Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Components of Estimated Net Periodic Benefit Income

The components of the estimated net pension plan income for the years ended December 31, 2022, 2021 and 2020 were as follows:

	Year Ended December 31,
	2022			2021			2020
Interest cost	$	7.4		$	6.2		$	8.8
Expected return on assets		(11.6	)		(14.2	)		(13.9	)
Amortization, net		3.3			3.8			3.1
Net pension plan income	$	(0.9	)	$	(4.2	)	$	(2.0	)
Weighted-average assumption used to calculate net pension plan income:
Discount rate		2.9	%		2.6	%		3.2	%
Expected return on plan assets		4.8	%		6.0	%		6.0	%

Reconciliation of Funded Status

Reconciliation of funded status

	Pension Benefits						Other Postretirement Benefits
	2022			2021			2022			2021
Benefit obligation at beginning of year	$	314.0		$	325.6		$	1.6		$	1.8
Interest cost		7.4			6.2			—			—
Actuarial gain		(67.0	)		(0.4	)		(0.2	)		—
Benefits paid		(17.3	)		(17.4	)		(0.2	)		(0.2	)
Benefit obligation at end of year (a)	$	237.1		$	314.0		$	1.2		$	1.6
Fair value of plan assets at beginning of year	$	273.1		$	274.9		$	—		$	—
Actual return on assets		(63.7	)		14.4			—			—
Employer contributions		1.4			1.2			0.2			0.2
Benefits paid		(17.3	)		(17.4	)		(0.2	)		(0.2	)
Fair value of plan assets at end of year	$	193.5		$	273.1		$	—		$	—
Under funded status at end of year	$	(43.6	)	$	(40.9	)	$	(1.2	)	$	(1.6	)

___________

(a)As the Company’s defined benefit plan is frozen and participants do not earn additional service benefits, the projected benefit obligation and accumulated benefit obligation are the same.

Amount Recognized on Consolidated and Combined Balance Sheets

The accumulated benefit obligation for all defined benefit pension and other postretirement benefits plans was $238.3 million and $315.6 million at December 31, 2022 and 2021, respectively. The underfunded pension and other postretirement plans liabilities are presented within the Company's audited Consolidated Balance Sheets as follows:

	Pension Benefits						Other Postretirement Benefits
	December 31,						December 31,
	2022			2021			2022			2021
Accrued benefit cost (included in accrued liabilities)	$	(1.8	)	$	(1.8	)	$	(0.1	)	$	(0.1	)
Pension and other postretirement benefits plans liabilities		(41.8	)		(39.1	)		(1.1	)		(1.5	)
Net liabilities	$	(43.6	)	$	(40.9	)	$	(1.2	)	$	(1.6	)

Amounts in Accumulated Other Comprehensive Loss

The amounts included in accumulated other comprehensive loss in the audited Consolidated Balance Sheets, excluding tax effects, that have not been recognized as components of net periodic benefit cost at December 31, 2022 and 2021 were as follows:

	Pension Benefits						Other Postretirement Benefits
	December 31,						December 31,
	2022			2021			2022			2021
Accumulated other comprehensive loss:
Net actuarial loss	$	(92.7	)	$	(87.6	)	$	(0.3	)	$	(0.6	)

Amounts Recognized in Other Comprehensive Income (Loss)

The pre-tax amounts recognized in other comprehensive (loss) income during the years ended December 31, 2022, 2021 and 2020 were as follows:

	Pension Benefits							Other Postretirement Benefits
	Year Ended December 31,							Year Ended December 31,
	2022			2021		2020		2022		2021		2020
Amortization of:
Net actuarial loss	$	3.3		$	3.7	$	3.1	$	—	$	0.1	$	—
Amounts arising during the period:
Net actuarial (loss) gain		(8.4	)		0.6		1.7		0.3		—		(0.2	)
Total (loss) gain	$	(5.1	)	$	4.3	$	4.8	$	0.3	$	0.1	$	(0.2	)

Weighted Average Assumptions Used to Determine Benefit Obligation

The weighted average assumptions used to determine the benefit obligation at December 31, 2022 and 2021 were as follows:

	Pension Benefits						Other Postretirement Benefits
	December 31,						December 31,
	2022			2021			2022			2021
Discount rate		5.2	%		2.9	%		5.2	%		2.7	%
Interest crediting rate		3.6	%		2.4	%	N/A			N/A

Expected Benefit Payments

Benefit payments are expected to be paid as follows:

	Pension Benefits		Other Postretirement Benefits
2023	$	17.9	$	0.1
2024		18.5		0.1
2025		18.0		0.1
2026		18.7		0.1
2027		17.6		0.1
2028-2032		86.4		0.5

Allocation of Plan Assets

The fair values of the Company’s pension plan assets at December 31, 2022 and 2021, by asset category, were as follows:

	December 31, 2022
	Total		Level 1		Level 2
Asset Category:
Cash and Cash Equivalents	$	2.8	$	—	$	2.8
Fixed Income		15.7		—		15.7
Assets Measured at NAV		175.0		—		—
Total	$	193.5	$	—	$	18.5

	December 31, 2021
	Total		Level 1		Level 2
Asset Category:
Cash and Cash Equivalents	$	2.8	$	1.5	$	1.3
Fixed Income		25.6		—		25.6
Assets Measured at NAV		244.7		—		—
Total	$	273.1	$	1.5	$	26.9