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Other Post-Employment Benefits and Other Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Other Post-Employment Benefits and Other Employee Benefit Plans | Other Post-Employment Benefits and Other Employee Benefit Plans In addition to providing pension benefits, we maintain two Other Post-Employment Benefit Plans which provide a portion of healthcare, dental, vision and life insurance benefits for certain retired legacy employees. These plans are in the U.S. and Canada. Covered employees who retired on or after attaining age 55 and who had rendered at least 10 years of service were entitled to post-retirement healthcare, dental and life insurance benefits. These benefits are subject to deductibles, co-payment provisions and other limitations. The information below relates to these two plans. Contributions made by us, net of Medicare Part D subsidies received in the U.S., are reported below as benefits paid. We may change the benefits at any time. The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:
|  | December 31,
(In millions) |  | 2019 |  | 2018
Change in benefit obligations: |  |  |  |
Benefit obligation at beginning of period |  | $ | 46.4 |  |  | $ | 51.3 |
Service cost |  | — |  |  | 0.1 |
Interest cost |  | 1.6 |  |  | 1.4 |
Actuarial (gain) loss |  | (1.2 | ) |  | (1.7 | )
Benefits paid, net |  | (3.3 | ) |  | (4.5 | )
Plan amendments |  | — |  |  | (0.2 | )
Benefit obligation at end of period |  | $ | 43.5 |  |  | $ | 46.4 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of period |  | $ | — |  |  | $ | — |
Employer contribution |  | 3.3 |  |  | 4.5 |
Benefits paid, net |  | (3.3 | ) |  | (4.5 | )
Fair value of plan assets at end of period |  | $ | — |  |  | $ | — |
Net amount recognized: |  |  |  |  |  |
Underfunded status |  | $ | (43.5 | ) |  | $ | (46.4 | )
Accumulated benefit obligation at end of year |  | $ | 43.5 |  |  | $ | 46.4 |
Net amount recognized in consolidated balance sheets consists of: |  |  |  |  |  |
Current liability |  | $ | (5.3 | ) |  | $ | (5.3 | )
Non-current liability |  | (38.2 | ) |  | (41.1 | )
Net amount recognized |  | $ | (43.5 | ) |  | $ | (46.4 | )
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | (0.6 | ) |  | $ | 0.4 |
Prior service credit |  | (2.6 | ) |  | (3.0 | )
Total |  | $ | (3.2 | ) |  | $ | (2.6 | )
The accumulated post-retirement benefit obligations were determined using a weighted-average discount rate of 3.1% at December 31, 2019 and 4.1% at December 31, 2018. The components of net periodic benefit cost were as follows:
|  | Year Ended December 31,
(In millions) |  | 2019 |  | 2018 |  | 2017
Components of net periodic benefit cost: |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost |  | 1.6 |  |  | 1.4 |  |  | 1.6 |
Amortization of net gain |  | (0.2 | ) |  | (0.2 | ) |  | (0.2 | )
Amortization of prior service credit |  | (0.3 | ) |  | (0.3 | ) |  | (1.2 | )
Net periodic benefit cost |  | $ | 1.1 |  |  | $ | 1.0 |  |  | $ | 0.3 |
Income of settlement/curtailment |  | — |  |  | — |  |  | (13.5 | )
Total benefit (income) cost for fiscal year |  | $ | 1.1 |  |  | $ | 1.0 |  |  | $ | (13.2 | )
Changes in benefit obligations that were recognized in AOCL at December 31, 2019 and December 31, 2018 were as follows:
|  | December 31, 2019 |  | December 31, 2018
(In millions) |  | U.S. |  | International |  | Total |  | U.S. |  | International |  | Total
Current year actuarial gain |  | $ | (1.0 | ) |  | $ | (0.2 | ) |  | $ | (1.2 | ) |  | $ | (1.7 | ) |  | $ | — |  |  | $ | (1.7 | )
Prior year service credit occurring during the year |  | — |  |  | — |  |  | — |  |  | (0.2 | ) |  | — |  |  | (0.2 | )
Amortization of actuarial gain |  | — |  |  | 0.2 |  |  | 0.2 |  |  | — |  |  | 0.2 |  |  | 0.2 |
Amortization of prior service credit |  | 0.3 |  |  | — |  |  | 0.3 |  |  | 0.3 |  |  | — |  |  | 0.3 |
Total |  | $ | (0.7 | ) |  | $ | — |  |  | $ | (0.7 | ) |  | $ | (1.6 | ) |  | $ | 0.2 |  |  | $ | (1.4 | )
The amounts in AOCL at December 31, 2019 that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows:
(In millions) |  | December 31, 2019
Unrecognized net prior service credits |  | $ | (0.3 | )
Unrecognized net actuarial gain |  | (0.2 | )
Total |  | $ | (0.5 | )
Healthcare Cost Trend Rates For the year ended December 31, 2019, healthcare cost trend rates were assumed to be 6.2% for the U.S. plan in 2019 and decreasing to 5.0% by 2025, and 5.0% for the Canada plan in 2019, and unchanged in future years. The assumed healthcare cost trend rate has an effect on the amounts reported for the healthcare plans. A one percentage point change on assumed healthcare cost trend rates would have the following effect for the year ended December 31, 2019:
(In millions) |  | 1% Increase |  | 1% Decrease
Effect on total of service and interest cost components |  | $ | — |  |  | $ | — |
Effect on post-retirement benefit obligation |  | 0.1 |  |  | (0.2 | )
The amortization of any prior service cost is determined using a straight-line amortization of the cost over the average remaining service period of employees expected to receive benefits under the plan. Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows:
Year |  | Amount (in millions)
2020 |  | $ | 5.1 |
2021 |  | 4.8 |
2022 |  | 4.4 |
2023 |  | 4.0 |
2024 |  | 3.6 |
2025 to 2029 (combined) |  | 12.9 |
Total |  | $ | 34.8 |

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- Definition The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 + Details
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