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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of changes in benefit obligations, fair value of plan assets, and funded status of plan
The changes in the benefit obligation, the changes in fair value of plan assets, and the funded status of the Company’s Pension and Post-Retirement Medical Plans as of and for the years ended December 31, 2019 and 2018 were as follows:
 
 
Pension Plans
 
Post-Retirement
Medical Plan
(in millions)
 
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
 
$
218.4

 
$
185.2

 
$
19.3

 
$
21.6

Service cost
 
43.6

 
47.4

 
1.0

 
1.1

Interest cost
 
8.3

 
5.8

 
0.7

 
0.7

Benefit payments
 
(9.0
)
 
(7.2
)
 
(1.3
)
 
(0.7
)
Actuarial loss (gain)
 
9.9

 
(12.8
)
 
(2.2
)
 
(3.4
)
Projected benefit obligation at end of year
 
$
271.2

 
$
218.4

 
$
17.5

 
$
19.3

Change in plan assets:
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
$
143.4

 
$
121.7

 
$
—

 
$
—

Actual return on plan assets
 
29.0

 
(6.2
)
 
—

 
—

Benefits paid
 
(9.0
)
 
(7.2
)
 
(1.3
)
 
(0.7
)
Employer contributions
 
34.0

 
35.1

 
1.3

 
0.7

Fair value of plan assets at end of year
 
$
197.4

 
$
143.4

 
$
—

 
$
—

Reconciliation of funded status:
 
 
 
 
 
 
 
 
Fair value of plan assets at end of year
 
$
197.4

 
$
143.4

 
$
—

 
$
—

Less benefit obligations at end of year
 
271.2

 
218.4

 
17.5

 
19.3

Funded status at end of year
 
$
(73.8
)
 
$
(75.0
)
 
$
(17.5
)
 
$
(19.3
)
Schedule of expected benefit payments
Benefit payments, which reflect expected future services, that the Company expects to pay are as follows for the years ended December 31:
 
(in millions)
 
Pension Benefits
 
Post-Retirement
Medical Plan
2020
 
$
14.7

 
$
1.4

2021
 
17.3

 
1.5

2022
 
21.0

 
1.5

2023
 
19.3

 
1.5

2024
 
21.8

 
1.4

Years 2025-2029
 
143.8

 
7.3
Schedule of net periodic benefit cost
The components of net periodic benefit cost were as follows for the years ended December 31, 2019, 2018 and 2017:
 
 
Pension Benefits
 
Post-Retirement
Medical Plan
(in millions)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Components of net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
 
$
43.6

 
$
47.4

 
$
40.6

 
$
1.0

 
$
1.1

 
$
1.2

Interest cost
 
8.3

 
5.8

 
4.3

 
0.7

 
0.7

 
0.8

Expected return on plan assets
 
(9.6
)
 
(8.5
)
 
(5.8
)
 
—

 
—

 
—

Settlement loss recognized
 
—

 
—

 
1.0

 
—

 
—

 
—

Amortization of prior service cost and actuarial loss
 
0.3

 
0.2

 
0.5

 
0.5

 
0.7

 
0.6

Net periodic benefit cost
 
$
42.6

 
$
44.9

 
$
40.6

 
$
2.2

 
$
2.5

 
$
2.6
Schedule of pre-tax amounts recognized in other comprehensive income (loss)
The pre-tax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2019, 2018 and 2017 were as follows:
 
 
Pension Benefits
 
Post-Retirement
Medical Plan
(in millions)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Prior service costs
 
$
—

 
$
—

 
$
0.5

 
$
—

 
$
—

 
$
—

Net actuarial (gain) loss
 
(10.7
)
 
1.9

 
5.0

 
(2.3
)
 
(3.4
)
 
(2.5
)
Amortization of losses and prior service cost
 
(0.3
)
 
(0.8
)
 
(1.4
)
 
(0.5
)
 
(0.7
)
 
(0.6
)
Total changes in other comprehensive (income) loss
 
$
(11.0
)
 
$
1.1

 
$
4.1

 
$
(2.8
)
 
$
(4.1
)
 
$
(3.1
)
Schedule of pre-tax amounts in accumulated other comprehensive loss not yet recognized as components of net periodic costs
The pre-tax amounts in accumulated other comprehensive income (loss) as of December 31, 2019 and 2018 that have not yet been recognized as components of net periodic costs were as follows:
 
 
 
Pension Benefits
 
Post-Retirement
Medical Plan
(in millions)
 
