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Pension and Other Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Schedule of Assumptions Used The measurement date for the Company's Pension and Postretirement Benefits is December 31. The following table is a summary of the weighted-average actuarial assumptions used in calculating net periodic benefit expense (income) and the benefit obligation for the years ended and as of December 31:
 Pension PlanSERPsPostretirement Benefits
  
202020192018202020192018202020192018
Net periodic benefit expense (income):
Discount rate for benefit obligation3.23 %3.57 %3.58 %3.18 %4.32 %3.65 %3.33 %4.41 %3.72 %
Discount rate for interest cost2.83 %3.09 %3.13 %2.70 %3.88 %3.20 %2.77 %3.91 %3.20 %
Expected return on plan assets2.07 %2.91 %4.59 %— — — — — — 
Cash balance interest crediting rate1.73 %2.75 %2.08 %— — — — — — 
Rate of compensation increase— — — 5.75 %5.75 %5.75 %— — — 
Medical trend rate:
Pre-65 initial healthcare cost trend rate— — — — — — 6.79 %7.25 %7.75 %
Post-65 initial healthcare cost trend rate— — — — — — 7.51 %8.25 %7.75 %
Pre and post-65 ultimate healthcare cost trend rate
— — — — — — 4.50 %4.50 %4.50 %
Year ultimate healthcare cost trend rate is reached for pre/post-65, respectively
— — — — — — 20272025
2025/
2027
Benefit obligation:
Discount rate2.51 %3.23 %4.25 %2.41 %3.18 %4.32 %2.64 %3.33 %4.41 %
Cash balance interest crediting rate1.36 %1.73 %2.75 %— — — — — — 
Rate of compensation increase— — — 5.75 %5.75 %5.75 %— — — 
Medical trend rate:
Pre-65 initial healthcare cost trend rate— — — — — — 6.46 %6.79 %7.25 %
Post-65 initial healthcare cost trend rate— — — — — — 7.08 %7.51 %8.25 %
Pre and post-65 ultimate healthcare cost trend rate
— — — — — — 4.50 %4.50 %4.50 %
Year ultimate healthcare cost trend rate is reached for pre/post-65— — — — — — 202820272025
Schedule of Allocation of Plan Assets
The following table is a summary of the Pension Plan's financial assets recorded at fair value, by hierarchy level:
(Amounts in millions)Level 2Level 3Total
December 31, 2020
Common/collective trusts
Short-term investment fund$0.9 $— $0.9 
Equity securities:
Large cap
2.0 — 2.0 
Small cap
0.5 — 0.5 
International
1.2 — 1.2 
Fixed income securities36.3 — 36.3 
Real estate— 5.3 5.3 
Total investments in the fair value hierarchy$40.9 $5.3 $46.2 
December 31, 2019
Common/collective trusts
Short-term investment fund$1.9 $— $1.9 
Equity securities:
Large cap
1.4 — 1.4 
Small cap
0.3 — 0.3 
International
0.9 — 0.9 
Fixed income securities30.9 — 30.9 
Real estate— 5.1 5.1 
Total investments in the fair value hierarchy$35.4 $5.1 $40.5 
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share The following table sets forth additional disclosures for the Pension Plan assets fair value estimated using net asset value per share:
(Amounts in millions)Fair ValueRedemptions Frequency (if currently eligible)Redemption Notice Period
December 31, 2020$40.9 Daily15 Days
December 31, 2019$35.4 Daily15 Days
Schedule of Net Periodic Benefit Expense (Income)
 PensionPostretirement Benefits
(Amounts in millions)202020192018202020192018
Settlement charge$— $31.3 $— $— $— $— 
Interest cost3.1 5.4 6.3 — — — 
Expected return on plan assets(0.8)(2.7)(5.0)— — — 
Amortization of net actuarial loss2.0 2.6 4.3 0.1 0.1 0.1 
Amortization of prior service cost0.1 0.1 0.1 — — — 
Net periodic benefit expense$4.4 $36.7 $5.7 $0.1 $0.1 $0.1 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The following tables are a summary of the amounts recognized in other comprehensive income (loss) and net periodic benefit expense for the years ended December 31:
