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Retirement Plans and Other Post-Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2018
Compensation And Retirement Disclosure [Abstract] |
Schedule of Change in Benefit Obligation and Plan Assets |
|  | Pension Benefits |  |  |  | Other Benefits |
In millions |  | 2018 |  |  |  | 2017 |  |  |  | 2018 |  |  |  | 2017 |
Change in Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | 347.0 |  |  |  | $ | 311.5 |  |  |  | $ | 9.7 |  |  |  | $ | 9.2 |
Service cost |  |  | 2.3 |  |  |  |  | 2.0 |  |  |  |  | 0.1 |  |  |  |  | 0.1 |
Interest cost |  |  | 13.3 |  |  |  |  | 13.7 |  |  |  |  | 0.5 |  |  |  |  | 0.4 |
Plan amendments |  |  | 0.1 |  |  |  |  | 4.1 |  |  |  |  | — |  |  |  |  | — |
Participant contributions |  |  | — |  |  |  |  | — |  |  |  |  | 1.2 |  |  |  |  | 1.1 |
Transfers from Discontinued Operations |  |  | 25.7 |  |  |  |  | 27.9 |  |  |  |  | 4.3 |  |  |  |  | 2.5 |
Actuarial (gain)/loss |  |  | (10.6 | ) |  |  |  | 23.1 |  |  |  |  | (3.1 | ) |  |  |  | (0.6 | )
Benefits paid |  |  | (45.1 | ) |  |  |  | (36.5 | ) |  |  |  | (3.5 | ) |  |  |  | (3.0 | )
Effect of currency rate changes |  |  | (0.5 | ) |  |  |  | 1.2 |  |  |  |  | — |  |  |  |  | — |
Balance at end of year |  | $ | 332.2 |  |  |  | $ | 347.0 |  |  |  | $ | 9.2 |  |  |  | $ | 9.7 |
Change in Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 372.8 |  |  |  | $ | 327.4 |  |  |  | $ | — |  |  |  | $ | — |
Actual return on plan assets |  |  | (22.4 | ) |  |  |  | 51.9 |  |  |  |  | — |  |  |  |  | — |
Total contributions |  |  | 2.2 |  |  |  |  | 2.1 |  |  |  |  | 3.5 |  |  |  |  | 3.0 |
Transfers from Discontinued Operations |  |  | 25.7 |  |  |  |  | 27.9 |  |  |  |  | — |  |  |  |  | — |
Benefits paid |  |  | (45.1 | ) |  |  |  | (36.5 | ) |  |  |  | (3.5 | ) |  |  |  | (3.0 | )
Fair value of plan assets at end of year |  |  | 333.2 |  |  |  |  | 372.8 |  |  |  |  | — |  |  |  |  | — |
Funded status at end of year |  | $ | 1.0 |  |  |  | $ | 25.8 |  |  |  | $ | (9.2 | ) |  |  | $ | (9.7 | )
Summary of Amounts Recognized in Consolidated Balance Sheets | Amounts presented under the caption “transfers from discontinued operations” represent the impact of employees changing their status from what was originally assumed for purposes of accounting for discontinued operations to the final determination at the time the sale was completed. Amounts recognized in the consolidated balance sheets consist of the following as of December 31:
|  | Pension Benefits |  |  |  | Other Benefits |
In millions |  | 2018 |  |  |  | 2017 |  |  |  | 2018 |  |  |  | 2017 |
Other assets |  | $ | 43.3 |  |  |  | $ | 66.4 |  |  |  | $ | — |  |  |  | $ | — |
Current liabilities |  |  | (2.1 | ) |  |  |  | (2.2 | ) |  |  |  | (2.4 | ) |  |  |  | (3.5 | )
Other long-term liabilities |  |  | (40.2 | ) |  |  |  | (38.4 | ) |  |  |  | (6.8 | ) |  |  |  | (6.2 | )
Net amount recognized |  | $ | 1.0 |  |  |  | $ | 25.8 |  |  |  | $ | (9.2 | ) |  |  | $ | (9.7 | )
Components of Amounts Recognized as Accumulated Other Comprehensive Income on Pre-Tax Basis | The components of amounts recognized as “Accumulated other comprehensive income” consist of the following on a pre-tax basis:
|  | Pension Benefits |  |  |  | Other Benefits |
