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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Postemployment Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures
The following tables summarize the weighted average assumptions used and components of our defined benefit postretirement plans.
PensionsOther Benefits
In millions, except percentages2021202020212020
Following are the weighted average assumptions used to determine the benefit obligations at December 31:
Discount rate - qualified benefit plans2.75 %2.45 %— %— %
Discount rate - non-qualified benefit plans2.65 %2.30 %2.60 %2.20 %
Rate of compensation increaseN/AN/AN/AN/A
Change in projected benefit obligation
Projected benefit obligation at January 1$45.0 $36.5 $1.0 $0.9 
Service cost1.7 1.6 — — 
Interest cost1.1 1.2 — — 
Actuarial loss (gain)(2.1)6.1 (0.1)0.1 
Plan amendments0.3 0.3 — — 
Benefit payments(1.0)(0.7)— — 
Projected benefit obligation at December 31 (1)
45.0 45.0 0.9 1.0 
Change in plan assets
Fair value of plan asset at January 131.2 26.8 — — 
Actual return on plan assets1.4 5.0 — — 
Company contributions0.2 0.1 — — 
Benefit payments(1.0)(0.7)— — 
Fair value of plan assets at December 3131.8 31.2 — — 
Funded Status
Net Funded Status of the Plan (Liability)$(13.2)$(13.8)$(0.9)$(1.0)
PensionsOther Benefits
December 31,
In millions2021202020212020
Amount recognized in the consolidated balance sheets:
Pension and other postretirement benefit asset (2)
$— $— $— $— 
Pension and other postretirement benefit (liability) (2)
(13.2)(13.8)(0.9)(1.0)
Total Net Funded Status of the Plan (Liability)$(13.2)$(13.8)$(0.9)$(1.0)
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(1) The accumulated benefit obligation for all years presented equals the projected benefit obligation for each plan, respectively.
(2) Asset balance is included in "Other assets" and liability balances are included in "Other liabilities" on the consolidated balance sheet.
Amounts Recognized in Other Comprehensive Income (Loss)
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows:
Years Ended December 31,
PensionsOther BenefitsTotal
In millions202120202019202120202019202120202019
Current year net actuarial loss (gain)$(2.1)$2.3 $1.7 $(0.1)$0.1 $0.1 $(2.2)$2.4 $1.8 
Current year prior service cost (credit)0.3 0.3 — — — — 0.3 0.3 — 
Amortization of net actuarial (loss) gain and prior service (cost) credit(0.2)(0.2)(0.1)— — — (0.2)(0.2)(0.1)
Settlement and curtailment (charges) income, net— (0.1)— — — — — (0.1)— 
Total recognized in other comprehensive (income) loss, before taxes(2.0)2.3 1.6 (0.1)0.1 0.1 (2.1)2.4 1.7 
Total recognized in other comprehensive (income) loss, after taxes$(1.5)$1.7 $1.2 $(0.1)$0.1 $0.1 $(1.6)$1.8 $1.3 
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
The amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit cost are as follows:
December 31,
PensionsOther BenefitsTotal
In millions202120202021202020212020
Net actuarial (gain) loss$3.1 $5.3 $0.1 $0.1 $3.2 $5.4 
Prior service cost (credit)1.0 0.9 — — 1.0 0.9 
Accumulated other comprehensive (income) loss, before taxes4.1 6.2 0.1 0.1 4.2 6.3 
Accumulated other comprehensive (income) loss, after taxes$3.1 $4.7 $0.1 $0.1 $3.2 $4.8 
The following table summarizes the weighted-average assumptions used for the components of net annual benefit cost:
Years Ended December 31,
PensionsOther Benefits
In millions, except percentages202120202019202120202019
Discount rate - qualified benefit plans (1)
2.45 %3.15 %4.20 %— %— %— %
Discount rate - non-qualified benefit plans (1)
2.30 %3.10 %4.15 %2.20 %3.05 %4.10 %
Expected return on plan assets4.50 %4.50 %4.50 %N/AN/AN/A
Components of net annual benefit cost:
Service cost (2)
$1.7 $1.6 $1.2 $— $— $— 
Interest cost (3)
1.1 1.2 1.2 — — — 
Expected return on plan assets (3)
(1.4)(1.2)(1.0)— — — 
Amortization of prior service cost (2)
0.1 0.1 0.1 — — — 
Amortization of net actuarial and other (gain) loss (3)
0.1 0.1 — — — — 
Recognized (gain) loss due to curtailments (4)
— 0.1 — — — — 
Net annual benefit cost$1.6 $1.9 $1.5 $— $— $— 
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(1) The discount rate used to calculate pension and other post-retirement obligations was based on a review of available yields on high-quality corporate bonds. In selecting a discount rate, we placed particular emphasis on a discount rate yield-curve provided by our third-party actuary which takes into consideration the projected cash flows that represent the expected timing and amount of our plans' benefit payments.
(2) Amounts are recorded to "Cost of sales" on our consolidated statements of operations consistent with the employee compensation costs that participate in the plan.
(3) Amounts are recorded to "Other (income) expense, net" on our consolidated statements of operations.
(4) Our pension and postretirement settlement and curtailment (income) charges are related to the acceleration of prior service costs, as a result of a reduction in the number of participants within the Union Hourly defined benefit pension plan during 2020.
The following table reflects the estimated future benefit payments for our pension and other postretirement benefit plans. These estimates take into consideration expected future service, as appropriate.
In millionsPensionsOther Benefits
2022$0.9 $— 
20231.1 — 
20241.2 — 
20251.4 — 
20261.5 — 
2027-20319.7 0.2 
Fair Value, Assets Measured on Recurring Basis
The following table presents our fair value hierarchy for our major categories of pension plan assets by asset class.
In millionsDecember 31, 2021Level 1Level 2Level 3Investments Measured at Net Asset Value
Cash and short-term investments$0.2 $0.2 $— $— $— 
Mutual funds9.2 9.2 — — — 
Pooled funds20.3 — — — 20.3 
Other2.1 — 2.1 — — 
Total assets$31.8 $9.4 $2.1 $— $20.3 
In millionsDecember 31, 2020Level 1Level 2Level 3Investments Measured at Net Asset Value
Cash and short-term investments$0.1 $0.1 $— $— $— 
Mutual funds8.1 8.1 — — — 
Pooled funds21.4 — — — 21.4 
Other1.6 — 1.6 — — 
Total assets$31.2 $8.2 $1.6 $— $21.4