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v3.21.1

Pension and Postretirement Health and Life Benefits (Tables) | 12 Months Ended
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Dec. 31, 2020
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,
| 2020 |  | 2019 |  | 2020 |  | 2019
Changes in Benefit Obligations: |  |  |  |  |  |  |
Obligations at beginning of period | $ | 763.5 |  |  | $ | 733.8 |  |  | $ | 152.8 |  |  | $ | 151.6 |
Actuarial (gains) losses, net | 56.7 |  |  | 59.8 |  |  | (1.6) |  |  | 9.1 |
Service costs | 3.5 |  |  | 3.3 |  |  | — |  |  | — |
Interest costs | 24.3 |  |  | 30.3 |  |  | 4.8 |  |  | 6.0 |
Benefits paid from Plan assets | (56.3) |  |  | (59.1) |  |  | (13.6) |  |  | (13.9) |
Benefits paid from Company assets | (0.5) |  |  | — |  |  | — |  |  | — |
Plan amendments | — |  |  | (1.3) |  |  | — |  |  | — |
Settlements | (30.4) |  |  | — |  |  | — |  |  | — |
Administrative expenses paid | (2.9) |  |  | (3.3) |  |  | — |  |  | — |
Obligations at end of period | 757.9 |  |  | 763.5 |  |  | 142.4 |  |  | 152.8 |
Changes in Plan Assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of period | 621.2 |  |  | 563.5 |  |  | — |  |  | — |
Actual return on plan assets | 85.4 |  |  | 109.3 |  |  | — |  |  | — |
Company contributions | 16.6 |  |  | 10.8 |  |  | 13.6 |  |  | 13.9 |
Benefits paid | (56.8) |  |  | (59.1) |  |  | (13.6) |  |  | (13.9) |
Settlements | (30.4) |  |  | — |  |  | — |  |  | — |
Administrative expenses paid | (2.9) |  |  | (3.3) |  |  | — |  |  | — |
Fair value of plan assets at end of period | 633.1 |  |  | 621.2 |  |  | — |  |  | — |
Unfunded status at end of period | $ | (124.8) |  |  | $ | (142.3) |  |  | $ | (142.4) |  |  | $ | (152.8) |
Amounts recognized in assets and liabilities: |  |  |  |  |  |  |
Current liabilities | $ | (0.4) |  |  | $ | (0.5) |  |  | (11.6) |  |  | (14.2) |
Noncurrent liabilities | (124.4) |  |  | (141.8) |  |  | (130.8) |  |  | (138.6) |
| $ | (124.8) |  |  | $ | (142.3) |  |  | $ | (142.4) |  |  | $ | (152.8) |
Amounts in accumulated other comprehensive income (loss), pre-tax: |  |  |  |  |  |  |
Prior service cost (credit) | $ | (1.1) |  |  | $ | (1.3) |  |  | $ | (2.1) |  |  | $ | (2.3) |
Discount rate used to determine benefit obligations at end of period: | 2.5 | % |  | 3.3 | % |  | 2.5 | % |  | 3.3 | %
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,
| 2020 |  | 2019 |  | 2020 |  | 2019
Net Periodic Benefit (Credits) Costs |  |  |  |  |  |  |
Service costs | $ | 3.5 |  |  | $ | 3.3 |  |  | $ | — |  |  | $ | — |
Interest costs | 24.3 |  |  | 30.3 |  |  | 4.8 |  |  | 6.0 |
Expected return on plan assets | (37.5) |  |  | (36.4) |  |  | — |  |  | — |
Amortization of prior service costs (credits), net | (0.2) |  |  | — |  |  | (0.1) |  |  | (0.1) |
Actuarial (gains) losses, net | 8.9 |  |  | (13.1) |  |  | (1.7) |  |  | 9.1 |
Net periodic benefit (credits) costs | $ | (1.0) |  |  | $ | (15.9) |  |  | $ | 3.0 |  |  | $ | 15.0 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) |  |  |  |  |  |  |
Amortization of prior service (costs) credits, net | $ | — |  |  | $ | — |  |  | $ | (2.1) |  |  | $ | 0.1 |
Prior service cost/(credit) | (1.1) |  |  | (1.3) |  |  | — |  |  | — |
Total recognized in other comprehensive income (loss), pre-tax | $ | (1.1) |  |  | $ | (1.3) |  |  | $ | (2.1) |  |  | $ | 0.1 |
Total recognized in net periodic benefit costs (income) and other comprehensive income (loss), pre-tax | $ | (2.1) |  |  | $ | (17.2) |  |  | $ | (0.9) |  |  | $ | 15.1 |
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,
| 2020 |  | 2019 |  | 2020 |  | 2019
Discount rate | 2.5% |  | 3.3% |  | 2.5% |  | 3.3%
Expected return on plan assets | 6.4% |  | 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,
| 2020 |  | 2019
Healthcare cost trend rate for the following year | 5.5% |  | 6.0%
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 | 2022 |  | 2022
Schedule of Allocation of Plan Assets [Table Text Block] | Plan assets are measured at fair value. Following are the plan investments as of December 31, 2020 and 2019, categorized by the fair value hierarchy levels described in Note 11, Fair Value Measurements:
| Defined Benefit Pension Plans
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
U.S. government securities | $ | — |  |  | $ | — |  |  | $ | 16.4 |  |  | $ | 32.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 16.4 |  |  | $ | 32.7 |
Corporate debt | — |  |  | — |  |  | 104.2 |  |  | 121.1 |  |  | — |  |  | — |  |  | 104.2 |  |  | 121.1 |
Municipal bonds and non-U.S. government securities | — |  |  | — |  |  | 2.1 |  |  | 2.1 |  |  | — |  |  | — |  |  | 2.1 |  |  | 2.1 |
Mortgage and asset backed securities | — |  |  | — |  |  | 6.4 |  |  | 11.0 |  |  | — |  |  | — |  |  | 6.4 |  |  | 11.0 |
Fair value of investments by hierarchy level | $ | — |  |  | $ | — |  |  | $ | 129.1 |  |  | $ | 166.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 129.1 |  |  | $ | 166.9 |
Investments measured at NAV (a) |  |  |  |  |  |  |  |  |  |  |  |  | 504.4 |  |  | 453.5 |
Accrued interest receivable |  |  |  |  |  |  |  |  |  |  |  |  | 1.3 |  |  | 1.8 |
Unsettled transactions |  |  |  |  |  |  |  |  |  |  |  |  | (1.8) |  |  | (1.0) |
Plan assets |  |  |  |  |  |  |  |  |  |  |  |  | $ | 633.0 |  |  | $ | 621.2 |
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
2021 | $ | 53.8 |  |  | $ | 11.6 |
2022 | 52.1 |  |  | 11.1 |
2023 | 50.9 |  |  | 10.6 |
2024 | 49.3 |  |  | 10.0 |
2025 | 47.9 |  |  | 9.4 |
2026 to 2030 | 223.3 |  |  | 38.8 |

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