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Employee Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Weighted Average Rate of Assumptions for Asset Allocation Plans The main assumptions used were as follows:
Assumption
Retail price inflationBreak even RPI curve
Consumer price inflation
RPI inflation curve less 1.1%
Rate of return on investments (post-retirement)
Fixed interest gilt yield curve plus 0.7%
At the actuarial valuation date the market value of the defined benefit section’s assets (in millions)$173.3  
On a statutory funding objective basis the value of these assets covered the value of technical provisions by80 %
The overall expected rate of return on assets is then derived by aggregating the expected return for each asset class over the actual asset allocation for the Plans as of December 31, 2019.
Years Ended December 31,
 20192018
Discount rate3.00 %2.60 %
Rate of compensation increases (MNOPF only)N/A  N/A  
Rate of future RPI inflation3.15 %3.15 %
Rate of future CPI inflation2.05 %2.05 %
Pension increases in payment3.05 %3.00 %
Long-term rate of return on assets4.15 %3.99 %
Schedule of Change in Projected Benefit Obligation
The following table presents this reconciliation and shows the change in the projected benefit obligation for the Plans for the period from December 31, 2017 through December 31, 2019 (in millions):

Projected benefit obligation at December 31, 2017$208.7  
Service cost - benefits earning during the period—  
Interest cost on projected benefit obligation5.3  
Contributions—  
Actuarial loss(11.6) 
Benefits paid(10.0) 
Foreign currency loss(11.1) 
Projected benefit obligation at December 31, 2018181.3  
Service cost - benefits earning during the period—  
Interest cost on projected benefit obligation5.3  
Contributions—  
Actuarial loss20.2  
Benefits paid(6.8) 
Foreign currency loss5.9  
Projected benefit obligation at December 31, 2019$205.9  
Schedule of Change in Value of Assets of Plans
The following table presents the change in the value of the assets of the Plans for the period from December 31, 2017 through December 31, 2019 and the plans’ funded status at December 31, 2019 (in millions):

Fair value of plan assets at December 31, 2017$190.2  
Actual return on plan assets(11.7) 
Benefits paid(10.0) 
Contributions3.8  
Foreign currency gain (loss)(9.5) 
Fair value of plan assets at December 31, 2018162.8  
Actual return on plan assets18.7  
Benefits paid(6.8) 
Contributions7.0  
Foreign currency gain (loss)5.7  
Fair value of plan assets at December 31, 2019187.4  
Unfunded status at end of year$18.5  
Schedule of Amounts Recognized in Consolidated Balance Sheets
Amounts recognized in the consolidated balance sheets within Other assets and Other liabilities at December 31, 2019 and 2018 are listed below (in millions):

December 31,
20192018
Pension Asset$0.4  $—  
Pension Liability18.8  18.6  
Net pension liability recognized$18.4  $18.6  
Components of Net Periodic Benefit Cost
The following table presents the components of net periodic benefit cost are as follows (in millions):

Years Ended December 31,
20192018
Service cost—benefits earning during the period$—  $—  
Interest cost on projected benefit obligation5.3  5.3  
Expected return on assets(6.7) (7.5) 
Actuarial (gain) loss7.9  6.7  
Foreign currency gain (loss)—  0.1  
Net pension (benefit) cost$6.5  $4.6  
Changes in Benefit Obligations Recognized in Comprehensive Income and Prior Service Credits Amortized from Accumulated Other Comprehensive Income
The following tables present the after-tax changes in benefit obligations recognized in comprehensive income and the after-tax prior service credits that were amortized from AOCI into net periodic costs are as follows (in millions):

Years Ended December 31,
20192018
Net loss (gain)$6.3  $4.9  
Total recognized in net periodic benefit cost and other comprehensive income (loss)$6.3  $4.9  

Years Ended December 31,
20192018
Actuarial (gain) loss$7.9  $6.7  
Total recognized in other comprehensive (income) loss$7.9  $6.7  
Schedule of Expected Benefit Payments under Pension and Postretirement Plans The following table provides expected benefit payments under our pension and post-retirement plans (in millions):
2020$7.2  
20217.4  
20227.6  
20237.8  
20248.0  
Thereafter43.0  
Total$81.0  
Summary of Plans' Weighted-Average Asset Targets and Actual Allocations as Percentage of Plan Assets
The Plans’ weighted-average asset targets and actual allocations as a percentage of Plan assets, including the notional exposure of future contracts by asset categories at December 31, 2019, are as follows:
TargetDecember 31,
2019
Liability hedging29.9 %37.1 %
Equities12.9 %6.9 %
Hedge funds29.4 %36.3 %
Corporate bonds20.8 %18.1 %
Property6.1 %1.6 %
Other0.9 %— %
Total100.0 %100.0 %
Summary of GMSL's Investments Plan
GMSL’s plan investments related to the Global Marine Systems Pension Plan and MNOPF consist of the following (in millions):

Global Marine Systems Pension PlanMNOPF
December 31,
2019		December 31,
2018		December 31,
2019		December 31,
2018
Equities$23.9  $29.6  $0.3  $0.3  
Liability Hedging Assets53.6  52.5  2.0  1.6  
Hedge Funds54.8  42.8  0.5  0.4  
Corporate Bonds38.6  25.8  0.5  0.4  
Property11.4  8.6  0.2  0.1  
Other1.6  0.7  —  —  
Total market value of assets183.9  160.0  3.5  2.8  
Present value of liabilities(202.7) (178.6) (3.1) (2.8) 
Net pension liability$(18.8) $(18.6) $0.4  $—  
Summary of Fair Value of Pension Assets and Liabilities
The following table sets forth by level, within the fair value hierarchy, the pension assets and liabilities at fair value for the Global Marine Systems Pension Plan (in millions):

As of December 31, 2019Fair Value Measurement Using:
Level 1Level 2Total
Equities$—  $23.9  $23.9  
Liability Hedging Assets—  53.6  53.6  
Hedge Funds—  54.8  54.8  
Corporate Bonds—  38.6  38.6  
Property—  11.4  11.4  
Other0.9  0.7  1.6  
Total Plan Net Assets$0.9  $183.0  $183.9  

As of December 31, 2018Fair Value Measurement Using:
Level 1Level 2Total
Equities$—  $29.6  $29.6  
Liability Hedging Assets—  52.5  52.5  
Hedge Funds—  42.8  42.8  
Corporate Bonds—  25.8  25.8  
Property—  8.6  8.6  
Other0.4  0.3  0.7  
Total Plan Net Assets$0.4  $159.6  $160.0  
The following table sets forth by level, within the fair value hierarchy, the pension assets and liabilities at fair value for the MNOPF (in millions):
Fair Value Measurement Using Level 3
December 31,
2019		December 31,
2018
Equities$0.3  $0.3  
Liability Hedging Assets2.0  1.6  
Hedge Funds0.5  0.4  
Corporate Bonds0.5  0.4  
Property0.2  0.1  
Other—  —  
Total Plan Net Assets$3.5  $2.8  
Summary of Changes in Fair Value of Level 3 Pension Assets
The table below set forth a summary of changes in the fair value of the Level 3 pension assets for the period from December 31, 2017 through December 31, 2019 for the MNOPF (in millions):

Balance at December 31, 2017$3.2  
Actual return on plan assets(0.1) 
Contributions—  
Benefits paid(0.1) 
Foreign currency gain (loss)(0.2) 
Balance at December 31, 20182.8  
Actual return on plan assets0.8  
Contributions—  
Benefits paid(0.3) 
Foreign currency gain (loss)0.2  
Balance at December 31, 2019$3.5