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Pensions and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Summary of changes in benefit obligation, plan assets, funded status
The following tables set forth the changes in benefit obligation, plan assets, funded status and amounts recognized in the consolidated balance sheet for the defined benefit pension and postretirement benefit plans as of December 31, 2020 and 2019:
 Pension BenefitsPostretirement Benefits
 2020201920202019
Change in benefit obligation
Benefit obligation at beginning of year$79.4 $71.2 $8.0 $8.5 
Service cost4.1 3.8 — — 
Interest cost2.1 2.6 0.2 0.3 
Actuarial losses6.6 7.4 0.6 0.5 
Benefits and expenses paid(5.7)(5.6)(0.9)(1.3)
Benefit obligation at end of year$86.5 $79.4 $7.9 $8.0 
Change in plan assets
Fair value of plan assets at beginning of year$144.4 $128.2 $— $— 
Actual return on plan assets23.2 22.7 — — 
Company contributions— — 0.9 1.3 
Cash transfer to fund postretirement benefit payments(0.6)(0.9)— — 
Benefits and expenses paid(5.7)(5.6)(0.9)(1.3)
Fair value of plan assets at end of year$161.3 $144.4 $— $— 
Funded (underfunded) status of the plans$74.8 $65.0 $(7.9)$(8.0)
Schedule of amounts recognized in the consolidated balance sheets
Amounts recognized in the consolidated balance sheets consist of:
 Pension BenefitsPostretirement Benefits
 2020201920202019
Pension assets$74.8 $65.0 $— $— 
Other current liabilities— — 0.8 0.9 
Other long-term liabilities— — 7.1 7.1 
$74.8 $65.0 $7.9 $8.0 
Amounts recognized in Accumulated other comprehensive loss
Net actuarial loss$21.3 $28.1 $3.0 $2.6 
Net prior service cost0.2 0.2 — — 
Accumulated other comprehensive loss$21.5 $28.3 $3.0 $2.6 
Summary of pension plan weighted-average asset allocation
The pension plan weighted-average asset allocation at December 31, 2020 and 2019 and target allocation for 2021 are as follows:
  Plan Assets
 Target 202120202019
Asset Category
Equity securities
45-75%
61.5 %59.2 %
Debt securities
15-35%
20.0 %25.5 %
Other
    0-25%
18.5 %15.3 %
100%100 %100 %
Schedule of fair value hierarchy of pension plans assets The following table sets forth, by level within the fair value hierarchy, the pension plans assets:
 20202019
 Level 1TotalLevel 1Total
Common stock$30.7 $30.7 $40.0 $40.0 
Equity securities63.1 63.1 43.9 43.9 
Foreign stock6.8 6.8 7.0 7.0 
U.S. Government obligations8.5 8.5 8.6 8.6 
Fixed income securities6.4 6.4 11.5 11.5 
Corporate bonds16.0 16.0 14.2 14.2 
Cash and cash equivalents5.9 5.9 2.7 2.7 
Total$137.4 $127.9 
Investments measured at net asset value:
Common collective trusts3.2 — 
Hedge funds20.7 16.5 
Total assets at fair value$161.3 $144.4 
Summary of assumptions used in the valuation of pension and postretirement benefit obligations The following tables summarize the assumptions used in the valuation of pension and postretirement benefit obligations at December 31 and the measurement of the net periodic benefit cost in the following year. The Company used a spot rate approach by applying the specific spot rates along the yield curve to the relevant projected cash flows in the estimation of the service and interest components of benefit cost.
