Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2020

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

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

	Pension Benefits									OPEB
	2020			2019			2018			2020			2019			2018
Service cost	$	1.0		$	1.0		$	0.7		$	—		$	—		$	(3.7	)
Interest cost		27.4			33.3			31.3			7.3			10.1			9.4
Expected return on plan assets		(40.8	)		(46.3	)		(50.3	)		(12.6	)		(13.2	)		(13.9	)
Amortization of prior service credit		0.1			—			—			(5.4	)		(5.4	)		(3.3	)
Amortization of actuarial loss (gain)		10.0			6.1			7.9			(0.7	)		(1.7	)		(0.6	)
Settlements and curtailments		1.4			(0.1	)		1.9			—			—			—
Net periodic income	$	(0.9	)	$	(6.0	)	$	(8.5	)	$	(11.4	)	$	(10.2	)	$	(12.1	)
Weighted average assumption used to calculate net periodic benefit expense:
Discount rate		3.0	%		4.0	%		3.4	%		3.0	%		4.2	%		3.5	%
Expected return on plan assets		4.6	%		5.2	%		5.5	%		6.3	%		6.5	%		6.8	%

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

	Pension Benefits						OPEB
	2020			2019			2020			2019
Benefit obligation at beginning of year	$	1,060.7		$	933.0		$	289.8		$	277.1
Service cost		1.0			1.0			—			—
Interest cost		27.4			33.3			7.3			10.1
Plan participants' contributions		—			—			7.8			7.5
Medicare reimbursements		—			—			7.9			6.6
Actuarial loss		86.0			126.7			8.1			16.9
Plan amendments and other		0.1			2.1			—			—
Settlements		(6.6	)		(0.4	)		—			—
Foreign currency translation		15.0			14.2			—			0.1
Benefits paid		(45.6	)		(49.2	)		(27.5	)		(28.5	)
Benefit obligation at end of year	$	1,138.0		$	1,060.7		$	293.4		$	289.8
Fair value of plan assets at beginning of year	$	985.6		$	878.8		$	227.7		$	208.9
Actual return on assets		132.1			133.4			21.0			33.6
Settlements		(6.6	)		(0.4	)		—			—
Employer contributions		9.2			9.0			7.2			7.2
Company reimbursements		—			—			(6.9	)		(7.6	)
Medicare reimbursements		—			—			7.9			6.6
Plan participants' contributions		—			—			7.8			7.5
Foreign currency translation		15.5			14.0			—			—
Benefits paid		(45.6	)		(49.2	)		(27.5	)		(28.5	)
Fair value of plan assets at end of year	$	1,090.2		$	985.6		$	237.2		$	227.7
Total net pension and OPEB liability recognized as of December 31	$	(47.8	)	$	(75.1	)	$	(56.2	)	$	(62.1	)

Amounts Recognized on Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets as of December 31, 2020 and 2019 were as follows:

	Pension Benefits						OPEB
	2020			2019			2020			2019
Prepaid pension cost (included in other noncurrent assets)	$	44.2		$	41.2		$	—		$	—
Accrued benefit cost (included in accrued liabilities)		(2.5	)		(2.7	)		(0.4	)		(0.4	)
Pension liabilities		(89.5	)		(113.6	)		—			—
OPEB plan liabilities		—			—			(55.8	)		(61.7	)
Net liabilities recognized in the Consolidated Balance Sheets	$	(47.8	)	$	(75.1	)	$	(56.2	)	$	(62.1	)

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, 2020 and 2019 were as follows:

	Pension Benefits						OPEB
	2020			2019			2020		2019
Accumulated other comprehensive (loss) income
Net actuarial (loss) gain	$	(312.3	)	$	(334.1	)	$	31.1	$	32.1
Net prior service credit		(2.9	)		2.8			47.2		52.0
Total	$	(315.2	)	$	(331.3	)	$	78.3	$	84.1

Amounts Recognized in Other Comprehensive Income (Loss)

The pre-tax amounts recognized in other comprehensive income (loss) in 2020 as components of net periodic benefit costs were as follows:

	Pension Benefits			OPEB
Amortization of:
Net actuarial loss (gain)	$	10.0		$	(0.7	)
Net prior service credit		0.1			(5.4	)
Amounts arising during the period:
Net actuarial loss		5.3			0.3
Net prior service credit		(0.1	)		—
Settlements		1.4			—
Foreign currency (gain) loss		(0.6	)		—
Total	$	16.1		$	(5.8	)

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
	2020			2019			2020			2019
Discount rate		2.4	%		3.0	%		2.2	%		3.0	%
Health care cost trend:
Current
Pre-Age 65		—			—			6.2	%		6.2	%
Post-Age 65		—			—			6.2	%		6.2	%
Ultimate		—			—			4.5	%		4.5	%
Interest crediting rate for cash balance plans		2.4	%		3.4	%		—			—

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, 2020 and 2019:

	Pension Benefits
	2020		2019
Projected benefit obligation	$	872.0	$	819.7
Fair value of plan assets		780.0		705.5

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, 2020 and 2019:

	Pension Benefits
	2020		2019
Accumulated benefit obligation	$	860.1	$	811.3
Fair value of plan assets		780.0		705.5

Expected Benefit Payments

Benefit payments are expected to be paid as follows:

	Pension Benefits		OPEB-Gross		Estimated Subsidy Reimbursements
2021	$	47.2	$	24.1	$	1.5
2022		48.0		24.0		1.5
2023		49.3		23.8		1.5
2024		51.0		23.3		1.5
2025		51.9		22.8		1.5
2026-2030		271.7		105.1		6.8

Pension Plans, Defined Benefit

Allocation of Plan Assets

The fair values of our pension plan assets at December 31, 2020 and 2019, by asset category were as follows:

	December 31, 2020						December 31, 2019
Asset Category	Total		Level 1		Level 2		Total		Level 1		Level 2
Cash and cash equivalents	$	18.9	$	12.5	$	6.4	$	14.6	$	10.0	$	4.6
Equity		52.1		52.0		0.1		0.1		—		0.1
Fixed income		446.6		232.2		214.4		239.4		—		239.4
Other		10.9		0.2		10.7		4.3		—		4.3
Subtotal	$	528.5	$	296.9	$	231.6	$	258.4	$	10.0	$	248.4
Plan assets measured at NAV
Equity funds	$	372.6					$	366.2
Fixed income		145.5						316.2
Hedge funds and other		30.4						32.1
Real estate		13.2						12.7
Total plan assets measured at NAV	$	561.7					$	727.2
Total	$	1,090.2					$	985.6

Other Postretirement Benefit Plans, Defined Benefit

Allocation of Plan Assets

The fair values of our OPEB plan assets at December 31, 2020 and 2019, by asset category were as follows:

	December 31, 2020						December 31, 2019
Asset Category	Total		Level 1		Level 2		Total		Level 1		Level 2
Cash and cash equivalents	$	37.0	$	—	$	37.0	$	19.7	$	—	$	19.7
Fixed income		31.3		—		31.3		30.2		—		30.2
Other		1.4		1.4		—		0.4		0.4		—
Subtotal	$	69.7	$	1.4	$	68.3	$	50.3	$	0.4	$	49.9
Investments measured at NAV
Equity funds	$	164.9					$	161.8
Fixed income funds		2.6						15.6
Total investments measured at NAV	$	167.5					$	177.4
Total	$	237.2					$	227.7