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Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Change In Benefit Obligation | The following table summarizes the change in plan assets and changes in benefit obligations:
| Pension Benefits |  | Other Postretirement Benefits
(Dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets as of January 1 | $ | 26.3 |  |  | $ | 33.5 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 1.9 |  |  | (5.6) |  |  | — |  |  | — |
Settlement | (0.3) |  |  | — |  |  | — |  |  | — |
Employer contributions | 0.3 |  |  | — |  |  | — |  |  | — |
Benefit payments | (1.5) |  |  | (1.6) |  |  | — |  |  | — |
Fair value of plan assets as of December 31 | $ | 26.7 |  |  | $ | 26.3 |  |  | $ | — |  |  | $ | — |
Change in plan benefit obligations: |  |  |  |  |  |  |
Fair value of plan benefit obligations as of January 1 | $ | 21.3 |  |  | $ | 28.7 |  |  | $ | 1.4 |  |  | $ | 1.4 |
Service cost | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Interest cost | 1.1 |  |  | 0.7 |  |  | 0.1 |  |  | — |
Actuarial (gain) loss | 0.8 |  |  | (6.6) |  |  | — |  |  | (0.1) |
Settlement | (0.3) |  |  | — |  |  | — |  |  | — |
Benefit payments | (1.5) |  |  | (1.5) |  |  | — |  |  | — |
Fair value of plan benefit obligations as of December 31 | $ | 21.4 |  |  | $ | 21.3 |  |  | $ | 1.6 |  |  | $ | 1.4 |
Amount overfunded (underfunded) | $ | 5.3 |  |  | $ | 5.0 |  |  | $ | (1.6) |  |  | $ | (1.4) |
Schedule of Change in Plan Assets | The following table summarizes the change in plan assets and changes in benefit obligations:
| Pension Benefits |  | Other Postretirement Benefits
(Dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets as of January 1 | $ | 26.3 |  |  | $ | 33.5 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 1.9 |  |  | (5.6) |  |  | — |  |  | — |
Settlement | (0.3) |  |  | — |  |  | — |  |  | — |
Employer contributions | 0.3 |  |  | — |  |  | — |  |  | — |
Benefit payments | (1.5) |  |  | (1.6) |  |  | — |  |  | — |
Fair value of plan assets as of December 31 | $ | 26.7 |  |  | $ | 26.3 |  |  | $ | — |  |  | $ | — |
Change in plan benefit obligations: |  |  |  |  |  |  |
Fair value of plan benefit obligations as of January 1 | $ | 21.3 |  |  | $ | 28.7 |  |  | $ | 1.4 |  |  | $ | 1.4 |
Service cost | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Interest cost | 1.1 |  |  | 0.7 |  |  | 0.1 |  |  | — |
Actuarial (gain) loss | 0.8 |  |  | (6.6) |  |  | — |  |  | (0.1) |
Settlement | (0.3) |  |  | — |  |  | — |  |  | — |
Benefit payments | (1.5) |  |  | (1.5) |  |  | — |  |  | — |
Fair value of plan benefit obligations as of December 31 | $ | 21.4 |  |  | $ | 21.3 |  |  | $ | 1.6 |  |  | $ | 1.4 |
Amount overfunded (underfunded) | $ | 5.3 |  |  | $ | 5.0 |  |  | $ | (1.6) |  |  | $ | (1.4) |
Schedule Of Amounts Recognized In Consolidated Balance Sheet | The pension-related balances reflected in the consolidated statements of financial position consisted of the following:
| Pension Benefits |  | Other Postretirement Benefits
| As of December 31, |  | As of December 31,
(Dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Assets & Liabilities: |  |  |  |  |  |  |
Non-current assets | $ | 5.3 |  |  | $ | 5.2 |  |  | $ | — |  |  | $ | — |
Current liabilities | — |  |  | — |  |  | (0.2) |  |  | (0.2) |
Non-current liabilities | — |  |  | (0.2) |  |  | (1.4) |  |  | (1.2) |
Net assets (liabilities) | $ | 5.3 |  |  | $ | 5.0 |  |  | $ | (1.6) |  |  | $ | (1.4) |
Accumulated Other Comprehensive Loss: |  |  |  |  |  |  |
Net actuarial (loss) gain | $ | (11.6) |  |  | $ | (11.8) |  |  | $ | 0.2 |  |  | $ | 0.2 |
Accumulated other comprehensive (loss) income | $ | (11.6) |  |  | $ | (11.8) |  |  | $ | 0.2 |  |  | $ | 0.2 |
Schedule Of Net Periodic Benefit Cost Not Yet Recognized | The pension-related balances reflected in the consolidated statements of financial position consisted of the following:
| Pension Benefits |  | Other Postretirement Benefits
| As of December 31, |  | As of December 31,
(Dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Assets & Liabilities: |  |  |  |  |  |  |
Non-current assets | $ | 5.3 |  |  | $ | 5.2 |  |  | $ | — |  |  | $ | — |
Current liabilities | — |  |  | — |  |  | (0.2) |  |  | (0.2) |
Non-current liabilities | — |  |  | (0.2) |  |  | (1.4) |  |  | (1.2) |
Net assets (liabilities) | $ | 5.3 |  |  | $ | 5.0 |  |  | $ | (1.6) |  |  | $ | (1.4) |
Accumulated Other Comprehensive Loss: |  |  |  |  |  |  |
Net actuarial (loss) gain | $ | (11.6) |  |  | $ | (11.8) |  |  | $ | 0.2 |  |  | $ | 0.2 |
Accumulated other comprehensive (loss) income | $ | (11.6) |  |  | $ | (11.8) |  |  | $ | 0.2 |  |  | $ | 0.2 |
Schedule of Projected Benefit Obligation and Fair Value of Plan Assets | The PBO, ABO, and fair value of plan assets for our pension plan with plan assets in excess of its PBO or ABO were as follows:
