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Pension and Savings Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Pension and Savings Plans [Abstract]  
Components of net periodic pension cost
Net periodic postretirement benefit (credit) cost included the following components:
 Year Ended December 31,
 202220212020
 (Dollars in millions)
Service cost for benefits earned$0.8 $1.0 $3.8 
Interest cost on accumulated postretirement benefit obligation7.0 10.5 20.2 
Expected return on plan assets(0.8)(1.0)(1.5)
Amortization of prior service credit(53.8)(46.4)(17.3)
Net actuarial (gain) loss(51.2)(54.5)16.5 
Net periodic postretirement benefit (credit) cost$(98.0)$(90.4)$21.7 
Net periodic pension cost (credit) included the following components:
 Year Ended December 31,
 202220212020
 (Dollars in millions)
Service cost for benefits earned$0.1 $0.2 $0.3 
Interest cost on projected benefit obligation21.4 20.4 28.0 
Expected return on plan assets(23.8)(22.9)(29.7)
Settlement— — (2.7)
Net actuarial loss (gain) 20.6 12.7 (25.6)
Net periodic pension cost (credit)$18.3 $10.4 $(29.7)
Summary of change in benefit obligation, change in plan assets and funded status
The following table sets forth the plans’ funded status reconciled with the amounts shown in the consolidated balance sheets:
 December 31,
 20222021
 (Dollars in millions)
Change in benefit obligation:
Accumulated postretirement benefit obligation at beginning of period$258.7 $476.6 
Service cost0.8 1.0 
Interest cost7.0 10.5 
Participant contributions— 0.1 
Plan amendments— (139.5)
Benefits paid and administrative fees (net of Medicare Part D reimbursements)(21.2)(34.5)
Actuarial gain(55.4)(55.5)
Accumulated postretirement benefit obligation at end of period189.9 258.7 
Change in plan assets:
Fair value of plan assets at beginning of period26.1 33.7 
Actual return on plan assets(3.4)— 
Employer contributions15.9 26.8 
Participant contributions— 0.1 
Benefits paid and administrative fees (net of Medicare Part D reimbursements)(21.2)(34.5)
Fair value of plan assets at end of period17.4 26.1 
Funded status at end of period(172.5)(232.6)
Less: Current portion (included in “Accounts payable and accrued expenses”)16.0 20.5 
Noncurrent obligation (included in “Accrued postretirement benefit costs”)$(156.5)$(212.1)
The following summarizes the change in benefit obligation, change in plan assets and funded status of the Pension Plans:
 December 31,
 20222021
 (Dollars in millions)
Change in benefit obligation:
Projected benefit obligation at beginning of period$751.7 $816.4 
Service cost0.1 0.2 
Interest cost21.4 20.4 
Benefits paid(55.1)(55.9)
Actuarial gain(137.2)(29.4)
Projected benefit obligation at end of period580.9 751.7 
Change in plan assets:
Fair value of plan assets at beginning of period772.4 847.5 
Actual return on plan assets(134.0)(19.2)
Benefits paid(55.1)(55.9)
Fair value of plan assets at end of period583.3 772.4 
Funded status at end of period$2.4 $20.7 
Amounts recognized in the consolidated balance sheets:
Noncurrent asset (included in “Investments and other assets”)$9.9 $28.5 
Noncurrent obligation (included in “Other noncurrent liabilities”)(7.5)(7.8)
Net amount recognized$2.4 $20.7 
Defined benefit plan, assumptions
The weighted-average assumptions used to determine the benefit obligations for the plans as of the end of each year were as follows:
December 31,
 20222021
Discount rate5.70 %2.84 %
Measurement dateDecember 31, 2022December 31, 2021
The weighted-average assumptions used to determine net periodic postretirement benefit (credit) cost for the plans during each period were as follows:
Year Ended December 31,
 202220212020
Discount rate2.84 %2.55 %3.40 %
Expected long-term return on plan assets (pretax)5.75 %5.75 %7.00 %
Measurement dateDecember 31, 2021December 31, 2020December 31, 2019
The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows:
December 31,
 20222021
Discount rate5.44 %2.95 %
Measurement dateDecember 31, 2022December 31, 2021
The weighted-average assumptions used to determine net periodic pension cost (credit) during each period were as follows:
Year Ended December 31,
202220212020
Discount rate2.95 %2.60 %3.40 %
Expected long-term return on plan assets3.20 %2.80 %3.60 %
Measurement dateDecember 31, 2021December 31, 2020December 31, 2019
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy
The following tables present the fair value of assets in the Master Trust by asset category and by fair value hierarchy:
 December 31, 2022
 Level 1Level 2Level 3Total
 (Dollars in millions)
Corporate bonds$— $67.2 $— $67.2 
U.S. government securities23.3 2.8 — 26.1 
International government securities— 2.0 — 2.0 
Asset-backed securities— 0.7 — 0.7 
Cash funds9.8 — — 9.8 
Group annuity contract— — 430.1 430.1 
Real estate interests— — 0.3 0.3 
Total assets at fair value$33.1 $72.7 $430.4 536.2 
Assets measured at net asset value practical expedient (1)
Private mutual funds47.1 
Total plan assets$583.3 
 December 31, 2021
 Level 1Level 2Level 3Total
 (Dollars in millions)
Corporate bonds$— $537.5 $— $537.5 
U.S. government securities125.2 22.5 — 147.7 
International government securities— 15.5 — 15.5 
Asset-backed securities— 3.3 — 3.3 
Cash funds30.7 — — 30.7 
Real estate interests— — 0.3 0.3 
Total assets at fair value$155.9 $578.8 $0.3 735.0 
Assets measured at net asset value practical expedient (1)
Private mutual funds37.4 
Total plan assets$772.4 
(1)     In accordance with Accounting Standards Update 2015-07, investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the tables are intended to permit reconciliation of the fair value hierarchy to the total value of assets of the plans.
Summary of changes in the fair value of the Master Trust's Level 3 investments
The table below sets forth a summary of changes in the fair value of the Master Trust’s Level 3 investments:
 Year Ended December 31,
202220212020
 (Dollars in millions)
Balance, beginning of period$0.3 $1.2 $4.1 
Realized gains0.1 0.9 1.6 
Unrealized losses relating to investments still held at the reporting date(68.8)(0.6)(2.1)
Purchases, sales and settlements, net498.8 (1.2)(2.4)
Balance, end of period$430.4 $0.3 $1.2 
Summary of estimated future benefit payments
The following benefit payments (net of retiree contributions and Medicare Part D reimbursements), which reflect expected future service, as appropriate, are expected to be paid by the Company or satisfied from Non-Represented Trust assets:
 Postretirement
Benefits
 (Dollars in millions)
2023$23.1 
202422.3 
202521.1 
202620.1 
202718.9 
Years 2028-203275.7 
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in connection with the Company’s benefit obligation:
 Pension Benefits
 (Dollars in millions)
2023$76.1 
2024*
11.1 
2025*
11.0 
2026*
10.8 
2027*
10.6 
Years 2028-2032*
49.6 
*Estimated future benefit payments reflect Western Plan only as a result of Peabody Plan termination.