Employee Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The components of net pension income for the years ended December 31, 2019, 2018 and 2017, were as follows:

	Pension Benefits
	2019			2018			2017
Interest cost	$	(17.5	)	$	(16.0	)	$	(17.3	)
Expected return on plan assets	23.5			28.4			27.7
Net periodic benefit income	6.0			12.4			10.4
Settlement charge	—			—			(0.8		)
Net pension income	$	6.0		$	12.4		$	9.6

Schedule of Defined Benefit Plans Disclosures

The following table provides a reconciliation of the projected benefit obligation, fair value of plan assets and the funded status of the pension plans as of December 31, 2019 and 2018:

	Pension Benefits
	2019			2018
Changes in benefit obligation
Projected benefit obligation, beginning of year	$	(476.4	)	$	(538.9	)
Interest cost	(17.5		)	(16.0		)
Actuarial gain (loss)	(64.6		)	34.2
Benefits paid	42.8			44.3
Projected benefit obligation, end of year	(515.7		)	(476.4		)
Changes in plan assets
Fair value of plan assets, beginning of year	393.8			454.8
Actual return (loss) on plan assets	80.0			(23.7		)
Employer contributions	5.8			7.0
Benefits paid	(42.8		)	(44.3		)
Fair value of plan assets, end of year	436.8			393.8
Funded status	$	(78.9	)	$	(82.6	)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized on the consolidated balance sheets as of December 31, 2019 and 2018, were as follows:

	Pension Benefits
	2019			2018
Current liabilities	$	(1.8	)	$	(1.7	)
Noncurrent liabilities	(77.1		)	(80.9		)
Total amount recognized	$	(78.9	)	$	(82.6	)

Reconciliation of Accumulated Other Comprehensive Income (Loss) Prior to Any Deferred Tax Effects

The following table provides a reconciliation of the Company’s accumulated other comprehensive loss prior to any deferred tax effects at December 31, 2019 and 2018:

	Actuarial Gain / (Loss), net
Balance at January 1, 2018	$	(15.2	)
Amount arising during the period	(18.1		)
Balance at December 31, 2018	(33.3		)
Amount arising during the period	(8.1		)
Balance at December 31, 2019	$	(41.4	)

Schedule of Assumptions Used

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

	Pension Benefits
	2019		2018		2017
Discount rate	4.22	%	3.52	%	3.91	%
Expected long-term return on plan assets	6.25	%	6.50	%	6.50	%

The weighted average assumptions used to determine pension benefit obligations at December 31, 2019 and 2018, were as follows:

	Pension Benefits
	2019		2018
Discount rate (end of year rate)	3.20	%	4.22	%

Schedule of Expected Benefit Payments

An estimate of the Plans’ present value of future benefit payments to be made from funded qualified plans and unfunded non-qualified plans to plan participants at December 31, 2019, were as follows:

	Future Pension Benefit Payments
2020	$	39.4
2021	38.1
2022	37.0
2023	35.6
2024	34.7
2025 – 2029	158.4
Thereafter	172.5
Total	$	515.7

Schedule of Allocation of Plan Assets

The fair values of the Company’s pension plan assets at December 31, 2019 and 2018, by asset category were as follows:

	December 31, 2019								December 31, 2018
Asset Category	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	1.9	$	1.9	$	—	$	—	$	2.7	$	2.7	$	—	$	—
Debt securities	118.0		—		118.0		—		113.9		—		113.9		—
Equity securities	27.0		—		27.0		—		26.4		—		26.4		—
Total pension plan assets, excluding those measured at net asset value (“NAV”)	146.9		$	1.9	$	145.0	$	—	143.0		$	2.7	$	140.3	$	—
Investments measured at NAV (1)	289.9								250.8
Total pension plan assets	$	436.8							$	393.8

______________________________

⁽¹⁾ 

These investments consist of privately placed funds that are valued based on NAV. NAV of the funds is based on the fair value of each fund’s underlying investments. In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

Schedule of Fair Value Measurements in Collective Trusts [Table Text Block]

The fair value measurements in common/collective trusts, calculated using a NAV and their redemption restrictions, for the years ended December 31, 2019 and 2018, are as follows:

	Fair Value				Redemption Frequency (If Currently Eligible)	Redemption Notice Period
	2019		2018
JP Morgan Chase Bank Strategic Property Fund	$	12.6	$	18.0	Quarterly	30 days
Pyramis Long Corporate A or Better	93.3		78.6		Daily	15 days
Pyramis Long Duration	92.2		79.2		Daily	15 days
Russell 3000 Index NL	91.8		75.0		Daily	1 day
Total value of investments measured at NAV	$	289.9	$	250.8