Retirement Plans

9 Months Ended

Sep. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

(10) Retirement Plans

The components of the net periodic benefit cost (credit) for our plans were as follows:

	Defined Benefit Pension Plan
	3 Months Ended						9 Months Ended
	September 30,						September 30,
	2020			2019			2020			2019
Service cost	$	5.3		$	4.1		$	15.5		$	10.9
Interest cost		2.4			3.2			7.0			9.5
Expected return on assets		(3.4	)		(3.5	)		(10.0	)		(9.4	)
Settlement loss		—			—			10.2			—
Other		0.9			0.5			2.5			1.4
Total benefit cost	$	5.2		$	4.3		$	25.2		$	12.4
	Retiree Health Care Plan
	3 Months Ended						9 Months Ended
	September 30,						September 30,
	2020			2019			2020			2019
Interest cost	$	0.1		$	0.1		$	0.3		$	0.4
Prior service credit		(0.1	)		(0.2	)		(0.5	)		(0.6	)
Total benefit credit	$	—		$	(0.1	)	$	(0.2	)	$	(0.2	)

During the three and nine months ended September 30, 2020, contributions made to our pension plans were $5.3 and $16.3, respectively, and contributions made to our retiree health care plan were $0.3 and $0.9, respectively. During 2020, we expect to make total contributions of approximately $17.6 to our pension plans and to fund our retiree health care payments as incurred.  

Pension Settlement

During the nine months ended September 30, 2020, we fully settled our United States Qualified Retirement Plan (the “Plan”) liability. We purchased annuities of $19.2 and settled lump sum payments of $3.2 from the Plan in January and February 2020, respectively. The completion of lump sum payments in February and transfer of remaining participants to the Pension Benefit Guarantee Corporation (PBGC) in March triggered final settlement of the plan. Upon settlement of the pension liability, we reclassified the related pension losses of $6.6, net of tax, recorded in accumulated other comprehensive loss to the Consolidated Statements of Comprehensive (Loss) Income. The total amount of the required payout to plan participants was determined based on employee elections and market conditions at the time of settlement. The remaining plan assets of $16.6 which were in excess of the pension liability upon settlement will be utilized to fund future qualified 401(k) plan contributions following the conclusion of the standard PBGC audit.