Retirement Plans, Postretirement and Postemployment Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Fair Values of Pension Plan Assets by Asset Class and Fair Value Hierarchy Level

The fair values of pension plan assets by asset class and fair value hierarchy level are as follows:

	Fair Value Measurements
December 31		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value		Total Fair Value
(in millions)		2022
Equity securities1:
Mid-sized to large cap		$	—	$	—	$	—	$	291.6	$	291.6
Small cap, international and emerging growth funds			—		—		—		287.2		287.2
Debt securities1:
Core fixed income			—		—		—		249.1		249.1
Real estate			—		—		—		151.5		151.5
Private infrastructure			—		—		—		83.1		83.1
Cash equivalents			0.2		—		—		4.4		4.6
Total		$	0.2	$	—	$	—	$	1,066.9	$	1,067.1
		2021
Equity securities1:
Mid-sized to large cap		$	—	$	—	$	—	$	351.6	$	351.6
Small cap, international and emerging growth funds			—		—		—		354.5		354.5
Debt securities1:
Core fixed income			—		—		—		319.3		319.3
Real estate			—		—		—		86.6		86.6
Private infrastructure			—		—		—		78.5		78.5
Hedge funds			—		—		—		5.9		5.9
Cash equivalents			3.9		—		—		—		3.9
Total		$	3.9	$	—	$	—	$	1,196.4	$	1,200.3

1.These investments are common collective investment trusts valued using the net asset value (NAV) unit price provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund.

Schedule of Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates at December 31 are:

	2022	2021
Health care cost trend rate assumed for next year	6.75%	6.25%
Rate to which the cost trend rate gradually declines	4.75%	4.75%
Year the rate reaches the ultimate rate	2031	2028

Pension

Schedule of Components of Net Periodic Benefit Cost (Credit)

The net periodic benefit cost of defined benefit plans includes the following components:

years ended December 31 (in millions)	2022			2021			2020
Service cost	$	48.1		$	46.2		$	39.2
Interest cost		41.2			35.7			37.1
Expected return on assets		(77.3	)		(70.5	)		(58.4	)
Amortization of:
Prior service cost		4.9			0.8			0.7
Actuarial loss		3.9			12.2			14.5
Settlement charge		4.6			—			3.7
Net periodic benefit cost	$	25.4		$	24.4		$	36.8

Schedule of Recognized Comprehensive Earnings

The Company recognized the following amounts in consolidated comprehensive earnings:

years ended December 31
(in millions)	2022			2021			2020
Actuarial (gain) loss	$	(114.5	)	$	(67.5	)	$	34.7
Prior service cost		48.1			—			—
Amortization of:
Prior service cost		(4.9	)		(0.8	)		(0.7	)
Actuarial loss		(3.9	)		(12.2	)		(14.5	)
Settlement charge		(4.6	)		—			(3.7	)
Total	$	(79.8	)	$	(80.5	)	$	15.8

Schedule of Net Periodic Benefit Credit or Cost Not Yet Recognized

Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit cost:

December 31	2022				2021
(in millions)	Gross		Net of tax		Gross		Net of tax
Prior service cost	$	48.2	$	20.3	$	5.1	$	3.0
Actuarial loss		43.2		18.2		166.2		97.0
Total	$	91.4	$	38.5	$	171.3	$	100.0

Schedule of Change in Projected Benefit Obligation

The defined benefit plans’ change in projected benefit obligation is as follows:

years ended December 31
(in millions)	2022			2021
Net projected benefit obligation at beginning of year	$	1,135.5		$	1,111.9
Service cost		48.1			46.2
Interest cost		41.2			35.7
Actuarial gain		(363.3	)		(16.2	)
Gross benefits paid		(52.0	)		(42.1	)
Plan amendments		48.1			—
Net projected benefit obligation at end of year	$	857.6		$	1,135.5

Schedule of Change In Plan Assets

The Company’s change in plan assets, funded status and amounts recognized on the Company’s consolidated balance sheets are as follows:

years ended December 31
(in millions)	2022			2021
Fair value of plan assets at beginning of year	$	1,200.3		$	1,037.9
Actual return on plan assets, net		(171.4	)		121.7
Employer contributions		90.2			82.8
Gross benefits paid		(52.0	)		(42.1	)
Fair value of plan assets at end of year	$	1,067.1		$	1,200.3

Schedule of Funded Status

December 31
(in millions)	2022		2021
Funded status of the plan at end of year	$	209.5	$	64.8
Accrued benefit credit	$	209.5	$	64.8

Schedule of Amounts Recognized on Consolidated Balance Sheets

December 31
(in millions)	2022			2021
Amounts recognized on consolidated balance sheets consist of:
Noncurrent asset	$	295.3		$	179.2
Current liability		(6.8	)		(14.8	)
Noncurrent liability		(79.0	)		(99.6	)
Net amount recognized at end of year	$	209.5		$	64.8

Schedule of Accumulated Benefit Obligations in Excess of Plan Assets

Benefit obligations and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets are as follows:

