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Postretirement Health Care and Life Insurance Benefits (Tables) - Postretirement Health Care and Life Insurance Benefits
 12 Months Ended
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Components of net periodic postretirement benefit cost
Net periodic postretirement benefit cost included the following components:
 
Successor
Predecessor
 
Year Ended December 31, 2019
 
Year Ended December 31, 2018
 
April 2 through December 31, 2017
January 1 through April 1, 2017
 
(Dollars in millions)
Service cost for benefits earned
$
4.8

 
$
8.2

 
$
6.9

$
2.3

Interest cost on accumulated postretirement benefit obligation
25.1

 
28.3

 
24.2

8.4

Expected return on plan assets
(0.5
)
 
—

 
—

—

Amortization of prior service credit
(8.7
)
 
—

 
—

(2.3
)
Amortization of actuarial loss
—

 
—

 
—

5.5

Net actuarial loss (gain)
78.3

 
(128.4
)
 
(22.0
)
—

Net periodic postretirement benefit cost
$
99.0

 
$
(91.9
)
 
$
9.1

$
13.9
Amounts recognized in accumulated other comprehensive loss
The following includes pre-tax amounts recorded in “Accumulated other comprehensive income”:
 
Successor
Predecessor
 
Year Ended December 31, 2019
 
Year Ended December 31, 2018
January 1 through April 1, 2017
 
(Dollars in millions)
Prior service credit arising during year
$
—

 
$
(51.7
)
$
—

Amortization:
 

 
 
 

Actuarial loss
—

 
—

(5.5
)
Prior service credit
8.7

 
—

2.3

Total recorded in “Accumulated other comprehensive income”
$
8.7

 
$
(51.7
)
$
(3.2
)
Reconciled amount of plan's funded status
The following table sets forth the plans’ funded status reconciled with the amounts shown in the consolidated balance sheets:
 
December 31,
 
2019
 
2018
 
(Dollars in millions)
Change in benefit obligation:
 
 
 
Accumulated postretirement benefit obligation at beginning of period
$
595.4

 
$
783.3

Service cost
4.8

 
8.2

Interest cost
25.1

 
28.3

Participant contributions
2.3

 
0.5

Plan amendments
—

 
(51.7
)
Benefits paid
(47.7
)
 
(44.8
)
Actuarial loss (gain)
80.0

 
(128.4
)
Accumulated postretirement benefit obligation at end of period
659.9

 
595.4

Change in plan assets:
 
 
 
Fair value of plan assets at beginning of period
15.0

 
—

Actual return on plan assets
2.2

 
—

Employer contributions
62.4

 
59.3

Participant contributions
2.3

 
0.5

Benefits paid and administrative fees (net of Medicare Part D reimbursements)
(47.7
)
 
(44.8
)
Fair value of plan assets at end of period
34.2

 
15.0

Funded status at end of period
(625.7
)
 
(580.4
)
Less: Current portion (included in “Accounts payable and accrued expenses”)
32.3

 
32.7

Noncurrent obligation (included in “Accrued postretirement benefit costs”)
$
(593.4
)
 
$
(547.7
)
Weighted-average assumptions used to determine the benefit obligations
The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows:
 
December 31,
 
2019
 
2018
Discount rate
3.40
%
 
4.35
%
Measurement date
December 31, 2019

 
December 31, 2018


The weighted-average assumptions used to determine net periodic benefit cost during each period were as follows:
 
Successor
Predecessor
 
Year Ended December 31, 2019
 
Year Ended December 31, 2018
 
April 2 through December 31, 2017
January 1 through April 1, 2017
Discount rate
4.35
%
 
3.70
%
 
4.10
%
4.15
%
Expected long-term return on plan assets
5.00
%
 
—
%
 
—
%
—
%
Measurement date
December 31, 2018

 
December 31, 2017

 
April 1, 2017

December 31, 2016
Assumed health care cost trend rate
The following presents information about the assumed health care cost trend rate:
 
Year Ended December 31,
 
2019
 
2018
Pre-Medicare:
 
 
 
Health care cost trend rate assumed for next year
6.75
%
 
6.55
%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)
4.75
%
 
4.75
%
Year that the rate reaches the ultimate trend rate
2023

 
2023

 
 
 
 
Post-Medicare:
 
 
 
Health care cost trend rate assumed for next year
6.35
%
 
6.15
%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)
4.75
%
 
4.75
%
Year that the rate reaches the ultimate trend rate
2023

 
2023
Assumed health care cost trend rates, one percentage point increase A one-percentage-point change in the assumed health care cost trend would have the following effects for the year ended December 31, 2019:
 
One Percentage-
Point Increase
 
One Percentage-
Point Decrease
 
(Dollars in millions)
Effect on total service and interest cost components
$
2.5

 
$
(2.3
)
Effect on total postretirement benefit obligation
$
57.3

 
$
(50.9
)
Schedule of Changes in Fair Value of Plan Assets
The following tables present the fair value of assets in the Non-Represented Trust by asset category and by fair value hierarchy:
 
December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(Dollars in millions)
U.S. equity securities
$
13.0

 
$
—

 
$
—

 
$
13.0

International equity securities
4.0

 
—

 
—

 
4.0

Corporate bonds
—

 
9.2

 
—

 
9.2

U.S. government securities
2.6

 
4.5

 
—

 
7.1

Cash funds
0.9

 
—

 
—

 
0.9

Total assets at fair value
$
20.5

 
$
13.7

 
$
—

 
$
34.2


 
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(Dollars in millions)
Cash funds
$
15.0

 
$
—

 
$
—

 
$
15.0

Total assets at fair value
$
15.0

 
$
—

 
$
—

 
$
15.0
Summary of estimated future benefit payments
The following benefit payments (net of retiree contributions), which reflect expected future service, as appropriate, are expected to be paid by the Company:
 
Postretirement
Benefits
 
(Dollars in millions)
2020
$
46.1

2021
46.0

2022
45.6

2023
44.9

2024
44.1

Years 2025-2029
205.8