Pensions and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

The pension and postretirement expenses related to the Company’s plans consisted of the following:


	Pension Benefits										Postretirement Benefits
	Year Ended December 31,
In millions	2019		2018		2017		2019		2018		2017
Components of Net Periodic Cost:
Service Cost	$	14.0	$	17.3	$	8.2	$	0.5	$	0.6	$	0.8
Interest Cost	46.1		41.8		42.6		1.2		1.2		1.3

Expected Return on Plan Assets	(54.9)		(63.6)		(64.1)		—		—		—
Amortization:
Prior Service Cost (Credit)	0.2		0.4		0.5		(0.3)		(0.3)		(0.3)
Actuarial Loss (Gain)	10.0		5.9		6.5		(2.3)		(1.8)		(2.1)
Net Curtailment/Settlement Loss	39.2		1.0		—		—		—		—

Other	0.3		0.5		0.8		—		—		—

Net Periodic Cost (Benefit)	$	54.9	$	3.3	$	(5.5)	$	(0.9)	$	(0.3)	$	(0.3)

Schedule of Assumptions Used

Certain assumptions used in determining the pension and postretirement expenses were as follows:


	Pension Benefits										Postretirement Benefits
	Year Ended December 31,
	2019		2018		2017		2019		2018		2017
Weighted Average Assumptions:
Discount Rate	4.14	%	3.49	%	4.01	%	4.29	%	3.64	%	4.10	%
Rate of Increase in Future Compensation Levels	2.37	%	2.09	%	1.45	%	—		—		—
Expected Long-Term Rate of Return on Plan Assets	4.74	%	4.86	%	5.79	%	—		—		—
Initial Health Care Cost Trend Rate	—		—		—		9.00	%	9.00	%	7.45	%
Ultimate Health Care Cost Trend Rate	—		—		—		4.50	%	4.50	%	4.50	%
Ultimate Year	—		—		—		2028		2027		2024

Schedule of Net Funded Status

The following table sets forth the funded status of the Company’s pension and postretirement plans as of December 31:


	Pension Benefits									Postretirement Benefits
In millions	2019			2018			2019			2018
Change in Benefit Obligation:
Benefit Obligation at Beginning of Year	$	1,245.2		$	1,367.1		$	34.1		$	37.3
Service Cost	14.0			17.3			0.5			0.6
Interest Cost	46.1			41.8			1.2			1.2
Actuarial Loss (Gain)	157.8			(101.9)			1.1			(3.0)
Foreign Currency Exchange	9.2			(14.8)			0.1			(0.2)

Settlements	(150.2)			—			—			—
Benefits Paid	(67.2)			(65.4)			(1.2)			(1.9)


Other	0.5			1.1			0.1			0.1
Benefit Obligation at End of Year	$	1,255.4		$	1,245.2		$	35.9		$	34.1

Change in Plan Assets:
Fair Value of Plan Assets at Beginning of Year	$	1,186.5		$	1,340.7		$	—		$	—
Actual Return on Plan Assets	181.7			(79.6)			—			—
Employer Contributions	11.3			5.8			1.2			1.9
Foreign Currency Exchange	10.3			(15.0)			—			—
Benefits Paid	(67.2)			(65.4)			(1.2)			(1.9)

Settlements	(150.2)			—			—			—

Fair Value of Plan Assets at End of Year	$	1,172.4		$	1,186.5		$	—		$	—
Plan Assets Less than Projected Benefit Obligation	$	(83.0)		$	(58.7)		$	(35.9)		$	(34.1)

Amounts Recognized in the Consolidated Balance Sheets Consist of:
Pension Assets	$	25.6		$	19.0		$	—		$	—
Accrued Pension and Postretirement Benefits Liability — Current	$	(1.7)		$	(1.8)		$	(2.4)		$	(2.5)
Accrued Pension and Postretirement Benefits Liability — Noncurrent	$	(106.9)		$	(75.9)		$	(33.5)		$	(31.6)
Accumulated Other Comprehensive Income:
Net Actuarial Loss (Gain)	$	279.9		$	297.3		$	(0.8)		$	(1.6)
Prior Service Cost (Credit)	$	3.6		$	3.6		$	(17.3)		$	(20.2)
Weighted Average Calculations:
Discount Rate	2.69		%	4.14		%	3.22		%	4.29		%
Rates of Increase in Future Compensation Levels	2.36		%	2.37		%	—			—
Initial Health Care Cost Trend Rate	—			—			6.65		%	9.00		%
Ultimate Health Care Cost Trend Rate	—			—			4.50		%	4.50		%
Ultimate Year	—			—			2028			2027

