XML 1061 R43.htm IDEA: XBRL DOCUMENT v3.23.1
Employee and Agent Benefits (Tables)
12 Months Ended
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans  
Assumed Health Care Cost Trend Rates (Table)

December 31, 

 

   

2022

    

2021

Health care cost trend rate assumed for next year under age 65

7.00

%  

7.00

%

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

4.50

%  

4.50

%

Year that the rate reaches the ultimate trend rate (under age 65)

2031

2030

Other postretirement benefits  
Defined Benefit Plans and Other Postretirement Benefit Plans  
Obligations and Funded Status (Table)

December 31, 

    

2022

    

2021

(in millions)

Change in benefit obligation

Benefit obligation at beginning of year

$

(79.2)

$

(92.5)

Interest cost

(1.9)

 

(1.8)

Actuarial gain

17.0

 

6.4

Participant contributions

(6.4)

 

(6.1)

Benefits paid

11.9

 

11.9

Plan transfer due to change in sponsorship

2.9

Benefit obligation at end of year

$

(58.6)

$

(79.2)

Change in plan assets

Fair value of plan assets at beginning of year

$

89.5

$

751.1

Actual return on plan assets

(15.0)

 

(0.8)

Employer contribution

1.4

 

1.5

Participant contributions

6.4

 

6.1

Benefits paid

(11.9)

 

(11.9)

Assets re-designated for non-retiree benefits

(656.5)

Fair value of plan assets at end of year

$

70.4

$

89.5

Amount recognized in statement of financial position

Other assets

$

11.8

$

10.3

Total

$

11.8

$

10.3

Amount recognized in accumulated other comprehensive income

Total net actuarial gain

$

(18.1)

$

(20.7)

Pre-tax accumulated other comprehensive income

$

(18.1)

$

(20.7)

Components of Net Periodic Benefit Cost (Income) (Table)

For the year ended December 31, 

    

2022

    

2021

    

2020

(in millions)

Interest cost

$

1.9

$

1.8

$

2.4

Expected return on plan assets

(3.7)

(3.5)

(34.8)

Amortization of prior service cost

0.1

Recognized net actuarial (gain) loss

(0.9)

(0.4)

0.2

Net periodic benefit income

$

(2.7)

$

(2.1)

$

(32.1)

Amounts Recognized in Net Periodic Benefit Cost and Accumulated Other Comprehensive (Income) Loss (Table)

For the year ended December 31, 

    

2022

    

2021

(in millions)

Other changes recognized in accumulated other comprehensive (income) loss

Net actuarial (gain) loss

$

1.7

$

(4.1)

Prior service benefit

 

(0.7)

Amortization of net gain

0.9

 

0.4

Total recognized in pre-tax accumulated other comprehensive (income) loss

$

2.6

$

(4.4)

Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive income

$

(0.1)

$

(6.5)

Weighted-Average Assumptions Used to Determine Benefit Obligations (Table)

December 31, 

     

2022

     

2021

Discount rate

5.05

%  

2.55

%

Rate of compensation increase

N/A

N/A

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Table)

For the year ended December 31, 

    

2022

    

2021

    

2020

Discount rate (1)

2.55

%  

2.15

%  

2.95

%

Expected long-term return on plan assets

4.25

%  

4.25

%  

4.95

%

Rate of compensation increase

N/A

N/A

N/A

%

(1)During the second quarter 2020, subsidy increases provided under the long-term care plan were capped at 5% per calendar year. This change was remeasured as of March 31, 2020. A discount rate of 2.95% was used until the remeasurement date at which time a discount rate of 2.90% was used.
Fair Value of Plan Assets (Table)

December 31, 2022

Assets

Fair value hierarchy level

measured at

    

fair value

    

Level 1

    

Level 2

    

Level 3

 

(in millions)

Asset category

Cash and cash equivalents

$

0.5

$

0.5

$

$

Fixed income security portfolios (1)

 

34.7

 

34.7

 

 

U.S. equity portfolios (2)

 

25.6

 

25.6

 

 

International equity portfolios (3)

 

9.6

 

9.6

 

 

Total

$

70.4

$

70.4

$

$

December 31, 2021

Assets

Fair value hierarchy level

measured at

    

fair value

    

Level 1

    

Level 2

    

Level 3

 

(in millions)

Asset category

Cash and cash equivalents

$

0.5

$

0.5

$

$

Fixed income security portfolios (1)

 

41.8

 

41.8

 

 

U.S. equity portfolios (2)

 

32.9

 

32.9

 

 

International equity portfolios (3)

 

14.3

 

14.3

 

 

Total

$

89.5

$

89.5

$

$

(1)The portfolios invest in various fixed income securities, primarily of U.S. origin. These include, but are not limited to, corporate bonds, residential mortgage-backed securities, commercial mortgage-backed securities, U.S. Treasury securities, agency securities, asset-backed securities and collateralized mortgage obligations.
(2)The portfolios invest primarily in publicly traded equity securities of large U.S. companies.
(3)The portfolios invest primarily in publicly traded equity securities of non-U.S. companies.
Target Asset Allocation (Table)

Asset category

    

Target allocation

Fixed income security portfolios

50

%

U.S. equity portfolios

35

%

International equity portfolios

15

%

Estimated Future Benefit Payments (Table)

Other postretirement

benefits (gross benefit

payments, including

    

prescription drug benefits)

(in millions)

Year ending December 31:

2023

$

11.6

2024

10.7

2025

9.7

2026

8.6

2027

7.6

2028-2032

30.1