Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of Contribution Expenses

The Company recorded the following 401(k) Plan matching contribution expense in the consolidated statements of operations (in millions):

	Year Ended December 31,
	2019		2018		2017
401(k) Plan matching contribution expense	$	5.9	$	5.4	$	5.7

Schedule of Changes in Projected Benefit Obligations

The change in the benefit obligations, change in the plan assets, funded status and amounts recognized in the consolidated balance sheets were as follows (in millions):

	Year Ended December 31,
	2019			2018
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	35.6		$	38.3
Service cost	—			0.1
Interest cost	1.5			1.3
Benefit payments	(2.4		)	(1.6		)
Actuarial (gain) loss	5.5			(2.5		)
Benefit obligation at end of year	$	40.2		$	35.6
Change in plan assets:
Fair value of plan assets at beginning of year	$	31.3		$	35.4
Benefit payments	(2.4		)	(1.6		)
Actual return on assets	3.6			(2.5		)
Fair value of plan assets at end of year	$	32.5		$	31.3
Funded status — benefit obligation in excess of plan assets	$	(7.7	)	$	(4.3	)
Reconciliation of amounts recognized in the consolidated balance sheets:
Accrued benefit obligation, long-term	$	(7.7	)	$	(4.3	)
Unrecognized net actuarial loss	10.8			7.5
Accumulated other comprehensive loss	10.8			7.5
Net amount recognized at end of year	$	3.1		$	3.2

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Selected information for the Company’s Pension Plan with an accumulated and projected benefit obligation in excess of plan assets were as follows (in millions):

	Year Ended December 31,
	2019		2018
Accumulated and projected benefit obligation	$	40.2	$	35.6
Fair value of plan assets	$	32.5	$	31.3

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

Selected information for the Company’s Pension Plan with an accumulated and projected benefit obligation in excess of plan assets were as follows (in millions):

	Year Ended December 31,
	2019		2018
Accumulated and projected benefit obligation	$	40.2	$	35.6
Fair value of plan assets	$	32.5	$	31.3

Components of net periodic pension cost (income)

The components of net periodic benefit cost (income) were as follows (in millions):

	Pension Plan
	Year Ended December 31,
	2019			2018			2017
Service cost	$	—		$	0.1		$	0.1
Interest cost	1.5			1.3			2.3
Expected return on assets	(1.5		)	(1.7		)	(2.9		)
Amortization of net loss	—			0.1			0.2
Settlement loss recognized	0.2			—			0.7
Net periodic benefit cost (income)	$	0.2		$	(0.2	)	$	0.4

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The components of changes recognized in other comprehensive (income) loss for the Pension Plan were as follows (in millions):

	Pension Plan
	Year Ended December 31,
	2019			2018			2017
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
Net (gain) loss	$	3.5		$	1.6		$	(0.2	)
Amounts recognized as a component of net periodic benefit cost:
Amortization of actual gains	(0.2		)	(0.1		)	(0.9		)
Total recognized in other comprehensive (income) loss	$	3.3		$	1.5		$	(1.1	)

Schedule of Assumptions Used

The significant weighted average assumptions used to determine the benefit obligations for the years ended December 31, 2019 and 2018, were as follows:

	Benefit Obligations Assumptions
	2019		2018
Discount rate for Penreco Pension Plan	3.15	%	4.18	%
Discount rate for Great Falls Pension Plan	3.14	%	4.16	%

The significant weighted average assumptions used to determine the net periodic benefit cost (income) for the years ended December 31, 2019, 2018 and 2017 were as follows:

	Net Periodic Benefit (Income) Cost Assumptions
	2019		2018		2017
Discount rate for Penreco Pension Plan	4.18	%	3.56	%	4.08	%
Discount rate for Superior Pension Plan	—		—	%	4.06	%
Discount rate for Great Falls Pension Plan	4.16	%	3.54	%	4.04	%
Expected return on plan assets for Penreco Pension Plan (1)	5.00	%	5.00	%	6.35	%
Expected return on plan assets Superior Pension Plan (1)	—		—	%	6.35	%
Expected return on plan assets for Great Falls Pension Plan (1)	5.00	%	5.00	%	6.35	%

⁽¹⁾  The Company considered the historical returns, the future expectation for returns for each asset class and fair value of the plan assets, as well as the target asset allocation of the Pension Plan portfolio, which was developed in accordance with the Company’s Statement of Investment Policy, to develop the expected long-term rate of return on plan assets.

The significant weighted average assumptions used to determine the benefit obligations for the years ended December 31, 2019 and 2018, were as follows:

	Benefit Obligations Assumptions
	2019		2018
Discount rate for Penreco Pension Plan	3.15	%	4.18	%
Discount rate for Great Falls Pension Plan	3.14	%	4.16	%

Schedule of Allocation of Plan Assets

The Pension Plan’s target asset allocation based on funded status is currently comprised of the following:

Asset Class	Range of Asset Allocation	Target Allocation
Equity funds	20–50%	40%
Fixed income	50–80%	60%

The Company’s Pension Plan asset allocations, as of December 31, 2019 and 2018, by asset category, are as follows:

	2019		2018
Cash and cash equivalents	1	%	—	%
Equity funds	27	%	—	%
Balanced funds	4	%	—	%
Domestic equities	—	%	10	%
Foreign equities	—	%	11	%
Fixed income	68	%	79	%
	100	%	100	%

Schedule of Pension Plan assets measured at fair value

The Company’s Pension Plan assets measured at fair value, were as follows (in millions):

	Fair Value of Pension Assets at December 31,
	2019				2018
	Level 1		Total		Level 1		Total
Cash and cash equivalents	$	0.3	$	0.3	$	0.1	$	0.1
Fixed income	22.2		22.2		—		—
Equity funds	8.8		8.8		—		—
Balanced funds	1.2		1.2		—		—
Total plan assets subject to leveling	$	32.5	$	32.5	$	0.1	$	0.1
Plan assets measured at net asset value
Domestic equities			—				3.2
Foreign equities			—				3.4
Fixed income			—				24.6
Total plan assets measured at net asset value			—				31.2
Total plan assets			$	32.5			$	31.3

Schedule of Expected Benefit Payments

The following benefit payments for the Pension Plan, which reflect expected future service, as appropriate, are expected to be paid in the years indicated as of December 31, 2019 (in millions):

	Pension Benefits
2020	$	1.9
2021	2.0
2022	2.0
2023	2.2
2024	2.1
2025 to 2029	11.7
Total	$	21.9