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Defined Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Obligations and Funded Status
   
(In millions)
 
Pension Benefits
 
 
Postretirement Benefits
 
     
Obligations and Funded Status at December 31
 
2018
 
 
2017
 
 
2018
 
 
2017
 
Change in the Projected Benefit Obligation (PBO):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation at beginning of year
 
$
832.4
 
 
$
791.7
 
 
$
1.6
 
 
$
3.6
 
Service cost
 
 
0.5
 
 
 
0.6
 
 
 
—
 
 
 
—
 
Interest cost
 
 
30.7
 
 
 
33.3
 
 
 
—
 
 
 
—
 
Plan amendments
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
Actuarial loss (gain)
 
 
(63.1
) 
 
 
40.6
 
 
 
(0.2
) 
 
 
(1.4
) 
Benefits paid
 
 
(37.3
) 
 
 
(33.8
) 
 
 
—
 
 
 
(0.4
) 
Foreign exchange
 
 
—
 
 
 
—
 
 
 
—
 
 
 
(0.2
) 
Projected benefit obligation at end of year
 
$
763.2
 
 
$
832.4
 
 
$
1.4
 
 
$
1.6
 
Accumulated benefit obligation at end of year (excludes the impact of future compensation increases)
 
$
763.2
 
 
$
832.4
 
 
 
 
 
 
 
 
 
Change in Plan Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
$
656.6
 
 
$
577.7
 
 
$
—
 
 
$
—
 
Actual return on plan assets
 
 
(30.7
) 
 
 
83.2
 
 
 
—
 
 
 
—
 
Employer contributions
 
 
11.0
 
 
 
29.5
 
 
 
—
 
 
 
0.5
 
Benefits paid
 
 
(37.3
) 
 
 
(33.8
) 
 
 
—
 
 
 
(0.5
) 
Fair value of plan assets at end of year
 
$
599.6
 
 
$
656.6
 
 
$
—
 
 
$
—
 
Funded status (Fair value of plan assets less PBO)
 
$
(163.6
) 
 
$
(175.8
) 
 
$
(1.4
) 
 
$
(1.6
) 
Amounts Recognized in Consolidated Balance Sheets Amounts recognized in the consolidated balance sheets consist of:
 
   
 
 
Pension Benefits
 
 
Postretirement Benefits
 
     
(In millions)
 
2018
 
 
2017
 
 
2018
 
 
2017
 
Current benefit payment liability
 
$
(1.5
) 
 
$
(1.1
) 
 
$
(0.2
) 
 
$
(0.2
) 
Accrued benefit liability
 
 
(162.1
) 
 
 
(174.7
) 
 
 
(1.2
) 
 
 
(1.4
) 
Net amount recognized
 
$
(163.6
) 
 
$
(175.8
) 
 
$
(1.4
) 
 
$
(1.6
) 
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] The retrospective impact of adopting ASU 
2017-07
 is as follows:
 
   
(In millions)
 
2017
 
 
2016
 
Increase to cost of products sold
 
$
7.5
 
 
$
8.5
 
Increase to selling, general and administrative expenses
 
 
2.1
 
 
 
5.6
 
Decrease to operating income
 
$
(9.6
) 
 
$
(14.1
) 
Amounts in Accumulated Other Comprehensive Loss that have not yet been Recognized as Components of Net Periodic Benefit Cost
The amounts in accumulated other comprehensive loss on the consolidated balance sheets that have not yet been recognized as components of net periodic benefit cost were as follows:
 
   
(In millions)
 
Pension Benefits  
 
 
Postretirement Benefits
 
Net actuarial loss at December 31, 2016
 
$
73.4
 
 
$
—
 
Recognition of actuarial (loss) gain
 
 
(0.9
) 
 
 
1.4
 
Current year actuarial gain
 
 
(5.3
) 
 
 
(1.4
) 
Net actuarial loss at December 31, 2017
 
$
67.2
 
 
$
—
 
Recognition of actuarial (loss) gain
 
 
(3.9
) 
 
 
0.1
 
Current year actuarial loss (gain)
 
 
8.5
 
 
 
(0.4
) 
Net actuarial loss at December 31, 2018
 
$
71.8
 
 
$
(0.3
) 
Net prior service cost (credit) at December 31, 2016
 
$
—
 
 
$
(5.1
) 
Amortization
 
 
—
 
 
 
5.1
 
Net prior service cost (credit) at December 31, 2017
 
$
—
 
 
$
—
 
Amortization
 
 
—
 
 
 
—
 
Net prior service cost (credit) at December 31, 2018
 
$
—
 
 
$
—
 
Total at December 31, 2018
 
$
71.8
 
 
$
(0.3
) 
Components of Net Periodic Benefit Cost for Pension and Postretirement Benefits
Components of net periodic benefit cost were as follows:
 
