XML 48 R34.htm IDEA: XBRL DOCUMENT
v3.22.4

Savings, Pension and Other Postretirement Employee Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Changes in Benefit Obligation, Plan Assets and Funded Status for Company-Sponsored Benefit Plans |
| Pension Benefit Plans |  | Other Postretirement Employee Benefit Plans
| 2022 | 2021 |  | 2022 | 2021
Change in projected benefit obligation: |  |  |  |  |
Benefit obligation at beginning of year | $ | 310.1 |  | $ | 334.9 |  |  | $ | 71.9 |  | $ | 74.2 |
Service cost | 2.2 |  | 1.8 |  |  | 0.3 |  | 0.4 |
Interest cost | 8.9 |  | 8.4 |  |  | 2.1 |  | 2.0 |
Actuarial (gains) losses | (65.5) |  | (14.0) |  |  | (17.3) |  | 0.2 |
Benefits paid | (21.0) |  | (21.1) |  |  | (4.8) |  | (4.9) |
Benefit obligation at end of year | 234.7 |  | 310.1 |  |  | 52.2 |  | 71.9 |
Changes in plan assets: |  |  |  |  |
Fair value of plan assets at beginning of year | 317.5 |  | 335.9 |  |  | — |  | — |
Actual return on plan assets | (65.3) |  | 2.2 |  |  | — |  | — |
Employer contribution | 0.5 |  | 0.4 |  |  | 4.8 |  | 4.9 |
Benefits paid | (21.0) |  | (21.1) |  |  | (4.8) |  | (4.9) |
Fair value of plan assets at end of year | 231.7 |  | 317.5 |  |  | — |  | — |
Funded status at end of year | $ | (3.0) |  | $ | 7.4 |  |  | $ | (52.1) |  | $ | (71.9) |
Amounts recognized in Consolidated Balance Sheets: |  |  |  |  |
Non-current assets | $ | 8.4 |  | $ | 14.8 |  |  | $ | — |  | $ | — |
Current liabilities | (0.4) |  | (0.4) |  |  | (4.9) |  | (5.3) |
Non-current liabilities | (11.0) |  | (7.0) |  |  | (47.2) |  | (66.6) |
Net amount recognized | $ | (3.0) |  | $ | 7.4 |  |  | $ | (52.1) |  | $ | (71.9) |
Amounts recognized in accumulated other comprehensive loss (pre-tax): |  |  |  |  |
Net actuarial loss (gain) | $ | 62.5 |  | $ | 57.6 |  |  | $ | (11.5) |  | $ | 5.8 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | Information as of December 31 for certain pension plans included above with accumulated benefit obligations in excess of plan assets were as follows:
|  | 2022 |  | 2021
Projected benefit obligation |  | $ | 132.6 |  |  | $ | 173.9 |
Accumulated benefit obligation |  | 132.6 |  |  | 173.9 |
Fair value of plan assets |  | 121.2 |  |  | 166.4 |
Pre-tax Components of Net Periodic Cost | Net Periodic Cost Service cost is the actuarial present value of benefits attributed by the plans’ benefit formula to services rendered by employees during the year. Interest cost represents the increase in the projected benefit obligation, which is a discounted amount, due to the passage of time. The expected return on plan assets reflects the computed amount of current-year earnings from the investment of plan assets using an estimated long-term rate of return.
