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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Change in Benefit Obligation, Change in Plan Assets and Components of Funded Status | The following tables present the change in benefit obligation, change in plan assets and components of funded status for defined benefit pension and post-retirement health care benefit plans.
|  | Pension Benefits |  | Health Care Benefits
(in millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Change in benefit obligation: |  |  |  |  |  |  |  |
Projected benefit obligation - beginning of year |  | $ | 549.3 |  |  | $ | 602.0 |  |  | $ | 15.8 |  |  | $ | 18.3 |
Service cost |  | 4.1 |  |  | 4.7 |  |  | — |  |  | 0.1 |
Interest cost |  | 14.1 |  |  | 14.2 |  |  | 0.4 |  |  | 0.5 |
Actuarial gain |  | (80.8) |  |  | (12.1) |  |  | (2.9) |  |  | (1.6) |
Benefits paid |  | (47.1) |  |  | (53.9) |  |  | (1.0) |  |  | (1.2) |
Other |  | (5.8) |  |  | (5.6) |  |  | (6.5) |  |  | (0.3) |
Projected benefit obligation - end of year |  | 433.8 |  |  | 549.3 |  |  | 5.9 |  |  | 15.8 |
Projected salary increases |  | (6.3) |  |  | (7.7) |  |  | — |  |  | — |
Accumulated benefit obligation |  | $ | 427.5 |  |  | $ | 541.6 |  |  | $ | 5.9 |  |  | $ | 15.8 |
Change in plan assets: |  |  |  |  |  |  |  |
Plan assets - beginning of year |  | $ | 529.3 |  |  | $ | 573.6 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  | (89.9) |  |  | 2.9 |  |  | — |  |  | — |
Company contributions |  | 6.3 |  |  | 8.6 |  |  | 1.0 |  |  | 1.2 |
Benefits paid |  | (47.0) |  |  | (53.9) |  |  | (1.0) |  |  | (1.2) |
Other |  | (2.1) |  |  | (1.9) |  |  | — |  |  | — |
Plan assets - end of year |  | $ | 396.6 |  |  | $ | 529.3 |  |  | $ | — |  |  | $ | — |
Unfunded status at end of year |  | $ | (37.2) |  |  | $ | (20.0) |  |  | $ | (5.9) |  |  | $ | (15.8) |
Amounts Included In Consolidated Balance Sheets | Amounts included in the accompanying Consolidated Balance Sheets as of December 31 are as follows:
|  | Pension Benefits |  | Health Care Benefits
(in millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Non-current assets |  | $ | 31.0 |  |  | $ | 71.1 |  |  | $ | — |  |  | $ | — |
Accrued expenses and other liabilities |  | 5.7 |  |  | 5.7 |  |  | 1.3 |  |  | 1.2 |
Pension and other post-retirement benefits |  | 62.5 |  |  | 85.3 |  |  | 4.7 |  |  | 14.6 |
Schedule of Projected and Accumulated Benefit Obligations in Excess of Plan Assets | As of December 31, 2022 and 2021, we had plans with total projected and accumulated benefit obligations in excess of the related plan assets as follows:
|  | Pension Benefits |  | Health Care Benefits
(in millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Projected benefit obligation |  | $ | 91.5 |  |  | $ | 116.6 |  |  | $ | 5.9 |  |  | $ | 15.8 |
Fair value of plan assets |  | 23.3 |  |  | 26.5 |  |  | — |  |  | — |
Accumulated benefit obligation |  | 80.2 |  |  | 108.3 |  |  | 5.9 |  |  | 15.8 |
Fair value of plan assets |  | 17.7 |  |  | 25.4 |  |  | — |  |  | — |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost and Benefit Obligation | Weighted-average assumptions used to determine benefit obligations at December 31:
|  | Pension Benefits |  | Health Care Benefits
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Discount rate |  | 4.74 | % |  | 2.69 | % |  | 5.17 | % |  | 2.85 | %
Assumed health care cost trend rates at December 31: |  |  |  |  |  |  |  |
Health care cost trend rate assumed for next year |  | N/A |  | N/A |  | 5.93 | % |  | 6.44 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) |  | N/A |  | N/A |  | 4.13 | % |  | 4.08 | %
Year that the rate reaches the ultimate trend rate |  | N/A |  | N/A |  | 2054 |  | 2065
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
|  | Pension Benefits |  | Health Care Benefits
|  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Discount rate* |  | 2.69 | % |  | 2.47 | % |  | 3.19 | % |  | 2.85 | % |  | 2.66 | % |  | 3.06 | %
Expected long-term return on plan assets* |  | 4.39 | % |  | 4.86 | % |  | 5.05 | % |  | — |  |  | — |  |  | — |
Assumed health care cost trend rates at December 31: |  |  |  |  |  |  |  |  |  |  |  |
Assumed health care cost trend rates at January 1: |  | N/A |  | N/A |  | N/A |  | 6.44 | % |  | 6.24 | % |  | 6.16 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) |  | N/A |  | N/A |  | N/A |  | 4.08 | % |  | 4.04 | % |  | 4.14 | %
Year that the rate reaches the ultimate trend rate |  | N/A |  | N/A |  | N/A |  | 2065 |  | 2066 |  | 2054
*The mark-to-market component of net periodic costs is determined based on discount rates as of year-end and actual asset returns during the year.
