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Savings, Pension and Other Postretirement Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Changes in Benefit Obligation, Plan Assets and Funded Status for Company-Sponsored Benefit Plans
 
 
Pension Benefit Plans
 
Other Postretirement
Employee Benefit Plans
(In millions)
 
2019
 
2018
 
2019
 
2018
Change in projected benefit obligation:
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
 
$
294.2

 
$
317.8

 
$
60.3

 
$
65.1

Service cost
 
2.4

 
1.8

 
0.1

 
0.1

Interest cost
 
12.4

 
12.0

 
2.8

 
2.4

Actuarial (gains) losses
 
29.0

 
(16.3
)
 
9.6

 
(0.3
)
Benefits paid
 
(21.5
)
 
(21.1
)
 
(6.4
)
 
(7.0
)
Benefit obligation at end of year
 
316.5

 
294.2

 
66.4

 
60.3

Changes in plan assets:
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
268.8

 
310.9

 
—

 
—

Actual return on plan assets
 
58.8

 
(21.5
)
 
—

 
—

Employer contribution
 
0.5

 
0.5

 
7.0

 
7.0

Benefits paid
 
(21.5
)
 
(21.1
)
 
(7.0
)
 
(7.0
)
Fair value of plan assets at end of year
 
306.6

 
268.8

 
—

 
—

Funded status at end of year
 
$
(9.9
)
 
$
(25.4
)
 
$
(66.4
)
 
$
(60.3
)
Amounts recognized in Consolidated Balance Sheet:
 
 
 
 
 
 
 
 
Non-current assets
 
$
7.7

 
$
—

 
$
—

 
$
—

Current liabilities
 
(0.4
)
 
(0.4
)
 
(7.0
)
 
(7.0
)
Non-current liabilities
 
(17.2
)
 
(25.0
)
 
(59.4
)
 
(53.3
)
Net amount recognized
 
$
(9.9
)
 
$
(25.4
)
 
$
(66.4
)
 
$
(60.3
)
Amounts recognized in accumulated other comprehensive loss (pre-tax):
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
 
$
91.4

 
$
111.9

 
$
(5.1
)
 
$
(15.0
)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]
Information as of December 31 for certain pension plans included above with accumulated benefit obligations in excess of plan assets were as follows:
(In millions)
 
2019
 
2018
Projected benefit obligation
 
$
178.5

 
$
294.2

Accumulated benefit obligation
 
178.5

 
294.2

Fair value of plan assets
 
160.8

 
268.8
Pre-tax Components of Net Periodic Cost
Net Periodic Cost
Service cost is the actuarial present value of benefits attributed by the plans’ benefit formula to services rendered by employees during the year. Interest cost represents the increase in the projected benefit obligation, which is a discounted amount, due to the passage of time. The expected return on plan assets reflects the computed amount of current-year earnings from the investment of plan assets using an estimated long-term rate of return.
 
Pension Benefit Plans
 
Other Postretirement
Employee Benefit Plans
(In millions)
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost
$
2.4

 
$
1.8

 
$
2.1

 
$
0.1

 
$
0.1

 
$
0.2

Interest cost
12.4

 
12.0

 
13.1

 
2.8

 
2.4

 
2.7

Expected return on plan assets
(16.5
)
 
(17.0
)
 
(18.8
)
 
—

 
—

 
—

Amortization of prior service cost (credit)
—

 
—

 
—

 
—

 
(1.7
)
 
(1.5
)
Amortization of actuarial loss (gain)

7.3

 
10.1

 
9.9

 
(0.3
)
 
(0.9
)
 
(6.6
)
Settlement
—

 
—

 
—

 
—

 
—

 
—

Net periodic cost (income)
$
5.6

 
$
6.9

 
$
6.3

 
$
2.6

 
$
(0.1
)
 
$
(5.2
)
Other Amounts Recognized in Other Comprehensive Income (Loss)
Weighted Average Assumptions Used to Determine Benefit Obligation
 
 
Pension Benefit Plans
 
Other Postretirement
Employee Benefit Plans
 
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Actuarial assumption used to determine benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
     Discount rate
 
3.4
%
 
4.4
%
 
3.9
%
 
3.6
%
 
4.6
%
 
4.0
%
Actuarial assumption used to determine net periodic pension cost:
 
 
 
 
 
 
 
 
 
 
 
 
    Discount rate
 
4.4
%
 
3.9
%
 
4.5
%
 
4.6
%
 
4.0
%
 
4.3
%
     Expected return on plan assets
 
6.0
%
 
6.0
%
 
6.8
%
 
—

 
—

 
—
One Percentage Point Change in Health Care Cost Trend Rates
A one percentage point change in the health care cost trend rates would have the following effects:
(In millions)
 
1% Increase

 
1% Decrease

Effect on total of service and interest cost components
 
$
0.2

 
$
(0.2
)
Effect on postretirement employee benefit obligation
 
4.8

 
(4.2
)
Investments at Fair Value for Company Sponsored Pension Benefit Plans within Fair Value Hierarchy
The following tables set forth by level, within the fair value hierarchy, the investments at fair value for our company-sponsored pension benefit plans:
 
 
December 31, 2019
(In millions)
 
Level 1
 
Investments measured at net asset value
 
Total
Cash and cash equivalents
 
$
2.0

 
$
—

 
$
2.0

Common and collective trust:
 
 
 
 
 
 
Collective investment funds
 
—

 
304.6

 
304.6

Total investments at fair value
 
$
2.0

 
$
304.6

 
$
306.6

 
 
December 31, 2018
(In millions)
 
Level 1
 
Investments measured at net asset value
 
Total
Cash and cash equivalents
 
$
2.0

 
$
—

 
$
2.0

Common and collective trusts:
 
 
 
 
 
 
Collective investment funds
 
—

 
266.8

 
266.8

Total investments at fair value
 
$
2.0

 
$
266.8

 
$
268.8
Long Term Asset Allocation Ranges
Assets are diversified among various asset classes, such as domestic equities, international equities, fixed income and cash. The long-term asset allocation ranges are as follows:
Domestic equities
  
 
10%-18%
International equities, including emerging markets
  
 
10%-18%
Corporate/Government bonds
  
 
68%-78%
Liquid reserves
  
 
0%-5%
Schedule of Expected Benefit Payments
Estimated future benefit payments are as follows for the years indicated:
(In millions)
 
Pension Benefit Plans
 
Other
Postretirement
Employee
Benefit Plans
2020
 
20.5

 
7.0

2021
 
20.4

 
5.7

2022
 
20.3

 
4.9

2023
 
20.3

 
4.5

2024
 
20.2

 
4.2

2025-2029
 
96.9

 
18.7
Multiemployer Defined Benefit Plans
Pension
Fund
 
EIN
 
Plan
Number
 
PPA Zone Status   
 
FIP/RP Status Pending/
Implemented
 
Contributions
(in millions)
 
Surcharge
Imposed
 
Expiration
 Date
of Collective
Bargaining
Agreement 
2019
 
2018
 
2019
 
2018
 
2017
 
IAM NPF
 
51-6031295
 
002
 
Red
 
Green
 
Implemented
 
$
0.3

 
$
0.3

 
$
0.3

 
No
 
5/31/2023
PIUMPF1
 
11-6166763
 
001
 
Red
 
Red
 
Implemented
 
5.3

 
5.4

 
5.8

 
No
 
8/31/2017
 
 
 
 
 
 
 
 
 
Total Contributions:
 
$
5.6

 
$
5.7

 
$
6.1

 
 
 
 

1  
The associated collective bargaining agreement associated with PIUMPF was ratified in January 2020.