BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023



in millions	2023	2022
Pension plans with ABO in excess of plan assets
Accumulated benefit obligation	$ 182.7	$ 690.9
Fair value of assets	140.3	637.8
Pension plans with PBO in excess of plan assets
Projected benefit obligation	$ 192.2	$ 691.1
Fair value of assets	140.3	637.8



in millions	2023	2022
Change in Benefit Obligation
Projected benefit obligation at beginning of year	$ 691.1	$ 915.4
Service cost	2.5	4.0
Interest cost	34.0	21.1
Actuarial (gain) loss	12.4	(200.7)
Benefits paid	(46.7)	(48.7)
Projected benefit obligation at end of year	$ 693.3	$ 691.1
Change in Fair Value of Plan Assets
Fair value of assets at beginning of year	$ 637.8	$ 860.5
Actual return on plan assets	49.4	(181.8)
Employer contribution	7.4	7.8
Benefits paid	(46.7)	(48.7)
Fair value of assets at end of year	$ 647.9	$ 637.8
Funded status	(45.4)	(53.3)
Net amount recognized	$ (45.4)	$ (53.3)
Amounts Recognized in the Consolidated Balance Sheets
Noncurrent assets	$ 6.5	$ 0.0
Current liabilities	(7.3)	(7.8)
Noncurrent liabilities	(44.6)	(45.5)
Net amount recognized	$ (45.4)	$ (53.3)
Amounts Recognized in Accumulated Other Comprehensive Income
Net actuarial loss	$ 168.4	$ 183.4
Prior service cost	1.0	2.4
Total amount recognized	$ 169.4	$ 185.8



dollars in millions	2023	2022	2021
Components of Net Periodic Pension Benefit Cost
Service cost	$ 2.5	$ 4.0	$ 4.8
Interest cost	34.0	21.1	19.7
Expected return on plan assets	(27.6)	(30.1)	(42.8)
Settlement charge	0.0	0.0	12.1
Amortization of prior service cost	1.4	1.4	1.3
Amortization of actuarial loss	5.6	4.2	8.0
Net periodic pension benefit cost	$ 15.9	$ 0.6	$ 3.1
Changes in Plan Assets and Benefit Obligations Recognized in
Other Comprehensive Income
Net actuarial loss (gain)	$ (9.4)	$ 11.2	$ (34.0)
Reclassification of prior service cost	(1.4)	(1.4)	(1.3)
Reclassification of actuarial loss	(5.6)	(4.2)	(20.1)
Amount recognized in other comprehensive income	$ (16.4)	$ 5.6	$ (55.4)
Amount recognized in net periodic pension benefit cost and
other comprehensive income	$ (0.5)	$ 6.2	$ (52.3)
Assumptions
Weighted-average assumptions used to determine net periodic
benefit cost for years ended December 31
Discount rate — PBO	5.19%	2.92%	2.63%
Discount rate — service cost ¹	5.29%	3.17%	2.94% / 3.21%
Discount rate — interest cost	5.09%	2.37%	1.90%
Expected return on plan assets ²	4.85%	4.00%	5.25% / 3.75%
Weighted-average assumptions used to determine benefit
obligation at December 31
Discount rate	5.00%	5.19%	2.91%


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.
²	As a result of remeasurements, the 2021 expected return on plan assets was revised from 5.25% at 12/31/2020 to 3.75% at 10/31/2021.

Fair Value Measurements at December 31, 2023



in millions	Level 1	Level 2	Level 3	Total
Asset Category
Debt funds	$ 0.0	$ 634.9	$ 0.0	$ 634.9
Investments in the fair value hierarchy	$ 0.0	$ 634.9	$ 0.0	$ 634.9
Interest in common/collective trusts (at NAV)				9.3
Private partnerships (at NAV)				3.7
Total pension plan assets				$ 647.9

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
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



in millions			Pension
Estimated Future Benefit Payments
2024			$ 50.2
2025			48.1
2026			48.6
2027			49.5
2028			49.5
2029-2033			247.1



in millions	2023	2022
Change in Benefit Obligation
Projected benefit obligation at beginning of year	$ 41.8	$ 46.0
Service cost	2.0	2.3
Interest cost	2.0	0.9
Actuarial (gain) loss	3.6	(2.5)
Benefits paid	(5.2)	(4.9)
Projected benefit obligation at end of year	$ 44.2	$ 41.8
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	$ (44.2)	$ (41.8)
Net amount recognized	$ (44.2)	$ (41.8)
Amounts Recognized in the Consolidated Balance Sheets
Current liabilities	$ (5.2)	$ (5.1)
Noncurrent liabilities	(39.0)	(36.7)
Net amount recognized	$ (44.2)	$ (41.8)
Amounts Recognized in Accumulated Other Comprehensive Income
Net actuarial gain	$ (12.7)	$ (17.9)
Prior service cost	11.7	13.1
Total amount recognized	$ (1.0)	$ (4.8)



dollars in millions	2023	2022	2021
Components of Net Periodic Postretirement Benefit Cost
Service cost	$ 2.0	$ 2.2	$ 1.2
Interest cost	2.0	0.9	0.5
Amortization of prior service cost (credit)	1.4	(0.3)	(1.5)
Amortization of actuarial gain	(1.5)	(1.3)	(1.4)
Net periodic postretirement benefit cost (credit)	$ 3.9	$ 1.5	$ (1.2)
Changes in Plan Assets and Benefit Obligations Recognized in
Other Comprehensive Income
Net actuarial (gain) loss	$ 3.6	$ (2.4)	$ 0.9
Prior service cost	0.0	0.0	14.9
Reclassification of prior service (cost) credit	(1.4)	0.3	1.5
Reclassification of actuarial gain	1.5	1.3	1.4
Amount recognized in other comprehensive income	$ 3.7	$ (0.8)	$ 18.7
Amount recognized in net periodic postretirement benefit cost and
other comprehensive income	$ 7.6	$ 0.7	$ 17.5
Assumptions
Assumed Healthcare Cost Trend Rates at December 31
Healthcare cost trend rate assumed for next year (Pre-65/Post-65)	10.20% / n/a	7.04% / n/a	6.60% / 6.50%
Rate to which the cost trend rate gradually declines	4.50%	4.50%	4.50%
Year that the rate reaches the rate it is assumed to maintain	2031	2030	2028
Weighted-average assumptions used to determine net periodic
benefit cost for years ended December 31
Discount rate — PBO	5.09%	2.59%	2.19%
Discount rate — service cost ¹	5.15%	2.89%	2.45% / 2.84%
Discount rate — interest cost	5.03%	2.06%	1.60%
Weighted-average assumptions used to determine benefit
obligation at December 31
Discount rate	4.90%	5.08%	2.59%


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
2024			$ 5.1
2025			5.1
2026			5.0
2027			5.2
2028			5.0
2029–2033			22.0



in millions			Postretirement
Participants Contributions
2021			$ 2.3
2022			2.0
2023			1.5