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Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Schedule of Net Pension and Other Benefit Costs | Costs. Pension and other postretirement benefit costs included the following components for 2020, 2019 and 2018:
| Pension Benefits |  | Other Postretirement Benefits
(in millions) | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Interest cost | $ | 0.7 |  |  | $ | 6.0 |  |  | $ | 22.6 |  |  | $ | 0.8 |  |  | $ | 1.3 |  |  | $ | 1.1 |
Expected return on plan assets | — |  |  | (7.4) |  |  | (24.8) |  |  | — |  |  | — |  |  | — |
Amortization of prior service credits | — |  |  | — |  |  | — |  |  | (0.7) |  |  | (0.7) |  |  | (0.7) |
Amortization of net actuarial losses | 0.6 |  |  | 5.8 |  |  | 9.9 |  |  | — |  |  | — |  |  | — |
Settlement charges | (1.1) |  |  | 292.8 |  |  | — |  |  | — |  |  | — |  |  | — |
Net pension and other benefit costs | $ | 0.2 |  |  | $ | 297.2 |  |  | $ | 7.7 |  |  | $ | 0.1 |  |  | $ | 0.6 |  |  | $ | 0.4 |
Reconciliation of the Changes in Plans Benefit Obligations, Fair Value of Plan Assets, and Statement of Funded Status | Benefit Obligations and Funded Status. A reconciliation of the changes in the benefit obligations and fair value of assets over the two-year period ending December 31, 2020, and a statement of the funded status at December 31 for these years for the Company's pension and other postretirement benefit plans follow:
| Pension Benefits |  | Other Postretirement Benefits
(in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Reconciliation of benefit obligation: |  |  |  |  |  |  |
Benefit obligation at previous December 31 | $ | 28.1 |  |  | $ | 652.8 |  |  | $ | 33.0 |  |  | $ | 34.3 |
Interest cost | 0.7 |  |  | 6.0 |  |  | 0.8 |  |  | 1.3 |
Actuarial losses | 2.1 |  |  | 77.3 |  |  | 1.8 |  |  | 0.2 |
Benefit payments | (3.4) |  |  | (34.1) |  |  | (2.4) |  |  | (2.8) |
Settlement payments | — |  |  | (673.9) |  |  | — |  |  | — |
Benefit obligation at December 31 | 27.5 |  |  | 28.1 |  |  | 33.2 |  |  | 33.0 |
Reconciliation of fair value of plan assets: |  |  |  |  |  |  |
Fair value of plan assets at previous December 31 | 10.6 |  |  | 642.0 |  |  | — |  |  | — |
Actual return on plan assets | — |  |  | 70.8 |  |  | — |  |  | — |
Employer contributions | 3.4 |  |  | 7.9 |  |  | 2.4 |  |  | 2.8 |
Benefit payments | (3.4) |  |  | (34.1) |  |  | (2.4) |  |  | (2.8) |
Settlement payments | — |  |  | (673.9) |  |  | — |  |  | — |
Adjustments (A) | (10.6) |  |  | (2.1) |  |  | — |  |  | — |
Fair value of plan assets at December 31 | — |  |  | 10.6 |  |  | — |  |  | — |
Funded status at December 31 | $ | (27.5) |  |  | $ | (17.5) |  |  | $ | (33.2) |  |  | $ | (33.0) |
Funded percentage | NA |  | 38 | % |  | NA |  | NA
(A) 2020 adjustment represents the overfunded position of the Company's salaried bargaining plans refunded during the year.
