XML 53 R38.htm IDEA: XBRL DOCUMENT v3.24.1
Pension and Postretirement Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Schedule of Pension and Postretirement Costs Benefit

Pension and postretirement costs (benefits) for these plans were comprised of:

 

 

 

Pension Benefits

 

 

 

Postretirement and Other Benefits

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Successor

 

 

 

Predecessor

 

(dollars in millions)

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

 

September 8, 2021 to December 31, 2021

 

 

 

January 1, 2021 to September 7, 2021

 

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

 

September 8, 2021 to December 31, 2021

 

 

 

January 1, 2021 to September 7, 2021

 

Service cost

 

$

—

 

 

$

—

 

 

$

—

 

 

 

$

—

 

 

 

$

0.5

 

 

$

0.8

 

 

$

0.1

 

 

 

$

0.3

 

Interest cost on projected benefit obligation

 

 

22.0

 

 

 

16.3

 

 

 

4.7

 

 

 

 

10.2

 

 

 

 

5.2

 

 

 

4.2

 

 

 

0.8

 

 

 

 

1.8

 

Expected return on plan assets

 

 

(20.8

)

 

 

(27.5

)

 

 

(10.2

)

 

 

 

(19.9

)

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service benefit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

 

(0.7

)

 

 

(0.2

)

 

 

—

 

 

 

 

(1.7

)

Actuarial (gain) loss

 

 

(0.3

)

 

 

—

 

 

 

—

 

 

 

 

16.0

 

 

 

 

(4.7

)

 

 

(0.6

)

 

 

—

 

 

 

 

—

 

Pension/postretirement cost (benefit)

 

$

0.9

 

 

$

(11.2

)

 

$

(5.5

)

 

 

$

6.3

 

 

 

$

0.3

 

 

$

4.2

 

 

$

0.9

 

 

 

$

0.4

 
Schedule of Changes in Projected Benefit Obligations

Changes in the plans' benefit obligations and funded status are as follows:

 

 

 

Pension Benefits

 

 

 

Postretirement and Other Benefits

 

(dollars in millions)

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of period

 

$

439.5

 

 

$

611.9

 

 

 

$

102.4

 

 

$

100.9

 

Service cost

 

 

—

 

 

 

—

 

 

 

 

0.5

 

 

 

0.8

 

Interest cost

 

 

22.0

 

 

 

16.3

 

 

 

 

5.2

 

 

 

4.2

 

Hawaii Plan Adjustment

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

45.9

 

Plan Amendment

 

 

0.1

 

 

 

—

 

 

 

 

—

 

 

 

(4.7

)

Actuarial loss (gain) (a) (b)

 

 

8.8

 

 

 

(146.3

)

 

 

 

1.1

 

 

 

(37.1

)

Benefits paid

 

 

(36.7

)

 

 

(34.9

)

 

 

 

(9.1

)

 

 

(9.8

)

Settlements (c)

 

 

—

 

 

 

(7.5

)

 

 

 

—

 

 

 

—

 

Other

 

 

—

 

 

 

—

 

 

 

 

2.0

 

 

 

2.2

 

Benefit obligation at end of period

 

$

433.7

 

 

$

439.5

 

 

 

$

102.1

 

 

$

102.4

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

$

390.6

 

 

$

559.2

 

 

 

$

3.2

 

 

$

3.3

 

Actual return (loss) on plan assets

 

 

41.7

 

 

 

(128.3

)

 

 

 

—

 

 

 

0.1

 

Employer contributions

 

 

2.2

 

 

 

2.1

 

 

 

 

6.9

 

 

 

7.3

 

Benefits paid

 

 

(36.7

)

 

 

(34.9

)

 

 

 

(7.0

)

 

 

(7.5

)

Settlements (c)

 

 

—

 

 

 

(7.5

)

 

 

 

—

 

 

 

—

 

Fair value of plan assets at end of period

 

 

397.8

 

 

 

390.6

 

 

 

 

3.1

 

 

 

3.2

 

Unfunded status

 

$

(35.9

)

 

$

(48.9

)

 

 

$

(99.0

)

 

$

(99.2

)

 

(a)
The actuarial loss recorded for the year ended December 31, 2023 for the pension plans was primarily driven by a decrease in the discount rate. The actuarial (gain) recorded during the year ended December 31, 2022 for the pension plans was primarily driven by an increase in the discount rate.
(b)
The actuarial loss recorded for the year ended December 31, 2023 for the postretirement plans was primarily driven by a decrease in the discount rate. The actuarial (gain) recorded for the year ended December 31, 2022 for the postretirement plans was primarily driven by an increase in the discount rate, updated census data and the result of actual versus expected benefit payments.
(c)
Participant elections to take lump sum payments that exceeded the settlement accounting threshold and have been categorized as settlements.
Schedule of Amounts Recognized in Balance Sheet

