Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Reconciliation of the Beginning and Ending Balances of Projected Benefit Obligation and Fair Value of Plan Assets

The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2021 and 2020, and the funded status at December 31, 2021 and 2020, is as follows:

(in millions)	2021			2020
Change in benefit obligation:
Benefit obligation at beginning of year	$	1,142.3		$	1,128.8
Interest cost		30.7			37.1
Benefits paid, including lump sum and annuity transfers		(353.0	)		(102.1	)
Actuarial (gain) loss		(6.7	)		78.5
Other		—			—
Benefit obligation at year end	$	813.3		$	1,142.3
Change in plan assets:
Fair value of plan assets at prior year end	$	1,190.7		$	900.0
Actual return on plan assets		(71.4	)		356.3
Employer contributions		1.1			36.5
Benefits paid, including lump sum and annuity transfers		(353.0	)		(102.1	)
Fair value of plan assets at year end	$	767.4		$	1,190.7
Funded status at year end	$	(45.9	)	$	48.4

Amounts Recognized for Pension Plans

Amounts recognized in the consolidated balance sheets for these pension plans at December 31 are as follows:

(in millions)	2021			2020
Noncurrent assets	$	40.5		$	63.2
Current liabilities		(0.6	)		(0.7	)
Noncurrent liabilities		(85.8	)		(14.1	)
Total	$	(45.9	)	$	48.4

Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss at December 31 consist of:

(in millions)	2021			2020
Net actuarial loss	$	207.3		$	171.5
Net prior service credit		(8.9	)		(9.4	)
Total	$	198.4		$	162.1

Information for Pension Plans with ABO in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation (“ABO”) in excess of plan assets and plan assets that exceed ABO at December 31, 2021 and 2020 is as follows:

	At December 31, 2021
(in millions)	ABO Exceeds Assets		Assets Exceed ABO		Total
Projected benefit obligation	$	759.3	$	54.0	$	813.3
Accumulated benefit obligation		759.3		54.0		813.3
Fair value of plan assets		673.2		94.2		767.4

	At December 31, 2020
(in millions)	ABO Exceeds Assets		Assets Exceed ABO		Total
Projected benefit obligation	$	482.9	$	659.4	$	1,142.3
Accumulated benefit obligation		482.9		659.4		1,142.3
Fair value of plan assets		468.1		722.6		1,190.7

Schedule of Assumptions Used

Weighted average actuarial assumptions used to determine benefit obligations at December 31:

	2021			2020
Discount rate		3.08	%		2.81	%

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

	2021			2020			2019
Discount rate		2.81	%		3.56	%		4.44	%
Expected rate of return on assets		5.0	%		7.0	%		7.0	%
Mortality table (a)	Pri-2012 (MP-2021 Scale, Custom)			Pri-2012 (MP-2020 Scale, Custom)			Pri-2012 (MP-2019 Scale, Custom)

(a)The 2021, 2020 and 2019 mortality tables were based on a custom mortality improvement scale to reflect expectations of underlying plan participants.

Schedule of Asset Allocation and Targeted Long Term Asset Allocation

Our asset allocation as of December 31, 2021 and 2020, and targeted long-term asset allocation for the plans are as follows:

	2021			2020			Target
Equities		32	%		60	%		38	%
Debt Securities		49	%		31	%		30	%
Absolute Return		19	%		9	%		32	%

Schedule of Expected Benefit Payments

Expected benefit payments from the Plans for each of the next five years and the total cumulative benefit payments for the following five years ended December 31 are as follows:

(in millions)	2022		2023		2024		2025		2026		2027-2031
Expected benefit payments	$	68.2	$	63.8	$	62.5	$	61.3	$	59.1	$	254.5

Schedule of Costs of Retirement Plans

The components of our net periodic pension cost, other post-retirement costs and other amounts recognized in other comprehensive loss (income) before tax for the years ended December 31, 2021, 2020 and 2019 were as follows:

(in millions)	2021			2020			2019
Net periodic benefit cost:
Interest cost	$	30.7		$	37.1		$	45.7
Expected return on plan assets		(48.0	)		(61.1	)		(57.3	)
Amortization of prior net losses		12.1			14.3			12.8
Amortization of prior net service credit		(0.4	)		(0.4	)		(0.4	)
Settlement - Annuitization(s)		54.9			—			—
Settlements - All Others		9.8			3.6			1.8
Net periodic pension cost (benefit)	$	59.1		$	(6.5	)	$	2.6
Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income):
Net actuarial (gains) losses and other adjustments	$	112.7		$	(216.7	)	$	51.9
Settlement - Annuitization(s)		(54.9	)		—			—
Settlements - All Others		(9.8	)		(3.6	)		(1.8	)
Amortization of prior net losses		(12.1	)		(14.3	)		(12.8	)
Amortization of prior net service credit		0.4			0.4			0.4
Total recognized in other comprehensive loss (income)	$	36.3		$	(234.2	)	$	37.7
Total recognized in net periodic benefit cost and other comprehensive loss (income)	$	95.4		$	(240.7	)	$	40.3

Pension Assets at Fair Value

The tables below detail by level, within the fair value hierarchy, the pension assets at fair value as of December 31, 2021 and December 31, 2020:

	Pension Assets at Fair Value as of December 31, 2021
(in millions)	Total		Level 1		Level 2		Level 3
Equities	$	59.0	$	59.0	$	—	$	—
Private equities		18.6		—		—		18.6
Fixed income:
Corporate and other		81.4		—		73.4		8.0
Government		206.2		8.2		198.0		—
Interest bearing		58.9		57.5		1.4		—
Investments measured at NAV(a)		343.3
Total plan assets	$	767.4	$	124.7	$	272.8	$	26.6

	Pension Assets at Fair Value as of December 31, 2020
(in millions)	Total		Level 1		Level 2		Level 3
Equities	$	518.9	$	518.4	$	0.5	$	—
Private equities		36.9		—		—		36.9
Fixed income:
Corporate and other		32.1		6.0		17.7		8.4
Government		250.5		55.4		195.1		—
Interest bearing		67.0		8.7		58.3		—
Investments measured at NAV(a)		285.3
Total plan assets	$	1,190.7	$	588.5	$	271.6	$	45.3

(a)Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.

