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Postretirement Health Care and Life Insurance Benefits (Tables) - Postretirement Health Care and Life Insurance Benefits | 12 Months Ended
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Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Components of net periodic postretirement benefit cost | Net periodic postretirement benefit cost included the following components:
| Successor | Predecessor
| Year Ended December 31, 2019 |  | Year Ended December 31, 2018 |  | April 2 through December 31, 2017 | January 1 through April 1, 2017
| (Dollars in millions)
Service cost for benefits earned | $ | 4.8 |  |  | $ | 8.2 |  |  | $ | 6.9 |  | $ | 2.3 |
Interest cost on accumulated postretirement benefit obligation | 25.1 |  |  | 28.3 |  |  | 24.2 |  | 8.4 |
Expected return on plan assets | (0.5 | ) |  | — |  |  | — |  | — |
Amortization of prior service credit | (8.7 | ) |  | — |  |  | — |  | (2.3 | )
Amortization of actuarial loss | — |  |  | — |  |  | — |  | 5.5 |
Net actuarial loss (gain) | 78.3 |  |  | (128.4 | ) |  | (22.0 | ) | — |
Net periodic postretirement benefit cost | $ | 99.0 |  |  | $ | (91.9 | ) |  | $ | 9.1 |  | $ | 13.9 |
Amounts recognized in accumulated other comprehensive loss | The following includes pre-tax amounts recorded in “Accumulated other comprehensive income”:
| Successor | Predecessor
| Year Ended December 31, 2019 |  | Year Ended December 31, 2018 | January 1 through April 1, 2017
| (Dollars in millions)
Prior service credit arising during year | $ | — |  |  | $ | (51.7 | ) | $ | — |
Amortization: |  |  |  |  |  |
Actuarial loss | — |  |  | — |  | (5.5 | )
Prior service credit | 8.7 |  |  | — |  | 2.3 |
Total recorded in “Accumulated other comprehensive income” | $ | 8.7 |  |  | $ | (51.7 | ) | $ | (3.2 | )
Reconciled amount of plan's funded status | The following table sets forth the plans’ funded status reconciled with the amounts shown in the consolidated balance sheets:
| December 31,
| 2019 |  | 2018
| (Dollars in millions)
Change in benefit obligation: |  |  |
Accumulated postretirement benefit obligation at beginning of period | $ | 595.4 |  |  | $ | 783.3 |
Service cost | 4.8 |  |  | 8.2 |
Interest cost | 25.1 |  |  | 28.3 |
Participant contributions | 2.3 |  |  | 0.5 |
Plan amendments | — |  |  | (51.7 | )
Benefits paid | (47.7 | ) |  | (44.8 | )
Actuarial loss (gain) | 80.0 |  |  | (128.4 | )
Accumulated postretirement benefit obligation at end of period | 659.9 |  |  | 595.4 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of period | 15.0 |  |  | — |
Actual return on plan assets | 2.2 |  |  | — |
Employer contributions | 62.4 |  |  | 59.3 |
Participant contributions | 2.3 |  |  | 0.5 |
Benefits paid and administrative fees (net of Medicare Part D reimbursements) | (47.7 | ) |  | (44.8 | )
Fair value of plan assets at end of period | 34.2 |  |  | 15.0 |
Funded status at end of period | (625.7 | ) |  | (580.4 | )
Less: Current portion (included in “Accounts payable and accrued expenses”) | 32.3 |  |  | 32.7 |
Noncurrent obligation (included in “Accrued postretirement benefit costs”) | $ | (593.4 | ) |  | $ | (547.7 | )
Weighted-average assumptions used to determine the benefit obligations | The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows:
| December 31,
| 2019 |  | 2018
Discount rate | 3.40 | % |  | 4.35 | %
Measurement date | December 31, 2019 |  |  | December 31, 2018 |
The weighted-average assumptions used to determine net periodic benefit cost during each period were as follows:
| Successor | Predecessor
| Year Ended December 31, 2019 |  | Year Ended December 31, 2018 |  | April 2 through December 31, 2017 | January 1 through April 1, 2017
Discount rate | 4.35 | % |  | 3.70 | % |  | 4.10 | % | 4.15 | %
Expected long-term return on plan assets | 5.00 | % |  | — | % |  | — | % | — | %
Measurement date | December 31, 2018 |  |  | December 31, 2017 |  |  | April 1, 2017 |  | December 31, 2016 |
Assumed health care cost trend rate | The following presents information about the assumed health care cost trend rate:
| Year Ended December 31,
| 2019 |  | 2018
Pre-Medicare: |  |  |
Health care cost trend rate assumed for next year | 6.75 | % |  | 6.55 | %
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.75 | % |  | 4.75 | %
Year that the rate reaches the ultimate trend rate | 2023 |  |  | 2023 |
Post-Medicare: |  |  |
Health care cost trend rate assumed for next year | 6.35 | % |  | 6.15 | %
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.75 | % |  | 4.75 | %
Year that the rate reaches the ultimate trend rate | 2023 |  |  | 2023 |
Assumed health care cost trend rates, one percentage point increase | A one-percentage-point change in the assumed health care cost trend would have the following effects for the year ended December 31, 2019:
| One Percentage- Point Increase |  | One Percentage- Point Decrease
| (Dollars in millions)
Effect on total service and interest cost components | $ | 2.5 |  |  | $ | (2.3 | )
Effect on total postretirement benefit obligation | $ | 57.3 |  |  | $ | (50.9 | )
Schedule of Changes in Fair Value of Plan Assets | The following tables present the fair value of assets in the Non-Represented Trust by asset category and by fair value hierarchy:
| December 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Dollars in millions)
U.S. equity securities | $ | 13.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 13.0 |
International equity securities | 4.0 |  |  | — |  |  | — |  |  | 4.0 |
Corporate bonds | — |  |  | 9.2 |  |  | — |  |  | 9.2 |
U.S. government securities | 2.6 |  |  | 4.5 |  |  | — |  |  | 7.1 |
Cash funds | 0.9 |  |  | — |  |  | — |  |  | 0.9 |
Total assets at fair value | $ | 20.5 |  |  | $ | 13.7 |  |  | $ | — |  |  | $ | 34.2 |
| December 31, 2018
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Dollars in millions)
Cash funds | $ | 15.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 15.0 |
Total assets at fair value | $ | 15.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 15.0 |
Summary of estimated future benefit payments | The following benefit payments (net of retiree contributions), which reflect expected future service, as appropriate, are expected to be paid by the Company:
| Postretirement Benefits
| (Dollars in millions)
2020 | $ | 46.1 |
2021 | 46.0 |
2022 | 45.6 |
2023 | 44.9 |
2024 | 44.1 |
Years 2025-2029 | 205.8 |

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