   
Components of Net Periodic Benefit (Income) Cost
 
Pension Benefits
 
 
Postretirement Benefits
 
       
(In millions)
 
2018
 
 
2017
 
 
2016
 
 
2018
 
 
2017
 
 
2016
 
Service cost
 
$
0.5
 
 
$
0.6
 
 
$
9.6
 
 
$
—
 
 
$
—
 
 
$
—
 
Interest cost
 
 
30.7
 
 
 
33.3
 
 
 
34.4
 
 
 
—
 
 
 
—
 
 
 
0.3
 
Expected return on plan assets
 
 
(41.0
) 
 
 
(37.3
) 
 
 
(37.2
) 
 
 
—
 
 
 
—
 
 
 
—
 
Recognition of actuarial losses (gains)
 
 
3.9
 
 
 
0.9
 
 
 
—
 
 
 
(0.1
) 
 
 
(1.4
) 
 
 
1.9
 
Amortization of prior service credits
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
(5.1
) 
 
 
(13.5
) 
Net periodic benefit (income) cost
 
$
(5.9
) 
 
$
(2.5
) 
 
$
6.8
 
 
$
(0.1
) 
 
$
(6.5
) 
 
$
(11.3
) 
Schedule of Assumptions Used
 
 
 
Assumptions
 
Pension Benefits
 
Postretirement Benefits
       
 
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Weighted-Average Assumptions Used to
Determine Benefit Obligations at December 31:
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
4.4%
 
3.8%
 
4.3%
 
4.2%
 
3.4%
 
3.4%
Rate of compensation increase
 
—
 
—
 
4.0%
 
—
 
—
 
—
Weighted-Average Assumptions Used to
Determine Net Cost for Years Ended December 31:
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
3.8%
 
4.3%
 
4.6%
 
3.4%
 
3.4%
 
4.1%
Expected long-term rate of return on plan assets
 
6.0%
 
6.4%
 
6.6%
 
—
 
—
 
—
Rate of compensation increase
 
—
 
—
 
4.0%
 
—
 
—
 
—
Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations and Net Cost
  
 
 
Postretirement
Benefits
 
   
 
 
2018
 
 
2017
 
Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations and Net Cost at December 31:
 
 
 
 
 
 
 
 
Health care cost trend rate assumed for next year
 
 
6.9/8.0
%
(a)
 
 
 
7.1/8.4
%
(a)
 
Rate that the cost trend rate is assumed to decline (the ultimate trend rate)
 
 
4.5
% 
 
 
4.5
% 
Year that the rate reaches the ultimate trend rate
 
 
2027
 
 
 
2026
 
 
(a)
 
The 
pre-65
 initial health care cost trend rate is shown first / followed by the 
post-65
 rate.
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A 
one-percentage-point
 change in assumed health care cost trend rates would have had the following effects in 2018:
 
   
(In millions)
 
1-Percentage-

Point  Increase
 
 
1-Percentage-

Point
Decrease
 
Effect on postretirement benefit obligation
 
 
(0.1
) 
 
 
0.1
 
Fair Value of Pension Assets by Major Category of Plan Assets
The fair value of the pension assets by major category of plan assets as of December 31, 2018 and 2017 were as follows:
 
  
(In millions)
 
Total as of
balance sheet
date
 
   
 
 
2018
 
 
2017
 
Group annuity/insurance contracts (level 3)
 
$
23.6
 
 
$
23.3
 
Collective trusts:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
7.7
 
 
 
12.5
 
Equity
 
 
197.7
 
 
 
285.9
 
Fixed income
 
 
324.6
 
 
 
277.7
 
Multi-strategy hedge funds
 
 
22.0
 
 
 
24.6
 
Real estate
 
 
24.0
 
 
 
32.6
 
Total
 
$
599.6
 
 
$
656.6
 
Reconciliation of Level Three Measurements
A reconciliation of Level 3 measurements was as follows:
 
  
 
 
Group annuity/
insurance contracts
 
   
(In millions)
 
2018
 
 
2017
 
January 1
 
$
23.3
 
 
$
22.8
 
Actual return on assets related to assets still held
 
 
0.3
 
 
 
0.5
 
December 31
 
$
23.6
 
 
$
23.3
 
Schedule of Expected Benefit Payments
The following retirement benefit payments are expected to be paid:
 
   
(In millions)
 
Pension
Benefits
 
 
Postretirement
Benefits
 
2019
 
$
39.4
 
 
$
0.1
 
2020
 
 
41.0
 
 
 
0.1
 
2021
 
 
42.1
 
 
 
0.1
 
2022
 
 
43.4
 
 
 
0.1
 
2023
 
 
44.4
 
 
 
0.1
 
Years 2024-2028
 
 
234.7
 
 
 
0.3