Components of Net Period Benefit Cost or Gain | The following table summarizes the components of net periodic benefit cost or gain that was recognized during each of the years in the three-year period ended December 31, 2022.
|  | Pension Benefits |  | Health Care Benefits
(in millions) |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Components of net periodic benefit costs (gains): |  |  |  |  |  |  |  |  |  |  |  |
Service Cost |  | $ | 4.1 |  |  | $ | 4.7 |  |  | $ | 3.0 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest Cost |  | 14.1 |  |  | 14.2 |  |  | 15.3 |  |  | 0.4 |  |  | 0.5 |  |  | 0.4 |
Expected return on plan assets |  | (22.4) |  |  | (26.9) |  |  | (25.3) |  |  | — |  |  | — |  |  | — |
Mark-to-market actuarial net losses (gains) |  | 31.4 |  |  | 11.9 |  |  | (10.8) |  |  | (2.9) |  |  | (1.6) |  |  | — |
Curtailment |  | — |  |  | (0.6) |  |  | (6.4) |  |  | — |  |  | (0.3) |  |  | — |
Net periodic cost (benefit) |  | $ | 27.2 |  |  | $ | 3.3 |  |  | $ | (24.2) |  |  | $ | (2.4) |  |  | $ | (1.3) |  |  | $ | 0.5 |
Fair Values of Pension Plan Assets | The fair values of pension plan assets at December 31, 2022 and 2021, by asset category, are as follows:
|  | Fair Value of Plan Assets at December 31, 2022
(In millions) |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Investments (at Fair Value)
Asset category |  |  |  |  |  |  |  |
Cash |  | $ | 3.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.7 |
Bonds and Notes |  | 50.0 |  |  | — |  |  | — |  |  | 50.0 |
Global Equity |  | 7.7 |  |  | — |  |  | — |  |  | 7.7 |
Other |  | — |  |  | 2.7 |  |  | 14.5 |  |  | 17.2 |
Total |  | $ | 61.4 |  |  | $ | 2.7 |  |  | $ | 14.5 |  |  | $ | 78.6 |
Investments measured at NAV: |  |  |  |  |  |  |  |
Common collective funds: |  |  |  |  |  |  |  |
United States equity |  |  |  |  |  |  |  | 42.7 |
International equity |  |  |  |  |  |  |  | 43.4 |
Global equity |  |  |  |  |  |  |  | 21.6 |
Fixed income |  |  |  |  |  |  |  | 210.3 |
Total common collective funds |  |  |  |  |  |  |  | $ | 318.0 |
Total investments at fair value |  |  |  |  |  |  |  | $ | 396.6 |
|  | Fair Value of Plan Assets at December 31, 2021
(In millions) |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Investments (at Fair Value)
Asset category |  |  |  |  |  |  |  |
Cash |  | $ | 6.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 6.5 |
Bonds and Notes |  | 68.3 |  |  | — |  |  | — |  |  | 68.3 |
Global Equity |  | 10.6 |  |  | — |  |  | — |  |  | 10.6 |
Other |  | — |  |  | 3.1 |  |  | 15.3 |  |  | 18.4 |
Total |  | $ | 85.4 |  |  | $ | 3.1 |  |  | $ | 15.3 |  |  | $ | 103.8 |
Investments at NAV |  |  |  |  |  |  |  |
Common collective funds |  |  |  |  |  |  |  |
United States equity |  |  |  |  |  |  |  | 32.7 |
International equity |  |  |  |  |  |  |  | 32.1 |
Global equity |  |  |  |  |  |  |  | 16.5 |
Fixed income |  |  |  |  |  |  |  | 344.2 |
Total common collective funds |  |  |  |  |  |  |  | $ | 425.5 |
Total investments at fair value |  |  |  |  |  |  |  | $ | 529.3 |
Estimated Future Benefit Payments | The estimated future benefit payments for our pension and health care plans are as follows:
(In millions) |  | Pension Benefits |  | Health Care benefits
2023 |  | $ | 42.5 |  |  | $ | 1.3 |
2024 |  | 39.6 |  |  | 0.6 |
2025 |  | 39.3 |  |  | 0.5 |
2026 |  | 38.0 |  |  | 0.5 |
2027 |  | 37.2 |  |  | 0.4 |
2028 through 2032 |  | 170.5 |  |  | 1.6 |
Contributions to the Retirement Savings Plan | Following are our contributions to the RSP:
(In millions) |  | 2022 |  | 2021 |  | 2020
Retirement savings match |  | $ | 12.7 |  |  | $ | 10.7 |  |  | $ | 9.9 |
Retirement savings contribution |  | — |  |  | — |  |  | 0.6 |
Total contribution |  | $ | 12.7 |  |  | $ | 10.7 |  |  | $ | 10.5 |

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