Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2019

Components of Net Pension and Postretirement Benefits (Income) Expense and Total (Income) Expense

The components of the net periodic benefit (income) expense and total (income) expense were as follows:

	Pension Benefits									OPEB
	2019			2018			2017			2019			2018			2017
Service cost	$	1.0		$	0.7		$	0.7		$	—		$	(3.7	)	$	1.3
Interest cost		33.3			31.3			31.6			10.1			9.4			11.1
Expected return on plan assets		(46.3	)		(50.3	)		(50.3	)		(13.2	)		(13.9	)		(13.5	)
Amortization of prior service credit		—			—			—			(5.4	)		(3.3	)		(2.8	)
Amortization of actuarial loss (gain)		6.1			7.9			7.3			(1.7	)		(0.6	)		(0.1	)
Settlements and curtailments		(0.1	)		1.9			1.6			—			—			—
Net periodic income expense	$	(6.0	)	$	(8.5	)	$	(9.1	)	$	(10.2	)	$	(12.1	)	$	(4.0	)
Weighted average assumption used to calculate net periodic benefit expense:
Discount rate		4.0	%		3.4	%		3.8	%		4.2	%		3.5	%		4.0	%
Expected return on plan assets		5.2	%		5.5	%		5.9	%		6.5	%		6.8	%		6.8	%

Reconciliation of Benefit Obligation, Plan Assets and Funded Status of Plans

	Pension Benefits						OPEB
	2019			2018			2019			2018
Benefit obligation at beginning of year	$	933.0		$	1,044.8		$	277.1		$	342.4
Service cost		1.0			0.7			—			(3.7	)
Interest cost		33.3			31.3			10.1			9.4
Plan participants' contributions		—			—			7.5			10.1
Medicare reimbursements		—			—			6.6			6.4
Actuarial loss (gain)		126.7			(64.3	)		16.9			(19.7	)
Plan amendments and other		2.1			0.7			—			(32.6	)
Settlements		(0.4	)		(8.5	)		—			—
Foreign currency translation		14.2			(26.5	)		0.1			(1.3	)
Benefits paid		(49.2	)		(45.2	)		(28.5	)		(33.9	)
Benefit obligation at end of year	$	1,060.7		$	933.0		$	289.8		$	277.1
Fair value of plan assets at beginning of year	$	878.8		$	979.3		$	208.9		$	228.6
Actual return (loss) on assets		133.4			(31.7	)		33.6			(9.5	)
Settlements		(0.4	)		(8.7	)		—			—
Employer contributions		9.0			10.7			7.2			7.2
Company reimbursements		—			—			(7.6	)		—
Medicare reimbursements		—			—			6.6			6.4
Plan participants' contributions		—			—			7.5			10.1
Foreign currency translation		14.0			(25.6	)		—			—
Benefits paid		(49.2	)		(45.2	)		(28.5	)		(33.9	)
Fair value of plan assets at end of year	$	985.6		$	878.8		$	227.7		$	208.9
Total net pension and OPEB liability recognized as of December 31	$	(75.1	)	$	(54.2	)	$	(62.1	)	$	(68.2	)

Amounts Recognized on Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets as of December 31, 2019 and 2018 were as follows:

	Pension Benefits						OPEB
	2019			2018			2019			2018
Prepaid pension cost (included in other noncurrent assets)	$	41.2		$	46.4		$	—		$	—
Accrued benefit cost (included in accrued liabilities)		(2.7	)		(2.7	)		(0.4	)		(0.4	)
Pension liabilities		(113.6	)		(97.9	)		—			—
OPEB plan liabilities		—			—			(61.7	)		(67.8	)
Net liabilities recognized in the Consolidated Balance Sheets	$	(75.1	)	$	(54.2	)	$	(62.1	)	$	(68.2	)

Amounts in Accumulated Other Comprehensive Loss

The amounts included in accumulated other comprehensive loss in the Consolidated Balance Sheets, excluding tax effects, at December 31, 2019 and 2018 were as follows:

	Pension Benefits						OPEB
	2019			2018			2019		2018
Accumulated other comprehensive (loss) income
Net actuarial (loss) gain	$	(334.1	)	$	(294.5	)	$	32.1	$	31.7
Net prior service credit		2.8			(0.7	)		52.0		56.1
Total	$	(331.3	)	$	(295.2	)	$	84.1	$	87.8

Amounts Recognized in Other Comprehensive Income (Loss)

The pre-tax amounts recognized in other comprehensive loss in 2019 as components of net periodic benefit costs were as follows:

