XML 52 R39.htm IDEA: XBRL DOCUMENT v3.24.0.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The changes in the benefit obligation, the changes in fair value of plan assets, and the funded status of the Company’s Pension and Post-Retirement Medical Plans as of and for the years ended December 31, 2023 and 2022 were as follows:
 Pension PlansPost-Retirement
Medical Plan
(in millions)2023202220232022
Change in benefit obligation:
Benefit obligation at beginning of year$357.0 $353.3 $13.9 $18.2 
Service cost48.1 55.6 0.5 0.8 
Interest cost17.7 7.9 0.7 0.3 
Plan amendments— — 6.0 — 
Benefit payments(18.1)(18.9)(1.4)(1.4)
Actuarial loss (gain)25.0 (40.9)(0.1)(4.0)
Projected benefit obligation at end of year$429.7 $357.0 $19.6 $13.9 
Change in plan assets:
Fair value of plan assets at beginning of year$274.2 $306.3 $— $— 
Actual return on plan assets34.8 (51.0)— — 
Benefits paid(18.1)(18.9)(1.4)(1.4)
Employer contributions58.4 37.8 1.4 1.4 
Fair value of plan assets at end of year$349.3 $274.2 $— $— 
Reconciliation of funded status:
Fair value of plan assets at end of year$349.3 $274.2 $— $— 
Less benefit obligations at end of year429.7 357.0 19.6 13.9 
Funded status at end of year$(80.4)$(82.8)$(19.6)$(13.9)
Schedule of Expected Benefit Payments
Benefit payments, which reflect expected future services that the Company expects to pay are as follows for the years ended December 31:
(in millions)Pension BenefitsPost-Retirement
Medical Plan
2024$31.2 $1.9 
202526.8 1.9 
202631.3 1.9 
202735.4 1.9 
202839.0 2.0 
Years 2029-2033234.7 9.2 
Schedule of Net Periodic Benefit Cost
The components of net periodic benefit cost were as follows for the years ended December 31, 2023, 2022 and 2021:
 Pension BenefitsPost-Retirement
Medical Plan
(in millions)202320222021202320222021
Components of net periodic benefit cost:
Service cost$48.1 $55.6 $57.5 $0.5 $0.8 $1.1 
Interest cost17.7 7.9 5.3 0.7 0.3 0.3 
Expected return on plan assets(19.2)(17.5)(14.2)— — — 
Amortization of prior service cost and actuarial loss— 0.1 0.1 0.1 0.4 0.7 
Net periodic benefit cost$46.6 $46.1 $48.7 $1.3 $1.5 $2.1 
Schedule of Pre-tax Amounts Recognized in Other Comprehensive Income (Loss)
The pre-tax amounts recognized in other comprehensive (income) loss for the years ended December 31, 2023, 2022 and 2021 were as follows:
 Pension BenefitsPost-Retirement
Medical Plan
(in millions)202320222021202320222021
Prior service costs $— $— $— $6.1 $— $— 
Net actuarial loss (gain)9.5 27.6 (21.1)(0.2)(4.0)(4.0)
Amortization of losses and prior service cost(0.1)(0.1)(0.1)(0.1)(0.4)(0.7)
Total changes in other comprehensive (income) loss$9.4 $27.5 $(21.2)$5.8 $(4.4)$(4.7)
Schedule of Pre-tax Amounts in Accumulated Other Comprehensive Loss Not Yet Recognized as Components of Net Periodic Costs
The pre-tax amounts in accumulated other comprehensive income (loss) as of December 31, 2023 and 2022 that have not yet been recognized as components of net periodic costs were as follows:
 Pension BenefitsPost-Retirement
Medical Plan
(in millions)2023202220232022
Prior service costs$(0.4)$(0.5)$(8.7)$(3.5)
Net actuarial (loss) gain(24.4)(14.8)10.9 11.4 
Total$(24.8)$(15.3)$2.2 $7.9 
Schedule of Assumptions Used
The weighted average assumptions used to determine the benefit obligations as of December 31, 2023 and 2022 were as follows:
 Qualified PlanSupplemental Plan Post-Retirement Medical Plan
202320222023202220232022
Discount rate - benefit obligations4.99 %5.22 %4.94 %5.24 %4.88 %5.15 %
Rate of compensation increase4.27 %4.27 %4.50 %4.50 %— — 
The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2023, 2022 and 2021 were as follows:
 Qualified Plan Supplemental Plan Post-Retirement Medical Plan
 202320222021202320222021202320222021
Discount rates:
Effective rate for service cost 5.22%2.80%2.40%5.24%2.73%2.26%5.27%2.80%2.35%
Effective rate for interest cost 5.14%2.33%1.74%5.14%2.24%1.53%5.05%1.91%1.28%
Effective rate for interest on service cost5.14%2.45%1.92%5.12%2.29%1.75%5.21%2.65%2.11%
Cash balance interest credit rate4.04%2.06%1.57%4.04%2.06%1.57%N/AN/AN/A
Expected long-term rate of return on plan assets6.75%5.50%5.25%N/AN/AN/AN/AN/AN/A
Rate of compensation increase4.27%4.26%4.28%4.50%4.50%4.50%N/AN/AN/A
Schedule of Assumed Health Care Cost Trend Rates
The assumed health care cost trend rates as of December 31, 2023 and 2022 were as follows:
 Post-Retirement
Medical Plan
 20232022
Health care cost trend rate assumed for next year6.4 %6.4 %
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate)4.0 %4.0 %
Year that the rate reaches the ultimate trend rate20462046
Schedule of Fair Value of Assets of the Company's Qualified Plan
The table below presents the fair values of the assets of the Company’s Qualified Plan as of December 31, 2023 and 2022 by level of fair value hierarchy. Assets consist of collective trusts and are measured at fair value based on the closing net asset value (“NAV”) as determined by the fund manager and reported daily. As noted above, the Company’s post-retirement medical plan is funded on a pay-as-you-go basis and has no assets. 
 Fair Value Measurements Using
NAV as Practical Expedient
 December 31,
(in millions)20232022
Equities:
Domestic equities$75.0 $73.0 
Developed international equities46.9 34.9 
Global low volatility equities21.0 18.4 
Emerging market equities24.8 20.8 
Fixed-income159.9 106.2 
Real Estate19.7 18.9 
Cash and cash equivalents2.0 2.0 
Total$349.3 $274.2