In millions |  | 2018 |  |  |  | 2017 |  |  |  | 2018 |  |  |  | 2017 |
Prior service cost/(credit) |  | $ | 0.5 |  |  |  | $ | 16.1 |  |  |  | $ | — |  |  |  | $ | (0.5 | )
Net actuarial loss |  |  | 90.9 |  |  |  |  | 145.6 |  |  |  |  | 1.9 |  |  |  |  | (5.6 | )
Weighted-Average Assumptions Used in Computing Benefit Obligations | The weighted-average assumptions used in computing the benefit obligations above were as follows:
|  | Pension Benefits |  |  |  | Other Benefits |
|  | 2018 |  |  |  | 2017 |  |  |  | 2018 |  |  |  | 2017 |
Discount rate – benefit obligation |  |  | 4.34 | % |  |  |  | 3.85 | % |  |  |  | 4.19 | % |  |  |  | 3.68 | %
Future compensation growth rate |  |  | 2.50 |  |  |  |  | 3.00 |  |  |  |  | — |  |  |  |  | — |
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows:
In millions |  | 2018 |  |  |  | 2017 |
Projected benefit obligation |  | $ | 42.2 |  |  |  | $ | 40.9 |
Accumulated benefit obligation |  |  | 36.6 |  |  |  |  | 36.7 |
Fair value of plan assets |  |  | — |  |  |  |  | — |
Schedule of Net Periodic Benefit Cost of Pension and Other Benefits | Net periodic benefit cost includes the following components:
|  | Year Ended December 31 |
In millions |  | 2018 |  |  |  | 2017 |  |  |  | 2016 |
Pension Benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 2.3 |  |  |  | $ | 2.0 |  |  |  | $ | 1.8 |
Interest cost |  |  | 13.3 |  |  |  |  | 13.7 |  |  |  |  | 14.0 |
Expected return on plan assets |  |  | (21.1 | ) |  |  |  | (22.2 | ) |  |  |  | (23.3 | )
Amortization of actuarial loss |  |  | 7.1 |  |  |  |  | 7.1 |  |  |  |  | 7.6 |
One-time settlement charge |  |  | — |  |  |  |  | — |  |  |  |  | 7.3 |
Total net periodic benefit cost |  | $ | 1.6 |  |  |  | $ | 0.6 |  |  |  | $ | 7.4 |
Other Benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 0.1 |  |  |  | $ | 0.1 |  |  |  | $ | 0.1 |
Interest cost |  |  | 0.5 |  |  |  |  | 0.4 |  |  |  |  | 0.4 |
Amortization of actuarial loss |  |  | (0.3 | ) |  |  |  | — |  |  |  |  | (0.1 | )
Total net periodic benefit cost |  | $ | 0.3 |  |  |  | $ | 0.5 |  |  |  | $ | 0.4 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:
|  |  | Year Ended December 31 |
In millions |  |  | 2018 |  |  |  | 2017 |
Pension Benefits |  |  |  |  |  |  |  |  |  |
Actuarial (gain) loss |  |  | $ | 32.9 |  |  |  | $ | (6.8 | )
Plan amendments |  |  |  | 0.1 |  |  |  |  | 4.1 |
Recognized actuarial losses |  |  |  | (7.1 | ) |  |  |  | (7.1 | )
Total recognized in other comprehensive loss |  |  |  | 25.9 |  |  |  |  | (9.8 | )
Total recognized in net periodic benefit cost and other comprehensive loss |  |  | $ | 27.5 |  |  |  | $ | (9.2 | )
Other Benefits |  |  |  |  |  |  |  |  |  |
Actuarial (gain) loss |  |  | $ | (3.1 | ) |  |  | $ | (0.6 | )
Amortization of actuarial losses |  |  |  | 0.3 |  |  |  |  | — |
Total recognized in other comprehensive (income) loss |  |  |  | (2.8 | ) |  |  |  | (0.6 | )
Total recognized in net periodic benefit cost and other comprehensive (income) loss |  |  | $ | (2.5 | ) |  |  | $ | (0.1 | )
Schedule of Defined Benefit Plan Weighted-Average Assumptions Used in Computing Net Periodic Benefit Cost | The weighted-average assumptions used in computing the net periodic benefit cost information above were as follows:
|  |  | Year Ended December 31 |
|  |  | 2018 |  |  |  | 2017 |  |  |  | 2016 |
Pension Benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate – benefit expense |  |  |  | 3.85 | % |  |  |  | 4.44 | % |  |  |  | 4.65 | %
Future compensation growth rate |  |  |  | 3.00 |  |  |  |  | 3.00 |  |  |  |  | 3.50 |
Expected long-term rate of return on plan assets |  |  |  | 7.25 |  |  |  |  | 7.25 |  |  |  |  | 7.75 |
Other Benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate – benefit expense |  |  |  | 3.68 | % |  |  |  | 4.18 | % |  |  |  | 4.38 | %
Schedule of Health Care Cost Trend Rates Used in Calculating Benefit Obligations | Assumed health care cost trend rates used to determine benefit obligations at December 31 were as follows:
|  | 2018 |  |  |  | 2017 |
Health care cost trend rate assumed for next year |  |  | 5.90 | % |  |  |  | 6.20 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) |  |  | 4.50 |  |  |  |  | 4.50 |
Year that the rate reaches the ultimate rate |  | 2037 |  |  |  | 2037 |
Schedule of Fair Value of Benefit Plan Assets | The table below presents the fair values of our benefit plan assets by level within the fair value hierarchy, as described in Note 2:
|  | December 31, 2018 |
In millions |  | Total |  |  |  | Level 1 |  |  |  | Level 2 |  |  |  | Level 3 |
Fixed income |  | $ | 330.9 |  |  |  | $ | 41.8 |  |  |  | $ | 289.1 |  |  |  | $ | — |
Cash and equivalents |  |  | 2.3 |  |  |  |  | — |  |  |  |  | 2.3 |  |  |  |  | — |
Total |  | $ | 333.2 |  |  |  | $ | 41.8 |  |  |  | $ | 291.4 |  |  |  | $ | — |
|  | December 31, 2017 |
In millions |  | Total |  |  |  | Level 1 |  |  |  | Level 2 |  |  |  | Level 3 |
Domestic Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large cap |  | $ | 119.0 |  |  |  | $ | 6.9 |  |  |  | $ | 112.1 |  |  |  | $ | — |
Small and mid cap |  |  | 25.6 |  |  |  |  | 25.6 |  |  |  |  | — |  |  |  |  | — |
International equity |  |  | 45.1 |  |  |  |  | 4.0 |  |  |  |  | 41.1 |  |  |  |  | — |
REIT |  |  | 15.3 |  |  |  |  | 15.3 |  |  |  |  | — |  |  |  |  | — |
Fixed income |  |  | 161.1 |  |  |  |  | 13.3 |  |  |  |  | 147.8 |  |  |  |  | — |
Cash and equivalents |  |  | 6.7 |  |  |  |  | 0.1 |  |  |  |  | 6.6 |  |  |  |  | — |
Total |  | $ | 372.8 |  |  |  | $ | 65.2 |  |  |  | $ | 307.6 |  |  |  | $ | — |
Benefit Payments Expected to be Made under Non-Qualified Pension Plans and Other Benefit Plans | Benefit payments expected to be made in 2019 under our non-qualified pension plans and other benefit plans are summarized below:
In thousands |  |  |  |  |  |  |
Nonqualified pension plans |  |  |  |  | $ | 2,126 |
Other benefit plans |  |  |  |  |  | 2,364 |
Summary of Benefit Expected to be Paid Out | The following benefit payments under all pension and other benefit plans, and giving effect to expected future service, as appropriate, are expected to be paid:
In thousands |  | Pension Benefits |  |  |  | Other Benefits |
2019 |  | $ | 26,252 |  |  |  | $ | 2,364 |
2020 |  |  | 22,358 |  |  |  |  | 1,732 |
2021 |  |  | 22,009 |  |  |  |  | 1,264 |
2022 |  |  | 22,005 |  |  |  |  | 885 |
2023 |  |  | 21,344 |  |  |  |  | 665 |
2024 through 2028 |  |  | 101,499 |  |  |  |  | 1,992 |

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