(Dollars in millions) | 2023 |  | 2022
Projected benefit obligation | $ | 21.5 |  |  | $ | 21.0 |
Accumulated benefit obligation | $ | 21.5 |  |  | $ | 21.0 |
Fair value of plan assets | $ | 26.7 |  |  | $ | 26.3 |
The PBO and ABO of plan assets for our other postretirement benefit plans with a PBO or ABO in excess of plan assets were as follows:
(Dollars in millions) | 2023 |  | 2022
Projected benefit obligation | $ | (1.6) |  |  | $ | (1.4) |
Accumulated benefit obligation | $ | (1.6) |  |  | $ | (1.4) |
Fair value of plan assets | $ | — |  |  | $ | — |
Schedule of Accumulated Benefit Obligation and Fair Value of Plan Assets | The PBO, ABO, and fair value of plan assets for our pension plan with plan assets in excess of its PBO or ABO were as follows:
(Dollars in millions) | 2023 |  | 2022
Projected benefit obligation | $ | 21.5 |  |  | $ | 21.0 |
Accumulated benefit obligation | $ | 21.5 |  |  | $ | 21.0 |
Fair value of plan assets | $ | 26.7 |  |  | $ | 26.3 |
The PBO and ABO of plan assets for our other postretirement benefit plans with a PBO or ABO in excess of plan assets were as follows:
(Dollars in millions) | 2023 |  | 2022
Projected benefit obligation | $ | (1.6) |  |  | $ | (1.4) |
Accumulated benefit obligation | $ | (1.6) |  |  | $ | (1.4) |
Fair value of plan assets | $ | — |  |  | $ | — |
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit cost (credit) were as follows:
| Pension Benefits |  | Other Postretirement Benefits
| Years Ended December 31, |  | Years Ended December 31,
(Dollars in millions) | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost | 1.1 |  |  | 0.7 |  |  | 0.7 |  |  | 0.1 |  |  | — |  |  | — |
Expected return of plan assets | (1.4) |  |  | (1.3) |  |  | (1.5) |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.1) |
Amortization of net loss (gain) | 0.5 |  |  | 0.4 |  |  | 0.4 |  |  | — |  |  | — |  |  | — |
Settlement | 0.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (credit) | $ | 0.3 |  |  | $ | (0.2) |  |  | $ | (0.4) |  |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | — |
Schedule of Weighted-Average Assumptions Used | The key plan assumptions utilized in our annual plan measurements were as follows:
| Pension Benefits |  | Other Postretirement Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Weighted average assumptions used in benefit obligations: |  |  |  |  |  |  |
Discount rate | 4.75 | % |  | 5.25 | % |  | 4.75 | % |  | 5.00 | %
Weighted average assumptions used in net periodic benefit costs: |  |  |  |  |  |  |
Discount rate | 5.25 | % |  | 2.75 | % |  | 5.00 | % |  | 2.25 | %
Expected long-term rate of return on assets | 5.59 | % |  | 4.17 | % |  | — | % |  | — | %
Schedule of Allocation Of Plan Assets | The following table presents the fair value of the pension plan net assets by asset category and level, within the fair value hierarchy, as of December 31, 2023 and 2022:
| Fair Value of Plan Assets as of December 31, 2023
(Dollars in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fixed income bonds | $ | 0.2 |  |  | $ | 22.3 |  |  | $ | — |  |  | $ | 22.5 |
Mutual funds | 3.0 |  |  | — |  |  | — |  |  | 3.0 |
Pooled separate accounts | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Guaranteed deposit account | — |  |  | — |  |  | 1.1 |  |  | 1.1 |
Total plan assets at fair value | $ | 3.2 |  |  | $ | 22.4 |  |  | $ | 1.1 |  |  | $ | 26.7 |
| Fair Value of Plan Assets as of December 31, 2022
(Dollars in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fixed income bonds | $ | — |  |  | $ | 22.2 |  |  | $ | — |  |  | $ | 22.2 |
Mutual funds | 2.5 |  |  | — |  |  | — |  |  | 2.5 |
Pooled separate accounts | — |  |  | 0.5 |  |  | — |  |  | 0.5 |
Guaranteed deposit account | — |  |  | — |  |  | 1.1 |  |  | 1.1 |
Total plan assets at fair value | $ | 2.5 |  |  | $ | 22.7 |  |  | $ | 1.1 |  |  | $ | 26.3 |
Schedule of Changes in Fair Value of Level 3 Assets | The following table presents a summary of changes in the fair value of the guaranteed deposit account’s Level 3 assets for the year ended December 31, 2023:
(Dollars in millions) | Guaranteed Deposit Account
Balance as of December 31, 2022 | $ | 1.1 |
Change in unrealized gain (loss) | — |
Purchases, sales, issuances and settlements (net) | — |
Balance as of December 31, 2023 | $ | 1.1 |
Schedule of Future Benefit Payments | The following table sets forth the expected benefit payments to be paid for our pension plans and our other postretirement benefit plans:
(Dollars in millions) | Pension Benefits |  | Other Postretirement Benefits
2024 | $ | 1.7 |  |  | $ | 0.2 |
2025 | $ | 1.7 |  |  | $ | 0.2 |
2026 | $ | 1.7 |  |  | $ | 0.2 |
2027 | $ | 1.7 |  |  | $ | 0.2 |
2028 | $ | 1.6 |  |  | $ | 0.1 |
2029-2033 | $ | 7.6 |  |  | $ | 0.8 |

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