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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2020
Retirement Benefits, Description [Abstract]  
Summary of the change in projected benefit obligation
The following is a summary of the change in projected benefit obligation:
(in millions)20202019
Balance at January 1$324.2 $265.1 
Service cost26.7 19.0 
Interest cost11.7 12.3 
Actuarial (gain) loss25.2 35.9 
Benefits paid(7.5)(8.1)
Balance at December 31$380.3 $324.2 
Change in plan assets
The following is a summary of the change in fair value of plan assets:
(in millions)202020192018
Balance at January 1$356.9 $315.8 $348.0 
Actual return on plan assets38.8 49.2 (17.3)
Benefits paid(7.5)(8.1)(14.9)
Balance at December 31$388.2 $356.9 $315.8 
Fair value of plan assets
The fair value of each major category of plan assets as of December 31, 2020 and 2019 is indicated below:
(in millions)20202019
Level 2:
Money market funds$14.1 $9.6 
Mutual funds:
Fixed income140.2 155.0 
U.S. equity149.4 121.1 
Foreign equity84.5 71.2 
Total$388.2 $356.9 
Components of net pension expenses and the assumptions used to determine the end-of-year projected benefit obligation and net pension expense in aggregate
The components of net pension expense and the assumptions used to determine the end-of-year projected benefit obligation and net pension expense in aggregate at December 31, 2020, 2019 and 2018 are indicated below:
(in millions)202020192018
Components of Net Pension Expense:
Service cost$26.7 $19.0 $19.1 
Interest cost11.7 12.3 10.5 
Expected return on plan assets(21.0)(20.0)(22.1)
Recognized net actuarial loss4.8 5.0 2.7 
Net Pension Expense$22.2 $16.3 $10.2 
Assumptions Used to Determine End-of-Year Benefit Obligation:
Discount rate2.70 %3.40 %4.40 %
Rate of compensation increase4.00 5.00 5.00 
Cash balance interest crediting rate4.00 4.00 4.00 
Assumptions Used to Determine Net Pension Expense:
Discount rate3.40 %4.40 %3.70 %
Rate of compensation increase5.00 5.00 5.00 
Expected return on plan assets6.00 6.50 6.50 
Interest crediting rate4.00 4.00 4.00 
Asset allocation for the plan The asset allocation for the plan, by asset category, at December 31, 2020 and 2019 was as follows:
20202019
Fixed income36.1 %43.5 %
Money market funds3.6 2.7 
U.S. equity38.5 33.9 
Foreign equity21.8 19.9 
Prior service costs and actuarial losses included in accumulated other comprehensive income (loss)
The pre-tax balance and activity of actuarial losses for the pension plan, which are included in other comprehensive income (loss), for 2020 are as follows:
(in millions)Actuarial
Loss
Balance at January 1$75.2 
Unrecognized net loss7.3 
Recognized as a component of net pension expense(4.8)
Balance at December 31$77.7 
Anticipated benefit payments from the plan in future years
At December 31, 2020, anticipated benefit payments from the plan in future years are as follows:
(in millions)
2021$25.3 
202226.2 
202327.4 
202428.4 
202529.3 
2026-2030154.5