Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of reconciliation of benefit obligations, plan assets, funded status and net liability information of the Company's pension and other postretirement benefit plans

The following table reconciles the benefit obligations, plan assets, funded status and net liability information of the Company's pension and other postretirement benefit plans.

	Pension Benefits						Postretirement Benefits Other than Pensions
	Year Ended December 31,
	2019			2018			2019			2018
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	430.7		$	463.9		$	42.4		$	44.0
Service cost	5.0			6.7			1.2			1.1
Interest cost	16.2			15.8			1.5			1.4
Currency	(1.2		)	(4.6		)	0.1			(0.3		)
Actuarial (gain) loss	55.0			(29.3		)	(0.7		)	1.1
Benefit payments from plans	(21.1		)	(20.3		)	(4.8		)	(4.9		)
Plan curtailment (a)	(2.8		)	—			—			—
Settlement payments	(0.5		)	(2.2		)	—			—
Other	1.1			0.7			—			—
Benefit obligation at end of year	$	482.4		$	430.7		$	39.7		$	42.4
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	375.2		$	400.4		$	—		$	—
Actual gain (loss) on plan assets	62.1			(18.9		)	—			—
Employer contributions	8.3			18.2			—			—
Currency	(0.5		)	(2.7		)	—			—
Benefit payments	(21.1		)	(20.3		)	—			—
Settlement payments	(0.5		)	(2.2		)	—			—
Other	0.6			0.7			—			—
Fair value of plan assets at end of year	$	424.1		$	375.2		$	—		$	—
Reconciliation of Funded Status
Fair value of plan assets	$	424.1		$	375.2		$	—		$	—
Projected benefit obligation	482.4			430.7			39.7			42.4
Net liability recognized in statement of financial position	$	(58.3	)	$	(55.5	)	$	(39.7	)	$	(42.4	)
Amounts recognized in statement of financial position consist of:
Current liabilities	$	(1.2	)	$	(1.7	)	$	(5.6	)	$	(5.2	)
Noncurrent liabilities	(57.1		)	(53.8		)	(34.1		)	(37.2		)
Net amount recognized	$	(58.3	)	$	(55.5	)	$	(39.7	)	$	(42.4	)

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(a)

For the year ended December 31, 2019, the Company recognized a curtailment gain of $1.6 million related to the Neenah Coldenhove pension plan. See discussion earlier in this Note.

Schedule of amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive income (loss) consist of:

	Pension Benefits				Postretirement Benefits Other than Pensions
	December 31,
	2019		2018		2019		2018
Accumulated actuarial loss	$	117.8	$	110.1	$	7.2	$	8.7
Prior service cost	0.9		0.7		—		—
Total recognized in AOCI	$	118.7	$	110.8	$	7.2	$	8.7

Summary of disaggregated information about the pension plans

Summary disaggregated information about the pension plans follows:

	December 31,
	Assets Exceed ABO				ABO Exceed Assets				Total
	2019		2018		2019		2018		2019		2018
Projected benefit obligation	$	—	$	130.3	$	482.4	$	300.4	$	482.4	$	430.7
Accumulated benefit obligation	—		125.4		478.3		298.5		478.3		423.9
Fair value of plan assets	—		128.8		424.1		246.4		424.1		375.2

Schedule of components of net periodic benefit cost for Defined Benefit Plans

Components of Net Periodic Benefit Cost

	Pension Benefits									Postretirement Benefits Other than Pensions
	Year Ended December 31,
	2019			2018			2017			2019		2018			2017
Service cost	$	5.0		$	6.7		$	5.5		$	1.2	$	1.1		$	1.2
Interest cost	16.2			15.8			15.0			1.5		1.4			1.4
Expected return on plan assets (a)	(21.1		)	(21.0		)	(19.9		)	—		—			—
Recognized net actuarial loss	4.9			5.2			5.6			0.9		0.8			0.3
Amortization of prior service cost (credit)	0.2			0.2			0.2			—		(0.2		)	(0.2		)
Curtailment gain	(1.6		)	—			—			—		—			—
Amount of settlement loss recognized	0.1			0.8			0.6			—		—			—
Net periodic benefit cost	$	3.7		$	7.7		$	7.0		$	3.6	$	3.1		$	2.7

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(a)

The expected return on plan assets, excluding the Neenah Coldenhove plan assets, is determined by multiplying the fair value of plan assets at the prior year-end (adjusted for estimated current year cash benefit payments and contributions) by the expected long-term rate of return. The Neenah Coldenhove pension plan is funded through an insurance contract, and the expected return on plan assets is calculated based on the discount rate of the insured obligations.

Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)

	Pension Benefits								Postretirement Benefits Other than Pensions
	Year Ended December 31,
	2019		2018			2017			2019			2018		2017
Net periodic benefit expense	$	3.7	$	7.7		$	7.0		$	3.6		$	3.1	$	2.7
Accumulated actuarial gain (loss)	7.7		4.2			10.1			(1.5		)	0.1		3.7
Prior service cost (credit)	0.2		(0.1		)	(0.1		)	—			0.2		0.2
Total recognized in other comprehensive income (loss)	7.9		4.1			10.0			(1.5		)	0.3		3.9
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	11.6	$	11.8		$	17.0		$	2.1		$	3.4	$	6.6

Schedule of weighted-average assumptions used to determine benefit obligations

Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31

	Pension Benefits				Postretirement Benefits Other than Pensions
	2019		2018		2019		2018
Discount rate	2.98	%	3.94	%	2.68	%	3.84	%
Rate of compensation increase	2.05	%	2.34	%	—	%	—	%
Initial healthcare cost trend rate	—	%	—	%	6.10	%	6.80	%
Ultimate healthcare cost trend rate	—	%	—	%	4.50	%	4.50	%
Ultimate year	—		—		2037		2037

Schedule of weighted-average assumptions used to determine net periodic benefit cost

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31

	Pension Benefits						Postretirement Benefits Other than Pensions
	Year Ended December 31,
	2019		2018		2017		2019		2018		2017
Discount rate	3.78	%	3.65	%	4.18	%	3.84	%	3.42	%	3.89	%
Expected long-term return on plan assets (a)	5.91	%	5.78	%	6.31	%	—	%	—	%	—	%
Rate of compensation increase	2.33	%	2.44	%	2.49	%	2.50	%	2.50	%	—	%
Initial healthcare cost trend rate	—	%	—	%	—	%	6.50	%	6.80	%	7.00	%
Ultimate healthcare cost trend rate	—	%	—	%	—	%	4.50	%	4.50	%	4.50	%
Ultimate year	—		—		—		2037		2037		2037

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(a)

The expected long-term return on plan assets does not include the Neenah Coldenhove plan assets. The Neenah Coldenhove pension plan is funded through an insurance contract, and the expected return on plan assets is calculated based on the discount rate of the insured obligations.

Schedule of pension plan asset allocations

Pension plan asset allocations are as follows:

	Percentage of Plan Assets At December 31,
	2019		2018
Asset Category (a)
Equity securities	33	%	33	%
Hedge fund / Other	8	%	8	%
Debt securities / Fixed Income	59	%	58	%
Cash and money-market funds	—	%	1	%
Total	100	%	100	%

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(a)

The asset categories do not include the insurance contract related to the Neenah Coldenhove pension plan.

Schedule of target investment allocation and permissible allocation range for plan assets by category

The weighted average target investment allocation and permissible allocation range for plan assets by category are as follows:

	Strategic Target		Permitted Range
Asset Category
Equity securities	33	%	28-38%
Hedge fund / Other	8	%	3-13%
Debt securities / Fixed Income	59	%	54-64%

Schedule of future benefit payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

	Pension Plans		Postretirement Benefits Other than Pensions
2020	$	22.3	$	5.6
2021	27.1		5.0
2022	23.3		4.6
2023	24.2		4.2
2024	25.0		3.9
Years 2025-2029	129.3		13.7

Schedule of effects of one-percentage-point change in assumed health care cost trend rates

Assumed health care cost trend rates affect the amounts reported for postretirement health care benefit plans. A one percentage-point change in assumed health care cost trend rates would have the following effects:

	One Percentage- Point
	Increase		Decrease
Effect on total of service and interest cost components	$	—	$	—
Effect on post-retirement benefit other than pension obligation	0.2		(0.2		)