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v3.19.1

Pension and Postretirement Health and Life Benefits (Tables) | 12 Months Ended
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Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Changes in the projected benefit obligations and plan assets and the funded status of the plans follow:
| Defined Benefit Pension Plans |  | Postretirement Health and Life Benefit Plans
($ millions) | Year Ended December 31, |  | Year Ended December 31,
| 2018 |  | 2017 |  | 2018 |  | 2017
Changes in Benefit Obligations: |  |  |  |  |  |  |
Obligations at beginning of period | $ | 817.9 |  |  | $ | 814.6 |  |  | $ | 170.7 |  |  | $ | 192.8 |
Actuarial (gains) losses, net | (50.8 | ) |  | 32.8 |  |  | (13.1 | ) |  | (24.8 | )
Service costs | 3.4 |  |  | 3.7 |  |  | — |  |  | — |
Interest costs | 28.7 |  |  | 32.2 |  |  | 5.8 |  |  | 7.2 |
Benefits paid | (57.5 | ) |  | (59.3 | ) |  | (11.8 | ) |  | (14.5 | )
Lump sum benefits paid | (4.8 | ) |  | (2.9 | ) |  | — |  |  | — |
Plan change | — |  |  | — |  |  | — |  |  | 10.0 |
Administrative expenses paid | (3.1 | ) |  | (3.2 | ) |  | — |  |  | — |
Obligations at end of period | 733.8 |  |  | 817.9 |  |  | 151.6 |  |  | 170.7 |
Changes in Plan Assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of period | 654.6 |  |  | 634.1 |  |  | 1.8 |  |  | 7.7 |
Actual return on plan assets | (40.2 | ) |  | 84.4 |  |  | — |  |  | 0.1 |
Company contributions | 14.5 |  |  | 1.5 |  |  | 10.0 |  |  | 8.5 |
Benefits paid | (57.5 | ) |  | (59.3 | ) |  | (11.8 | ) |  | (14.5 | )
Lump sum benefits paid | (4.8 | ) |  | (2.9 | ) |  | — |  |  | — |
Administrative expenses paid | (3.1 | ) |  | (3.2 | ) |  | — |  |  | — |
Fair value of plan assets at end of period | 563.5 |  |  | 654.6 |  |  | — |  |  | 1.8 |
Unfunded status at end of period | $ | (170.3 | ) |  | $ | (163.3 | ) |  | $ | (151.6 | ) |  | $ | (168.9 | )
Amounts recognized in assets and liabilities: |  |  |  |  |  |  |
Current liabilities | $ | (1.4 | ) |  | $ | (1.7 | ) |  | (15.4 | ) |  | (14.7 | )
Noncurrent liabilities | (168.9 | ) |  | (161.6 | ) |  | (136.2 | ) |  | (154.2 | )
| $ | (170.3 | ) |  | $ | (163.3 | ) |  | $ | (151.6 | ) |  | $ | (168.9 | )
Amounts in accumulated other comprehensive income (loss), pre-tax: |  |  |  |  |  |  |
Prior service cost (credit) | $ | — |  |  | $ | — |  |  | $ | (2.4 | ) |  | $ | (2.5 | )
Discount rate used to determine benefit obligations at end of period: | 4.3 | % |  | 3.7 | % |  | 4.3 | % |  | 3.6 | %
Schedule of Net Benefit Costs [Table Text Block] | Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Loss) The Company reports service costs for its defined benefit pension plans and its postretirement health and life benefit plans in Cost of Sales and Selling, General and Administrative Expenses. The remaining components of net periodic benefit credits (costs) are reported as Nonoperating Components of Net Periodic Benefit Expense (Income).