	Pension Benefits			OPEB
Amortization of:
Net actuarial loss (gain)	$	6.1		$	(1.7	)
Net prior service credit		—			(5.4	)
Amounts arising during the period:
Net actuarial (gain) loss		(39.5	)		3.4
Net prior service credit		(2.2	)		—
Settlements		(0.1	)		—
Foreign currency gain		(0.4	)		—
Total	$	(36.1	)	$	(3.7	)

Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized Next Fiscal Year

Actuarial gains and losses in excess of 10.0% of the greater of the projected benefit obligation or the market-related value of plan assets were recognized as a component of net periodic benefit costs over the average remaining service period of a plan’s active employees. As a result of the plan freezes, the actuarial gains and losses are recognized as a component of net periodic benefit costs over the average remaining life of a plan’s active employees. Unrecognized prior service costs or credits are also recognized as a component of net periodic benefit cost over the average remaining service period of a plan’s active employees. For plans that are frozen or primarily inactive, unrecognized prior service costs or credits are recognized over the average life expectancy of the plan’s participants. The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit costs in 2020 are shown below:

	Pension Benefits		OPEB
Amortization of:
Net actuarial loss (gain)	$	10.0	$	(0.7	)
Net prior service credit		0.1		(5.5	)
Total	$	10.1	$	(6.2	)

Weighted Average Assumptions Used to Determine Benefit Obligation

The weighted average assumptions used to determine the benefit obligation at the measurement date were as follows:

	Pension Benefits						OPEB
	2019			2018			2019			2018
Discount rate		3.0	%		4.0	%		3.0	%		4.2	%
Health care cost trend:
Current
Pre-Age 65		—			—			6.2	%		6.5	%
Post-Age 65		—			—			6.2	%		6.5	%
Ultimate		—			—			4.5	%		4.5	%

Summary of Projected Benefit Obligations in Excess of Plan Assets

The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligations in excess of plan assets as of December 31, 2019 and 2018:

	Pension Benefits
	2019		2018
Projected benefit obligation	$	819.7	$	722.8
Fair value of plan assets		705.5		622.3

Accumulated Benefit Obligations in Excess of Plan Assets

The following table provides a summary of pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2019 and 2018:

	Pension Benefits
	2019		2018
Accumulated benefit obligation	$	811.3	$	711.8
Fair value of plan assets		705.5		622.3

Expected Benefit Payments

Benefit payments are expected to be paid as follows:

	Pension Benefits		OPEB-Gross		Estimated Subsidy Reimbursements
2020	$	48.5	$	26.4	$	1.8
2021		49.9		24.9		1.8
2022		50.8		24.7		1.8
2023		52.1		24.5		1.8
2024		53.2		23.9		1.8
2025-2029		274.8		110.2		7.8

Pension Plans, Defined Benefit

Allocation of Plan Assets

The fair values of our pension plan assets at December 31, 2019 and 2018, by asset category were as follows:

	December 31, 2019						December 31, 2018
Asset Category	Total		Level 1		Level 2		Total		Level 1		Level 2
Cash and cash equivalents	$	14.6	$	10.0	$	4.6	$	16.1	$	11.9	$	4.2
Equity		0.1		—		0.1		0.1		—		0.1
Fixed income		239.4		—		239.4		219.4		—		219.4
Other		4.3		—		4.3		1.0		0.2		0.8
Subtotal	$	258.4	$	10.0	$	248.4	$	236.6	$	12.1	$	224.5
Plan assets measured at NAV
Equity funds	$	366.2					$	324.7
Fixed income		316.2						274.0
Hedge funds and other		32.1						31.2
Real estate		12.7						12.3
Total plan assets measured at NAV	$	727.2					$	642.2
Total	$	985.6					$	878.8

Other Postretirement Benefit Plans, Defined Benefit

Allocation of Plan Assets

The fair values of our OPEB plan assets at December 31, 2019 and 2018, by asset category were as follows:

	December 31, 2019						December 31, 2018
Asset Category	Total		Level 1		Level 2		Total		Level 1		Level 2
Cash and cash equivalents	$	19.7	$	—	$	19.7	$	36.6	$	—	$	36.6
Fixed income		30.2		—		30.2		—		—		—
Other		0.4		0.4		—		0.2		0.2		—
Subtotal	$	50.3	$	0.4	$	49.9	$	36.8	$	0.2	$	36.6
Investments measured at NAV
Equity funds	$	161.8					$	124.8
Fixed income funds		15.6						47.3
Total investments measured at NAV	$	177.4					$	172.1
Total	$	227.7					$	208.9