2019
 
2018
 
2019
 
2018
Prior service costs
 
$
(0.7
)
 
$
(0.8
)
 
$
(4.0
)
 
$
(4.7
)
Net actuarial (loss) gain
 
(14.5
)
 
(24.1
)
 
6.1

 
4.0

Total
 
$
(15.2
)
 
$
(24.9
)
 
$
2.1

 
$
(0.7
)
Schedule of pre-tax amounts in accumulated other comprehensive loss to be recognized over next fiscal year
The following pre-tax amounts included in accumulated other comprehensive income (loss) as of December 31, 2019 are expected to be recognized as components of net periodic benefit cost during the year ended December 31, 2020:
(in millions)
 
Pension Benefits
 
Post-Retirement
Medical Plan
Amortization of prior service costs
 
$
—

 
$
(0.7
)
Amortization of net actuarial (loss) gain
 
(0.2
)
 
0.3

Total
 
$
(0.2
)
 
$
(0.4
)
Schedule of assumptions used
The weighted average assumptions used to determine the benefit obligations as of December 31, 2019 and 2018 were as follows:
 
 
Qualified Plan
 
Supplemental Plan
 
Post-Retirement Medical Plan
 
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Discount rate - benefit obligations
 
3.21
%
 
4.22
%
 
3.09
%
 
4.17
%
 
2.88
%
 
3.99
%
Rate of compensation increase
 
4.28
%
 
4.55
%
 
4.50
%
 
5.00
%
 
—

 
—

The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2019, 2018 and 2017 were as follows:
 
 
 
Qualified Plan
 
Supplemental Plan
 
Post-Retirement Medical Plan
 
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rates:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective rate for service cost
 
4.24%
 
3.62%
 
4.15%
 
4.19%
 
3.58%
 
4.17%
 
4.21%
 
3.59%
 
4.10%
Effective rate for interest cost
 
3.92%
 
3.21%
 
3.38%
 
3.83%
 
3.15%
 
3.20%
 
3.69%
 
2.97%
 
3.11%
Effective rate for interest on service cost
 
4.00%
 
3.32%
 
3.59%
 
3.90%
 
3.24%
 
3.63%
 
4.09%
 
3.46%
 
3.84%
Expected long-term rate of return on plan assets
 
6.00%
 
6.25%
 
6.50%
 
N/A
 
N/A
 
N/A
 
N/A
 
N/A
 
N/A
Rate of compensation increase
 
4.55%
 
4.53%
 
4.81%
 
5.00%
 
5.00%
 
5.50%
 
N/A
 
N/A
 
N/A
Schedule of assumed health care cost trend rates
The assumed health care cost trend rates as of December 31, 2019 and 2018 were as follows:
 
 
Post-Retirement
Medical Plan
 
 
2019
 
2018
Health care cost trend rate assumed for next year
 
5.7
%
 
5.8
%
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate)
 
4.5
%
 
4.5
%
Year that the rate reaches the ultimate trend rate
 
2038

 
2038
Schedule of effect of one-percentage-point change in assumed health care cost trend rates
Assumed health care cost trend rates have a significant effect on the amounts reported for retiree health care plans. A one percentage-point change in assumed health care cost trend rates would have the following effects on the medical post-retirement benefits:
(in millions)
 
1%
Increase
 
1%
Decrease
Effect on total service and interest cost components
 
$
—

 
$
—

Effect on accumulated post-retirement benefit obligation
 
0.2

 
(0.2
)
Schedule of fair value of assets of the Company's Qualified Plan
The table below presents the fair values of the assets of the Company’s Qualified Plan as of December 31, 2019 and 2018 by level of fair value hierarchy. Assets categorized in Level 2 of the hierarchy consist of collective trusts and are measured at fair value based on the closing net asset value (“NAV”) as determined by the fund manager and reported daily. As noted above, the Company’s post-retirement medical plan is funded on a pay-as-you-go basis and has no assets. 
 
 
Fair Value Measurements Using
NAV as Practical Expedient
(Level 2)
 
 
December 31,
(in millions)
 
2019
 
2018
Equities:
 
 
 
 
Domestic equities
 
$
47.8

 
$
34.8

Developed international equities
 
29.5

 
19.2

Global low volatility equities
 
16.9

 
11.4

Emerging market equities
 
14.9

 
10.3

Fixed-income
 
74.9

 
59.7

Real Estate
 
8.3

 
7.9

Cash and cash equivalents
 
5.1

 
0.1

Total
 
$
197.4

 
$
143.4