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Defined Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract] |
Obligations and Funded Status |
(In millions) |  |  | Pension Benefits |  |  |  | Postretirement Benefits |
Obligations and Funded Status at December 31 |  |  | 2020 |  |  |  | 2019 |  |  |  | 2020 |  |  |  | 2019 |
Change in the Projected Benefit Obligation (PBO): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  |  | $ | 877.1 |  |  |  | $ | 763.2 |  |  |  | $ | 3.6 |  |  |  | $ | 1.4 |
Projected benefit obligation acquired(a) |  |  |  | — |  |  |  |  | — |  |  |  |  | 9.6 |  |  |  |  | — |
Service cost |  |  |  | 0.4 |  |  |  |  | 0.4 |  |  |  |  | 0.4 |  |  |  |  | 0.2 |
Interest cost |  |  |  | 28.3 |  |  |  |  | 32.9 |  |  |  |  | 0.2 |  |  |  |  | 0.2 |
Plan amendments |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 1.6 |
Actuarial loss |  |  |  | 70.6 |  |  |  |  | 121.6 |  |  |  |  | 0.2 |  |  |  |  | 1.0 |
Benefits paid |  |  |  | (42.9 | ) |  |  |  | (41.0 | ) |  |  |  | (0.6 | ) |  |  |  | (0.7 | )
Curtailment gain |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (0.1 | )
Projected benefit obligation at end of year |  |  | $ | 933.5 |  |  |  | $ | 877.1 |  |  |  | $ | 13.4 |  |  |  | $ | 3.6 |
Accumulated benefit obligation at end of year (excludes the impact of future compensation increases) |  |  | $ | 933.5 |  |  |  | $ | 877.1 |  |  |  | $ | — |  |  |  | $ | — |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | $ | 677.2 |  |  |  | $ | 599.6 |  |  |  | $ | — |  |  |  | $ | — |
Actual return on plan assets |  |  |  | 101.3 |  |  |  |  | 106.8 |  |  |  |  | — |  |  |  |  | — |
Employer contributions |  |  |  | 49.3 |  |  |  |  | 11.8 |  |  |  |  | 0.6 |  |  |  |  | 0.7 |
Benefits paid |  |  |  | (42.9 | ) |  |  |  | (41.0 | ) |  |  |  | (0.6 | ) |  |  |  | (0.7 | )
Fair value of plan assets at end of year |  |  | $ | 784.9 |  |  |  | $ | 677.2 |  |  |  | $ | — |  |  |  | $ | — |
Funded status (Fair value of plan assets less PBO) |  |  | $ | (148.6 | ) |  |  | $ | (199.9 | ) |  |  | $ | (13.4 | ) |  |  | $ | (3.6 | )
| (a) | Related to the Larson acquisition discussed in Note 4.
Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the consolidated balance sheets consist of:
|  | Pension Benefits |  |  |  | Postretirement Benefits |
(In millions) |  | 2020 |  |  |  | 2019 |  |  |  | 2020 |  |  |  | 2019 |
Current benefit payment liability |  | $ | (1.4 | ) |  |  | $ | (1.4 | ) |  |  | $ | (1.1 | ) |  |  | $ | (0.7 | )
Accrued benefit liability |  |  | (147.2 | ) |  |  |  | (198.5 | ) |  |  |  | (12.3 | ) |  |  |  | (2.9 | )
Net amount recognized |  | $ | (148.6 | ) |  |  | $ | (199.9 | ) |  |  | $ | (13.4 | ) |  |  | $ | (3.6 | )
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 (gain) at December 31, 2018 |  | $ | 71.8 |  |  |  | $ | (0.3 | )
Recognition of actuarial loss |  |  | (34.1 | ) |  |  |  | (0.6 | )
Current year actuarial loss |  |  | 50.1 |  |  |  |  | 0.6 |
Net actuarial loss due to curtailment |  |  | (0.1 | ) |  |  |  | — |
Net actuarial loss (gain) at December 31, 2019 |  | $ | 87.7 |  |  |  | $ | (0.3 | )
Recognition of actuarial loss |  |  | (2.7 | ) |  |  |  | (0.1 | )
Current year actuarial loss |  |  | 2.1 |  |  |  |  | 1.0 |
Net actuarial loss due to curtailment |  |  | (0.6 | ) |  |  |  | — |
Net actuarial loss at December 31, 2020 |  | $ | 86.5 |  |  |  | $ | 0.6 |
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) |  | 2020 |  |  |  | 2019 |  |  | 2018 |  |  |  | 2020 |  |  |  | 2019 |  |  | 2018 |
