XML 52 R39.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Cost for Employees Components of total net periodic pension cost for the years ended December 31 were as follows:
(in millions)
2019
 
2018
 
2017
Service cost
$
0.9

 
$
1.0

 
$
0.9

Interest cost
1.2

 
1.1

 
1.2

Expected return on assets
(1.3
)
 
(1.5
)
 
(1.5
)
Amortization of prior service cost
0.1

 
0.1

 
0.1

Amortization of net gain
0.1

 
—

 
—

Net periodic pension cost
$
1.0

 
$
0.7

 
$
0.7
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Accumulated Other Comprehensive Income
The other changes in plan assets and benefit obligations recognized in other comprehensive loss, before tax effects, for the years ended December 31 were:
(in millions)
2019
 
2018
 
2017
Net loss
$
2.2

 
$
0.6

 
$
0.4

New prior service cost
0.6

 
0.1

 
0.5

Amortization of prior service cost
(0.1
)
 
(0.1
)
 
(0.1
)
Amortization or settlement recognition of net loss
(0.1
)
 
—

 
—

Total recognized in other comprehensive loss
$
2.6

 
$
0.6

 
$
0.8
Schedule of Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Costs
The following assumptions, calculated on a weighted-average basis, were used to determine net periodic pension cost for the Company’s Plans for the years ended December 31:
 
2019
 
2018
 
2017
Discount rate (a)
4.10
%
 
3.58
%
 
4.07
%
Expected long-term return on plan assets
6.16
%
 
6.25
%
 
6.64
%
(a)
The discount rates used in 2019 to determine the expenses for the U.S. retirement plan and Canadian retirement plan were 4.16% and 3.90%, respectively. The discount rates used in 2018 to determine the expenses for the U.S. retirement plan and Canadian retirement plan were 3.54% and 3.70%, respectively.
Schedule of Funded Status of the Pension Plans
The measurement date for the Company's Plans is December 31. The funded status of the Plans as of December 31 was as follows:
(in millions)
2019
 
2018
Change in Benefit Obligation:
 
 
 
Projected benefit obligation at beginning of year
$
30.0

 
$
32.1

Service cost
0.9

 
1.0

Interest cost
1.2

 
1.1

Plan amendments
0.5

 
0.1

Actuarial (gain) loss
5.5

 
(3.0
)
Benefits paid
(1.3
)
 
(0.9
)
Expenses paid
(0.1
)
 
(0.1
)
Foreign currency exchange rate changes
0.2

 
(0.3
)
Projected benefit obligation at end of year
$
36.9

 
$
30.0

Change in Plan Assets:
 
 
 
Fair value of plan assets at beginning of year
$
22.2

 
$
25.3

Actual return on plan assets
4.6

 
(2.1
)
Employer contribution
1.4

 
0.3

Benefits paid
(1.3
)
 
(0.9
)
Expenses paid
(0.1
)
 
(0.1
)
Foreign currency exchange rate changes
0.2

 
(0.3
)
Fair value of plan assets at end of year
$
27.0

 
$
22.2

Funded status
$
(9.9
)
 
$
(7.8
)
Schedule of Amounts Recognized in the Consolidated Balance Sheet and the Accumulated Benefit Obligation and Fair Value of Assets
The following table represents amounts recorded in the Consolidated Balance Sheets:
 
December 31,
(in millions)
2019
 
2018
Amounts recognized in the Consolidated Balance Sheets:
 
 
 
Non-current benefit liability
$
10.0

 
$
8.1

Non-current benefit asset
0.1

 
0.3
Schedule of Weighted-Average Assumptions Used in Calculating Benefit Obligations
The following assumption, calculated on a weighted-average basis, was used to determine benefit obligations for the Company’s defined benefit pension plans as of December 31:
 
2019
 
2018
Discount rate (a)
3.16
%
 
4.13
%
(a)
The discount rates used in 2019 to determine the benefit obligations for the U.S. retirement plan and Canadian retirement plan were 3.15% and 3.20%, respectively. The discount rates used in 2018 to determine the benefit obligations for the U.S. and Canadian defined benefit pension plans were 4.16% and 3.90%, respectively.
Schedule of Estimated Future Benefit Payments
The following table presents estimated future benefit payments:
(in millions)
 
Fiscal 2020
$
1.1

Fiscal 2021
1.1

Fiscal 2022
1.2

Fiscal 2023
1.2

Fiscal 2024
1.3

Fiscal 2025 ‑ Fiscal 2028
8.0
Schedule of Target and Actual Asset Allocations Target and actual asset allocations are as follows:
 
