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Savings, Pension and Other Postretirement Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Changes in Benefit Obligation, Plan Assets and Funded Status for Company-Sponsored Benefit Plans |
|  | Pension Benefit Plans |  | Other Post Retirement Employee Benefit Plans
(In millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Change in projected benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 316.5 |  |  | $ | 294.2 |  |  | $ | 66.4 |  |  | $ | 60.3 |
Service cost |  | 2.2 |  |  | 2.4 |  |  | 0.1 |  |  | 0.1 |
Interest cost |  | 10.4 |  |  | 12.4 |  |  | 2.3 |  |  | 2.8 |
Actuarial (gains) losses |  | 26.9 |  |  | 29.0 |  |  | 11.0 |  |  | 9.6 |
Benefits paid |  | (21.1) |  |  | (21.5) |  |  | (5.6) |  |  | (6.4) |
Benefit obligation at end of year |  | 334.9 |  |  | 316.5 |  |  | 74.2 |  |  | 66.4 |
Changes in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | 306.6 |  |  | 268.8 |  |  | — |  |  | — |
Actual return on plan assets |  | 50.0 |  |  | 58.8 |  |  | — |  |  | — |
Employer contribution |  | 0.5 |  |  | 0.5 |  |  | 5.6 |  |  | 7.0 |
Benefits paid |  | (21.1) |  |  | (21.5) |  |  | (5.6) |  |  | (7.0) |
Fair value of plan assets at end of year |  | 335.9 |  |  | 306.6 |  |  | — |  |  | — |
Funded status at end of year |  | $ | 1.0 |  |  | $ | (9.9) |  |  | $ | (74.2) |  |  | $ | (66.4) |
Amounts recognized in Consolidated Balance Sheet: |  |  |  |  |  |  |  |
Non-current assets |  | $ | 13.5 |  |  | $ | 7.7 |  |  | $ | — |  |  | $ | — |
Current liabilities |  | (0.4) |  |  | (0.4) |  |  | (5.8) |  |  | (7.0) |
Non-current liabilities |  | (12.0) |  |  | (17.2) |  |  | (68.4) |  |  | (59.4) |
Net amount recognized |  | $ | 1.0 |  |  | $ | (9.9) |  |  | $ | (74.2) |  |  | $ | (66.4) |
Amounts recognized in accumulated other comprehensive loss (pre-tax): |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  | $ | 73.3 |  |  | $ | 91.4 |  |  | $ | 5.9 |  |  | $ | (5.1) |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | Information as of December 31 for certain pension plans included above with accumulated benefit obligations in excess of plan assets were as follows:
(In millions) |  | 2020 |  | 2019
Projected benefit obligation |  | $ | 188.7 |  |  | $ | 178.5 |
Accumulated benefit obligation |  | 188.7 |  |  | 178.5 |
Fair value of plan assets |  | 176.2 |  |  | 160.8 |
Pre-tax Components of Net Periodic Cost | Net Periodic Cost Service cost is the actuarial present value of benefits attributed by the plans’ benefit formula to services rendered by employees during the year. Interest cost represents the increase in the projected benefit obligation, which is a discounted amount, due to the passage of time. The expected return on plan assets reflects the computed amount of current-year earnings from the investment of plan assets using an estimated long-term rate of return.
