Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Plans

Schedule of breakdown of shares held by ESOP

Common shares held by the contribution savings plan follows:

(in millions)	December 31, 2019	December 31, 2018	December 31, 2017
Common shares held	0.9	1.0	1.1

Defined Benefit Plans

Retirement Plans

Schedule of weighted-average assumptions for benefit obligations

Weighted-average assumptions for the projected benefit obligation follows:

	2019		2018
Discount rate	3.0	%	4.1	%
Rate of compensation increase	3.8	%	3.8	%

Schedule of weighted-average assumptions for net periodic benefit cost

Weighted-average assumptions for net periodic benefit cost follows:

	2019		2018		2017
Discount rate	4.1	%	3.5	%	3.9	%
Rate of compensation increase	3.8	%	3.8	%	3.8	%
Expected long-term return on plan assets	6.3	%	6.3	%	6.3	%

Schedule of reconciliation of the beginning and ending balances of the projected pension benefit obligation, the fair value of the plan assets and the ending accumulated benefit obligation

change in the projected benefit obligation, plan assets and the funded status follows: 

(in millions)	December 31, 2019		December 31, 2018
Funded status
Projected benefit obligation
Beginning of year	$	167.5	$	182.8
Change in benefit obligation:
Service cost	2.8		3.1
Interest cost	6.1		5.5
Plan amendments	(0.1)		—
Actuarial (gain)/loss	17.2		(10.0)
Benefits paid	(14.6)		(13.9)
End of year	$	178.9	$	167.5
Fair value of plan assets
Beginning of year	$	148.6	$	165.7
Change in plan assets:
Actual return on plan assets	20.9		(4.6)
Company contributions	1.6		1.4
Benefits paid	(14.6)		(13.9)
End of year	$	156.5	$	148.6
Unfunded status end of year	$	(22.4)	$	(18.9)
Accumulated benefit obligation at end of year	$	178.0	$	167.0

Schedule of net asset (liability)

(in millions)	December 31, 2019		December 31, 2018
Long-term assets	$	—	$	0.7
Current liabilities	(1.5)		(1.5)
Long-term liabilities	(20.9)		(18.1)
Net pension liability	$	(22.4)	$	(18.9)

Schedule of amounts included in accumulated other comprehensive loss

The amounts included in accumulated other comprehensive income (loss) that have not been recognized in net periodic pension cost follows:

(in millions)	December 31, 2019		December 31, 2018
Unrecognized actuarial losses (gross)	$	52.1	$	49.3
Unrecognized actuarial losses (net of tax)	41.5		39.6
Unrecognized prior service costs (gross)	0.8		1.0
Unrecognized prior service costs (net of tax)	0.6		0.8

Components of net periodic benefit cost

The components of net periodic benefit cost follows:

(in millions)	2019		2018		2017
Service cost	$	2.8	$	3.1	$	2.6
Interest cost	6.1		5.5		5.3
Expected return on plan assets	(9.7)		(10.3)		(10.2)
Amortization of unrecognized net loss	3.1		4.3		2.3
Amortization of unrecognized prior service credit	0.2		0.3		0.2
Net periodic benefit cost	$	2.5	$	2.9	$	0.2

Schedule of fair value of the plans' assets by asset category

The fair value measurement of the plans’ assets by asset category follows:

	Quoted Prices in Active Markets for Identical Assets (Level 1)
(in millions)	December 31, 2019		December 31, 2018
Cash	$	0.6	$	0.6
U.S. treasury bonds	20.9		27.0
Mutual funds:
Equity mutual funds (1)	17.8		17.8
Fixed income mutual funds (2)	117.2		103.2
Total	$	156.5	$	148.6

⁽¹⁾This category is comprised of investments in mutual funds that invest in equity securities such as large publicly traded companies listed in the S&P 500 Index; small to medium sized companies with market capitalization in the range of the Russell 2500 Index; and foreign issuers in emerging markets.

⁽²⁾This category is comprised of investments in mutual funds that invest in U.S. corporate fixed income securities, including asset-backed securities; high yield fixed income securities primarily rated BB, B, CCC, CC, C and D; and US dollar denominated debt securities of government, government related and corporate issuers in emerging market countries.

Summary of estimated future benefits to be paid for the Company's defined benefit pension plans and post-retirement medical plan

A summary of estimated future benefits to be paid for the Company’s defined benefit pension plans as of December 31, 2019, follows:

(in millions)	Estimated  Benefit Payments
2020	$	14.2
2021	14.1
2022	14.3
2023	14.6
2024	14.7
2025-2029	65.7