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Pension Benefits | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Pension Benefits | PENSION BENEFITS The Company previously sponsored a qualified defined benefit pension plan (the “Pension Plan”). Effective January 1, 2006, the Pension Plan was closed to new hires and, effective June 30, 2016, benefit accruals were frozen for substantially all of the participants under the Pension Plan. The Pension Plan has since been fully terminated. In the third quarter of 2023, all plan liabilities were settled by either a lump-sum distribution or assumed by a third-party in exchange for a transfer of assets from the pension plan trust fund. After giving effect to these transactions, the Company recorded a $70.2 million noncash settlement charge ($55.5 million after-tax) for the unamortized net unrecognized postretirement benefit costs related to the settled obligations. As of December 31, 2023, $16.3 million of assets remained in the pension trust and was included within Other Assets in the accompanying Consolidated Balance Sheet. During the second quarter of 2024, the Company received $2.7 million as a post-settlement adjustment which was recorded in Insurance and Other Expenses in the accompanying Consolidated Statements of Income (Loss). As of September 30, 2024, $17.8 million of net assets remained in the pension trust after post-settlement adjustment, administrative, and investment activity. During the fourth quarter of 2024, the Company distributed $4.7 million to eligible participants in the Company’s defined contribution benefit plans and reverted the remaining $13.1 million of assets for general corporate use. As of December 31, 2024, no assets remained in the pension trust. The Company incurred $7.3 million of pre- and post-tax expenses related to the reversion of assets within the pension trust, which included $4.7 million distributed to eligible participants in the Company’s defined contribution benefit plans and $2.6 million of excise taxes paid by the Company on the remaining $13.1 million made available for general corporate use. NOTE 20. PENSION BENEFITS (Continued) Changes in Fair Value of Plan Assets and Changes in Projected Benefit Obligation for the Pension Plan for the years ended December 31, 2024 and 2023 is presented below.
DOLLARS IN MILLIONS |  | 2024 |  | 2023
Fair Value of Plan Assets at Beginning of Year |  | $ | 16.3 |  |  | $ | 315.8 |
Actual Return on Plan Assets |  | (1.1) |  |  | 7.1 |
Benefits Paid |  | — |  |  | (100.9) |
Settlement Benefits |  | 2.6 |  |  | (205.7) |
Assets contributed to 401(k) Plan |  | (4.7) |  |  | — |
Assets reverted to the Company |  | (13.1) |  |  | — |
Fair Value of Plan Assets at End of Year |  | — |  |  | 16.3 |
Projected Benefit Obligation at Beginning of Year |  | — |  |  | 292.2 |
Interest Cost |  | — |  |  | 8.4 |
Benefits Paid |  | — |  |  | (100.9) |
Settlement Benefits |  | — |  |  | (205.7) |
Actuarial Gains |  | — |  |  | 6.0 |
Projected Benefit Obligation at End of Year |  | — |  |  | — |
Funded Status—Plan Assets in Excess of Projected Benefit Obligation |  | $ | — |  |  | $ | 16.3 |
Unamortized Amount Reported in AOCI at End of Year |  | $ | — |  |  | $ | — |
Accumulated Benefit Obligation at End of Year |  | $ | — |  |  | $ | — |
The measurement dates of the assets and liabilities at end of year presented in the preceding table under the headings, “2024” and “2023” were December 31, 2024 and December 31, 2023, respectively. Asset allocations for the Pension Plan at December 31, 2024 and 2023 by asset category were:
ASSET CATEGORY |  | 2024 |  | 2023
Cash and Short-term Investments |  | — | % |  | 100 | %
Total |  | — | % |  | 100 | %
The fair values of pension plan assets are estimated using the same methodologies and inputs as those used to determine the fair values for the respective asset category of the Company. These methodologies and inputs are disclosed in Note 14, “Fair Value Measurements,” to the Consolidated Financial Statements. Fair value measurements for the Pension Plan’s assets at December 31, 2023 are summarized below.
DOLLARS IN MILLIONS |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Measured at Net Asset Value |  | Fair Value
Equity Securities: |  |  |  |  |  |  |  |  |  |
Other Equity Interests: |  |  |  |  |  |  |  |  |  |
Limited Liability Companies and Limited Partnerships |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Short-term Investments |  | 16.2 |  |  | — |  |  | — |  |  | — |  |  | 16.2 |
Total |  | $ | 16.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 16.3 |
NOTE 20. PENSION BENEFITS (Continued) The components of Comprehensive Pension (Income) Expense for the Pension Plan for the years ended December 31, 2024, 2023 and 2022 were:
DOLLARS IN MILLIONS |  | 2024 |  | 2023 |  | 2022
Service Cost Earned During the Year |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest Cost on Projected Benefit Obligation |  | — |  |  | 8.4 |  |  | 8.7 |
Expected Return on Plan Assets |  | — |  |  | (7.9) |  |  | (7.4) |
Amortization of Prior Service Cost |  | — |  |  | 0.4 |  |  | 0.7 |
Amortization of Actuarial Loss |  | — |  |  | — |  |  | 1.8 |
Settlement (Income) Expense |  | (2.6) |  |  | 70.2 |  |  | — |
Pension (Income) Expense Recognized in Consolidated Statements of Income (Loss) |  | (2.6) |  |  | 71.1 |  |  | 3.8 |
Unrecognized Pension Loss Arising During the Year |  | — |  |  | — |  |  | (12.0) |
Prior Service Cost Arising During the Year |  | — |  |  | — |  |  | — |
Amortization of Prior Service Cost |  | — |  |  | — |  |  | (0.7) |
Amortization of Accumulated Unrecognized Pension Loss |  | — |  |  | — |  |  | (1.8) |
Comprehensive Pension (Income) Expense |  | $ | (2.6) |  |  | $ | 71.1 |  |  | $ | (10.7) |
The weighted-average discount rate, service cost discount rate, interest cost discount rate, rate of increase in future compensation levels and expected long-term rate of return on plan assets used to develop the components of Pension Expense for the Pension Plan for the years ended December 31, 2024, 2023 and 2022 were:
|  | 2024 |  | 2023 |  | 2022
Weighted-average Discount Rate |  | — | % |  | 5.05 | % |  | 2.89 | %
Interest Cost Discount Rate |  | — |  |  | 4.92 |  |  | 2.35 |
Rate of Increase in Future Compensation Levels |  | N/A |  | N/A |  | 3.40 |
Expected Long Term Rate of Return on Plan Assets |  | — |  |  | 3.79 |  |  | 2.08 |
The Company did not contribute to the Pension Plan in 2022, 2023 or 2024. The Company also sponsors a non-qualified supplemental defined benefit pension plan (the “Supplemental Plan”). Benefit accruals for all par ticipants in the Supplemental Plan were frozen effective June 30, 2016. The unfunded liability related to the Supplemental Plan was $20.1 million and $21.8 million at December 31, 2024 and 2023, respectively. Pension expense for the Supplemental Plan was $1.0 million, $1.0 million, and $0.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. There was a pre-tax actuarial gain of $0.8 million, loss of $0.7 million, and gain of $4.8 million included in Other Comprehensive Income (Loss) for the years ended December 31, 2024, 2023 and 2022, respectively. The Company also sponsors several defined contribution benefit plans covering most of its employees. The Company made contributions to those plans of $24.3 million, $27.5 million and $30.6 million in 2024, 2023 and 2022, respectively, excluding the $4.7 million contributed during the fourth quarter of 2024 as part of the reversion of assets remaining in the pension trust.

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