Schedule of Amounts Recognized in Consolidated Balance Sheet | The amounts included in the Company's Consolidated Balance Sheets as of December 31, 2020 and 2019, were as follows:
| Pension Benefits |  | Other Postretirement Benefits
(in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Prepaid expenses and other | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Accounts and notes receivable | — |  |  | 10.6 |  |  | — |  |  | — |
Assets recognized | $ | — |  |  | $ | 10.6 |  |  | $ | — |  |  | $ | — |
Accrued expenses | $ | 3.0 |  |  | $ | 3.5 |  |  | $ | 3.1 |  |  | $ | 3.6 |
Postretirement benefit liabilities | 24.5 |  |  | 24.6 |  |  | 30.1 |  |  | 29.4 |
Liabilities recognized | $ | 27.5 |  |  | $ | 28.1 |  |  | $ | 33.2 |  |  | $ | 33.0 |
Activity Recorded in Accumulated Other Comprehensive Income or Loss | Accumulated Other Comprehensive Loss. The following pretax activity related to pensions and other postretirement benefits was recorded in Accumulated other comprehensive loss as of December 31:
| Pension Benefits |  | Other Postretirement Benefits
(in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Prior service credits |  |  |  |  |  |  |
Beginning balance | $ | — |  |  | $ | — |  |  | $ | (8.1) |  |  | $ | (8.8) |
Amount recognized as component of net benefit costs | — |  |  | — |  |  | 0.7 |  |  | 0.7 |
Ending balance | — |  |  | — |  |  | (7.4) |  |  | (8.1) |
Net actuarial losses |  |  |  |  |  |  |
Beginning balance | 12.0 |  |  | 298.3 |  |  | (1.4) |  |  | (1.5) |
Actuarial losses arising during the period | 2.1 |  |  | 12.3 |  |  | 1.8 |  |  | 0.1 |
Amount recognized as component of net benefit costs | (0.6) |  |  | (298.6) |  |  | — |  |  | — |
Ending balance | 13.5 |  |  | 12.0 |  |  | 0.4 |  |  | (1.4) |
Total | $ | 13.5 |  |  | $ | 12.0 |  |  | $ | (7.0) |  |  | $ | (9.5) |
Schedule of Health Care Cost Trend Rates [Table Text Block] | The assumed health care cost trend rate for other postretirement benefits for pre-age 65 benefits as of December 31 was as follows:
| Pre-age 65 Benefits
| 2020 |  | 2019
Health care cost trend rate for next year | 5.3 | % |  | 5.4 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.5 | % |  | 4.5 | %
Year rate reaches the ultimate trend rate | 2037 |  | 2037
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one percent change in the assumed health care trend rate at December 31, 2020 would not have a material impact on the accumulated postretirement benefit obligation.
Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Pension and Other Postretirement Benefit Costs | Weighted average assumptions used to determine pension and other postretirement benefit obligations at December 31 were as follows:
| Pension Benefits |  | Other Postretirement Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019
Discount rate | 2.00 | % |  | 2.96 | % |  | 2.13 | % |  | 3.07 | %
Weighted average assumptions used to determine net pension and other postretirement benefit costs for the years ended December 31 were as follows:
| 2020 |  | 2019 |  | 2018
Discount rate for pension benefits (A) (B) | 2.55% |  | 4.13% |  | 3.27%
Discount rate for other postretirement benefits (A) (B) | 2.65% |  | 3.85% |  | 3.08%
Long-term rate of return on plan assets (C) | NA |  | NA |  | 4.25%
(A) The Company utilizes a yield curve analysis to calculate the discount rates used to determine pension and other postretirement benefit obligations. The yield curve analysis matches the cash flows of the Company's benefit obligations. The yield curve consisted of spot interest rates at half year increments for each of the next 30 years and was developed based on pricing and yield information for high quality corporate bonds rated Aa by either Moody's or Standard & Poor's, private placement bonds that are traded in reliance with Rule 144A and are at least two years from date of issuance, bonds with make-whole provisions and bonds issued by foreign corporations that are denominated in U.S. dollars, excluding callable bonds and bonds less than a minimum size and other filtering criteria. Additionally, the Company's yield curve methodology includes bonds having a yield that is greater than the regression mean yield curve as the Company believes this methodology represents an appropriate estimate of the rates at which the Company could effectively settle its pension obligations. For the Company's Salaried and Bargaining plans which were terminated during 2018, the discount rate was a blend of the December 31, 2018 yield curve rate associated with those participants electing annuity contracts to cover future benefit payments, and a lump-sum segment rate for those participants electing lump-sum benefit payments. (B) The Company uses a "spot rate approach" in the calculation of pension and postretirement interest costs to provide a more accurate measurement of interest costs. The spot rate approach applies separate discount rates for each projected benefit payment in the calculation of pension and postretirement interest costs. (C) The Company evaluates its assumption regarding the estimated long-term rate of return on plan assets based on historical experience, future expectations of investment returns, asset allocations, investment strategies and views of investment professionals.
Schedule of Expected Cash Flows | Expected Cash Flows. The expected cash flows for the Company's pension and other postretirement benefit plan are presented as follows:
(in millions) | Pension Benefits | Other Postretirement Benefits
Company contributions expected to be made in 2021 | $ | 3.0 |  | $ | 3.1 |
Expected benefit payments: |  |
2021 | 3.0 |  | 3.1 |
2022 | 2.8 |  | 3.0 |
2023 | 2.7 |  | 2.8 |
2024 | 2.3 |  | 2.6 |
2025 | 2.2 |  | 2.5 |
2026-2030 | 9.0 |  | 10.3 |

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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. Also includes the expected entity's contribution to pension plans and/or other employee benefit plans the next fiscal year. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the effect of a one-percentage-point increase and the effect of a one-percentage-point decrease in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs and the accumulated postretirement benefit obligation for health care benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (m) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the assumed health care cost trend rates for the next year used to measure the expected cost of benefits covered by the plans, including the ultimate trend rate(s) and when that rate is expected to be achieved. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (l) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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