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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Postemployment Benefits [Abstract] |
Schedule of Defined Benefit Plans Disclosures | The following tables summarize the weighted average assumptions used and components of our defined benefit postretirement plans at December 31, 2022 and 2021.
| Pensions |  | Other Benefits
| December 31,
In millions, except percentages | 2022 |  | 2021 |  | 2022 |  | 2021
Following are the weighted average assumptions used to determine the benefit obligations at December 31: |  |  |  |  |  |  |
Discount rate - qualified benefit plans | 5.00 | % |  | 2.75 | % |  | — | % |  | — | %
Discount rate - non-qualified benefit plans | 5.00 | % |  | 2.65 | % |  | 4.90 | % |  | 2.60 | %
Rate of compensation increase | N/A |  | N/A |  | N/A |  | N/A
Change in projected benefit obligation |  |  |  |  |  |  |
Projected benefit obligation at January 1 | $ | 45.0 |  |  | $ | 45.0 |  |  | $ | 0.9 |  |  | $ | 1.0 |
Service cost | 1.5 |  |  | 1.7 |  |  | — |  |  | — |
Interest cost | 1.2 |  |  | 1.1 |  |  | — |  |  | — |
Actuarial loss (gain) | (14.2) |  |  | (2.1) |  |  | (0.1) |  |  | (0.1) |
Plan amendments | 0.5 |  |  | 0.3 |  |  | (0.1) |  |  | — |
Benefit payments | (1.2) |  |  | (1.0) |  |  | — |  |  | — |
Projected benefit obligation at December 31 (1) | 32.8 |  |  | 45.0 |  |  | 0.7 |  |  | 0.9 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan asset at January 1 | 31.8 |  |  | 31.2 |  |  | — |  |  | — |
Actual return on plan assets | (7.8) |  |  | 1.4 |  |  | — |  |  | — |
Company contributions | 0.3 |  |  | 0.2 |  |  | — |  |  | — |
Benefit payments | (1.2) |  |  | (1.0) |  |  | — |  |  | — |
Fair value of plan assets at December 31 | 23.1 |  |  | 31.8 |  |  | — |  |  | — |
Funded Status |  |  |  |  |  |  |
Net Funded Status of the Plan (Liability) | $ | (9.7) |  |  | $ | (13.2) |  |  | $ | (0.7) |  |  | $ | (0.9) |
| Pensions |  | Other Benefits
| December 31,
In millions | 2022 |  | 2021 |  | 2022 |  | 2021
Amount recognized on the consolidated balance sheets: |  |  |  |  |  |  |
Pension and other postretirement benefit asset (2) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Pension and other postretirement benefit (liability) (2) | (9.7) |  |  | (13.2) |  |  | (0.7) |  |  | (0.9) |
Total Net Funded Status of the Plan (Liability) | $ | (9.7) |  |  | $ | (13.2) |  |  | $ | (0.7) |  |  | $ | (0.9) |
_______________ (1) The accumulated benefit obligation for all years presented equals the projected benefit obligation for each plan, respectively. (2) Asset balance is included within "Other assets" and liability balances are included within "Other liabilities" on the consolidated balance sheet. Amounts Recognized in Other Comprehensive Income (Loss) Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows:
| Years Ended December 31,
| Pensions |  | Other Benefits |  | Total
In millions | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Current year net actuarial loss (gain) | $ | (4.7) |  |  | $ | (2.1) |  |  | $ | 2.3 |  |  | $ | (0.1) |  |  | $ | (0.1) |  |  | $ | 0.1 |  |  | $ | (4.8) |  |  | $ | (2.2) |  |  | $ | 2.4 |
Current year prior service cost (credit) | 0.5 |  |  | 0.3 |  |  | 0.3 |  |  | (0.1) |  |  | — |  |  | — |  |  | 0.4 |  |  | 0.3 |  |  | 0.3 |
Amortization of net actuarial (loss) gain and prior service (cost) credit | (0.1) |  |  | (0.2) |  |  | (0.2) |  |  | — |  |  | — |  |  | — |  |  | (0.1) |  |  | (0.2) |  |  | (0.2) |
Settlement and curtailment (charges) income, net | (0.2) |  |  | — |  |  | (0.1) |  |  | — |  |  | — |  |  | — |  |  | (0.2) |  |  | — |  |  | (0.1) |
Total recognized in other comprehensive (income) loss, before taxes | (4.5) |  |  | (2.0) |  |  | 2.3 |  |  | (0.2) |  |  | (0.1) |  |  | 0.1 |  |  | (4.7) |  |  | (2.1) |  |  | 2.4 |
Total recognized in other comprehensive (income) loss, after taxes | $ | (3.4) |  |  | $ | (1.5) |  |  | $ | 1.7 |  |  | $ | (0.2) |  |  | $ | (0.1) |  |  | $ | 0.1 |  |  | $ | (3.6) |  |  | $ | (1.6) |  |  | $ | 1.8 |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) The amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit cost are as follows:
| December 31,
| Pensions |  | Other Benefits |  | Total
In millions | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Net actuarial (gain) loss | $ | (1.6) |  |  | $ | 3.1 |  |  | $ | (0.1) |  |  | $ | 0.1 |  |  | $ | (1.7) |  |  | $ | 3.2 |