The projected benefit obligation is recognized in the Consolidated Balance Sheets as follows:

 

 

 

Pension Benefits

 

 

 

Postretirement and Other Benefits

 

 

 

December 31,

 

 

 

December 31,

 

(dollars in millions)

 

2023

 

 

2022

 

 

 

2023

 

 

2022

 

Other noncurrent assets

 

$

2.1

 

 

$

—

 

 

 

$

—

 

 

$

—

 

Accrued payroll and benefits

 

 

1.5

 

 

 

1.5

 

 

 

 

7.9

 

 

 

8.1

 

Pension and postretirement benefit obligations

 

 

36.5

 

 

 

47.4

 

 

 

 

91.1

 

 

 

91.1

 

Total

 

$

35.9

 

 

$

48.9

 

 

 

$

99.0

 

 

$

99.2

 
Schedule of Net Periodic Benefit Cost Not yet Recognized

Amounts recognized in "Accumulated other comprehensive income" in the Consolidated Balance Sheets which have not yet been recognized in net pension costs consisted of the following:

 

 

 

Pension Benefits

 

 

 

Postretirement and Other Benefits

 

 

 

December 31,

 

 

 

December 31,

 

(dollars in millions)

 

2023

 

 

2022

 

 

 

2023

 

 

2022

 

Prior service cost, net of tax of ($0.4), ($0.2)

 

$

—

 

 

$

—

 

 

 

$

(1.2

)

 

$

(0.6

)

Actuarial gain (loss), net of tax of ($0.8), ($1.6), $8.9, $10.2

 

 

5.8

 

 

 

(5.1

)

 

 

 

28.6

 

 

 

32.8

 

Total

 

$

5.8

 

 

$

(5.1

)

 

 

$

27.4

 

 

$

32.2

 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in "Accumulated other comprehensive income" on the Consolidated Statements of Equity (Deficit) and the Consolidated Statements of Comprehensive Income (Loss) are shown below:

 

 

 

Pension Benefits

 

 

 

Postretirement and Other Benefits

 

(dollars in millions)

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

Prior service cost recognized:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification adjustments

 

$

—

 

 

$

—

 

 

 

$

(0.8

)

 

$

4.7

 

Actuarial gain (loss) recognized:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification adjustments

 

 

(0.3

)

 

 

—

 

 

 

 

(4.7

)

 

 

(0.8

)

Actuarial gain (loss) arising during the period

 

 

12.0

 

 

 

(9.4

)

 

 

 

(0.8

)

 

 

37.6

 
Schedule of Allocation of Plan Assets

The fair values of the pension plan assets at December 31, 2023 and 2022 by asset category are as follows:

 

(dollars in millions)

 

December 31,
2023

 

 

Quoted prices
in active
markets
Level 1

 

 

Significant
observable
inputs
Level 2

 

 

Significant
unobservable
inputs
Level 3

 

Mutual funds

 

 

 

 

 

 

 

 

 

 

 

 

U.S. equity index funds

 

$

72.9

 

 

$

72.9

 

 

$

—

 

 

$

—

 

International equity index funds

 

 

72.6

 

 

 

72.6

 

 

 

—

 

 

 

—

 

Fixed income bond funds

 

 

252.0

 

 

 

252.0

 

 

 

—

 

 

 

—

 

Fixed income short-term money market funds

 

 

0.3

 

 

 

0.3

 

 

 

—

 

 

 

—

 

Group insurance contract

 

 

3.1

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

400.9

 

 

$

397.8

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in millions)

 

December 31,
2022

 

 

Quoted prices
in active
markets
Level 1

 

 

Significant
observable
inputs
Level 2

 

 

Significant
unobservable
inputs
Level 3

 

Mutual funds

 

 

 

 

 

 

 

 

 

 

 

 

U.S. equity index funds

 

$

71.5

 

 

$

71.5

 

 

$

—

 

 

$

—

 

International equity index funds

 

 

74.5

 

 

 

74.5

 

 

 

—

 

 

 

—

 

Fixed income bond funds

 

 

244.5

 

 

 

244.5

 

 

 

—

 

 

 

—

 

Fixed income short-term money market funds

 

 

0.1

 

 

 

0.1

 

 

