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Defined Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Compensation And Retirement Disclosure [Abstract]  
Obligations and Funded Status

 

(In millions)

 

 

Pension Benefits

 

 

 

Postretirement Benefits

 

Obligations and Funded Status at December 31

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Change in the Projected Benefit Obligation (PBO):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

 

$

933.5

 

 

 

$

877.1

 

 

 

$

13.4

 

 

 

$

3.6

 

Projected benefit obligation acquired(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.6

 

Service cost

 

 

 

0.4

 

 

 

 

0.4

 

 

 

 

0.6

 

 

 

 

0.4

 

Interest cost

 

 

 

24.0

 

 

 

 

28.3

 

 

 

 

0.4

 

 

 

 

0.2

 

Actuarial (loss) gain

 

 

 

(32.4

)

 

 

 

70.6

 

 

 

 

(0.7

)

 

 

 

0.2

 

Benefits paid

 

 

 

(40.2

)

 

 

 

(42.9

)

 

 

 

(0.4

)

 

 

 

(0.6

)

Projected benefit obligation at end of year

 

 

$

885.3

 

 

 

$

933.5

 

 

 

$

13.3

 

 

 

$

13.4

 

Accumulated benefit obligation at end of year
   (excludes the impact of future compensation increases)

 

 

$

885.3

 

 

 

$

933.5

 

 

 

$

 

 

 

$

 

Change in Plan Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 

$

784.9

 

 

 

$

677.2

 

 

 

$

 

 

 

$

 

Actual return on plan assets

 

 

 

48.4

 

 

 

 

101.3

 

 

 

 

 

 

 

 

 

Employer contributions

 

 

 

22.9

 

 

 

 

49.3

 

 

 

 

0.4

 

 

 

 

0.6

 

Benefits paid

 

 

 

(40.2

)

 

 

 

(42.9

)

 

 

 

(0.4

)

 

 

 

(0.6

)

Fair value of plan assets at end of year

 

 

$

816.0

 

 

 

$

784.9

 

 

 

$

 

 

 

$

 

Funded status (Fair value of plan assets less PBO)

 

 

$

(69.3

)

 

 

$

(148.6

)

 

 

$

(13.3

)

 

 

$

(13.4

)

(a)
Related to the Larson acquisition discussed in Note 4.
Amounts Recognized in Consolidated Balance Sheets Amounts recognized in the consolidated balance sheets consist of:

 

 

 

Pension Benefits

 

 

 

Postretirement Benefits

 

(In millions)

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Current benefit payment liability

 

$

(1.4

)

 

 

$

(1.4

)

 

 

$

(1.5

)

 

 

$

(1.1

)

Accrued benefit liability

 

 

(67.9

)

 

 

 

(147.2

)

 

 

 

(11.8

)

 

 

 

(12.3

)

Net amount recognized

 

$

(69.3

)

 

 

$

(148.6

)

 

 

$

(13.3

)

 

 

$

(13.4

)

Amounts in Accumulated Other Comprehensive Loss that have not yet been Recognized as Components of Net Periodic Benefit Cost

The amounts in accumulated other comprehensive loss on the consolidated balance sheets that have not yet been recognized as components of net periodic benefit cost were as follows:

 

(In millions)

 

Pension Benefits

 

 

 

Postretirement Benefits

 

Net actuarial loss (gain) at December 31, 2019

 

$

87.7

 

 

 

$

(0.3

)

Recognition of actuarial loss

 

 

(2.7

)

 

 

 

(0.1

)

Current year actuarial loss

 

 

2.1

 

 

 

 

1.0

 

Net actuarial loss due to curtailment

 

 

(0.6

)

 

 

 

 

Net actuarial loss (gain) at December 31, 2020

 

$

86.5

 

 

 

$

0.6

 

Recognition of actuarial loss

 

 

(1.1

)

 

 

 

0.3

 

Current year actuarial gain

 

 

(45.8

)

 

 

 

(0.9

)

Net actuarial loss at December 31, 2021

 

$

39.6

 

 

 

$

(0.0

)

Components of Net Periodic Benefit Cost for Pension and Postretirement Benefits

Components of net periodic benefit cost were as follows:

Components of Net Periodic Benefit (Income) Cost

 

Pension Benefits

 

 

 

Postretirement Benefits

 

(In millions)

 

2021

 

 

 

2020

 

 

2019

 

 

 

2021

 

 

 

2020

 

 

2019

 

Service cost

 

$

0.4

 

 

 