(Amounts in millions)Pension Postretirement
Benefits
2020
Net actuarial loss (gain)$4.5 $(0.1)
Amortization of net actuarial loss(2.0)(0.1)
Amortization of prior service cost(0.1)— 
Total recognized in other comprehensive income2.4 (0.2)
Total recognized in net periodic benefit expense4.4 0.1 
Total recognized in other comprehensive income and net periodic benefit expense$6.8 $(0.1)
2019
Settlement charge$(31.3)$— 
Net actuarial loss8.5 0.1 
Amortization of net actuarial loss(2.6)(0.1)
Amortization of prior service cost(0.1)— 
Total recognized in other comprehensive income(25.5)— 
Total recognized in net periodic benefit expense36.7 0.1 
Total recognized in other comprehensive income and net periodic benefit expense$11.2 $0.1 
2018
Net actuarial gain$(7.8)$(0.1)
Amortization of net actuarial loss(4.3)(0.1)
Amortization of prior service cost(0.1)— 
Total recognized in other comprehensive loss(12.2)(0.2)
Total recognized in net periodic benefit expense5.7 0.1 
Total recognized in other comprehensive loss and net periodic benefit expense$(6.5)$(0.1)
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following tables are a summary of the benefit obligation and plan assets, changes to the benefit obligation and plan assets, and the unfunded status of the Pension and Postretirement Benefits as of and for the years ended December 31:
 PensionPostretirement Benefits
(Amounts in millions)2020201920202019
Change in benefit obligation:
Benefit obligation at the beginning of the year$117.3 $191.3 $0.7 $0.6 
Settlement impact— (75.5)— — 
Interest cost3.1 5.4 — — 
Actuarial loss (gain)7.2 17.1 (0.1)0.1 
Benefits paid(7.5)(21.0)— — 
Benefit obligation at the end of the year$120.1 $117.3 $0.6 $0.7 
Change in plan assets:
Fair value of plan assets at the beginning of the year$40.5 $115.3 $— $— 
Settlement impact— (75.5)— — 
Actual return on plan assets3.5 11.4 — — 
Employer contributions9.7 10.3 — — 
Benefits paid(7.5)(21.0)— — 
Fair value of plan assets at the end of the year$46.2 $40.5 $— $— 
Unfunded status at the end of the year$73.9 $76.8 $0.6 $0.7 
Schedule of Amounts Recognized in Balance Sheet
The following table summarizes the components recognized in the Consolidated Balance Sheets relating to the Pension and Postretirement Benefits as of December 31:
 PensionPostretirement BenefitsTotal
(Amounts in millions)202020192020201920202019
Pension and other postretirement benefits liability$73.9 $76.8 $0.6 $0.7 $74.5 $77.5 
Accumulated other comprehensive loss:
Net actuarial loss, net of tax$38.2 $36.5 $0.4 $0.4 $38.6 $36.9 
Prior service cost, net of tax0.1 0.1 — — 0.1 0.1 
Total $38.3 $36.6 $0.4 $0.4 $38.7 $37.0 
Schedule of Accumulated and Projected Benefit Obligations
The following table summarizes the benefit obligation and accumulated benefit obligation for the Pension Plan, SERPs and Postretirement Benefits fair value of plan assets as of December 31:
 Pension PlanSERPsPostretirement Benefits
(Amounts in millions)202020192020201920202019
Benefit obligation$51.5 $49.2 $68.6 $67.9 $0.6 $0.7 
Accumulated benefit obligation51.5 49.2 68.6 67.9 — — 
Fair value of plan assets46.2 40.5 — — — — 
Schedule of Expected Benefit Payments
The following table summarizes the estimated future benefit payments for the Pension and Postretirement Benefits for the years ended December 31:
(Amounts in millions)202120222023202420252026-2030
Pension$8.5 $7.9 $7.9 $7.1 $7.0 $33.0 
Postretirement benefits— — — — — 0.1