| Pension Benefit Plans |  | Other Post Retirement Employee Benefit Plans
(In millions) | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost | $ | 2.2 |  |  | $ | 2.4 |  |  | $ | 1.8 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost | 10.4 |  |  | 12.4 |  |  | 12.0 |  |  | 2.3 |  |  | 2.8 |  |  | 2.4 |
Expected return on plan assets | (15.0) |  |  | (16.5) |  |  | (17.0) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1.7) |
Amortization of actuarial loss (gain) | 9.8 |  |  | 7.3 |  |  | 10.1 |  |  | — |  |  | (0.3) |  |  | (0.9) |
Net periodic cost (income) | $ | 7.5 |  |  | $ | 5.6 |  |  | $ | 6.9 |  |  | $ | 2.4 |  |  | $ | 2.6 |  |  | $ | (0.1) |
Weighted Average Assumptions Used to Determine Benefit Obligation |
Assumptions: | Pension Benefit Plans |  | Other Post Retirement Employee Benefit Plans
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Actuarial assumption used to determine benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 2.6 | % |  | 3.4 | % |  | 4.4 | % |  | 2.6 | % |  | 3.6 | % |  | 4.6 | %
Actuarial assumption used to determine net periodic pension cost: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 3.4 | % |  | 4.4 | % |  | 3.9 | % |  | 3.6 | % |  | 4.6 | % |  | 4.0 | %
Expected return on plan assets | 5.5 | % |  | 6.0 | % |  | 6.0 | % |  | — |  |  | — |  |  | — |
Investments at Fair Value for Company Sponsored Pension Benefit Plans within Fair Value Hierarchy | The following tables set forth by level, within the fair value hierarchy, the investments at fair value for our company-sponsored pension benefit plans:
| December 31, 2020
(In millions) | Level 1 |  |  |  |  |  | Investments measured at net asset value |  | Total
Cash and cash equivalents | $ | 2.4 |  |  |  |  |  |  | $ | — |  |  | $ | 2.4 |
Common and collective trust: |  |  |  |  |  |  |  |  |
Collective investment funds | — |  |  |  |  |  |  | 333.5 |  |  | 333.5 |
Total investments at fair value | $ | 2.4 |  |  |  |  |  |  | $ | 333.5 |  |  | $ | 335.9 |
| December 31, 2019
(In millions) | Level 1 |  |  |  |  |  | Investments measured at net asset value |  | Total
Cash and cash equivalents | $ | 2.0 |  |  |  |  |  |  | $ | — |  |  | $ | 2.0 |
Common and collective trusts: |  |  |  |  |  |  |  |  |
Collective investment funds | — |  |  |  |  |  |  | 304.6 |  |  | 304.6 |
Total investments at fair value | $ | 2.0 |  |  |  |  |  |  | $ | 304.6 |  |  | $ | 306.6 |
Long Term Asset Allocation Ranges | Assets are diversified among various asset classes, such as domestic equities, international equities, fixed income and cash. The long-term asset allocation ranges are as follows:
Domestic equities |  |  | 5% | - | 10%
International equities, including emerging markets |  |  | 5% | - | 10%
Corporate/Government bonds |  |  | 80% | - | 90%
Liquid reserves |  |  | —% | - | 5%
Schedule of Expected Benefit Payments | Estimated future benefit payments are as follows for the years indicated:
(In millions) |  | Pension Benefit Plans |  | Other Postretirement Employee Benefit Plans |  |
2021 |  | $ | 20.4 |  |  | $ | 5.8 |  |  |
2022 |  | 20.4 |  |  | 5.2 |  |  |
2023 |  | 20.3 |  |  | 4.8 |  |  |
2024 |  | 20.2 |  |  | 4.6 |  |  |
2025 |  | 20.0 |  |  | 4.4 |  |  |
2026-2030 |  | 95.3 |  |  | 19.6 |  |  |
Multiemployer Defined Benefit Plans |
Pension Fund |  | EIN |  | Plan Number |  | PPA Zone Status |  | FIP/RP Status Pending/ Implemented |  | Contributions (in millions) |  | Surcharge Imposed |  | Expiration Date of Collective Bargaining Agreement
2020 |  | 2019 |  | 2020 |  | 2019 |  | 2018 |
IAM NPF |  | 51-6031295 |  | 002 |  | Red |  | Red |  | Implemented |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | No |  | 5/31/2023
PIUMPF |  | 11-6166763 |  | 001 |  | Red |  | Red |  | Implemented |  | 5.5 |  |  | 5.3 |  |  | 5.4 |  |  | No |  | 8/31/2025
|  |  |  |  |  |  |  |  | Total Contributions: |  | $ | 5.7 |  |  | $ | 5.6 |  |  | $ | 5.7 |  |  |  |  |
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 + Details
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