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Retirement Benefits Plans | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Retirement Benefits Plans | 9. Retirement Benefits Plans Postretirement Health Care and Life Insurance Plans The Company has plans which provide health care and life insurance benefits for many of its retirees (“postretirement benefit plans”). The postretirement benefit plans are unfunded and the costs are borne by the Company. Effective January 1, 2011, postretirement medical benefits for future retirees were phased out or eliminated for non-mining employees with less than ten years of service. Postretirement benefit plans expense consisted of the following components:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (Dollars in millions)
Interest cost on benefit obligations | $ | 0.6 |  |  | $ | 0.5 |  |  | $ | 0.7 |
Amortization of: |  |  |  |  |
Actuarial losses | 0.7 |  |  | 0.8 |  |  | 0.7 |
Prior service benefit | (0.2) |  |  | (0.4) |  |  | (0.5) |
Total expense | $ | 1.1 |  |  | $ | 0.9 |  |  | $ | 0.9 |
Postretirement benefit plans expense is determined using actuarial assumptions as of the beginning of the year or using weighted-average assumptions when curtailments, settlements and/or other events require a plan remeasurement. The following assumptions were used to determine postretirement benefit plans expense:
| December 31,
| 2022 |  | 2021 |  | 2020
Discount rate | 2.50 | % |  | 2.00 | % |  | 2.90 | %
The following amounts were recognized as components of other comprehensive income (loss) before related tax impacts:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (Dollars in millions)
Reclassifications to earnings of: |
Actuarial loss amortization | $ | 0.7 |  |  | $ | 0.8 |  |  | $ | 0.7 |
Prior service benefit amortization | (0.2) |  |  | (0.4) |  |  | (0.5) |
Retirement benefit plan funded status adjustments: |  |  |  |  |
Actuarial gains (losses) | 4.0 |  |  | 1.3 |  |  | (2.0) |
| $ | 4.5 |  |  | $ | 1.7 |  |  | $ | (1.8) |
The following table sets forth the components of the changes in benefit obligations:
| Years Ended December 31,
| 2022 |  | 2021
| (Dollars in millions)
Benefit obligation at beginning of year | $ | 24.4 |  |  | $ | 27.5 |
Interest cost | 0.6 |  |  | 0.5 |
Actuarial gains | (4.0) |  |  | (1.3) |
Benefits paid | (2.2) |  |  | (2.3) |
Benefit obligation at end of year(1) | $ | 18.8 |  |  | $ | 24.4 |
(1)The current portion of retirement benefit liabilities, which totaled $2.4 million and $2.6 million at December 31, 2022 and 2021, respectively, is classified in accrued liabilities on the Consolidated Balance Sheets. The following table sets forth the cumulative amounts not yet recognized in net income:
| Years Ended December 31,
| 2022 |  | 2021
| (Dollars in millions)
Cumulative amounts not yet recognized in net income: |  |  |
Actuarial losses | $ | 5.2 |  |  | $ | 10.0 |
Prior service benefits | (0.8) |  |  | (1.1) |
Accumulated other comprehensive loss (before related tax benefit) | $ | 4.4 |  |  | $ | 8.9 |
The expected benefit payments through 2032 for the postretirement benefit plan are as follows:
| (Dollars in millions)
Year ending December 31: |
2023 | $ | 2.4 |
2024 | $ | 2.3 |
2025 | $ | 2.1 |
2026 | $ | 1.9 |
2027 | $ | 1.8 |
2028 through 2032 | $ | 7.1 |
The measurement date for the Company’s postretirement benefit plans is December 31. The following discount rates were used to determine the benefit obligation:
| December 31,
| 2022 |  | 2021
Discount rate | 5.25 | % |  | 2.50 | %
The health care cost trend assumption used at December 31, 2022 to compute the accumulated postretirement benefit obligation for the postretirement benefit plans was 7.00 percent, which is assumed to decline gradually to 5.00 percent in 2031 and to remain at that level thereafter. The health care cost trend assumption used at December 31, 2021 to compute the accumulated postretirement benefit obligation for the postretirement benefit plan was 6.00 percent, which is assumed to decline gradually to 5.00 percent in 2026 and to remain at that level thereafter. Defined Contribution Plans The Company has defined contribution plans which provide retirement benefits for certain of its employees. The Company’s contributions, which are principally based on the Company’s pretax income and the aggregate compensation levels of participating employees and are charged against income as incurred, amounted to $7.9 million, $6.9 million and $6.6 million for the years ended December 31, 2022, 2021 and 2020, respectively.

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