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Pension Benefits (Tables) - Pension Plans, Defined Benefit
12 Months Ended
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Changes in Fair Value of Plan Assets
Changes in Fair Value of Plan Assets and Changes in Projected Benefit Obligation for the Pension Plan for the years ended December 31, 2020 and 2019 is presented below.
DOLLARS IN MILLIONS20202019
Fair Value of Plan Assets at Beginning of Year$664.6 $525.3 
Actual Return on Plan Assets92.1 113.2 
Employer Contributions 55.3 
Benefits Paid(145.9)(29.2)
Settlement Benefits(205.4)— 
Fair Value of Plan Assets at End of Year405.4 664.6 
Projected Benefit Obligation at Beginning of Year660.5 580.5 
Interest Cost16.5 22.3 
Benefits Paid(145.9)(29.2)
Settlement Benefits(205.4)— 
Actuarial (Gains) Losses56.6 86.9 
Projected Benefit Obligation at End of Year382.3 660.5 
Funded Status—Plan Assets in Excess (Deficit) of Projected Benefit Obligation$23.1 $4.1 
Unamortized Amount Reported in AOCI at End of Year$(68.2)$(145.7)
Accumulated Benefit Obligation at End of Year$382.3 $660.4 
Schedule of Assumptions Used
The weighted-average discount rate and rate of increase in future compensation levels used to estimate the components of the Projected Benefit Obligation for the Pension Plan at December 31, 2020 and 2019 were:
20202019
Discount Rate2.56 %3.21 %
Rate of Increase in Future Compensation Levels3.40 3.40 
The weighted-average discount rate, service cost discount rate, interest cost discount rate, rate of increase in future compensation levels and expected long-term rate of return on plan assets used to develop the components of Pension Expense for the Pension Plan for the years ended December 31, 2020, 2019 and 2018 were:
202020192018
Weighted-average Discount Rate2.56 %4.28 %3.63 %
Service Cost Discount Rate2.42 4.26 3.61 
Interest Cost Discount Rate1.89 3.91 3.26 
Rate of Increase in Future Compensation Levels3.40 3.40 3.40 
Expected Long Term Rate of Return on Plan Assets4.90 5.70 5.35 
Schedule of Allocation of Plan Assets
Asset allocations for the Pension Plan at December 31, 2020 and 2019 by asset category were:
ASSET CATEGORY20202019
Corporate Bonds and Notes37 %40 %
Common and Preferred Stocks24 35 
Bond Exchange Traded Funds27 14 
Cash and Short-term Investments2 
Other Assets10 
Total100 %100 %
Fair Value, Measurement Inputs, Disclosure Fair value measurements for the Pension Plan’s assets at December 31, 2020 are summarized below.
DOLLARS IN MILLIONSQuoted Prices
in Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Measured at Net Asset ValueFair Value
Fixed Maturities:
U.S. Government and Government Agencies and Authorities
$68.3 $ $ $ $68.3 
States and Political Subdivisions
 0.7   0.7 
Corporate Bonds and Notes
 81.3   81.3 
Equity Securities:
Common Stocks:
Other Industries
64.8    64.8 
Other Equity Interests:
Collective Investment Funds
   32.1 32.1 
Bond Exchange Traded Funds
108.6    108.6 
Limited Liability Companies and Limited Partnerships
   41.6 41.6 
Short-term Investments7.4    7.4 
Receivables and Other0.6    0.6 
Total$249.7 $82.0 $ $73.7 $405.4 
Fair value measurements for the Pension Plan’s assets at December 31, 2019 are summarized below.
DOLLARS IN MILLIONSQuoted Prices
in Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Measured at Net Asset ValueFair Value
Fixed Maturities:
U.S. Government and Government Agencies and Authorities
$158.4 $— $— $— $158.4 
States and Political Subdivisions
— 0.1 — — 0.1 
Corporate Bonds and Notes
— 107.3 — — 107.3 
Equity Securities:
Common Stocks:
Other Industries
140.0 21.5 — — 161.5 
Other Equity Interests:
Collective Investment Funds
— — — 71.8 71.8 
Bond Exchange Traded Funds
92.8 — — — 92.8 
Limited Liability Companies and Limited Partnerships
— — — 63.7 63.7 
Short-term Investments10.0 — — — 10.0 
Receivables and Other(1.0)— — — (1.0)
Total$400.2 $128.9 $— $135.5 $664.6 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The components of Comprehensive Pension Expense (Income) for the Pension Plan for the years ended December 31, 2020, 2019 and 2018 were:
DOLLARS IN MILLIONS202020192018
Service Cost Earned During the Year$ $— $— 
Interest Cost on Projected Benefit Obligation16.5 22.3 20.3 
Expected Return on Plan Assets(27.6)(30.6)(28.9)
Amortization of Actuarial Loss5.6 2.9 4.3 
Settlement Expense64.1 — — 
Pension Expense (Income) Recognized in Consolidated Statements of Income58.6 (5.4)(4.3)
Unrecognized Pension Gain (Loss) Arising During the Year(7.8)4.2 11.5 
Amortization of Accumulated Unrecognized Pension Loss(69.8)(2.9)(4.3)
Comprehensive Pension Expense (Income)$(19.0)$(4.1)$2.9 
Schedule of Expected Benefit Payments
The following benefit payments (net of participant contributions), which consider expected future service of certain participants that remain eligible for a benefit accrual, as appropriate, are expected to be paid from the Pension Plan:
DOLLARS IN MILLIONSYears Ending December 31,
202120222023202420252026-2030
Estimated Pension Benefit Payments$15.8 $15.7 $16.5 $17.2 $17.7 $93.6 
Significant Unobservable Inputs (Level 3)  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Changes in Fair Value of Plan Assets
Additional information pertaining to the changes in the fair value of the Pension Plan’s assets classified as Level 3 in the two preceding tables for the years ended December 31, 2020 and 2019 is presented below.
DOLLARS IN MILLIONS20202019
Balance at Beginning of Year$ $0.3 
Purchases, Sales and Settlements, Net (0.3)
Balance at End of Year$ $—