 Weighted-Average assumptions as of December 31,
 Pension BenefitsPostretirement Benefits
 202020192018202020192018
Assumptions used to determine benefit obligation at year-end
Discount rate2.40 %3.22 %4.24 %1.95 %2.94 %4.06 %
Rate of compensation increase3.00 %3.00 %3.00 %N/AN/AN/A
Health care cost trend rateN/AN/AN/A6.25 %6.25 %6.50 %
Ultimate health care cost trend rateN/AN/AN/A5.00 %5.00 %5.00 %
Year of ultimate trend rateN/AN/AN/A202820252025
Assumptions used to determine expense
Discount rate for benefit obligations3.22 %4.11 %3.51 %2.95 %4.06 %3.35 %
Discount rate for service costs3.25 %4.14 %3.60 %3.29 %4.34 %3.70 %
Discount rate for interest costs2.76 %3.72 %3.08 %2.56 %3.72 %2.92 %
Expected return on plan assets7.75 %8.25 %8.25 %N/AN/AN/A
Rate of compensation increase3.00 %3.00 %3.00 %N/AN/AN/A
Medical health care benefits rate increaseN/AN/AN/A6.25 %6.50 %6.50 %
Medical drug benefits rate increaseN/AN/AN/A6.25 %6.50 %6.50 %
Ultimate health care cost trend rateN/AN/AN/A5.00 %5.00 %5.00 %
Year of ultimate trend rateN/AN/AN/A202820252025
Summary of components of net periodic benefit cost
 Pension BenefitsPostretirement Benefits
 202020192018202020192018
Components of net periodic benefit cost
Service costs$4.1 $3.8 $3.7 $— $— $— 
Interest costs2.1 2.6 2.2 0.2 0.3 0.3 
Expected return on plan assets(11.7)(10.9)(11.6)— — — 
Amortization of prior service cost (credit)— — — — (0.1)(0.1)
Recognized net actuarial loss1.9 2.2 0.3 0.2 0.3 0.1 
Benefit (income) costs$(3.6)$(2.3)$(5.4)$0.4 $0.5 $0.3 
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss (“AOCI”)
AOCI at beginning of year$28.3 $35.0 $16.8 $2.6 $2.3 $2.0 
Net (loss) gain arising during the year(1.8)(2.2)(0.3)(0.2)(0.3)(0.1)
Recognition of prior service credit— — — — 0.1 0.1 
Recognition of actuarial loss(5.0)(4.5)18.5 0.6 0.5 0.3 
Total recognized in accumulated other comprehensive loss at end of year$21.5 $28.3 $35.0 $3.0 $2.6 $2.3 
Schedule of other changes in plan assets and benefit obligations recognized in Accumulated Other Comprehensive (income) Loss (“AOCI”)
 Pension BenefitsPostretirement Benefits
 202020192018202020192018
Components of net periodic benefit cost
Service costs$4.1 $3.8 $3.7 $— $— $— 
Interest costs2.1 2.6 2.2 0.2 0.3 0.3 
Expected return on plan assets(11.7)(10.9)(11.6)— — — 
Amortization of prior service cost (credit)— — — — (0.1)(0.1)
Recognized net actuarial loss1.9 2.2 0.3 0.2 0.3 0.1 
Benefit (income) costs$(3.6)$(2.3)$(5.4)$0.4 $0.5 $0.3 
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss (“AOCI”)
AOCI at beginning of year$28.3 $35.0 $16.8 $2.6 $2.3 $2.0 
Net (loss) gain arising during the year(1.8)(2.2)(0.3)(0.2)(0.3)(0.1)
Recognition of prior service credit— — — — 0.1 0.1 
Recognition of actuarial loss(5.0)(4.5)18.5 0.6 0.5 0.3 
Total recognized in accumulated other comprehensive loss at end of year$21.5 $28.3 $35.0 $3.0 $2.6 $2.3 
Summary company's expected future benefit payments
Below is a table summarizing the Company’s expected future benefit payments and the expected payments due to Medicare subsidy over the next ten years:
  Postretirement Benefits
 Pension BenefitsGrossExpected
Medicare Subsidy		Net including
Medicare Subsidy
2021$5.9 $0.9 $0.1 $0.8 
20226.1 0.8 0.1 0.7 
20236.2 0.8 0.1 0.7 
20246.3 0.8 0.1 0.7 
20256.3 0.7 0.1 0.6 
2026 to 203031.4 2.8 0.2 2.6