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Savings, Pension and Other Postretirement Employee Benefit Plans (Tables)

12 Months Ended

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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