 

—

 

 

 

—

 

Group insurance contract

 

 

3.2

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

393.8

 

 

$

390.6

 

 

$

—

 

 

$

—

 
Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years:

 

(dollars in millions)

 

Pension
Benefits

 

 

Postretirement
and Other
Benefits

 

 

Medicare
Subsidy
Receipts

 

 2024

 

$

48.2

 

 

$

8.0

 

 

$

(0.1

)

 2025

 

 

46.3

 

 

 

7.9

 

 

 

(0.1

)

 2026

 

 

42.7

 

 

 

7.7

 

 

 

(0.1

)

 2027

 

 

40.3

 

 

 

7.6

 

 

 

(0.1

)

 2028

 

 

38.1

 

 

 

7.5

 

 

 

(0.1

)

Years 2029 - 2033

 

 

159.7

 

 

 

35.4

 

 

 

(0.2

)
Cincinnati Plans [Member]  
Schedule of Health Care Cost Trend Rates

The assumed healthcare cost trend rate used to measure the postretirement health benefit obligation is shown below:

 

Cincinnati Plans

 

Year Ended

 

 

Year Ended

 

 

 

December 31, 2023

 

 

December 31, 2022

 

Healthcare cost trend

 

 

7.00

%

 

 

6.50

%

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

 

 

4.80

%

 

 

4.80

%

Year the rates reach the ultimate trend rate

 

2033

 

 

2032

 
Cincinnati Plans [Member] | Net Periodic Cost [Member]  
Schedule of Assumptions Used

The following are the weighted-average assumptions used in measuring the net periodic cost of the pension and postretirement benefits:

 

Cincinnati Plans

 

Pension Benefits

 

 

 

Postretirement and Other Benefits

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

 

September 8, 2021 to December 31, 2021

 

 

 

January 1, 2021 to September 7, 2021

 

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

 

September 8, 2021 to December 31, 2021

 

 

 

January 1, 2021 to September 7, 2021

 

Discount rate

 

 

5.40

%

 

 

2.70

%

 

 

2.60

%

 

 

 

2.40

%

 

 

 

5.40

%

 

 

2.80

%

 

 

2.60

%

 

 

2.40%

 

Expected long-term rate of return

 

 

6.00

%

 

 

5.80

%

 

 

6.00

%

 

 

 

6.00

%

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Cash balance interest credit rate

 

 

4.00

%

 

 

4.00

%

 

 

4.00

%

 

 

 

4.00

%

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Future compensation growth rate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 
Cincinnati Plans [Member] | Projected Benefit Obligation [Member]  
Schedule of Assumptions Used

The following are the weighted-average assumptions used in accounting for and measuring the projected benefit obligations:

 

Cincinnati Plans

 

Pension Benefits

 

 

 

Postretirement and Other Benefits

 

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

Discount rate

 

 

5.00

%

 

 

5.40

%

 

 

 

5.00

%

 

 

5.40

%

Cash balance interest credit rate

 

 

4.00

%

 

 

4.00

%

 

 

 

—

 

 

 

—

 

Future compensation growth rate

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 
Hawaii Plans [Member] | Net Periodic Cost [Member]  
Schedule of Assumptions Used

Hawaii Plans

 

Pension Benefits

 

 

 

Postretirement and Other Benefits

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

 

September 8, 2021 to December 31, 2021

 

 

 

January 1, 2021 to September 7, 2021

 

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

 

September 8, 2021 to December 31, 2021

 

 

 

January 1, 2021 to September 7, 2021

 

Discount rate

 

 

5.40

%

 

 

3.90

%

 

 

2.50

%

 

 

 

2.30

%

 

 

 

5.50

%

 

 

3.70

%

 

 

2.80

%

 

 

 

2.60

%

Expected long-term rate of return

 

 

5.50

%

 

 

5.00

%

 

 

6.00

%

 

 

 

6.00

%

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Cash balance interest credit rate

 

 

5.10

%

 

 

1.90

%

 

 

1.10

%

 

 

 

1.20

%

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Future compensation growth rate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 
Hawaii Plans [Member] | Projected Benefit Obligation [Member]  
Schedule of Assumptions Used

Hawaii Plans

 

Pension Benefits

 

 

 

Postretirement and Other Benefits

 

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

Discount rate

 

 

5.00

%

 

 

5.40

%

 

 

 

5.10

%

 

 

5.50

%

Cash balance interest credit rate

 

 

—

 

 

 

5.10

%

 

 

 

—

 

 

 

—

 

Future compensation growth rate

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—