2019 Target
 
2019
Actual
Common/collective trust consisting primarily of:
 
 
 
Equity securities
60.0
%
 
55.7
%
Debt securities
40.0
%
 
44.0
%
Other
—
%
 
0.3
%
Total plan assets
100.0
%
 
100.0
%
Schedule of Fair Value of Pension Plan Assets by Asset Category
The fair value of the Company’s plan assets, all valued at NAV, at December 31 by asset category was as follows:
(in millions)
2019
 
2018
Asset Category
 
 
 
Common/collective trust
 
 
 
U.S. equity
$
5.5

 
$
14.1

International equity
9.5

 
3.6

Total equity based funds
15.0

 
17.7

Common/collective trust - fixed income
11.9

 
4.4

Money market funds
0.1

 
0.1

Total
$
27.0

 
$
22.2
Schedule of Expenses Related to the Multi-employer Benefit Plans The expense recognized by the Company for such contributions for the years ended December 31 was follows:
(in millions)
2019
 
2018
 
2017
Multi‑employer retirement plan expense
$
4.3

 
$
3.9

 
$
4.3

Multi‑employer health and welfare plan expense
3.8

 
3.6

 
3.5
Schedule of Information Regarding Multi-employer Pension Plans
The following table presents information regarding the multi‑employer pension plans that are significant to the Company for the years ended December 31, 2019 and 2018, respectively:
Pension Fund
 
EIN/Pension Plan Number
 
Date of Plan Year-End
 
Pension Protection Act
Zone Status(1) 2019
 
FIP/RP Status
Pending/Implemented(2)
 
Contributions of the Company in 2019
 
Surcharge Imposed(3)
 
Expiration Date
of Collective
Bargaining Agreement
 
Year Contributions to Plan Exceeded More than 5 Percent of Total Contributions
 
(in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United Furniture Workers Pension Fund A(4)
 
13-5511877-001
 
2/28/19
 
Red
 
Implemented
 
$
1.1

 
No
 
2020
 
2017, 2018, 2019
Pension Plan of the National Retirement Fund
 
13-6130178-001
 
12/31/18
 
Red
 
Implemented
 
$
1.0

 
Yes, 10.0%
 
2022
 
N/A
Central States, Southeast & Southwest Areas Pension Plan
 
36-6044243-001
 
12/31/18
 
Red
 
Implemented
 
$
0.8

 
Yes, 10.0%
 
2021
 
N/A
Pension Fund
 
EIN/Pension Plan Number
 
Date of Plan Year-End
 
Pension Protection Act
Zone Status(1) 2018
 
FIP/RP Status
Pending/Implemented(2)
 
Contributions of the Company in 2018
 
Surcharge Imposed(3)
 
Expiration Date
of Collective
Bargaining Agreement
 
Year Contributions to Plan Exceeded More than 5 Percent of Total Contributions
 
(in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United Furniture Workers Pension Fund A(4)
 
13-5511877-001
 
2/28/18
 
Red
 
Implemented
 
$
0.7

 
No
 
2020
 
2016, 2017, 2018
Pension Plan of the National Retirement Fund
 
13-6130178-001
 
12/31/17
 
Red
 
Implemented
 
$
0.7

 
Yes, 10.0%
 
2019
 
N/A
Central States, Southeast & Southwest Areas Pension Plan
 
36-6044243-001
 
12/31/17
 
Red
 
Implemented
 
$
0.8

 
Yes, 10.0%
 
2021
 
N/A

(1)
The Pension Protection Act of 2006 ranks the funded status of multi-employer pension plans depending upon a plan’s current and projected funding. A plan is in the Red Zone (Critical) if it has a current funded percentage of less than 65.0%. A plan is in the Yellow Zone (Endangered) if it has a current funded percentage of less than 80.0%, or projects a credit balance deficit within seven years. A plan is in the Green Zone (Healthy) if it has a current funded percentage greater than 80.0% and does not have a projected credit balance deficit within seven years. The zone status is based on the plan’s year end rather than the Company’s. The zone status listed for each plan is based on information that the Company received from that plan and is certified by that plan’s actuary for the most recent year available.
(2)
Funding Improvement Plan or Rehabilitation Plan as defined in the Employee Retirement Income Security Act of 1974 has been implemented or is pending.
(3)
Indicates whether the Company paid a surcharge to the plan in the most current year due to funding shortfalls and the amount of the surcharge.
(4)
The Company represented more than 5.0% of the total contributions for the most recent plan year available. For year ended December 31, 2017, the Company contributed $1.1 million to the plan.