Expected long-term return on plan assets			4.40		%				4.85		%				3.20		%
Measurement date			December 31, 2023						December 31, 2022						December 31, 2021

Assumed health care cost trend rate

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

			Year Ended December 31,
			2024						2023
Pre-Medicare:
Health care cost trend rate assumed for next year			6.50		%				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
Post-Medicare:
Health care cost trend rate assumed for next year (1)			6.15		%				9.45		%
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% was 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, 2024
			Level 1						Level 2						Level 3						Total
			(Dollars in millions)
U.S. equity securities			$	2.7					$	—					$	—					$	2.7
International equity securities			0.7						—						—						0.7
Corporate bonds			—						3.5						—						3.5
U.S. government securities			1.1						2.7						—						3.8
Cash funds			0.6						—						—						0.6
Total assets at fair value			$	5.1					$	6.2					$	—					$	11.3

			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

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)
2025			$	18.7
2026			17.6
2027			16.6
2028			15.6
2029			14.5
Years 2030-2034			58.0

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)
2025			$	10.9
2026			10.7
2027			10.6
2028			10.4
2029			10.2
Years 2030-2034			47.1

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://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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
-Topic 715
-SubTopic 20
-Subparagraph (b)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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
-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

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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
-Topic 715
-SubTopic 20
-Subparagraph (l)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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
-Topic 715
-SubTopic 20
-Subparagraph (j)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

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