BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2022



in millions	2022	2021
Pension plans with ABO in excess of plan assets
Accumulated benefit obligation	$ 690.9	$ 249.2
Fair value of assets	637.8	176.6
Pension plans with PBO in excess of plan assets
Projected benefit obligation	$ 691.1	$ 249.7
Fair value of assets	637.8	176.6



in millions	2022	2021
Change in Benefit Obligation
Projected benefit obligation at beginning of year	$ 915.4	$ 1,059.5
Service cost	4.0	4.8
Interest cost	21.1	19.7
Actuarial gain	(200.7)	(25.0)
Benefits paid	(48.7)	(56.4)
Annuity purchase	0.0	(87.2)
Projected benefit obligation at end of year	$ 691.1	$ 915.4
Change in Fair Value of Plan Assets
Fair value of assets at beginning of year	$ 860.5	$ 944.2
Actual return on plan assets	(181.8)	51.9
Employer contribution	7.8	8.0
Benefits paid	(48.7)	(56.4)
Annuity purchase	0.0	(87.2)
Fair value of assets at end of year	$ 637.8	$ 860.5
Funded status	(53.3)	(54.9)
Net amount recognized	$ (53.3)	$ (54.9)
Amounts Recognized in the Consolidated
Balance Sheets
Noncurrent assets	$ 0.0	$ 18.2
Current liabilities	(7.8)	(8.2)
Noncurrent liabilities	(45.5)	(64.9)
Net amount recognized	$ (53.3)	$ (54.9)
Amounts Recognized in Accumulated
Other Comprehensive Income
Net actuarial loss	$ 183.4	$ 176.4
Prior service cost	2.4	3.8
Total amount recognized	$ 185.8	$ 180.2



dollars in millions	2022	2021	2020
Components of Net Periodic Pension
Benefit Cost
Service cost	$ 4.0	$ 4.8	$ 4.9
Interest cost	21.1	19.7	29.3
Expected return on plan assets	(30.1)	(42.8)	(48.6)
Settlement charge	0.0	12.1	22.7
Amortization of prior service cost	1.4	1.3	1.4
Amortization of actuarial loss	4.2	8.0	11.9
Net periodic pension benefit cost	$ 0.6	$ 3.1	$ 21.6
Changes in Plan Assets and Benefit
Obligations Recognized in Other
Comprehensive Income
Net actuarial loss (gain)	$ 11.2	$ (34.0)	$ (3.4)
Reclassification of prior service cost	(1.4)	(1.3)	(1.4)
Reclassification of actuarial loss	(4.2)	(20.1)	(34.6)
Amount recognized in other comprehensive
income	$ 5.6	$ (55.4)	$ (39.4)
Amount recognized in net periodic pension
benefit cost and other comprehensive
income	$ 6.2	$ (52.3)	$ (17.8)
Assumptions
Weighted-average assumptions used to
determine net periodic benefit cost for
years ended December 31
Discount rate — PBO	2.92%	2.63%	3.22%
Discount rate — service cost ¹	3.17%	2.94% / 3.21%	3.49% / 2.89%
Discount rate — interest cost	2.37%	1.90%	2.78%
Expected return on plan assets ²	4.00%	5.25% / 3.75%	5.75% / 5.25%
Weighted-average assumptions used to
determine benefit obligation at
December 31
Discount rate	5.19%	2.91%	2.57%


¹	As a result of remeasurements, the 2021 service cost discount rates were revised from 2.94% at 12/31/2020 to 3.21% at 10/31/2021 and the 2020 service cost discount rates were revised from 3.49% at 12/31/2019 to 2.89% at 11/30/2020.
²	As a result of remeasurements, the 2021 expected return on plan assets were revised from 5.25% at 12/31/2020 to 3.75% at 10/31/2021 and the 2020 expected return on plan assets were revised from 5.75% at 12/31/2019 to 5.25% at 11/30/2020.