Schedule of Allocation of Plan Assets

The weighted average allocation of plan assets and the target allocation by asset category is as follows:


	Target		2019		2018
Cash	0.2	%	13.6	%	5.0	%
Equity Securities	8.4		7.7		8.1
Fixed Income Securities	85.2		68.6		79.5
Other Investments	6.2		10.1		7.4
Total	100.0	%	100.0	%	100.0	%

Schedule of Fair Value of Plan Assets

The following tables set forth, by category and within the fair value hierarchy, the fair value of the Company’s pension assets at December 31, 2019 and 2018:


	Fair Value Measurements at December 31, 2019
In millions	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset Category:
Cash ^(a)	$	159.6	$	0.3	$	159.3	$	—
Equity Securities:
Domestic ^(a)	82.9		4.7		78.2		—
Foreign ^(a)	7.0		7.0		—		—
Fixed Income Securities ^(a)	852.5		17.0		835.3		0.2
Other Investments:
Real estate	21.9		—		8.9		13.0
Diversified growth fund ^(b)	48.5		—		48.5		—
Total	$	1,172.4	$	29.0	$	1,130.2	$	13.2


	Fair Value Measurements at December 31, 2018
In millions	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset Category:
Cash ^(a)	$	58.8	$	0.3	$	58.5	$	—
Equity Securities:
Domestic ^(a)	86.4		3.6		82.8		—
Foreign ^(a)	9.2		5.3		3.8		—
Fixed Income Securities ^(a)	980.1		15.0		962.3		2.8
Other Investments:
Real estate	9.2		—		7.6		1.6
Diversified growth fund ^(b)	42.8		—		41.5		1.4
Total	$	1,186.5	$	24.2	$	1,156.5	$	5.8

^(a)The Level 2 investments are held in pooled funds and fair value is determined by net asset value, based on the underlying investments, as reported on the valuation date.

^(b)The fund invests in a combination of traditional investments (equities, bonds, and foreign exchange), seeking to achieve returns through active asset allocation over a three to five-year horizon.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

A reconciliation of fair value measurements of plan assets using significant unobservable inputs (Level 3) is as follows:



In millions	2019		2018
Balance at January 1,	$	5.8	$	0.8
Transfers In	7.4		5.0
Return on Assets Held at December 31	—		—
Balance at December 31,	$	13.2	$	5.8

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

A one-percentage-point change in assumed health care cost trend rates would have the following effects on 2019 data:


	One Percentage Point
In millions	Increase		Decrease
Health Care Cost Trend Rate Sensitivity:
Effect on Total Interest and Service Cost Components	$	0.1	$	(0.1)
Effect on Year-End Postretirement Benefit Obligation	$	2.1	$	(1.8)

Schedule of Expected Benefit Payments

The following represents the Company’s estimated future pension and postretirement health care benefit payments through the year 2029:


In millions	Pension Plans		Postretirement Health Care Benefits
2020	$	71.4	$	2.4
2021	73.0		2.5
2022	74.5		2.6
2023	75.9		2.6
2024	76.9		2.8
2025— 2029	384.5		11.4

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

During 2020, amounts recorded in Accumulated Other Comprehensive Loss expected to be recognized in Net Periodic Benefit Costs are as follows:


In millions	Pension Benefits		Postretirement Health Care Benefits
Recognition of Prior Service Cost	$	0.2	$	(0.3)
Recognition of Actuarial Loss (Gain)^(a)	4.9		(2.1)

^(a)Estimate excludes approximately $150 million of expense that we expect to recognize in 2020 related to the settlement of $750 million of pension obligations through the purchase of a group annuity contract.

Schedule of Multiemployer Plans

The Company's participation in these plans for the year ended December 31, 2019, 2018 and 2017 is shown in the table below:


		Pension Protection Act Zone Status					Company Contributions (in millions)
Multi-employer Pension Fund	EIN/Pension Plan Number	2019	2018	FIP/RP Status Implemented	2019		2018		2017		Surcharge Imposed	Expiration Date of Bargaining Agreement
Central States Southeast and Southwest Areas Pension Fund	36-6044243/001	Red	Red	Yes	$	0.1	$	0.1	$	0.1	Yes	7/31/2023
PIUMPF^(a)	11-6166763/001	Red	Red	Yes	—		0.1		0.1		Yes	6/15/2022

GCC/IBT^(a)	52-6118568/001	Red	Red	Yes	0.1		0.3		0.3		Yes	4/30/2022
Total					$	0.2	$	0.5	$	0.5

^(a) As noted above, the Company withdrew from these plans in 2019.