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Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Reconciliation of Balances of Pension Benefit Obligation and Fair Value of Plan Assets

A reconciliation of the beginning and ending balances of the pension benefit obligation and fair value of plan assets and the funded status of the plan is as follows (in millions):

		Year Ended December 31,
		2020				2019
Change in pension benefit obligation:
Benefit obligation at beginning of year		$	274.4			$	253.2
Service cost			0.8				1.6
Interest cost			8.0				9.8
Net actuarial loss			22.6				24.7
Benefits paid			(15.2	)			(14.9	)
Benefit obligation at end of year		$	290.6			$	274.4
Change in plan assets:
Fair value of plan assets at beginning of year		$	243.7			$	220.0
Actual return on plan assets			34.3				38.6
Contributions by the company			—				—
Benefits paid			(15.2	)			(14.9	)
Fair value of plan assets at end of year		$	262.8			$	243.7
Funded status of the plan (underfunded)		$	(27.8	)		$	(30.7	)
Amounts recognized in the consolidated balance sheet    consist of:
Noncurrent liabilities - accrued benefit liability		$	(27.8	)		$	(30.7	)
Accumulated other comprehensive loss - net actuarial loss			68.3				69.8
Net amount included in retained earnings		$	40.5			$	39.1

Components of Net Periodic Pension Benefit Cost and Other Changes in Plan Assets and Obligations Recognized in Earnings and Other Comprehensive Earnings

The components of the net periodic pension benefit cost for the plan and other changes in plan assets and obligations recognized in earnings and other comprehensive earnings consist of the following (in millions):

		Year Ended December 31,
		2020				2019				2018
Net periodic pension cost:
Service cost		$	0.8			$	1.6			$	0.8
Interest cost on benefit obligation			8.0				9.8				9.3
Expected return on plan assets			(16.4	)			(14.8	)			(16.0	)
Amortization of net loss			6.2				7.0				4.9
Net periodic benefit cost			(1.4	)			3.6				(1.0	)
Other changes in plan assets and obligations recognized    in other comprehensive earnings:
Net loss incurred			4.7				0.8				17.2
Amortization of net loss			(6.2	)			(7.0	)			(4.9	)
Total recognized in other comprehensive loss			(1.5	)			(6.2	)			12.3
Total recognized in net periodic pension cost and other    comprehensive loss		$	(2.9	)		$	(2.6	)		$	11.3
Estimated amortization for the following year:
Amortization of net loss		$	5.8			$	6.1			$	7.2

Weighted Average Assumptions of Pension Benefit Obligation and Net Periodic Pension Benefit Cost

The following weighted average assumptions were used at December 31 in determining the plan’s pension benefit obligation:

		December 31,
		2020				2019
Discount rate			2.25	%			3.00	%
Weighted average expected long-term rate of return on plan assets			7.00	%			7.00	%

The following weighted average assumptions were used at January 1 in determining the plan’s net periodic pension benefit cost:

		Year Ended December 31,
		2020				2019				2018
Discount rate			3.00	%			4.00	%			3.50	%
Weighted average expected long-term rate of return on plan assets			7.00	%			7.00	%			7.00	%

Schedule of Benefit Payments Expected to be Paid by Plan

The following benefit payments are expected to be paid by the plan (in millions):

2021		$	16.2
2022			16.5
2023			16.7
2024			16.7
2025			16.9
Years 2026 to 2030			83.1

Summary of Plans Weighted Average Asset Allocations

The following is a summary of the plan’s weighted average asset allocations at December 31 by asset category:

		December 31,
Asset Category		2020				2019
Equity securities			63.0	%			61.0	%
Debt securities			30.0	%			32.0	%
Real estate			7.0	%			7.0	%
Total			100.0	%			100.0	%

Summary of Plan's Assets Carried at Fair Value

The following is a summary of the plan’s assets carried at fair value as of December 31 by level within the fair value hierarchy (in millions):

		December 31,
Fair Value Hierarchy		2020				2019
Level 1		$	—			$	—
Level 2			141.8				135.8
Level 3			121.0				107.9
Total fair value		$	262.8			$	243.7

Reconciliation of Beginning and Ending Balances for Level 3 Assets of Plan Measured at Fair Value

The following is a reconciliation of the beginning and ending balances for the Level 3 assets of the plan measured at fair value (in millions):

		Year Ended December 31,
		2020				2019
Fair value at January 1		$	107.9			$	94.9
Settlements			(2.7	)			—
Unrealized gain			15.8				13.0
Fair value at December 31		$	121.0			$	107.9

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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

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Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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