Prior service cost (credit) | 1.3 |  |  | 1.0 |  |  | (0.1) |  |  | — |  |  | 1.2 |  |  | 1.0 |
Accumulated other comprehensive (income) loss, before taxes | (0.3) |  |  | 4.1 |  |  | (0.2) |  |  | 0.1 |  |  | (0.5) |  |  | 4.2 |
Accumulated other comprehensive (income) loss, after taxes | $ | (0.2) |  |  | $ | 3.1 |  |  | $ | (0.2) |  |  | $ | 0.1 |  |  | $ | (0.4) |  |  | $ | 3.2 |
The following table summarizes the weighted-average assumptions used for the components of net annual benefit cost:
| Years Ended December 31,
| Pensions |  | Other Benefits
In millions, except percentages | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Discount rate - qualified benefit plans (1) | 2.75 | % |  | 2.45 | % |  | 3.15 | % |  | — | % |  | — | % |  | — | %
Discount rate - non-qualified benefit plans (1) | 2.65 | % |  | 2.30 | % |  | 3.10 | % |  | 2.60 | % |  | 2.20 | % |  | 3.05 | %
Expected return on plan assets | 5.50 | % |  | 4.50 | % |  | 4.50 | % |  | N/A |  | N/A |  | N/A
Components of net annual benefit cost: |  |  |  |  |  |  |  |  |  |  |
Service cost (2) | $ | 1.5 |  |  | $ | 1.7 |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost (3) | 1.2 |  |  | 1.1 |  |  | 1.2 |  |  | — |  |  | — |  |  | — |
Expected return on plan assets (3) | (1.7) |  |  | (1.4) |  |  | (1.2) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (2) | 0.2 |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |
Amortization of net actuarial and other (gain) loss (3) | — |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |
Recognized (gain) loss due to curtailments (4) | 0.2 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | — |
Net annual benefit cost | $ | 1.4 |  |  | $ | 1.6 |  |  | $ | 1.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
_______________ (1) The discount rate used to calculate pension and other post-retirement obligations was based on a review of available yields on high-quality corporate bonds. In selecting a discount rate, we placed particular emphasis on a discount rate yield-curve provided by our third-party actuary, which takes into consideration the projected cash flows that represent the expected timing and amount of our plans' benefit payments. (2) Amounts are recorded to "Cost of sales" on our consolidated statements of operations consistent with the employee compensation costs that participate in the plan. (3) Amounts are recorded to "Other (income) expense, net" on our consolidated statements of operations. (4) Our pension and postretirement settlement and curtailment (income) charges are related to the acceleration of prior service costs as a result of a reduction in the number of participants within the Union Hourly defined benefit pension plan during 2022 and 2020. The following table reflects the estimated future benefit payments for our pension and other postretirement benefit plans. These estimates take into consideration expected future service, as appropriate.
In millions | Pensions |  | Other Benefits
2023 | $ | 1.1 |  |  | $ | — |
2024 | 1.2 |  |  | — |
2025 | 1.4 |  |  | — |
2026 | 1.5 |  |  | — |
2027 | 1.6 |  |  | — |
2028-2032 | 10.2 |  |  | 0.2 |
Fair Value, Assets Measured on Recurring Basis | The following table presents our fair value hierarchy for our major categories of pension plan assets by asset class.
In millions | December 31, 2022 |  | Level 1 |  | Level 2 |  | Level 3 |  | Investments Measured at Net Asset Value
Cash and short-term investments | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Mutual funds | 6.7 |  |  | 6.7 |  |  | — |  |  | — |  |  | — |
Pooled funds | 14.5 |  |  | — |  |  | — |  |  | — |  |  | 14.5 |
Other | 1.7 |  |  | — |  |  | 1.7 |  |  | — |  |  | — |
Total assets | $ | 23.1 |  |  | $ | 6.9 |  |  | $ | 1.7 |  |  | $ | — |  |  | $ | 14.5 |
In millions | December 31, 2021 |  | Level 1 |  | Level 2 |  | Level 3 |  | Investments Measured at Net Asset Value
Cash and short-term investments | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Mutual funds | 9.2 |  |  | 9.2 |  |  | — |  |  | — |  |  | — |
Pooled funds | 20.3 |  |  | — |  |  | — |  |  | — |  |  | 20.3 |
Other | 2.1 |  |  | — |  |  | 2.1 |  |  | — |  |  | — |
Total assets | $ | 31.8 |  |  | $ | 9.4 |  |  | $ | 2.1 |  |  | $ | — |  |  | $ | 20.3 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 + Details
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