Assets Measured at Fair Value on a Recurring Basis (Level 3)

The table below presents the activity of our assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

(in millions)	Private Equities			Fixed income			Total Level 3
Balance at December 31, 2019	$	36.4		$	8.4		$	44.8
Transfers in		19.4			—			19.4
Purchases		—			1.6			1.6
Sales		(7.7	)		(1.4	)		(9.1	)
Unrealized losses		(11.2	)		(0.2	)		(11.4	)
Balance at December 31, 2020	$	36.9		$	8.4		$	45.3
Purchases		1.0			0.8			1.8
Sales		(24.4	)		(1.3	)		(25.7	)
Unrealized gain		5.1			0.1			5.2
Balance at December 31, 2021	$	18.6		$	8.0		$	26.6

Level 3 Assets Using NAV

The following table sets forth a summary of the assets for which a reported NAV is used to estimate the fair value as of December 31, 2021:

	Fair value estimated using Net Asset Value per Share
(in millions)	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Private equities (a)	$	122.7	$	7.5	Redemptions not permitted
Fixed income (b)		41.5		—	Monthly, Quarterly	35-90 days
Equities (c)		59.0		—	Monthly, Quarterly	3-60 days
Absolute return (d)		120.1		—	Monthly, Quarterly	5-90 days
Total	$	343.3

(a)Consists of private equity investments in pharmaceuticals and companies primarily in the technology and healthcare sectors.

(b)Consists of investment in debt securities, secured and unsecured, including collateralized loan obligations of global companies, primarily across the U.S. and Europe. While certain fixed income investments allow redemptions, others do not.

(c)Consists of public equity investments in U.S. and non-U.S. markets.

(d)Consists of investments in publicly traded securities including long and short positions in equities and exchange traded funds, equity index options, corporate and convertible debt securities and other derivatives on equities, commodities and interest rates.

The following table sets forth a summary of the assets for which a reported NAV is used to estimate the fair value as of December 31, 2020:

	Fair value estimated using Net Asset Value per Share
(in millions)	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Private equities (a)	$	119.0	$	1.5	Redemptions not permitted
Fixed income (b)		30.5		—	Monthly, Quarterly	35-90 days
Equities (c)		58.3		—	Monthly	3-30 days
Absolute return (d)		77.5		—	Monthly, Quarterly	3-75 days
Total	$	285.3

(a)Consists of private equity investments in pharmaceuticals and companies primarily in the technology and healthcare sectors.

(b)Primarily consists of investments in royalty payments from marketers of pharmaceuticals and related debt securities.

(c)Consists of public equity investments in U.S. and non-U.S. markets.

(d)Consists of investments in global markets, including derivative securities of equity and fixed income indexes, commodities and interest rates.

Schedule of Multiemployer Plans

We expensed the following amounts related to these plans for the years ended December 31:

(in millions)	2021		2020		2019
Health and welfare	$	485.2	$	488.7	$	503.5
Pension		114.5		123.6		127.6
Total	$	599.7	$	612.3	$	631.1

The following table provides additional information related to our participation in individually significant multi-employer pension plans:

						Expiration Date
				Funding		of Collective-
		Pension Protection Zone Status(b)		Improvement or	Employer	Bargaining
Pension Fund(a)	EIN Number	2021	2020	Rehabilitation Plan	Surcharge Imposed	Agreement
Central States, Southeast and Southwest Areas Pension Fund	36-6044243	Critical and Declining	Critical and Declining	Yes	No	3/31/2024
Teamsters National 401(k) Savings Plan(c)	52-1967784	N/A	N/A	N/A	No	3/31/2024
Road Carriers Local 707 Pension Fund	51-6106510	Critical and  Declining	Critical and  Declining	Yes	No	3/31/2024
Teamsters Local 641 Pension Fund	22-6220288	Critical and Declining	Critical and Declining	Yes	No	3/31/2024

a)The determination of individually significant multi-employer plans is based on our contributions to the plans relative to our total contributions over the periods presented, as well as our contributions to the plans relative to the total contributions that the individual plans received during the periods presented.

b)The Pension Protection Zone Status indicated herein is based on information that the Company obtained from the plans’ Forms 5500. Unless otherwise noted, the most recent PPA zone status available for 2021 and 2020 is for the plan’s year-end during calendar years 2020 and 2019, respectively. Among other factors, plans in the critical or critical and declining zone are generally less than 65 percent funded, plans in the endangered zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded.

c)The policies of the Western Conference of Teamsters Pension Trust precluded the Company from reentering the plan on June 1, 2011. The plan did not assess a withdrawal liability and has not done so since June 1, 2011. Contributions related to the employees previously covered by this plan are now being made to the Teamsters National 401(k) Plan.

Pension Amounts Contributed by Fund

The following table provides the pension amounts contributed by fund for those funds that are considered to be individually significant for the years ended December 31:

(in millions)	2021		2020		2019
Central States, Southeast and Southwest Areas Pension Fund	$	68.4	$	69.0	$	77.7
Teamsters National 401(k) Savings Plan		18.9		17.5		19.0
Road Carriers Local 707 Pension Fund		1.9		1.9		2.5
Teamsters Local 641 Pension Fund		1.9		1.9		2.1