Fair Value Measurements at December 31, 2022



in millions	Level 1	Level 2	Level 3	Total
Asset Category
Debt funds	$ 0.0	$ 628.6	$ 0.0	$ 628.6
Equity funds	0.0	0.0	0.0	0.0
Investments in the fair value hierarchy	$ 0.0	$ 628.6	$ 0.0	$ 628.6
Interest in common/collective trusts (at NAV)				5.6
Private partnerships (at NAV)				3.6
Total pension plan assets				$ 637.8

Fair Value Measurements at December 31, 2021



in millions	Level 1	Level 2	Level 3	Total
Asset Category
Debt funds	$ 0.0	$ 662.9	$ 0.0	$ 662.9
Equity funds	0.1	59.0	0.0	59.1
Investments in the fair value hierarchy	$ 0.1	$ 721.9	$ 0.0	$ 722.0
Interest in common/collective trusts (at NAV)				134.3
Private partnerships (at NAV)				4.2
Total pension plan assets				$ 860.5



in millions			Pension
Estimated Future Benefit Payments
2023			$ 49.1
2024			50.3
2025			48.2
2026			48.7
2027			49.6
2028-2032			247.9



in millions	2022	2021
Change in Benefit Obligation
Projected benefit obligation at beginning of year	$ 46.0	$ 33.9
Service cost	2.3	1.3
Interest cost	0.9	0.5
Plan amendments	0.0	14.9
Actuarial (gain) loss	(2.5)	0.9
Benefits paid	(4.9)	(5.5)
Projected benefit obligation at end of year	$ 41.8	$ 46.0
Change in Fair Value of Plan Assets
Fair value of assets at beginning of year	$ 0.0	$ 0.0
Actual return on plan assets	0.0	0.0
Fair value of assets at end of year	$ 0.0	$ 0.0
Funded status	$ (41.8)	$ (46.0)
Net amount recognized	$ (41.8)	$ (46.0)
Amounts Recognized in the Consolidated
Balance Sheets
Current liabilities	$ (5.1)	$ (4.6)
Noncurrent liabilities	(36.7)	(41.4)
Net amount recognized	$ (41.8)	$ (46.0)
Amounts Recognized in Accumulated
Other Comprehensive Income
Net actuarial gain	$ (17.9)	$ (16.7)
Prior service cost	13.1	12.8
Total amount recognized	$ (4.8)	$ (3.9)



dollars in millions	2022	2021	2020
Components of Net Periodic Postretirement
Benefit Cost
Service cost	$ 2.2	$ 1.2	$ 1.5
Interest cost	0.9	0.5	1.0
Amortization of prior service credit	(0.3)	(1.5)	(3.9)
Amortization of actuarial gain	(1.3)	(1.4)	(0.8)
Net periodic postretirement benefit cost (credit)	$ 1.5	$ (1.2)	$ (2.2)
Changes in Plan Assets and Benefit
Obligations Recognized in Other
Comprehensive Income
Net actuarial (gain) loss	$ (2.4)	$ 0.9	$ (5.1)
Prior service cost	0.0	14.9	0.0
Reclassification of prior service credit	0.3	1.5	3.9
Reclassification of actuarial gain	1.3	1.4	0.8
Amount recognized in other comprehensive
income	$ (0.8)	$ 18.7	$ (0.4)
Amount recognized in net periodic
postretirement benefit cost and other
comprehensive income	$ 0.7	$ 17.5	$ (2.6)
Assumptions
Assumed Healthcare Cost Trend Rates
at December 31
Healthcare cost trend rate assumed
for next year (Pre-65/Post-65)	7.04% / n/a	6.60% / 6.50%	n/a
Rate to which the cost trend rate gradually
declines	4.50%	4.50%	n/a
Year that the rate reaches the rate it is
assumed to maintain	2030	2028	n/a
Weighted-average assumptions used to
determine net periodic benefit cost for
years ended December 31
Discount rate — PBO	2.59%	2.19%	2.84%
Discount rate — service cost ¹	2.89%	2.45% / 2.84%	3.09%
Discount rate — interest cost	2.06%	1.60%	2.42%
Weighted-average assumptions used to
determine benefit obligation at
December 31
Discount rate	5.08%	2.59%	2.09%


¹	As a result of remeasurements, the 2021 service cost discount rates were revised from 2.45% at 12/31/2020 to 2.84% at 9/30/2021.



in millions			Postretirement
Estimated Future Benefit Payments
2023			$ 5.1
2024			5.0
2025			5.0
2026			4.8
2027			4.8
2028–2032			20.6



in millions			Postretirement
Participants Contributions
2020			$ 2.6
2021			2.3
2022			2.0