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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 PlansOther Postretirement
Employee Benefit Plans
2022202120222021
Change in projected benefit obligation:
Benefit obligation at beginning of year$310.1 $334.9 $71.9 $74.2 
Service cost2.2 1.8 0.3 0.4 
Interest cost8.9 8.4 2.1 2.0 
Actuarial (gains) losses(65.5)(14.0)(17.3)0.2 
Benefits paid(21.0)(21.1)(4.8)(4.9)
Benefit obligation at end of year234.7 310.1 52.2 71.9 
Changes in plan assets:
Fair value of plan assets at beginning of year317.5 335.9 — — 
Actual return on plan assets(65.3)2.2 — — 
Employer contribution0.5 0.4 4.8 4.9 
Benefits paid(21.0)(21.1)(4.8)(4.9)
Fair value of plan assets at end of year231.7 317.5 — — 
Funded status at end of year$(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:
20222021
Projected benefit obligation$132.6 $173.9 
Accumulated benefit obligation132.6 173.9 
Fair value of plan assets121.2 166.4 
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 PlansOther Postretirement
Employee Benefit Plans
202220212020202220212020
Service cost$2.2 $1.8 $2.2 $0.3 $0.4 $0.1 
Interest cost8.9 8.4 10.4 2.1 2.0 2.3 
Expected return on plan assets(11.3)(10.6)(15.0)— — — 
Amortization of actuarial loss6.2 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 PlansOther Postretirement
Employee Benefit Plans
 202220212020202220212020
Actuarial assumption used to determine benefit obligation:
     Discount rate5.6 %3.0 %2.6 %5.6 %2.9 %2.6 %
Actuarial assumption used to determine net periodic pension cost:
    Discount rate3.0 %2.6 %3.4 %2.9 %2.6 %3.6 %
    Expected return on plan assets4.0 %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 1Investments measured at net asset valueTotal
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 1Investments measured at net asset valueTotal
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 
202420.1 4.7 
202519.7 4.5 
202619.4 4.4 
202719.2 4.2 
2028-203290.2 19.3 
Multiemployer Defined Benefit Plans
Pension
Fund
EINPlan
Number
PPA Zone Status   FIP/RP Status Pending/
Implemented
Contributions
(in millions)
Surcharge
Imposed
Expiration
 Date
of Collective
Bargaining
Agreement
20222021202220212020
IAM NPF51-6031295002RedRedImplemented$0.3 $0.3 $0.3 No5/31/2023
PIUMPF11-6166763001RedRedImplemented5.5 5.4 5.5 No8/31/2025
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%