Service cost |  | $ | 0.4 |  |  |  | $ | 0.4 |  |  | $ | 0.5 |  |  |  | $ | 0.4 |  |  |  | $ | 0.2 |  |  | $ | — |
Interest cost |  |  | 28.3 |  |  |  |  | 32.9 |  |  |  | 30.7 |  |  |  |  | 0.2 |  |  |  |  | 0.2 |  |  |  | — |
Expected return on plan assets |  |  | (32.8 | ) |  |  |  | (35.2 | ) |  |  | (41.0 | ) |  |  |  | — |  |  |  |  | — |  |  |  | — |
Recognition of actuarial losses (gains) |  |  | 2.7 |  |  |  |  | 34.1 |  |  |  | 3.9 |  |  |  |  | 0.1 |  |  |  |  | 0.6 |  |  |  | (0.1 | )
Settlement/Curtailment losses (gains) |  |  | 0.6 |  |  |  |  | 0.1 |  |  |  | — |  |  |  |  | — |  |  |  |  | (0.1 | ) |  |  | — |
Amortization of prior service credits |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  |  | 0.2 |  |  |  | — |
Net periodic benefit cost (income) |  | $ | (0.8 | ) |  |  | $ | 32.3 |  |  | $ | (5.9 | ) |  |  | $ | 0.7 |  |  |  | $ | 1.1 |  |  | $ | (0.1 | )
Schedule of Assumptions Used |
Assumptions |  | Pension Benefits |  |  |  | Postretirement Benefits |
|  | 2020 |  |  |  | 2019 |  |  | 2018 |  |  |  | 2020 |  |  |  | 2019 |  |  | 2018 |
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 2.6 | % |  |  |  | 3.3 | % |  |  | 4.4 | % |  |  |  | 5.9 | % |  |  |  | 6.4 | % |  |  | 4.2 | %
Weighted-Average Assumptions Used to Determine Net Cost for Years Ended December 31: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.3 | % |  |  |  | 4.4 | % |  |  | 3.8 | % |  |  |  | 6.4 | % |  |  |  | 4.2 | % |  |  | 3.4 | %
Expected long-term rate of return on plan assets |  |  | 4.5 | % |  |  |  | 4.9 | % |  |  | 6.0 | % |  |  |  | — |  |  |  |  | — |  |  |  | — |
Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations and Net Cost |
|  | Postretirement Benefits
|  | 2020 |  |  |  | 2019 |  |
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 |  | 6.4/7.4 | % | (a) |  | 6.7/7.8 | % | (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 |  |  |  | 2027 |  |
(a) | The pre-65 initial health care cost trend rate is shown first / followed by the post-65 rate.
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, 2020 and 2019 were as follows:
(In millions) |  | Total as of balance sheet date |
|  | 2020 |  |  | 2019 |
Group annuity/insurance contracts (level 3) |  | $ | 24.8 |  |  | $ | 24.2 |
Collective trusts: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 16.0 |  |  |  | 7.8 |
Equity |  |  | 287.6 |  |  |  | 245.3 |
Fixed income |  |  | 410.0 |  |  |  | 355.0 |
Multi-strategy hedge funds |  |  | 24.6 |  |  |  | 23.2 |
Real estate |  |  | 21.9 |  |  |  | 21.7 |
Total |  | $ | 784.9 |  |  | $ | 677.2 |
Reconciliation of Level Three Measurements | A reconciliation of Level 3 measurements was as follows:
|  | Group annuity/ insurance contracts |
(In millions) |  | 2020 |  |  |  | 2019 |
January 1 |  | $ | 24.2 |  |  |  | $ | 23.6 |
Actual return on assets related to assets still held |  |  | 0.6 |  |  |  |  | 0.6 |
December 31 |  | $ | 24.8 |  |  |  | $ | 24.2 |
Schedule of Expected Benefit Payments | The following retirement benefit payments are expected to be paid:
(In millions) |  | Pension Benefits |  |  |  | Postretirement Benefits |
2021 |  | $ | 42.0 |  |  |  | $ | 1.0 |
2022 |  |  | 43.1 |  |  |  |  | 0.9 |
2023 |  |  | 44.2 |  |  |  |  | 0.9 |
2024 |  |  | 45.3 |  |  |  |  | 1.0 |
2025 |  |  | 46.3 |  |  |  |  | 1.1 |
Years 2026-2030 |  |  | 238.7 |  |  |  |  | 5.7 |

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