December 31
(in millions)	2022		2021
Projected benefit obligation	$	86.3	$	115.0
Accumulated benefit obligation	$	79.5	$	101.8
Fair value of plan assets	$	0.5	$	0.7

Schedule of Weighted-Average Assumptions

Weighted-average assumptions used to determine benefit obligations as of December 31 are:

	2022	2021
Discount rate	5.88%	3.23%
Rate of increase in future compensation levels	4.50%	4.50%

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 are:

	2022	2021	2020
Discount rate	3.44%	3.16%	3.69%
Rate of increase in future compensation levels	4.50%	4.50%	4.50%
Expected long-term rate of return on assets	6.75%	6.75%	6.75%

Schedule of Target Assets Allocation

The target allocation for 2022 and the actual pension plan asset allocation by asset class are as follows:

	Percentage of Plan Assets
		2022
		Target	December 31
Asset Class		Allocation	2022	2021
Equity securities		56%	54%	59%
Debt securities		28%	24%	27%
Real estate		10%	14%	7%
Private infrastructure		6%	8%	7%
Total		100%	100%	100%

Schedule of Expected Benefit Payments

The expected benefit payments to be paid from plan assets for each of the next five years and the five-year period thereafter are as follows:

(in millions)
2023	$	51.0
2024	$	52.9
2025	$	53.5
2026	$	55.3
2027	$	58.3
Years 2028 -2032	$	316.9

Postretirement Benefits

Schedule of Components of Net Periodic Benefit Cost (Credit)

The net periodic benefit credit for postretirement plans includes the following components:

years ended December 31
(in millions)	2022			2021			2020
Interest cost	$	0.4		$	0.3		$	0.4
Amortization of:
Prior service credit		(0.9	)		(0.8	)		(0.8	)
Actuarial gain		(0.2	)		(0.1	)		(0.2	)
Total net periodic benefit credit	$	(0.7	)	$	(0.6	)	$	(0.6	)

Schedule of Recognized Comprehensive Earnings

The Company recognized the following amounts in consolidated comprehensive earnings:

years ended December 31
(in millions)	2022			2021			2020
Actuarial (gain) loss	$	(2.0	)	$	(0.6	)	$	0.5
Amortization of:
Prior service credit		0.9			0.8			0.8
Actuarial gain		0.2			0.1			0.2
Total	$	(0.9	)	$	0.3		$	1.5

Schedule of Net Periodic Benefit Credit or Cost Not Yet Recognized

Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit credit:

December 31	2022						2021
(in millions)	Gross			Net of tax			Gross			Net of tax
Prior service credit	$	(0.7	)	$	(0.3	)	$	(1.5	)	$	(0.9	)
Actuarial gain		(4.1	)		(1.7	)		(2.4	)		(1.4	)
Total	$	(4.8	)	$	(2.0	)	$	(3.9	)	$	(2.3	)

Schedule of Change in Projected Benefit Obligation

The postretirement health care plans’ change in benefit obligation is as follows:

years ended December 31
(in millions)	2022			2021
Net benefit obligation at beginning of year	$	11.4		$	12.6
Interest cost		0.4			0.3
Participants’ contributions		0.6			0.6
Actuarial gain		(1.9	)		(0.6	)
Gross benefits paid		(1.6	)		(1.5	)
Net benefit obligation at end of year	$	8.9		$	11.4

Schedule of Change In Plan Assets

The postretirement health care plans’ change in plan assets, funded status and amounts recognized on the Company’s consolidated balance sheets are as follows:

years ended December 31
(in millions)	2022			2021
Fair value of plan assets at beginning of year	$	—		$	—
Employer contributions		1.0			0.9
Participants’ contributions		0.6			0.6
Gross benefits paid		(1.6	)		(1.5	)
Fair value of plan assets at end of year	$	—		$	—

Schedule of Funded Status

December 31
(in millions)	2022			2021
Funded status of the plan at end of year	$	(8.9	)	$	(11.4	)
Accrued benefit cost	$	(8.9	)	$	(11.4	)

Schedule of Amounts Recognized on Consolidated Balance Sheets

December 31
(in millions)	2022			2021
Amounts recognized on consolidated balance sheets consist of:
Current liability	$	(1.0	)	$	(1.2	)
Noncurrent liability		(7.9	)		(10.2	)
Net amount recognized at end of year	$	(8.9	)	$	(11.4	)

Schedule of Weighted-Average Assumptions

Weighted-average assumptions used to determine the postretirement benefit obligation as of December 31 are:

	2022	2021
Discount rate	6.02%	3.02%

Weighted-average assumptions used to determine net postretirement benefit credit for the years ended December 31 are:

	2022	2021	2020
Discount rate	3.02%	2.48%	3.29%

Schedule of Expected Benefit Payments

The total expected benefit payments to be paid by the Company, net of participant contributions, for each of the next five years and the five-year period thereafter are as follows:

(in millions)
2023	$	1.0
2024	$	1.3
2025	$	1.2
2026	$	1.1
2027	$	1.0
Years 2028 -2032	$	3.9