| Defined Benefit Pension Plans |  | Postretirement Health and Life Benefit Plans
(in millions) | Year Ended December 31, |  | Year Ended December 31,
| 2018 |  | 2017 |  | 2018 |  | 2017
Net Periodic Benefit (Credits) Costs |  |  |  |  |  |  |
Service costs | $ | 3.4 |  |  | $ | 3.7 |  |  | $ | — |  |  | $ | — |
Interest costs | 28.7 |  |  | 32.2 |  |  | 5.8 |  |  | 7.2 |
Expected return on plan assets (gains) | (41.0 | ) |  | (40.7 | ) |  | — |  |  | — |
Amortization of prior service costs (credits), net | — |  |  | — |  |  | (0.2 | ) |  | (0.1 | )
Actuarial (gains) losses, net | 30.4 |  |  | (10.9 | ) |  | (13.1 | ) |  | (24.9 | )
Loss on plan changes resulting from legal settlement | — |  |  | — |  |  | — |  |  | 10.0 |
Net periodic benefit (credits) costs | $ | 21.5 |  |  | $ | (15.7 | ) |  | $ | (7.5 | ) |  | $ | (7.8 | )
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) |  |  |  |  |  |  |
Amortization of prior service (costs) credits, net | $ | — |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 0.1 |
Total loss recognized in other comprehensive income (loss), pre-tax | $ | — |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 0.1 |
Total recognized in net periodic benefit costs (income) and other comprehensive income (loss), pre-tax | $ | 21.5 |  |  | $ | (15.7 | ) |  | $ | (7.3 | ) |  | $ | (7.7 | )
Schedule of Assumptions Used [Table Text Block] | Assumptions Used to Determine Net Periodic Benefit Costs
| Defined Benefit Pension Plans |  | Postretirement Health and Life Benefit Plans
| Year Ended December 31, |  | Year Ended December 31,
| 2018 |  | 2017 |  | 2018 |  | 2017
Discount rate | 4.3% |  | 3.7% |  | 4.3% |  | 3.6%
Expected return on plan assets | 6.8% |  | 6.8% |  | — |  | —
Schedule of Health Care Cost Trend Rates [Table Text Block] | Healthcare cost trend rates used to measure postretirement health benefit obligations follow:
| December 31,
| 2018 |  | 2017
Healthcare cost trend rate for the following year | 6.0% |  | 6.5%
Long-term rate that the healthcare cost trend rate gradually declines to | 5% |  | 5%
Year that the healthcare cost trend rate is expected to reach the long-term rate | 2021 |  | 2021
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | A one-percentage-point change in the assumed healthcare cost trend rates would have an effect on the postretirement health benefit obligation and costs as follows:
(in millions) | One-Percentage Point
| Increase |  | Decrease
Postretirement health benefit obligation | $ | 2.9 |  |  | $ | (2.7 | )
Net periodic benefit costs (service and interest cost components only) | $ | 0.1 |  |  | $ | (0.1 | )
Schedule of Allocation of Plan Assets [Table Text Block] | The allocation of plan assets between equity and debt securities and the target allocation range by asset category for the defined benefit pension plans follows:
| December 31, |  |
| 2018 |  | 2017 |  | 2019 Target
Equity securities | 48 | % |  | 49 | % |  | 40 | - | 60%
Debt securities | 49 | % |  | 49 | % |  | 40 | - | 60%
Cash | 3 | % |  | 2 | % |  | 0 | - | 5%
| 100 | % |  | 100 | % |  |  |  |
Prefunding for the postretirement health and life benefit plans was discontinued in 2012 and the remaining assets were invested in short-term bond funds as of December 31, 2017, and were expended in early 2018. Benefit costs of the postretirement health and life benefit plans are primarily funded as costs are incurred. Plan assets are measured at fair value. Following are the plan investments as of December 31, 2018 and 2017, categorized by the fair value hierarchy levels described in Note 10, Fair Value Measurements:
| Defined Benefit Pension Plans
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
| 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017
U.S. government securities | $ | — |  |  | $ | — |  |  | $ | 34.6 |  |  | $ | 34.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 34.6 |  |  | $ | 34.6 |
Corporate debt | — |  |  | — |  |  | 104.7 |  |  | 119.7 |  |  | — |  |  | — |  |  | 104.7 |  |  | 119.7 |
Municipal bonds and non-U.S. government securities | — |  |  | — |  |  | 2.0 |  |  | 3.5 |  |  | — |  |  | — |  |  | 2.0 |  |  | 3.5 |
Mortgage and asset backed securities | — |  |  | — |  |  | 4.2 |  |  | 0.3 |  |  | — |  |  | — |  |  | 4.2 |  |  | 0.3 |
Fair value of investments by hierarchy level | $ | — |  |  | $ | — |  |  | $ | 145.5 |  |  | $ | 158.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 145.5 |  |  | $ | 158.1 |
Investments measured at NAV (a) |  |  |  |  |  |  |  |  |  |  |  |  | 416.1 |  |  | 494.7 |
Accrued interest receivable |  |  |  |  |  |  |  |  |  |  |  |  | 1.8 |  |  | 1.9 |
Unsettled transactions |  |  |  |  |  |  |  |  |  |  |  |  | 0.1 |  |  | (0.1 | )
Plan assets |  |  |  |  |  |  |  |  |  |  |  |  | $ | 563.5 |  |  | $ | 654.6 |
| Postretirement Health and Life Benefit Plans
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
| 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017
Money market funds | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Bond mutual funds | — |  |  | 1.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.8 |
Fair value of investments by hierarchy level | $ | — |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1.8 |
(a) Equity, bond and money market investments held in collective trusts are valued based on the net asset value (“NAV”) provided by the administrator of the funds. The NAV for each fund is based on the underlying assets owned by the fund, less any expenses accrued against the fund, divided by the number of fund shares outstanding. While the underlying investments are traded on an exchange, the funds are not. Fair values for the collective trust investments are measured using the NAVs as a practical expedient and are not categorized in the fair value hierarchy.
Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit plan payments follow (in millions):
| Defined Benefit Pension Plans |  | Postretirement Health and Life Benefit Plans
2019 | $ | 57.9 |  |  | $ | 15.3 |
2020 | 56.0 |  |  | 13.9 |
2021 | 54.8 |  |  | 13.2 |
2022 | 53.6 |  |  | 12.6 |
2023 | 52.4 |  |  | 12.1 |
2024 to 2028 | 245.1 |  |  | 49.3 |

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