$

0.4

 

 

$

0.4

 

 

 

$

0.6

 

 

 

$

0.4

 

 

$

0.2

 

Interest cost

 

 

24.0

 

 

 

 

28.3

 

 

 

32.9

 

 

 

 

0.4

 

 

 

 

0.2

 

 

 

0.2

 

Expected return on plan assets

 

 

(34.9

)

 

 

 

(32.8

)

 

 

(35.2

)

 

 

 

 

 

 

 

 

 

 

 

Recognition of actuarial losses (gains)

 

 

1.1

 

 

 

 

2.7

 

 

 

34.1

 

 

 

 

(0.3

)

 

 

 

0.1

 

 

 

0.6

 

Settlement/Curtailment losses (gains)

 

 

 

 

 

 

0.6

 

 

 

0.1

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

Amortization of prior service credits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.2

 

Net periodic benefit (income) cost

 

$

(9.4

)

 

 

$

(0.8

)

 

$

32.3

 

 

 

$

0.7

 

 

 

$

0.7

 

 

$

1.1

 

Schedule of Assumptions Used

 

Assumptions

 

Pension Benefits

 

 

 

Postretirement Benefits

 

 

 

2021

 

 

 

2020

 

 

2019

 

 

 

2021

 

 

 

2020

 

 

2019

 

Weighted-Average Assumptions Used to
   Determine Benefit Obligations at
   December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

2.9

%

 

 

 

2.6

%

 

 

3.3

%

 

 

 

3.9

%

 

 

 

5.9

%

 

 

6.4

%

Weighted-Average Assumptions Used to
   Determine Net Cost for Years Ended
   December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

2.6

%

 

 

 

3.3

%

 

 

4.4

%

 

 

 

5.9

%

 

 

 

6.4

%

 

 

4.2

%

Expected long-term rate of return on plan assets

 

 

4.4

%

 

 

 

4.5

%

 

 

4.9

%

 

 

 

 

 

 

 

 

 

 

 

Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations and Net Cost

 

 

 

Postretirement Benefits

 

 

2021

 

 

 

2020

 

 

Assumed Health Care Cost Trend Rates Used to Determine
   Benefit Obligations and Net Cost at December 31:

 

 

 

 

 

 

 

 

Health care cost trend rate assumed for next year

 

6.3/6.7

%

(a)

 

6.4/7.4

%

(a)

Rate that the cost trend rate is assumed to decline
   (the ultimate trend rate)

 

4.5

%

 

 

4.5

%

 

Year that the rate reaches the ultimate trend rate

 

2028

 

 

 

2027

 

 

 

 

(a)
The pre-65 initial health care cost trend rate is shown first / followed by the post-65 rate.
Fair Value of Pension Assets by Major Category of Plan Assets

The fair value of the pension assets by major category of plan assets as of December 31, 2021 and 2020 were as follows:

 

(In millions)

 

Total as of
balance sheet date

 

 

 

2021

 

 

2020

 

Group annuity/insurance contracts (level 3)

 

$

25.5

 

 

$

24.8

 

Collective trusts:

 

 

 

 

 

 

Cash and cash equivalents

 

 

10.5

 

 

 

16.0

 

Equity

 

 

221.1

 

 

 

287.6

 

Fixed income

 

 

512.1

 

 

 

410.0

 

Multi-strategy hedge funds

 

 

22.0

 

 

 

24.6

 

Real estate

 

 

24.8

 

 

 

21.9

 

Total

 

$

816.0

 

 

$

784.9

 

Reconciliation of Level Three Measurements

A reconciliation of Level 3 measurements was as follows:

 

 

Group annuity/
insurance contracts

 

(In millions)

 

2021

 

 

 

2020

 

January 1

 

$

24.8

 

 

 

$

24.2

 

Actual return on assets related to assets still held

 

 

0.7

 

 

 

 

0.6

 

December 31

 

$

25.5

 

 

 

$

24.8

 

Schedule of Expected Benefit Payments

The following retirement benefit payments are expected to be paid:

(In millions)

 

Pension
Benefits

 

 

 

Postretirement
Benefits

 

2022

 

$

42.6

 

 

 

$

1.2

 

2023

 

 

43.4

 

 

 

 

1.1

 

2024

 

 

44.3

 

 

 

 

1.1

 

2025

 

 

45.5

 

 

 

 

1.1

 

2026

 

 

46.4

 

 

 

 

1.1

 

Years 2027-2031

 

 

237.3

 

 

 

 

5.9