| Pension Benefit Plans |  | Other Postretirement Employee Benefit Plans
| 2022 | 2021 | 2020 |  | 2022 | 2021 | 2020
Service cost | $ | 2.2 |  | $ | 1.8 |  | $ | 2.2 |  |  | $ | 0.3 |  | $ | 0.4 |  | $ | 0.1 |
Interest cost | 8.9 |  | 8.4 |  | 10.4 |  |  | 2.1 |  | 2.0 |  | 2.3 |
Expected return on plan assets | (11.3) |  | (10.6) |  | (15.0) |  |  | — |  | — |  | — |
Amortization of actuarial loss | 6.2 |  | 10.2 |  | 9.8 |  |  | — |  | 0.3 |  | — |
Net periodic cost | $ | 5.9 |  | $ | 9.9 |  | $ | 7.5 |  |  | $ | 2.4 |  | $ | 2.7 |  | $ | 2.4 |
Weighted Average Assumptions Used to Determine Benefit Obligation |
Assumptions: | Pension Benefit Plans |  | Other Postretirement Employee Benefit Plans
| 2022 | 2021 | 2020 |  | 2022 | 2021 | 2020
Actuarial assumption used to determine benefit obligation: |  |  |  |  |  |  |
Discount rate | 5.6 | % | 3.0 | % | 2.6 | % |  | 5.6 | % | 2.9 | % | 2.6 | %
Actuarial assumption used to determine net periodic pension cost: |  |  |  |  |  |  |
Discount rate | 3.0 | % | 2.6 | % | 3.4 | % |  | 2.9 | % | 2.6 | % | 3.6 | %
Expected return on plan assets | 4.0 | % | 3.8 | % | 5.5 | % |  | — |  | — |  | — |
Investments at Fair Value for Company Sponsored Pension Benefit Plans within Fair Value Hierarchy | The following tables set forth by level, within the fair value hierarchy, the investments at fair value for our company-sponsored pension benefit plans:
| December 31, 2022
| Level 1 |  |  |  |  |  | Investments measured at net asset value |  | Total
Cash and cash equivalents | $ | 1.6 |  |  |  |  |  |  | $ | — |  |  | $ | 1.6 |
Common and collective trust: |  |  |  |  |  |  |  |  |
Collective investment funds | — |  |  |  |  |  |  | 230.1 |  |  | 230.1 |
Total investments at fair value | $ | 1.6 |  |  |  |  |  |  | $ | 230.1 |  |  | $ | 231.7 |
| December 31, 2021
| Level 1 |  |  |  |  |  | Investments measured at net asset value |  | Total
Cash and cash equivalents | $ | 5.8 |  |  |  |  |  |  | $ | — |  |  | $ | 5.8 |
Common and collective trusts: |  |  |  |  |  |  |  |  |
Collective investment funds | — |  |  |  |  |  |  | 311.7 |  |  | 311.7 |
Total investments at fair value | $ | 5.8 |  |  |  |  |  |  | $ | 311.7 |  |  | $ | 317.5 |
Schedule of Expected Benefit Payments | Estimated future benefit payments are as follows for the years indicated:
| Pension Benefit Plans | Other Postretirement Employee Benefit Plans |  |
2023 | $ | 20.3 |  | $ | 4.9 |  |  |
2024 | 20.1 |  | 4.7 |  |  |
2025 | 19.7 |  | 4.5 |  |  |
2026 | 19.4 |  | 4.4 |  |  |
2027 | 19.2 |  | 4.2 |  |  |
2028-2032 | 90.2 |  | 19.3 |  |  |
Multiemployer Defined Benefit Plans |
Pension Fund |  | EIN |  | Plan Number |  | PPA Zone Status |  | FIP/RP Status Pending/ Implemented |  | Contributions (in millions) |  | Surcharge Imposed |  | Expiration Date of Collective Bargaining Agreement
2022 |  | 2021 |  | 2022 |  | 2021 |  | 2020 |
IAM NPF |  | 51-6031295 |  | 002 |  | Red |  | Red |  | Implemented |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | No |  | 5/31/2023
PIUMPF |  | 11-6166763 |  | 001 |  | Red |  | Red |  | Implemented |  | 5.5 |  |  | 5.4 |  |  | 5.5 |  |  | No |  | 8/31/2025
|  |  |  |  |  |  |  |  | Total Contributions: |  | $ | 5.7 |  |  | $ | 5.7 |  |  | $ | 5.7 |  |  |  |  |
.
Defined Benefit Plan, Plan Assets, Allocation | Assets are diversified among various asset classes, such as domestic equities, international equities, fixed income and cash. The long-term asset allocation ranges are as follows:
Domestic equities |  |  | 5% | - | 10%
International equities, including emerging markets |  |  | 5% | - | 10%
Corporate/Government bonds |  |  | 80% | - | 90%
Liquid reserves |  |  | —% | - | 5%

X
- Definition Tabular disclosure of investment allocation of defined benefit plan assets. Includes, but is not limited to, investment allocation percentage or range of percentages. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(i) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_DefinedBenefitPlanPlanAssetsAllocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 3: http://www.xbrl.org/2003/role/exampleRef -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 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about multiemployer plan. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 5 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 5 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 5 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 5 -Subparagraph (e)(1) -URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 55 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=35742348&loc=SL14450788-114948 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 9 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450691-114947 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 5 -Subparagraph (e)(2) -URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 9 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450691-114947 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 5 -Subparagraph (f)(1) -URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 5 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947 + Details
Name: | us-gaap_ScheduleOfMultiemployerPlansTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration